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GRUPO MEXICO
Av. Baja California #200, Mexico City 06760



                            FOR IMMEDIATE RELEASE
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CONTACTS
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GRUPO MEXICO, S.A. de C.V.
Daniel Tellechea
011-525-574-8483
Eduardo Gonzalez
011-525-574-8422

ABERNATHY MacGREGOR FRANK
Chuck Burgess
212-371-5999

           GRUPO MEXICO SUCCESSFULLY COMPLETES TENDER OFFER FOR ASARCO

MEXICO CITY (November 15, 1999) - Grupo Mexico, S.A. de C.V. today announced
that it has successfully completed its tender offer to purchase outstanding
shares of ASARCO Incorporated (NYSE: AR) at a purchase price of $29.75 per
share in cash.

The tender offer expired at 12:00 midnight New York City time on Friday,
November 12, 1999. At the expiration of the Offer, based upon information
provided by the depositary for the Offer, approximately 32,573,446 ASARCO
shares (including 1,474,618 shares subject to guarantees of delivery),
representing approximately 81.5% of the total number of the shares
outstanding, were tendered and will be accepted for purchase pursuant to the
tender offer. After giving effect to the purchase of the shares tendered, Grupo
Mexico will beneficially own approximately 91% of the outstanding ASARCO
shares.

As the owner of over 90% of the outstanding shares of ASARCO, Grupo Mexico
will be entitled to complete a merger pursuant to which ASARCO will become a
wholly owned subsidiary of Grupo Mexico without the need for a vote of ASARCO
shareholders. Grupo Mexico expects to complete the merger on or before
Wednesday, November 17, 1999. Under the merger agreement, ASARCO
shareholders who did not sell their shares in the tender offer will be
entitled to receive the same $29.75 per share cash price payable in the
tender offer. Forms and instructions for obtaining payment of the merger
consideration will be distributed shortly.

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Chase Securities Inc. served as financial advisor to Grupo Mexico and
has arranged the financing for the transaction. Brown & Wood LLP and
Santamarina y Steta served as legal advisors to Grupo Mexico.

Grupo Mexico is a diversified mining company that ranks among the world's
largest and lowest-cost copper, zinc and silver producers. The company's
operations include mining, smelting and refining. Grupo Mexico also owns 74%
of and operates in partnership with Union Pacific (26%), the largest and
most profitable railroad in Mexico.

Note: Statements in this press release include "forward looking statements" that
express expectations of future events or results. All statements based on future
expectations rather than on historical facts are forward-looking statements that
involve a number of risks and uncertainties, and the company cannot give
assurance that such statements will prove to be correct.


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