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       T R O U B L E D   C O M P A N Y   R E P O R T E R

                   L A T I N   A M E R I C A

            Thursday, March 1, 2001, Vol. 2, Issue 42

                           Headlines



A R G E N T I N A

FIAT: On The Road To Recovery
LIAT LTD.: Denies Air Jamaican Official's Allegations


B R A Z I L

BANESPA: BSCH To Pay R$2.37B For 66 Percent Stake
CRT: Telefonica Moviles To Buy Remaining Shares


G R E N A D A

FIRST INTERNATIONAL: Pricewaterhouse Hired For Forensic Audit


M E X I C O

AHMSA: Posted 97-Percent Drop In Operating Profits In 4Q00
CINTRA: Slated For Liquidation March 15
CINTRA: Two Top Officials Leave Posts To Make Way For Sale
DAIMLERCHRYSLER: Zetsche Setting Milestones For Recovery Plan
FEMSA: Reports Q4 and Full Year 2000 Results
GRUPO DESC: Sells Hotel For $52M To U.S-based Company
GRUPO DINA: Reports Q4 and Full Year 2000 Financial Results
GRUPO SIDEK: Delays Reporting Financial Results For the Q4  2000
GRUPO SIMEC: Preliminary (Unaudited) Year End Results 2000


     - - - - - - - - - - -


=================
A R G E N T I N A
=================

FIAT: On The Road To Recovery
-----------------------------
Fiat SpA posted operating profits of 44 million euros at its Fiat
Auto division in 2000, compared to losses of 121 million euros in
the previous year, according to an AFX News UK article published
Tuesday. Additionally, it recorded a positive 0.2 percent on its
auto division's return on sales in 2000, compared to a negative
0.5 percent in the previous year. According to the company,
results in South America improved during 2000 because of recovery
in demand in Brazil and a restructuring of the Argentine
industrial operations, which allowed a significant reduction in
losses in the region compared to 1999. During the fourth quarter
in the year 2000, Fiat Auto posted an operating profit of 66
million euros, equal to 1 pct of sales.


LIAT LTD.: Denies Air Jamaican Official's Allegations
-----------------------------------------------------
Garry Cullen, CEO of the financially-strapped LIAT Limited,
denied accusations by Air Jamaican official Allen Chastanet that
Liat does not pay its debts every time it is confronted with
stiff competition, Caribbean News Agency said in a report
released Tuesday.

"The remarks of Mr. Chastanet are unfortunate.  I can only assume
he is not acquainted with the facts," Cullen said.

Speaking at a Rotary Club of Barbados South luncheon on the
importance of service to the Caribbean's tourism industry,
Chastanet said, "LIAT has developed some bad habits."

"Every time that LIAT is under competition, they stop paying
their taxes, they stop paying their departure tax and their
landing fees. And they use these monies to fight off the
competition," Chastanet related.



===========
B R A Z I L
===========

BANESPA: BSCH To Pay R$2.37B For 66 Percent Stake
-------------------------------------------------
Banco Santander Central Hispano (BSCH) released on Friday the
prospectus for its public offer to buy an additional 66.2 percent
stake in Brazilian counterpart Banespa, Gazeta Mercantil said in
a Wednesday report. Should all minority shareholders approve of
the offer, BSCH will pay R$2.370 billion. As such, the final
amount paid for the bank will total R$9.621, a figure that
includes R$7.05 billion paid at the privatization auction, the
above-mentioned R$2.370 billion and another R$201 million to be
paid to Banespa employees that sold their shares during the
privatization process.


CRT: Telefonica Moviles To Buy Remaining Shares
-----------------------------------------------
TelefĒnica MĒviles, the mobile arm of the dominant Spanish
operator said it would bid for additional shares in CRT Celular,
a mobile operator in Brazil, Reuters said Tuesday. TelefĒnica
MĒviles, which already owns a 43 per cent stake in the company
and has 75 per cent of its voting rights, said it would offer
four new TelefĒnica MĒviles shares for every 57 shares in CRT.
Those terms represented roughly a 40 percent premium for CRT
Celular shareholders. The new shares offered will be both
American Depository Receipts (ADRs) and certificates of deposit
of securities (BDRs), the company said.



=============
G R E N A D A
=============

FIRST INTERNATIONAL: Pricewaterhouse Hired For Forensic Audit
-------------------------------------------------------------
The Grenada government has appointed the international accounting
firm PricewaterhouseCoopers to conduct a forensic audit of First
International Bank aimed at tracking the millions of dollars in
deposits, which disappeared without explanation. Prime Minister
Dr. Keith Mitchell's announcement was covered in a Caribbean News
Agency report released Tuesday.

