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Ternium, a Latin American steel producer, reported a remarkable 839% increase in net profits for the fourth quarter of 2023, soaring from $59 Mn in Q4 2022 to $554 Mn in the last quarter of 2023. This surge was attributed to the commissioning of a new hot rolling mill at its Mexican facility in Pesquería, Nuevo León.
The company's steel shipments saw a substantial 33.6% rise compared to Q4 2022, reaching a total of 4.03 MMT. Sales also surged by 39.1% to $4.93 billion.
With the new rolling mill operational, Ternium's operating income skyrocketed more than 13 times, from $43 Mn in Q4 2022 to $582 Mn in Q4 2023, marking a staggering 1,253% increase. Adjusted EBITDA surged by 114.9% to $651 Mn, pushing the EBITDA margin from 8.5% in Q4 2022 to 13.2% in Q4 2023.
This financial performance translated into a significant rise in net profit per ADS, jumping from $0.2 to $2.11, representing a 955% increase.
Ternium plans to kickstart its downstream project in Pesquería, Nuevo León, in the second half of 2024. The project will begin with 550 thousand tonnes per year from the new pickling oven and the first lines of its new service centre, aiming to boost its market volume in the latter part of the year.
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