FORM 6 - K
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Report of Foreign Private Issuer
Pursuant to Rule 13a - 16 or 15d - 16 of
the Securities Exchange Act of 1934
As of 02/28/2006
Ternium S.A.
(Translation of Registrant's name into English)
Ternium S.A.
46a, Avenue John F. Kennedy - 2nd floor
L-1855 Luxembourg
(352) 4661-11-3815
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual reports
under cover Form 20-F or 40-F.
Form 20-F _X_ Form 40-F ___
Indicate by check mark whether the registrant by furnishing the information
contained in this Form is also thereby furnishing the information to the
Commission pursuant to Rule 12G3-2(b) under the Securities Exchange Act of 1934.
Yes ___ No _X_
If "Yes" is marked, indicate below the file number assigned to the registrant in
connection with Rule 12g3-2(b):
Not applicable
The attached material is being furnished to the Securities and Exchange
Commission pursuant to Rule 13a-16 and Form 6-K under the Securities Exchange
Act of 1934, as amended.
This report contains Ternium S.A.'s press release announcing its results for the
fiscal year ended December 31, 2005.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
TERNIUM S.A.
By: /s/ Roberto Philipps By: /s/ Daniel Novegil
-------------------- ------------------
Name: Roberto Philipps Name: Daniel Novegil
Title: Chief Financial Officer Title: Chief Executive Officer
Dated: February 28, 2006
Ternium Announces Fourth Quarter and 2005 Results
LUXEMBOURG--(BUSINESS WIRE)--Feb. 28, 2006--Ternium S.A. (NYSE:TX)
announced today its results for the quarter and year ended December
31, 2005.
The financial and operational information contained in this press
release is based on combined consolidated financial statements
prepared in accordance with International Financial Reporting
Standards (IFRS) and presented in U.S. dollars.
Summary of 2005 Fourth Quarter Results
-- Net sales of US$1.5 billion.
-- Operating income of US$367.0 million, or 25% of net sales.
-- EBITDA(a) of US$489.7 million, or 33% of net sales.
-- Net income of US$168.7 million.
-- Shipments of 2.1 million tons.
Ternium's 2005 fourth quarter performance reflects continued
strong global steel demand, especially from emerging economies. In
addition, many of the core markets for Ternium's products exhibited
increased growth rates, while prices have remained stable at healthy
levels.
The 2005 fourth quarter is the first period that fully
consolidates Hylsamex's performance. As such, Ternium's revenue
increased substantially due to Hylsamex's valued added offerings,
which command better prices. Ternium completed a reorganization of
Hylsamex that is already generating significant permanent costs
savings for the Company. Ternium also started capturing substantial
operating synergies by processing Sidor-produced slabs at Hylsamex
into value added products that are being sold in the North America
region.
Iron ore cost in the Central & South America operations rose
during the quarter following the increase in international reference
prices, although the effective increase was less since the increase
for Sidor was negotiated in November and therefore did not affect
2005. The North America operation was not affected by the increase in
reference iron ore prices since all of its iron ore needs are covered
by Hylsamex's proprietary mines.
(a) EBITDA equals operating income plus depreciation, amortization
and other non cash transactions
Market Background and Outlook
Steel demand in our primary markets was strong in 2005, achieving
growth rates above the world average, a pace that is expected to
continue this year. Latin American economies continue to enjoy high
commodity prices, low international interest rates and decreasing
country risk premiums. The economic trends are expected to remain
favorable in our regional markets in 2006, with GDP and international
trade expected to grow at above historical averages.
Steel prices are expected to remain stable in 2006, while the
Central & South America operations are expected to experience higher
prices for iron ore, as the price increase agreement negotiated by
Sidor in November 2005 will affect its production cost.
Production
During the quarter, the mills under Ternium's control produced a
consolidated 2.4 million tons of crude steel, of which 1.9 million
tons were slabs and 0.5 million tons billets. New production records
for flat hot rolled steel were achieved in the quarter from improved
utilization rates at the North America operation.
Initial Public Offering
On January 31, 2006, Ternium announced that its initial public
offering (IPO) of 24,844,720 American Depositary Shares (ADSs) was
priced at US$20 per ADS. On February 23, 2006, the underwriters of the
IPO exercised their over-allotment option for an additional 2,298,136
ADSs. Including the over-allotment option, Ternium sold 27,142,856
ADSs to the public, generating US$527.9 million in total net proceeds
to the Company that were mainly used to repay debt. Each ADS
represents 10 shares of Ternium common stock.