"Forensic audit is one of the major parts of accounting. I think
what we need is really a serious forensic audit of First Bank to
find out where they money went," Dr. Mitchell said, adding, "I
think that is the crucial point. We need that information. At
this point in time I think that is the important issue, to find
where these people assets are."

First Bank collapsed about the middle of last year after several
of its former managers, accused of diverting millions to foreign
accounts, left the country. The event inspired the government to
introduce several new measures aimed at tightening the loopholes
in the local offshore sector.



===========
M E X I C O
===========

AHMSA: Posted 97-Percent Drop In Operating Profits In 4Q00
----------------------------------------------------------
Altos Hornos de Mexico SA (Ahmsa) reported 11.6 million pesos in
operating profits in the fourth quarter of the year 2000, a 97-
percent decrease compared to the previous year's 404.4 million
pesos, Bloomberg reported Tuesday. The company cited 30 percent
drop in international steel prices and higher energy costs as
reasons for the plunge. Low profit would likely cause further
complications to Ahmsa's debt restructuring talks with banks and
bondholders, which have dragged on since the company defaulted on
its 1.85 billion debt in April 1999.

Additionally, the company also registered a 12-percent drop in
sales in the fourth quarter of 2000. From the 3.17 billion
recorded in the year-ago period, it fell to 2.78 billion pesos.
Operating margins (operating income divided by sales) for the
quarter were 0.4 percent. On the year, operating profit rose to
1.19 billion pesos from 1.02 billion pesos. Sales fell 4 percent
to 12.54 billion pesos from 13.08 billion in 1999.

Ahmsa's operating cash flow (EBITDA) was 2.586 billion pesos for
the year compared with 2.409 billion pesos in 1999.


CINTRA: Slated For Liquidation March 15
---------------------------------------
Cintra's board of directors met last Monday and agreed to have
the holding company liquidated by March 15, according to a
Reforma/Infolatina report Tuesday. Approximately 58 employees
will be laid off in the process. Report has it that some of the
members of the board didn't find the decision very favorable
since they would have wanted to see the company liquidated later
in the sale process, which is slated for completion by the end of
the year.


CINTRA: Two Top Officials Leave Posts To Make Way For Sale
----------------------------------------------------------
Two Cintra executives vacated their posts to prepare for the sale
of the company, which controls leading carriers Aeromexico and
Mexican, according to an Infolatina report Tuesday. Chairman
Jaime Corredor and Chief Executive Officer Juan Diez-Canedo
stepped down from their management positions. Luis Gutierrez
Rubalcaba was named to perform the functions of Corredor and
Diez-Canedo for the duration of the sale process.

Late last year, the Mexican antitrust agency Federal Competition
Commission (CFC) ruled that Cintra be broken up and sold. The
Mexican bank bailout agency IPAB retained Merrill Lynch's Mexico
office to manage the sale process.


DAIMLERCHRYSLER: Zetsche Setting Milestones For Recovery Plan
-------------------------------------------------------------
Chrysler president Dieter Zetsche defended his company's intent
to set milestones for its recovery plan, AP Online reported
Tuesday. According to him, it was important to set clear goals to
demonstrate to investors that it was serious about turning the
company around. This comment by Zetsche came after
DaimlerChrysler AG unveiled a 3-year restructuring plan.

"We thought we could demonstrate our commitment to the turnaround
in an even stronger way if we would make public and publish those
milestones and give everyone the possibility to track our
delivery," Zetsche said.

However, getting the milestones approved by the supervisory board
was a contentious issue. Some members felt investors would punish
the company's stock price even more if it missed its publicly
defined goals. Other board members felt that failing to meet the
goals would also increase pressure from within the board on chief
executive Juergen Schrempp to resign, which would harm continuity
as the company tries to turn itself around.

As previously reported, the group said it would take
restructuring charges of some $3.09 billion in the first quarter
of 2001 in an effort to restore profitability in the next fiscal
years and rescue global ambitions. The restructuring will see
35,500 jobs shed, plants closed and the use of a greatly reduced
number of common production platforms by its two problem
children.

According to DaimlerChrysler officials, the Chrysler revamp would
cost some four billion euros but should see the U.S. unit return
to profit in 2002 after a loss of 2.2-2.6 billion euros in 2001.

The group's loss and restructuring costs will create red ink in
2001 but the benefits will become apparent by 2002, when
operating profit excluding one-off items should hit 5.5-6.5
billion euros, compared with 5.2 billion in 2000.


