Ternium (TX) Company Report

Ternium S.A. announced on November 5, 2025, that its subsidiary will acquire the remaining participations of Nippon Steel Corporation and Mitsubishi Corporation in the control group of Usinas Siderúrgicas de Minas Gerais S.A. (Usiminas).
The acquisition is for approximately $315.2 million in cash for 153.1 million ordinary shares at $2.06 per share.
This transaction will increase Ternium's participation in the Usiminas control group from 51.5% to 83.1%, with the T/T group holding an aggregate of 92.9% upon closing.
The acquisition is subject to approval by Brazil's antitrust authorities and will be financed with cash on hand.

Nov 5, 2025, 12:02 PM

Ternium Reports Q3 2025 Financial Results

Earnings

Legal Proceedings

New Projects/Investments

Ternium reported Adjusted EBITDA of $420 million with an 11% margin in Q3 2025, an increase from the previous quarter, supported by improved margins.
The company recorded a net loss of $270 million in Q3 2025, primarily due to a non-cash $405 million write-down at Usiminas and a $32 million loss from a litigation provision related to the Usiminas acquisition.
Cash from operations was $535 million in Q3 2025, but the net cash position decreased to $0.7 billion by September 2025, reflecting high CAPEX outflows of $711 million as the company progresses on projects at the Pesquería industrial center.
Steel shipments were 3.8 million tons , while mining shipments decreased sequentially to 3.2 million tons in Q3 2025.

Oct 29, 2025, 12:30 PM

Ternium Reports Improved Q3 2025 Performance, Updates on Trade Policies and CapEx Outlook

Earnings

Guidance Update

New Projects/Investments

Ternium reported improved Q3 2025 performance with increased EBITDA driven by decreasing cost per ton and strong cash generation of over half a billion dollars from operating activities.
The company declared an interim dividend of $0.90 per ADS, maintaining the same payment level as the previous year.
Mexico is implementing new trade policies, with proposed tariffs on steel and derivatives from non-trade agreement countries expected to rise from 25% to 35%, and light vehicle tariffs from 20% to 50%. Brazil faces a 33% increase in finished steel imports in the first nine months of 2025, primarily from China, and lacks effective trade defense mechanisms.
Ternium's CapEx for FY2025 is projected to be between $2.5 billion and $2.6 billion, with a decrease to $1.9 billion in 2026 and $1.1 billion in 2027. The Pesquería project's galvanized line is set to start in December, the PLTCM in January, and the DRI and EAF facility in Q4 2026, with a budget of $2.7 billion.
The company aims to simplify its corporate structure but acknowledges the complexity and external dependencies. It continues to pursue an EBITDA margin goal of $150/ton, entering 2026 with margins around 10-11%.

Oct 29, 2025, 12:30 PM

Ternium Reports Q3 2025 Performance and Updates on Investments, Trade, and Outlook

Earnings

New Projects/Investments

Demand Weakening

Ternium reported increased EBITDA in Q3 2025, driven by decreasing cost per tonne, and generated over half a billion dollars from operating activities, while declaring an interim dividend of $0.90 per ADS.
The company is advancing its $2.7 billion Pesquería project, with the new galvanized line starting in December and the PLTCM in January, and the DRI and EAF facility on track for Q4 2026. Total CapEx for 2025 is projected between $2.5 billion and $2.6 billion, with a decrease to $1.9 billion in 2026.
Ternium is navigating a business environment marked by U.S. tariff uncertainty, with Mexico proposing tariff increases on steel imports from non-trade agreement countries. While Mexico's apparent steel consumption is expected to be down 10% in 2025, a 4% recovery is projected for 2026.
The company is entering 2026 with an EBITDA margin of about 10%, with further improvement dependent on trade negotiations and cost reduction efforts.

Oct 29, 2025, 12:30 PM

Ternium Reports Q3 2025 Net Loss Amidst Strong Cash Generation and Tariff Discussions

Earnings

Guidance Update

Dividends

Ternium reported a net loss of $270 million for Q3 2025, primarily due to a $405 million non-cash loss related to deferred tax assets at Usiminas and a $32 million loss from litigation provision; however, adjusted EBITDA increased sequentially, and operating activities generated over half a billion dollars in cash.
For Q4 2025, the company anticipates a slight decline in adjusted EBITDA due to seasonal slowdowns in shipments, while adjusted EBITDA margin is expected to remain consistent. Total CapEx for 2025 is projected to be between $2.5 billion and $2.6 billion.
The board declared an interim dividend of $0.90 per ADS, consistent with last year, resulting in a total 2025 distribution of $2.70 per ADS and a 7% dividend yield.
The business environment is influenced by the U.S. tariff framework and USMCA review, with Mexico proposing tariff increases on steel imports to 35% from countries without a trade agreement to strengthen local value chains.

Oct 29, 2025, 12:30 PM

Ternium Announces Q3 2025 Results and Interim Dividend

Earnings

Dividends

New Projects/Investments

Ternium S.A. reported a net loss of $(270) million for the third quarter of 2025, or $0.10 per ADS, primarily due to a $405 million non-cash charge for a write-down of deferred tax assets at Usiminas and a $32 million loss from a litigation provision.
Despite the net loss, Adjusted EBITDA increased to $420 million in Q3 2025, up 4% sequentially and 14% year-over-year, with an Adjusted EBITDA Margin of 11%, reflecting improved steel production costs and efficiency gains.
The company announced an interim dividend of $0.90 per ADS, payable on November 11, 2025, bringing the total expected distributions for 2025 to $2.70 per ADS.
Ternium's Net Cash position decreased by $303 million to $715 million as of September 30, 2025, influenced by $711 million in capital expenditures for the expansion of its industrial center in Pesquería, Mexico.
Management anticipates a slight decrease in Adjusted EBITDA for the fourth quarter of 2025 due to seasonal shipment reductions, but expects the Adjusted EBITDA Margin to remain in line with the third quarter.

Oct 28, 2025, 9:01 PM

Earnings Transcripts

Quarterly earnings call transcripts for Ternium.

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