Pursuant to the terms of the Subordinated Convertible Loan
Agreements entered into by some Ternium shareholders, on the date on
which our ADSs were delivered to the underwriters of the IPO the
Subordinated Convertible Loans were converted into shares of the
Company at a price per share equal to the price per share paid by the
investors in the IPO.
After considering these transactions, the total number of shares
of Ternium's common stock outstanding is 2,004,743,442.
Analysis of 2005 Fourth Quarter Results
Fourth quarter figures consolidate, from the beginning of the
period, the results of Hylsamex, Siderar and Sidor together with all
other consolidating subsidiaries.
Net income for the period was US$168.7 million. Net income
attributable to equity holders of the company amounted to US$137.5
million.
Net sales for the fourth quarter of 2005 were US$1.5 billion on
shipments of 2.1 million tons. The average price was US$647 per ton
shipped (includes only flat and long products). Average steel prices
were stable. Ternium significantly reduced sales of Sidor's slabs to
third parties, instead transferring the semi-finished product to
Hylsamex for further processing and sale in the North America region.
-0-
*T
4Q 2005
Shipments Revenue / ton Net Sales
(000 tons) (US$/ton) (US$ million)
South & Central America 896.2 676 606.1
North America 594.0 718 426.4
Europe 59.8 687 41.1
Other 17.1 459 7.8
-------------- ------------- -------------
Total flat products 1,567.0 690 1,081.4
South & Central America 216.8 508 110.1
North America 282.7 522 147.7
Europe 4.9 436 2.2
-------------- ------------- -------------
Total long products 504.5 515 259.9
-------------- ------------- -------------
Total flat and long products 2,071.5 647 1,341.3
Other products(1) 74.8 126.6
-------------- -------------
Total 2,146.3 1,467.8
(1) Includes steel pipes and tubular products, pig iron and pellets.
*T
Flat steel sales amounted to US$1.1 billion on shipments of 1.6
million tons. The average price was US$690 per ton shipped. Prices
were relatively stable. The overall value added flat product mix
improved from the inclusion of Hylsamex's products for the entire
quarter. The sales of flat products processed in Hylsamex from the
slabs produced in Sidor are not fully reflected, as some of the volume
sold by Sidor to Hylsamex had yet to be received and processed.
Long Steel sales reached US$259.9 million on shipments of 504.5
thousand tons. The average price was US$515 per ton shipped. Volumes
and prices were relatively stable.
Sales of flat and long products in the North America region were
US$574.1 million on shipments of 876.6 thousand tons. The average
price was US$655 per ton shipped. Volume sold was slightly diminished,
as Hylsamex did not complete processing slabs from Sidor that
previously were sold to third parties in the North America region.
Sales of flat and long products in the South & Central America
region were US$716.1 million on shipments of 1.1 million tons. Steel
demand and prices were stable.
Cost of sales totaled US$909.2 million for the period, or 62% of
net sales. Iron ore cost in the Central & South America operations
rose during the quarter following the increase in international
reference prices, although the effective increase was less since the
increase for Sidor was negotiated in November and did not affect 2005.
The North America operation was not affected by the increase in
reference iron ore prices as all of its iron ore needs are fulfilled
by its proprietary mines.
Natural gas and electricity prices for the Central & South America
operations remained relatively stable, while the North America
operation showed increases in both gas and electricity costs. Hedging
strategies and a temporary government relief program in Mexico limited
the increase in the natural gas cost for Ternium. The program ended at
the end of January 2006 coinciding with lower natural gas spot prices.
Labor costs across all operations were relatively stable in dollar
terms. Nominal wage increases in Argentina were cushioned by a slight
depreciation of the local currency against the US dollar.
Selling, general and administrative expenses in the quarter were
US$172.8 million, or 12% of net sales. The SG&A figure includes a
non-recurring charge of US$7.7 million resulting from the
reorganization of Hylsamex.
Other operating expenses totaled US$18.8 million in the quarter,
of which US$11.8 million is related to the closure of certain
facilities in Hylsamex.
Operating profit was US$367.0 million, or 25% of net sales.
EBITDA(b) was US$489.7 million, or 33% of net sales.
