Alfa to Cut Debt

Alfa, Mexico’s second largest industrial company, will use $1 billion from steel asset sales to cut debt rather than boost dividends, company officials told investors in the US and Europe. Alfa recently agreed to sell its stake in steelmaker Hylsamex to Argentina’s Techint for $2.25 billion and its 4.5 percent stake in Venezuela’s Siderurgica del Orinoco for $107 million.