NEW YORK -- J.P. Morgan & Co. has structured and arranged a $110 million, six-year loan to the Mexican steel company Althos Hornos de Mexico.

The loan will be secured by payments to the Mexican steelmaker for exports shipped under contract to Thyssen AG of Germany. The payments, a mix of cash and irrevocable letters of credit, will be made directly to an agent of the bank syndicate and used to repay the loan.

Morgan and Dresdner Bank (Luxembourg) are co-lead managers of the syndicate, which includes Westdeutsche Landes-bank, De Nationale Investeringsbank NV, and Banco Latino Americano de Exportaciones.

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