FEMSA: Reports Q4 and Full Year 2000 Results
--------------------------------------------
Fomento Economico Mexicano, S.A. de C.V. and Subsidiaries
("FEMSA" or the "Company") (NYSE:FMX) (BMV:FEMSA UBD) (BMV:FEMSA
UB), Latin America's largest beverage company, today reported
annual consolidated net sales of Ps. 45.343 billion, an increase
of 9.6%, and operating income of Ps. 7.093 billion, an increase
of 9.9%, both with respect to full year 1999.

Therefore, the Company's operating margin for 2000 remained
stable at 15.6% of total revenues compared that achieved in 1999.
The Company's operating performance for 2000 reflects lackluster
results in the beer division which were compensated by
outstanding results in the soft drinks division.

For the fourth quarter of 2000, the Company recorded consolidated
net sales of Ps. 11.8 billion, an increase of 5.3% and
consolidated operating income of Ps. 1.773 billion, a decrease of
8.1% both relative to the fourth quarter of 1999. Lackluster
consolidated revenue growth in the fourth quarter reflects a
significant decline in domestic beer sales volume in the fourth
quarter of 2000.

Such decline is attributable to the simultaneous occurrence of
several events which took place at the end of the year, namely,
(i) the absence of inventory loading by FEMSA Cerveza's clients
during the last two weeks of December, (ii) recently instituted
commercial practices and (iii) extremely bad weather conditions
in certain stronghold regions of FEMSA Cerveza which affected
beer sales. The decline in beer volume impacted demand for
packaging products and contributed to a decrease of 9.8% recorded
in FEMSA Empaques net sales.

Coca-Cola FEMSA on the other hand, recorded a strong performance
in the fourth quarter in Mexico, which more than compensated the
weak performance of the Argentine operations resulting from an
extremely difficult economic and competitive environment.

Finally, FEMSA Comercio also contributed to the Company's top
line growth by opening 115 new sites during the fourth quarter
and achieving same store sales growth of 5.3%.

Jose Antonio Fernandez, chief executive officer of the Company,
stated, "Notwithstanding the challenges faced by the Company this
crucial first year of transition, we managed to sustain the
operating profitability levels achieved in 1999, generate over
U.S.$1 billion dollars in gross cash flow, de-lever the balance
sheet by U.S.$48.6 million to U.S.$454 million in net debt and
implement a thorough change in the commercial and distribution
practices of the beer operations.

"We strongly believe that the organization has successfully
undergone a painful but necessary transition in 2000, laying the
grounds for an increasingly more dynamic, innovative, efficient
and commercially driven organization."

Net majority income increased by 17.0% to Ps. 929 million for the
fourth quarter of 2000, and decreased by 20.3% to 2.535 billion
for the full year 2000. Earnings per FEMSA UBD or UB Unit for the
fourth quarter of 2000 amounted to Ps. 0.875.


GRUPO DESC: Sells Hotel For $52M To U.S-based Company
-----------------------------------------------------
Mexican conglomerate Grupo Desc sold its stake in the Punta Mita
Four Seasons Resort hotel to U.S.-based Strategic Hotel Capital
in exchange for $52 million, according a Reuters report Tuesday.
Desc held the stake in the hotel through property development
subsidiary Dine, which opened the hotel a year ago in partnership
with Four Seasons Toronto. With the resources obtained from the
sale, Desc will be able to reduce its debt by some $38 million.
Moreover, it will allow Dine to continue with the development and
marketing of more than 1,480 acres (600 hectares) that it has in
the region.

Strategic Hotel Capital, which is headed by influential U.S.
investor Laurence Gueller, is a subsidiary of Goldman Sachs and
Prudential Insurance.


GRUPO DINA: Reports Q4 and Full Year 2000 Financial Results
-----------------------------------------------------------
Consorcio G. Grupo Dina, S.A. de C.V. ("Dina"), (NYSE: DIN,
DIN.L), a leading Latin American producer of trucks, today
released financial results for its fourth quarter and full year
ended December 31, 2000. The company experienced a net loss of
296 million Mexican pesos for the fourth quarter and a net loss
of 980 million Mexican pesos for the full year.

RELEVANT INFORMATION

BACKGROUND AND MARKET OVERVIEW

* The year 2000 was a challenging and extremely difficult year
for Dina.
Internal and external factors undermined the company's position
in both the domestic and the export market, and the subsequent
effects are reflected in its financial situation at the end of
this period.

* At the beginning of the year the company's outlook was
promising because of a scheduled increase in export sales, based
on a contract signed in September 1999 with Western Star Truck
Holdings (WST).  Under the terms of the ten-year contract Dina
was to supply class 6 and 7 vehicles for distribution in the
United States, Canada and Australia.

