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MEXICO CITY (Reuters) -Steel producer Ternium reported a 21.4% decrease in its second-quarter net profit on Tuesday, as shipments remained flat and steel prices dropped.
Net profit totaled $736 million, down from the $936 million profit in the year-earlier quarter.
Revenues fell 12.8% to $3.87 billion as volumes rose 1% year-over-year, but steel prices sunk in Ternium’s main markets, the company said in a statement.
Ternium operates across Latin America, including in Brazil, Mexico, Argentina, Colombia and Guatemala as well as in the United States.
Adjusted earnings before interest, tax, depreciation and amortization stood at $883 million, a 28% slide from the same three-month period in 2022.
A leading regional producer of flat steel products for a range of industries, Ternium is controlled by Argentina’s Techint Group.
Last month, the steelmaker announced it had resumed operations at an iron ore mine in western Mexico after a more-than-five-month hiatus sparked by a blockade by the local community over the disappearance of two environmental activists.
Reporting by Valentine Hilaire, Carolina Pulice and Aida Pelaez-Fernandez; Editing by Kylie Madry