Net Financial expenses were US$130.7 million. Interest expense in
the quarter was US$40.5 million while excess cash payments related to
the participation accounts to minority shareholders were US$91.9
million.
Net financial expenses reflect the effect of Sidor's excess cash
distribution related to the participation accounts established as a
result of its 2003 debt restructuring. According to this mechanism,
Sidor's excess cash is distributed quarterly to its creditors and
shareholders. Any excess cash payments received by Ternium are
eliminated in the consolidating process, while any excess cash
payments made by Sidor to its minority shareholders are recorded as a
financial loss.
Income tax expense for the quarter was US$67.8 million, including
a current tax loss of US$52.6 million, and a deferred tax loss of
US$15.2 million. Income tax provisions represented approximately 29%
of income before income tax and minority interest.
(b) EBITDA equals operating income of US$367.0 million plus
depreciation and amortization of US$110.9 million and other
non cash items of US$11.8 million (closure of certain
facilities in Hylsamex).
Income attributable to minority interest was US$31.1 million,
corresponding mainly to minority shareholders in Siderar.
Cash Flow and Liquidity
Net cash provided by operations during the period was US$343.6
million. Net cash used in investing activities was US$121.7 million,
mainly related to capital expenditures. Net cash used in financing
activities was US$6.0 million. Cash at the end of the year was
US$765.6 million (includes US$10.7 million of restricted cash).
Yearly Financial Statements
The combined consolidated financial statements of Ternium
(Ternium's financial statements) for the year ended December 31, 2004
contained in this press release combine and consolidate the results
and other financial data of each of Siderar, Ylopa and Techintrade,
and recognize the investment in Amazonia (Sidor's controlling company)
under the equity method, on the basis that such companies were under
the common control of San Faustin as of and for the relevant dates and
periods. The effect of this presentation is to show the combined
historical results, financial condition and other data of the various
companies under the common control of San Faustin as though these
companies had been our subsidiaries at the dates and during the
periods presented.
Ternium's financial statements for the quarter and year ended
December 31, 2005 combine and consolidate, in addition to the
consolidated results and other financial data of each of Siderar,
Ylopa and Techintrade, the results and other financial data of
Amazonia, which came under the control of San Faustin in February
2005, and the results and other financial data of Hylsamex, which came
under the control of Ternium in August 2005.
Ternium's financial statements for the year ended December 31,
2005 recognize the investment in Amazonia under the equity method from
January 1, 2005 to February 15, 2005. Since then, the results and
other financial data of Amazonia have been consolidated. Hylsamex
results and other financial data have been consolidated into Ternium's
financial statements since August 22, 2005.
As a result of the consolidation of Amazonia's and Hylsamex's
results and other financial data, Ternium's results and other
financial data for the year 2005 are likely to vary significantly from
the results and other financial data for the year 2004. Further
information on the mentioned transactions may be obtained from
Ternium's Form F-1/A accessible in www.sec.gov or through
www.ternium.com / investor center.
Analysis of Year 2005 Results
Net income for the year was US$1.1 billion. Net Income
attributable to equity holders of the company was US$704.4 million.
Net sales for the fiscal year 2005 were US$4.4 billion on
shipments of 6.6 million tons. The average price was US$646 per ton
shipped (includes only flat and long products). The sales volume
achieved in 2005 reflects solid demand for steel in Ternium's core
markets. As a result of the increase in world steel production
capacity and the deceleration of steel consumption in Europe and the
US during 2005, international steel prices decreased from the very
high levels seen in both the second half of 2004 and the first quarter
of 2005. Consequent production cuts by leading steel producers in
these markets stabilized prices toward the end of the third quarter of
2005 and into 2006.
-0-
*T
2005
Shipments Revenue / ton Net Sales
(000 tons) (US$/ton) (US$ million)
South & Central America 3,461.6 689 2,383.5
North America 1,299.8 662 859.9
Europe 407.8 657 267.9
Other 106.6 554 59.1
------------ -------------- -------------
Total flat products 5,275.9 677 3,570.4
South & Central America 709.4 522 370.6
North America 503.3 502 252.6
Europe 4.9 436 2.2
------------ -------------- -------------
Total long products 1,217.7 514 625.4
------------ -------------- -------------
Total flat and long products 6,493.5 646 4,195.8
Other products(1) 130.2 251.9
------------ -------------
Total 6,623.8 4,447.7
(1) Includes steel pipes and tubular products, pig iron and pellets.
