On February 24, 2009, Ternium SA, one of the leading Latin American steel companies, announced its results for the full year and fourth quarter ended December 31, 2008.
Accordingly, Ternium's operating income was $1.7 billion in 2008, up 100 percent compared to its operating income in 2007. This resulted mainly from the consolidation of Grupo Imsa and an increase in margins during the first nine months of 2008, partially offset by a $200.0 million write-down of Ternium's inventory during the second half of 2008.
The company's net income during 2008 was $875.2 million, down 12 percent compared to 2007. This decrease was mainly due to the $632.7 million net foreign exchange loss and a decline of $422.8 million in discontinued operations results, partially offset by an increase of $839.3 million in operating income and a reduction of $128.6 million in income tax expense.
On the other hand, in the fourth quarter of 2008, Ternium's operating income was $186.3 million, down 64 percent compared to operating income in the third quarter of 2008, and down 12 percent compared to operating income in the fourth quarter of 2007, while the company registered net loss during the fourth quarter of 2008 of $348.5 million, compared to net income of $247.3 million in the third quarter of 2008, and compared to net income of $221.4 million in the fourth quarter of 2007.