* This contract provided Dina with a welcome opportunity to
utilize its production facilities to manufacture vehicles for
foreign markets.  This was especially important because Dina had
been unable to fully exploit opportunities to market its vehicles
in the domestic Mexican market because of its inability to
provide lease financing for its customers.

* Since the 1994 economic crisis the Mexican financial system had
been inhospitable and unreceptive in providing loan facilities
for its clients.  Dina has been trying to negotiate with domestic
and international financial institutions without positive result
to-date. The lack of financing has reduced Dina's participation
in the domestic market.

* On July 19, 2000, Freightliner LLC, a heavy truck division of
Daimler Chrysler AG, announced its intention to acquire WST. This
prompted the decision to unilaterally cancel the contract that
WST had signed. Under the circumstances Dina initiated legal
action for breach of contract. The lawsuit, filed with the
International Arbitrage Court of the International Chamber of
Commerce, headquartered in Paris, seeks payment of US $110
million in damages.

* The subsequent cyclical downturn in the global medium and
heavy-duty truck market, together with major consolidation in the
industry, and various other factors that adversely impacted the
overall industry, have severely harmed Dina's efforts to boost
its sales and restore its profitability.

* Under the circumstances Dina had to scale back its operations
and to institute actions to realign its cost structure to keep
the company financially viable throughout this difficult period.

* In 2000 the Mexican market for commercial vehicles for both
domestic and export customers declined by about 15% to 49,747
units. Dina's volume shrank by 6.6% from 2,286 units in the prior
year to 2,135 units in 2000.


INTERNAL ADJUSTMENTS

* Because of the radically changed outlook for the company the
Board of Directors planned to completely restructure the company
in order to cope with the near-term situation and to address the
company's longer-term goals.

* During the second quarter and responding to a request from WST
to reschedule deliveries under the 1999 contract Dina decided to
adjust its production planning.  With the support of Sindicato de
Trabajadores de la Industria Automotriz, Similares y Conexas,
operations were downsized and the labor force was trimmed. This
process started on June 12, 2000. The aim was to reduce headcount
and operating expenses to appropriate levels to satisfy pending
orders, and to be prepared to gear up again to handle a possible
influx of new business.  Accordingly, all furloughed employees
received 62% of their current wages.

* It was necessary to modify the accounting practice for asset
depreciation that had been introduced at the end of 1999.  Given
the company's changed situation, the company's public accountants
analyzed the feasibility of this depreciation method in the
context of prevailing and prospective operation conditions.  It
was eventually decided that returning to the straight-line method
used in the preparation of year 1999 results was more
appropriate.

* The company made several changes at the executive level, and
reduced its work force by 300 people during the second quarter.

* As a result of the receipt of the WST contract and the
anticipated income to be derived from this, deferred taxes in the
amount of 270 million Mexican pesos were reflected in the
accounts in 1999. However, when the WST contract was cancelled,
it was decided to be more conservative and to adjust the results
of the period by 100 million Mexican pesos of deferred taxes.

* During the third quarter of year 2000 an additional reserve of
25 million Mexican pesos against accounts receivable was
recorded, and has affected annual results accordingly.

* As a result of the personnel reduction there was an
extraordinary expense of 90 million Mexican pesos.

* As a part of the cost reduction program it was decided to
terminate the services provided by the auditing firm of Arthur
Andersen & Co. BDO International Accountants & Consultants was
hired to replace them.  This firm is better suited to the size of
the company's current operations.

* Included in the financial results for the January - December
2000 period is a loss of 75.9 million Mexican pesos,
corresponding to Dina's prorata share of MCII.

FINANCIAL POSITION

* The financial results for the fourth quarter of 1999 and the
year 2000 are the same as previously reported and updated in
accordance with the B-15 bulletin, and include the results of
MCII and it's subsidiary Dina Autobuses.

                              (amounts in million Mexican pesos)
                             Oct-Dec  Oct-Dec  Jan-Dec   Jan-Dec
                              2000      1999     2000      1999

    Sales                      206       472    1,336     6,281
    Cost of Sales              248       416    1,391     5,081
    Gross Profit/Loss         (42)        56      (55)    1,200
    Operating expenses         134       302      612     1,124
    Operating profit         (176)      (246)    (667)       76
    C.I.F.                      23       144       58       266
    Other expenses (income)     49      (352)      43        51
    Extraordinary items          0         0        0     (1097)
    Taxes                       18       137      136       309
    MCII share                (30)        28      (76)        4
    Majority shareholder
     Income/Loss             (296)      (147)    (980)      551
    EBITDA                   (156)      (217)    (565)      325

* All accounting adjustments arising from the financial
restructuring carried out on June 16, 1999, in which Dina's
equity stake in MCII was reduced by 61%, were recorded in that
year.

