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Henrique Marquez

Vice President and equity research analyst at Goldman Sachs

Henrique Marquez is a Vice President and equity research analyst at Goldman Sachs, specializing in metals and mining with a focus on companies facing operational and market challenges. He has covered specific firms such as First Quantum Minerals, Ternium, and Suzano, actively engaging in earnings calls to probe key issues like mine restarts in Panama and pulp price sustainability. Marquez began his career as an Investment Banking Analyst at Goldman Sachs from 2014 to 2018, followed by an Associate role at Carlyle, before transitioning to his current research position at Goldman Sachs and later joining Energy Capital Partners as Vice President in 2023. He holds a B.S. in Chemical Engineering from the University of Notre Dame and an M.B.A. with honors from the Wharton School at the University of Pennsylvania.

Henrique Marquez's questions to Ternium (TX) leadership

Question · Q4 2025

Henrique Marquez requested more details on the Pesquería upstream project, specifically asking about its potential to increase steel volumes and the expected cost savings from producing slabs in-house versus purchasing from third parties, including logistics benefits.

Answer

Máximo Vedoya (CEO, Ternium) explained that the Pesquería project is focused on the automotive industry, aligning with the USMCA's melt and pour clause for 2027, and will allow Ternium to sell more volume by replacing imports. Pablo Brizzio (CFO, Ternium) added that benefits include margin gains from in-house slab production, increased efficiency from the sophisticated facility, the ability to produce previously unavailable products, logistics savings, and future potential for increased sales volumes if the market grows.

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