*T
Flat steel sales amounted to US$3.6 billion on shipments of 5.3
million tons. The average price was US$677 per ton shipped. The
volumes for flat steel achieved in 2005 are consistent with the strong
performances of the main economies where Ternium does business. The
pricing environment continued to be robust, particularly in the first
half of 2005, reflecting healthy demand in emerging economies. In
addition, Ternium benefited from a higher value product mix from the
incorporation of Hylsamex in August 2005, although recent results only
partially reflect the total mix and value improvement Ternium expects
to achieve from the value added products produced by Hylsamex and sold
to the North America region.
Long Steel sales reached US$625.4 million on shipments of 1.2
million tons. The average price was US$514 per ton shipped. Long steel
volume was particularly strong and benefited from significant growth
in the South & Central America region. Long steel prices softened
during the year.
Sales of flat and long products in the North America region were
US$1.1 billion on shipments of 1.8 million tons, increasing
considerably compared to 2004 due to the inclusion of Hylsamex from
August 22, 2005.
Sales of flat and long products in the Central & South America
region were US$2.8 billion on shipments of 4.2 million tons. Steel
demand continued to improve as a result of the strong economic
performance of the region. Better pricing was realized in 2005 both in
flat and long steel.
Cost of sales totaled US$2.5 billion in 2005, or 56% of net sales.
Iron ore cost in the Central & South America operations rose in 2005
following the increase in international reference prices, although the
effective increase was less since the increase for Sidor was
negotiated in November and did not affect 2005. Further, the
acquisition of Hylsamex and its proprietary mines in the third quarter
of 2005 provided Ternium a partial hedge against fluctuations in iron
ore prices.
Natural gas and electricity prices for the Central & South America
operations remained relatively stable. However, during the second half
of 2005 the North America region experienced significantly increased
natural gas prices which affected both gas and electricity rates.
Hedging strategies and a temporary government relief program in Mexico
limited the increase in natural gas costs for Ternium.
Labor costs across the different regions were relatively stable in
dollar terms. Nominal wage increases in the Central & South America
region were cushioned by a slight depreciation of the local currencies
against the US dollar.
Selling, general and administrative expenses in the year were
US$521.2 million, or 12% of net sales. Freight and personnel
represented a significant portion of SG&A. During the year maritime
freight rates decreased from the peak levels seen at the end of 2004.
In addition, the SG&A figure includes a one-time charge of US$22.5
million from the reorganization of Hylsamex. The total non-recurring
charge related to Hylsamex's reorganization amounted to US$31.2
million, with the difference recorded in Cost of Sales.
Other operating expenses were US$63.5 million in the year, of
which US$54.3 million relates to a one-time charge for the closure of
some of Hylsamex's facilities, mainly the Ingot Casting Mill.
Operating income was US$1.4 billion, or 31% of net sales.
EBITDA(c) was US$1.8 billion, or 40% of net sales.
Net Financial expenses were US$310.7 million. Interest expense in
2005 was US$81.6 million, while net losses from excess cash payments
related to the participation accounts were US$221.2 million.
Net financial expenses primarily reflect the effect of Sidor's
excess cash distribution related to the participation accounts
established as a result of its 2003 debt restructuring. According to
this mechanism, Sidor's excess cash is distributed quarterly to its
creditors and shareholders.
(c) EBITDA equals operating income of US$1.4 billion plus
depreciation and amortization of US$316.4 million and other
non cash items of US$54.3 million (closure of certain
facilities in Hylsamex).
Until Ternium started consolidating Sidor in February 15, 2005,
Ternium accounted for its investment in Sidor under the equity method
of accounting. Any excess cash payments received by Ternium in any
given period were recorded as a financial gain. Ternium recorded a
financial gain from excess cash payments related to the participation
accounts of US$44.1 million during 2005 until February 15.
After February 15, 2005, any excess cash payments received by
Ternium were eliminated in the consolidating process, while any excess
cash payments made by Sidor to its minority shareholders were recorded
as a financial loss. Since then, and until the end of the fiscal year,
excess cash payments to minority shareholders were US$265.2 million.
Excess of Fair Value of Net Assets Acquired Over Cost was US$188.4
million. This non-recurring gain is related to the conversion of
Amazonia's convertible debt instruments into Amazonia's shares in
February 2005. At the time of conversion, the shares had a fair value
that exceeded the value of the convertible debt due to the improvement
of Sidor's business conditions. Amazonia is the direct controlling
shareholder of Sidor.