* As previously announced, the Board of Directors of MCII
Holdings had agreed to increase the company's capital by US $81.9
million, of which US $31.9 million would be contributed by Dina.
Since Dina was unable to make its prorata equity contribution by
the September 28, 2000 deadline, its share of MCII was reduced to
31.4%. For ease of comparison the corresponding figures for the
prior period in 1999 reflect a 39% ownership position in MCII and
Dina Autobuses on the MCII share line.

                             (amounts in million Mexican pesos)
                             Jan-Dec 2000  Jan-Dec 1999 Variance

    Sales                             1,336       2,062     (726)
    Cost of Sales                     1,391       1,835     (444)
    Gross Profit/Loss                  (55)         227     (282)
    Operating expenses                  612         694      (82)
    Operating profit                  (667)        (467)    (200)
    C.I.F.                               58         (30)     (88)
    Other expenses (income)              43          36        7
    Extraordinary items                   0      (1,097)   1,097
    Taxes                               136         196       60
    MCII share                         (76)          50     (126)
    Majority shareholder
    Income/loss                       (980)         478   (1,458)
    EBITDA                            (565)        (309)    (256)

NET SALES

* Total fourth quarter sales were 206 million Mexican Pesos, a
decrease of 56.5% when compared to the same quarter of 1999.
Full year 2000 sales were 1,336 million Mexican pesos, which was
78.7% lower than the previous year.

DINA CAMIONES

* During the year 2000, it marketed 2,135 units, of which 1,533
were for the domestic market and 602 for export. The figures were
17% lower and 34% higher respectively, as compared to the same
period of the previous year.

* Export sales were substantially below the volume projected at
the end of 1999.  This was a direct consequence of the stipulated
delay in the delivery schedule under the WST contract, and its
eventual cancellation. An additional factor was contraction in
the South American markets. The backlog figure as of December 31,
2000 amounted to 347 units, mainly for the domestic market.  A
year earlier, the backlog was 3,585 units.

DINA INTERNATIONAL

* In 2000 Dina International marketed 229 units in Argentina,
which was 193 units less than in the same period of the previous
year, when it invoiced 422 units. During the fourth quarter, the
sales of commercial vehicles units amounted to 23 million Mexican
pesos, which reflects a 46.8%. Total sales in 2000 were 97
million Mexican pesos, and reflect a decrease of 47.7 % compared
to 1999.

MEXICANA DE MANUFACTURAS ESPECIALES (MME)

* Sales in this business unit, which opened during 1999, reached
a total of 105 million Mexican pesos. As a consequence of the
circumstances Dina is experiencing. the plant located in Zapopan,
Jalisco, did not achieve this year's projections.  Additionally,
the decline in the overall US market seriously affected bus sales
and caused MCII to significantly reduce its orders to MME.

PLASTICOS AUTOMOTRICES DE SAHAGUN (PASA)

* This business unit had total sales of 112 million Mexican pesos
during the 12-month period, which represented a gain of 10.8%, or
11 million pesos, as compared to last year's results.  PASA not
only supplies parts for Dina's own operation, but also during
2000 supplied parts and components to Chrysler de Mexico plants
under a contract signed in June 1995.

* This contract included the sale of components for a period of
five years ending on June 30, 2000 and also the sale of
replacement parts for a period of 15 years to end in June 2015.
PASA is also working with General Motors de Mexico, with whom it
signed a contract in mid-2000, to supply components for its
trucks and cars till the year 2006.  Dina invested 18 million
Mexican pesos in order to fulfill the requirements of the GM
contract.

OPERATING PROFIT

* Despite the implementation of measures aimed at maintaining the
financial health of the company, the extreme difficulties
encountered in trying to increase the sales volume in both the
domestic and the export markets have impeded management's
efforts.  While the break-even level has been lowered and losses
minimized, an operating loss of 176 million Mexican pesos was
incurred in the fourth quarter.  As compared with the losses in
the second and third quarter it represents a decrease of 40
million Mexican pesos and 100 million Mexican pesos when compared
to the March - June, and July - September periods respectively.

* The fourth quarter operating loss of 176 million Mexican pesos
was 70 million less than in the same period a year earlier, when
the loss amounted to 246 million Mexican pesos.

* The full year operating loss was 667 million Mexican pesos, as
compared to operating income of 76 million Mexican pesos in the
prior year.

* Administrative and overhead costs include certain savings
resulting from personnel reductions and an accounting adjustment
of an earlier extraordinary item.

