|Traded as||BCBA: ERAR
|Headquarters||Luxembourg, Luxembourg City|
|Key people||Paolo Rocca, Chairman
Daniel Novegil, CEO
|Revenue||US$ 8.608 billion (2012)|
|Operating income||US$ 915.9 million (2012)|
|Net income||US$ 187.2 Million (2012)|
|Total equity||US$ 5.420 billion (2012) |
Ternium is a manufacturer of flat and long steel products with production centers in Argentina, Mexico, Guatemala, Colombia and the United States. It is the leading steel company in Latin America with highly integrated processes to manufacture steel and value-added products.
Ternium was formed in 2005 by the consolidation of three companies: Siderar (Argentina), Sidor (Venezuela) and Hylsa (Mexico). Siderar was established by Argentine-based industrial conglomerate Techint in 1992 following the privatization of Somisa, and Ternium still trades on the Buenos Aires Stock Exchange by the Siderar name. The company takes it name from the Latin words Ter (three) and Eternium (eternal) in reference to the integration of the three steel mills. A fourth unit, Grupo IMSA, was acquired in 2007, by which Ternium expanded its operations into Guatemala and the United States. Techint remains the principal owner of Ternium with 62% of shares followed by the Italian-Argentine company Tenaris 11.0%, and 24.0% in the form of common shares listed in the NYSE as ADS. The firm was listed on the NYSE on February 1, 2006, and employs approximately 16,600 people worldwide.
Nationalization of Sidor
Ternium's Venezuelan branch, Sidor, was nationalized by the Venezuelan government following an April 2008 resolution of the National Assembly of Venezuela. This move followed a series of industrial disputes over pay which had paralyzed the company for over year. In early 2009 compensation of around US$ 1.65 bn was agreed on for the nationalization of Ternium's 59.7% stake, with Ternium keeping a 10% stake in the company.
- Ternium: Annual Report 2012
- Reuters, 26 April 2008, Venezuela says Ternium Sidor stake worth $800 mln
- Reuters, 30 January 2008, Thousands strike at Venezuela's Sidor steel
- Business News Americas, 20 January 2009, Ternium agrees to receive Sidor payment in two installments - Venezuela