Equity in earnings of associated companies was a gain of US$21.5
million in 2005. These results are mainly related to Ternium's
investment in Amazonia which was accounted for under the equity method
until February 15, 2005.
Income tax expense of the year was US$218.5 million, including a
current tax loss of US$243.5 million and a deferred tax income of
US$25.0 million.
Income attributable to minority interest was US$368.4 million,
corresponding mainly to minority shareholders in Amazonia, Siderar and
Sidor.
Cash Flow and Liquidity
Net cash provided by operations during 2005 was US$1.3 billion.
Net cash used in investing activities was US$2.4 billion, which
included US$2.2 billion applied to the acquisition of Hylsamex and
US$244.9 million for capital expenditures, partially offset by changes
in trust funds of US$83.6 million.
Net cash provided by financing activities was US$1.2 billion. Net
borrowings were US$1.5 billion, while dividends paid in cash and other
distributions to Company's shareholders were US$238.7 million and
dividends paid in cash and other distributions to the minority
shareholders were US$130.6 million.
Cash at the end of the year was US$765.6 million (includes US$10.7
million of restricted cash).
About Ternium
Ternium is one of the largest steel producers in the Americas,
offering a wide range of flat and long steel products. Ternium has
operating locations in Mexico, Argentina and Venezuela that provide it
with a strong position from which to serve its core markets. In
addition, Ternium reaches the global markets through its broad
distribution network.
Forward-Looking Statements
Some of the statements contained in this press release are
"forward-looking statements." Forward-looking statements are based on
management's current views and assumptions and involve known and
unknown risks that could cause actual results, performance or events
to differ materially from those expressed or implied by those
statements. These risks include but are not limited to risks arising
from uncertainties as to gross domestic product, related market
demand, global production capacity, tariffs, cyclicality in the
industries that purchase steel products and other factors beyond
Ternium's control.
Combined consolidated income statement
US$ million 4Q 2005 2005 2004
Net sales 1,467.8 4,447.7 1,598.9
Cost of sales (909.2) (2,470.8) (965.0)
---------- ---------- ----------
Gross profit 558.6 1,976.8 633.9
Selling, general and administrative
expenses (172.8) (521.2) (119.0)
Other operating expense, net (18.8) (63.5) (0.8)
---------- ---------- ----------
Operating income 367.0 1,392.2 514.2
Financial income (expense), net (130.7) (310.7) 202.3
Excess of fair value of net assets
acquired over cost - 188.4 -
Equity in earnings of associated
companies 0.2 21.5 209.2
---------- ---------- ----------
Income before income tax expense 236.5 1,291.3 925.7
Income tax expense (67.8) (218.5) (177.5)
Net income for the year / period 168.7 1,072.8 748.2
Attributable to:
Equity holders of the Company 137.5 704.4 457.3
Minority interest 31.1 368.4 290.8
---------- ---------- ----------
168.7 1,072.8 748.2
Combined consolidated balance sheet
US$ million December 31, December 31,
2005 2004
Other assets 1.0 -
Property, plant and equipment, net & other
assets 5,463.9 1,244.7
Intangible assets, net 552.9 10.0
Investment in associated companies, net 9.1 309.3
Other investments, net 12.6 148.6
Deferred tax assets 29.1 -
Trade & other receivables, net 47.9 15.8
------------ ------------
Total non-current assets 6,116.4 1,728.4
Other assets 3.2 -
Other receivables 291.3 208.7
Derivatives & financial instruments 5.4 -
Inventories, net 1,000.1 254.3
Trade receivables, net 472.8 171.6
Other investments 5.2 88.8
Cash and cash equivalents 765.6 194.9
------------ ------------
Total current assets 2,543.6 918.2
Total assets 8,660.0 2,646.6
Shareholders' equity 1,842.5 1,026.7
Minority interest in subsidiaries 1,733.5 745.1