* In the January-December 2000 period a total of 1,451 workers
were laid off.  This represents a 45% reduction of its December
1999 work force.

* Despite Dina's depressed production and sales levels the
company has received cooperation from Sindicato de Trabajadores
de la Industria Automotriz, Similares y Conexas, through the
modification of production and work schedules aimed at protecting
the financial health of the company.

* It should be noted that the company's export activities were
adversely affected by changes in the peso-dollar currency
exchange rate.  During the first nine months of 2000 a
revaluation of the peso versus the U.S. dollar reduced Dina's
income from export sales.  On the other hand, since Dina
increased the proportion of Mexican products in its product-mix,
fixed expenses and production costs denominated in Mexican pesos
were subject to inflationary pressures and had a corresponding
effect on overall operating results. These combined factors
significantly impacted operating results.

LIQUIDITY

* As previously mentioned, during the year 2000 there were a
series of events that caused deterioration in Dina's operations,
significantly reducing its sales levels and altering its
financial condition.  In particular, the company's liquidity
declined because of necessary investments in fixed assets and
working capital during the January-September period because of
commitments arising from the original outlook for year 2000.

* Funds from Dina's financial restructuring in June 1999 were
used to prepare the company for previously anticipated unit
demand, and to make scheduled interest payments in July 1999 and
January 2000 on its subordinated convertible bonds due in 2004.
Furthermore, certain outstanding accounts payable and other
liabilities were also settled with proceeds from the
restructuring.

* It should be noted in connection with various developments that
have been publicly disclosed during early 2001, that Dina is
conducting negotiations to sell several of its assets in order to
obtain the necessary cash flow liquidity to continue the
operation of the company and to make certain payments.  For this
reason in the first quarter of 2001 some machinery and equipment
and the inventory of the company's Autopartes Hidalguenses
subsidiary, were sold.

* Likewise, as previously announced, a series of operational
investments were made.  Following is a list of the main fixed or
working capital investments made by Grupo Dina during this
period.

* In connection with the WST contract to supply class 7 vehicles,
the company was required to make a deposit of US $2.2 million to
guarantee delivery of the units.  Though Dina initiated
negotiations with Bancomext (Mexican Foreign Trade Bank) to open
a financing line for the export units, this financing was not
obtained because of the change in delivery schedules mandated by
WST.

* Investments in engineering, materials and spare parts
inventory, were also required to enable the company to meet the
requirements of the WST contract.

* The MME business unit, which started operations during 1999,
required a 23 million Mexican peso investment in fixed assets and
personnel. These investments were made during the period when
Dina was preparing itself to provide the performance bond
required by WST.

* In order to continue its manufacturing program, the bus
division established a trust fund to guarantee payment to its
suppliers.  It was hoped that this action would protect its
vendors who were supportive of the company during its current
difficulties.

* The above-mentioned factors significantly damaged the company's
financial liquidity, and forced it on July 14, 2000 to announce
that the company would use the thirty-day grace period to allow
the company to search for alternative ways to pay interest on its
8% Subordinated Convertible bonds due in 2004.  Finally, on
August 14, Dina announced that it would make the US$6.5 million
semi-annual interest payment.

RELEVANT EVENTS DURING FOURTH QUARTER 2000

* The combination of all the factors identified in this report
demonstrates that both the external context and the internal
conditions of Dina drastically changed its business outlook for
the year 2000.

* This fact compelled Dina executives to reconsider the company's
objectives for the immediate future and in the short term.  The
company is currently considering the possibility of restructuring
its costs and spending to fit the new circumstances the company
is facing, with respect to its market share, its commitments and
obligations.  This program will allow Dina to seek alternative
opportunities to exploit its competitive advantages, in an effort
to generate better results in the future.

* Dina's operations have been scaled back with the aim of being a
healthier company, with more active participation in strategic
markets and a complete line of its own products and technology.
If the company is successful in obtaining funds to finance the
sale of its products to its final users, management would expect
sales to improve.

* Despite this situation, Dina will continue its efforts to seek
better ways to continue exporting its HTQ technology to
international markets in the expectation that this would help the
company to regain its financial health.

                              SUBSEQUENT EVENTS

* In January 2001, Dina announced that it would again exercise
the thirty-day grace period to make its semi-annual interest
payment on its bonds.  Likewise, it is negotiating with Joseph
Littlejohn & Levy Inc. to remove the restrictions governing the
sale of its stake in Motor Coach Industries Inc. in order to have
more options to negotiate its obligations with its bondholders.

