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Steel News November 24, 2020 10:20:24 PM

Ternium's New Colombia Mill Rolls Out First Steel Rebar

Paul Ploumis
ScrapMonster Author
Ternium reported net income of $173 million, higher by almost 50% when compared with the year-ago figure of $112 million.

Ternium's New Colombia Mill Rolls Out First Steel Rebar

SEATTLE (Scrap Monster): The Luxembourg-based steelmaker Ternium S.A. announced that it has started producing steel rebars out of its greenfield rebar facility in Colombia, as part of the final commissioning of the facility. The new mill, the sole producer of rebars in the north of the country, is expected to substitute rebar imports.

Also, the company announced restart of its main capex projects, including the new hot-rolling mill in Mexico, which it expects to commission by mid-2021.

In an earnings conference call transcript posted in the site, the company noted that it was able to increase operating rate to close to full capacity during the third quarter of the year. The company had reported 30% sequential dip in crude steel production during the second quarter on account of pandemic-related restriction. The higher shipments, coupled with improvement in pricing helped the company to report significantly better quarterly results. Incidentally, shipments witnessed 16% surge to total 2.8 million tons during the quarter.

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Ternium reported net income of $173 million, higher by almost 50% when compared with the year-ago figure of $112 million. The higher profits were despite the 6.9% dip in steel shipment volumes. The EBITDA was $353 million in Q3, with a margin of 17%. The free cash flow stood at $389 million.

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