| Type | Public company: MERVAL: ERAR NYSE: TX |
|---|---|
| Industry | Manufacturing |
| Founded | (2005) |
| Headquarters | Luxembourg, Luxembourg City |
| Key people | Paolo Rocca, Chairman Daniel Novegil, CEO |
| Products | Steel Cast iron Coke (fuel) Slag |
| Revenue | US$ 7.3 billion (2010) |
| Net income | US$ 622.1 Million (2010) |
| Employees | 13,900 |
| Parent | Techint |
| Website | Ternium |
Ternium (MERVAL: ERAR / NYSE: TX) 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[1]. 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 13,900 people worldwide.[2]
Currently Termium is one of the main shareholders of the Brazilian siderurgy company Usiminas. The Uisminas control is divided between Nippon Steel, Ternium and CSN.
Ternium's Venezuelan branch, Sidor, was nationalized by the Venezuelan government following a April 2008 resolution of the National Assembly of Venezuela.[3] This move followed a series of industrial disputes over pay which had paralyzed the company for over year.[4] 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.[5]
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