* The Sindicato de Trabajadores de la Industria Automotriz,
Similares y Conexas had originally scheduled a strike for a 40%
wage increase on February 6th at "Camiones y Plasticos
Automotrices located in Sahagun, Hidalgo.  The company reached an
agreement with the union on February 6th, and avoided a strike.
This subsidiary produces spare parts and plastic components for
the transportation industry. 185 workers of this plant accepted a
10% wage increase and a 6% retroactive adjustment.

* The Sindicato Nacional de Trabajadores Independientes de la
Industria Automotriz, Similares y Conexas asked for 20-day
extension before commencing a strike previously scheduled for
February 7, at Dina's plant.

* On February 14, Dina announced that the company would not make
its U.S. $6.5 million semi-annual interest on its bonds. Payment
was due on January 16th but the date was extended by 30 days
under the terms of the grace period.

* At an ordinary meeting of shareholders on February 14th a new
Board of Directors was appointed effective immediately, with the
following members: Jose Gamaliel Garcia Cortes, Martin Melendez
Romero and Gabriel Garcia Cortes as members of the Board. Gustavo
Gabriel Llamas Monjardin was appointed Statutory Auditor, and
Mauricio German Mendoza Silva was appointed as Secretary.

* The extraordinary shareholders meeting and the special Series L
shareholders meeting scheduled for February 14th did not take
place due to a lack of a quorum. As a result, the company
published a second notice for meetings to be held on March 2,
2001.

* On February 15, the Mexican Stock Exchange (Bolsa) took the
decision to suspend trading of Dina's shares effective February
16th.  Likewise, the New York Stock Exchange (NYSE) took action
to suspend trading of Dina's shares (DIN and DIN.L) and it's
subordinated 8% debt due in 2004.

* A meeting is scheduled for February 28, 2001 for the holders of
Dina's 8% subordinated debentures due in 2004.  The purpose of
the meeting is the restructuring of the company's debt, and will
be held at the offices of Gibson, Dunn & Crutcher, LLP, 200 Park
Avenue, New York City.

Appended to this news release are four financial tables
presenting the company's financial results for the fourth quarter
and full year 2000.
The Private Securities Litigation Reform Act of 1995 provides a
"Safe Harbor" for forward-looking statements to encourage
companies to provide prospective investors with information. Such
statements must be identified as forward-looking and accompanied
by meaningful cautionary statements identifying factors that
could cause results to materially differ from those discussed in
the statements.

In discussing the future prospects of the Company, management has
identified factors including, but not restricted to the
following:

* Economic and industry conditions, including interest rates and
inflation.

* Conditions in Mexico and Argentina, among the Company's primary
markets, which have experienced significant volatility in recent
years, including devaluation of the peso.

* The successful implementation of the Company's restructuring
program, and a satisfactory resolution of its financial
difficulties.

* Competitive and overall industry conditions in its major
markets.

* Order flow for its products from major customers.

* Harmonious relationships with its workers and labor unions that
represent them.

* The outcome of a lawsuit against Western Star for breach of
contract. There is no assurance that the eventual outcome will be
beneficial to the Company.

* Reaching a satisfactory arrangement with the holders of its
defaulted 8% bonds.

* The ability of the Company to continue operations on a "going
concern" basis.


GRUPO SIDEK: Delays Reporting Financial Results For the Q4  2000
----------------------------------------------------------------
Grupo Sidek, S.A. de C.V. (OTC-GPSAY and OTC-GPSBY) ("Sidek")
announced that pursuant to circular 11-33 section thirteenth of
the Comision Nacional Bancaria y de Valores, Sidek has requested
an extension to March 31, 2001, to file the preliminary
information related to the fourth quarter of the year 2000,
because it is in the process of closing several transactions that
might substantially modify the results corresponding to the
closing of fiscal year 2000.


GRUPO SIMEC: Preliminary (Unaudited) Year End Results 2000
----------------------------------------------------------
Grupo Simec, S.A. de C.V. (Amex: SIM) ("Simec") announced today
its results of operations for the year ended December 31, 2000.
Net sales decreased 6% to Ps. 2,203 million in 2000 compared to
Ps. 2,340 million in 1999. Simec recorded financial expense of
Ps. 104 million in 2000 compared to financial income of Ps. 167
million 1999 due principally to an exchange loss of Ps. 16
million and a gain from monetary position of Ps. 219 million in
2000 compared to an exchange gain of Ps. 123 million and a gain
from monetary position of Ps. 351 million in 1999; this resulted
from a decrease of 0.6% in the value of the peso versus the
dollar and domestic inflation of 9% during 2000 compared to an
increase of 3.6% in the value of the peso versus the dollar and
domestic inflation of 12.3% during 1999. Primarily as a result of
the foregoing, in 2000 the Company recorded net loss of Ps. 30
million versus net income of Ps. 484 million for 1999.