Minority interest & shareholders' equity 3,576.0 1,771.9
Provisions 53.5 11.9
Deferred tax liabilities 1,048.2 337.5
Other liabilities 187.9 9.1
Trade payables 1.2 -
Borrowings 2,399.9 1.0
------------ ------------
Total non-current liabilities 3,690.6 359.5
Provisions 0.7 1.0
Current tax liabilities 127.0 158.1
Other liabilities 194.1 33.3
Trade payables 555.3 194.9
Derivative financial instruments - 6.0
Borrowings 516.4 122.0
------------ ------------
Total current liabilities 1,393.4 515.3
------------ ------------
Total liabilities 5,084.1 874.8
Liabilities, minority interest &
shareholders' equity 8,660.0 2,646.6
Combined consolidated cash flow statement
US$ million 4Q 2005 2005 2004
Net income 168.7 1,072.8 748.2
Adjustments for:
Depreciation and amortization 113.9 316.4 99.2
Income tax accruals less
payments (18.9) (44.0) 120.2
Excess of fair value of net
assets acquired over cost - (188.4) -
Equity in earnings of
associated companies (0.2) (21.5) (209.2)
Derecognition of property,
plant & equipment 11.8 54.3 -
Interest accruals less payments 10.2 21.4 9.1
Changes in provisions 22.5 19.0 (0.8)
Changes in working capital 36.4 54.4 (204.7)
Currency translation adjustment and
others (0.8) (22.0) (44.4)
---------- ---------- ----------
Net cash provided by operating
activities 343.6 1,262.5 517.6
Capital expenditures (120.2) (244.9) (92.6)
Change in trust funds (5.2) 83.6 -
Acquisition of business - Hylsamex (9.8) (2,196.7) -
Proceeds from sale of property,
plant & equipment 3.7 6.1 0.9
---------- ---------- ----------
Net cash used in investing activities (131.5) (2,352.0) (91.7)
Dividends paid in cash and other
distributions to company's
shareholders - (238.7) (80.9)
Dividends paid in cash and other
distributions to minority
shareholders (4.6) (130.6) (70.3)
Contributions - 54.8 -
Proceeds from borrowings 84.3 2,135.4 52.3
Repayment of borrowings (63.8) (657.6) (261.0)
---------- ---------- ----------
Net cash used in financing activities 15.9 1,163.4 (359.9)
Increase (decrease) in cash and cash
equivalents 228.0 73.8 66.0
Shipments
Thousand tons 4Q 2005 2005 2004
South & Central America 896.2 3,461.6 1,718.0
North America 594.0 1,299.8 147.0
Europe 59.8 407.8 270.0
Other 17.1 106.6 41.0
---------- ---------- ----------
Total flat products 1,567.0 5,275.9 2,176.0
South & Central America 216.8 709.4 0.0
North America 282.7 503.3 0.0
Europe 4.9 4.9 0.0
---------- ---------- ----------
Total long products 504.5 1,217.7 0.0
---------- ---------- ----------
Total flat and long products 2,071.5 6,493.5 2,176.0
Other products(1) 74.8 130.2 572.0
---------- ---------- ----------
Total shipments 2,146.3 6,623.8 2,748.0
(1) Includes steel pipes and tubular products, pig iron and pellets
Revenue / ton
US$/ton 4Q 2005 2005 2004
South & Central America 676 689 582
North America 718 662 641
Europe 687 657 554
Other 459 554 554
---------- ---------- ----------
Total flat products 690 677 582
South & Central America 508 522 n/a
North America 522 502 n/a
Europe 436 436 n/a
---------- ---------- ----------
Total long products 515 514 n/a
---------- ---------- ----------
Total flat and long products 647 646 582
Net Sales
US$ million 4Q 2005 2005 2004
South & Central America 606.1 2,383.5 999.6
North America 426.4 859.9 94.3
Europe 41.1 267.9 149.7
Other 7.8 59.1 22.7
---------- ---------- ----------
Total flat products 1,081.4 3,570.4 1,266.2
South & Central America 110.1 370.6 0.0
North America 147.7 252.6 0.0
Europe 2.2 2.2 0.0
---------- ---------- ----------
Total long products 259.9 625.4 0.0
---------- ---------- ----------
Total flat and long products 1,341.3 4,195.8 1,266.2
Other products(1) 126.6 251.9 332.7
---------- ---------- ----------
Total net sales 1,467.8 4,447.7 1,598.9
(1) Includes steel pipes and tubular products, pig iron and pellets
CONTACT: Ternium S.A.
Investor Relations:
Sebastian Marti, 212-376-6500 (USA)
or
(52) 81 8865 1240 (Mexico)
or
(54) 11 4018 2389 (Argentina)
www.ternium.com