Ternium S.A. reported Wednesday that first-quarter net income increased to $150.0 million from $129.3 million in the previous year.
Net sales increased to $2.149 billion from $2.136 billion in the same quarter of 2013, primarily from increased steel sales in Mexico.
Steel shipments overall increased to 2,335,000 tons from 2,241,000 tons in the prior year, while iron ore shipments totaled 884,000 tons, compared to 1,101,000 tons in Q1 2013.
However, in a statement Ternium said that it expects a lower operating income in Q2 compared to Q1, as a result of higher raw material costs and being partially offset by the increase in shipments.