On December 20, 2000, Grupo Sidek, S.A. de C.V. ("Sidek") and
Grupo Situr, S.A. de C.V. ("Situr") announced that the offer made
by Industrias C.H., S.A. de C.V. ("ICH") to purchase a
controlling interest in Simec from affiliates of Sidek and Situr
had been accepted. The announcement stated that the offer by ICH
reflected an enterprise value for Simec of approximately US$285
million, inclusive of Simec's financial obligations. The sale is
subject to the satisfaction of certain pre-closing conditions,
including approval by Mexico's Federal Antitrust Commission. In
connection with the transaction, Simec will exercise its right to
require certain bank creditors to accept shares of Simec in
satisfaction of approximately US$90 million in debt. The
controlling interest to be purchased by ICH will include these
shares. The announcement stated that the transaction is expected
to close during the first quarter of 2001.

In 2000, Simec sold its entire interest in Moly-Cop Mexico, S.A.
de C.V. ("Moly-Cop"), a 50% owned company that manufactures
grinding balls used principally by grinding mills in the mining,
cement and chemical industries to GS Industries Inc. for US$2.4
million. In November 2000, Simec sold its entire interest in
Estral, S.A. de C.V. ("Estral"), a wholly-owned subsidiary that
manufactures light and structural steel racks for warehousing and
other industrial storage to Contenedores Industriales Mezquital,
S.A. de C.V. (90%) and to Mr. Arturo Gerardo Gonzalez Martinez
(10%) for $3.5 million, of which $3.15 million was paid in
December and $0.35 million will be paid in March 2001. In
accordance with Mexican GAAP and U.S. GAAP, the operations of
Moly- Cop (until May 2000) and Estral (until October 2000) were
accounted for as discontinued operations for the years ended
December 31, 2000 and 1999.

Simec sold 619,598 metric tons of basic steel products during
2000 as compared to 620,631 metric tons in 1999. Exports of basic
steel products decreased to 65,942 metric tons in 2000 from
91,151 metric tons in 1999. Prices of products sold in 2000
decreased 6% in real terms versus 1999.

Simec's direct cost of sales was Ps. 1,456 million in 2000, or
66% of net sales, versus Ps. 1,466 million, or 63% of net sales,
for 1999. Indirect manufacturing, selling, general and
administrative expenses (including depreciation) decreased 0.6%
to Ps. 485 million during 2000 from 488 million in 1999.

Simec's operating income decreased 32% to Ps. 262 million in 2000
from Ps. 386 million in 1999. As a percentage of net sales,
operating income was 12% in 2000 and 16% in 1999.

At December 31, 2000, Simec's total consolidated debt consisted
of approximately 274 million of U.S. dollar-denominated debt,
while at December 31, 1999, Simec had outstanding 304 million of
dollar-denominated debt; the decrease in total debt reflects the
payment of the first two semi-annual installments of principal on
the bank debt described below and on Compania Siderurgica de
Guadalajara's 10 1/2% Third Priority Notes due November 15, 2007
(as well as the payment in December 2000 of approximately U.S.
$4.0 million in satisfaction of a judgment entered against Simec
with respect to the non-payment of $2.96 million aggregate
principal amount of Simec's Medium-Term Notes due 1998, plus
interest thereon). Prior to the debt restructuring described in
the following two sentences, all of Simec's consolidated debt
(other than $622,000 of Simec's Medium-Term Notes due 1998 which
remain outstanding and unpaid) matured in November 2007 and had
principal amortizing in equal semi-annual installments which
began in May 2000, except for approximately US$70 million of non-
amortizing bank debt which matured in November 2009. On August
25, 2000, Simec and its bank creditors restructured US$224.9
million of Simec's then outstanding total of $226.8 million of
bank debt. The restructuring provided for, among other things,
(i) a two year extension with respect to the amortization of
US$134.7 million of bank debt, from 7 years to 9 years, with a
final maturity in November 2009 and a 0.75% increase in the
interest rate applicable to such bank debt and (ii) at the
Simec's election, the conversion of US$90.2 million of bank debt
into common shares of Simec based upon the price of approximately
US$0.1935 per share (approximately US$ 3.87 per American
Depositary Share), the conversion date of which will be no later
than May 15, 2001.

All figures were prepared in accordance with Mexican generally
accepted accounting principles and are stated in constant Pesos
at December 31, 2000.




S U B S C R I P T I O N   I N F O R M A T I O N

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