Techint's Ternium goes public
South America's second-largest steelmaker, Ternium SA, has raised $496.9 million in an initial public offering, to the profit of investor Grupo Techint. Techint sold 24'844'720 American depository receipts, or 12 percent of the Luxembourg-based steel producer's stock, for $20 each, valuing the company at $4.12 billion. After trading began on the New York Stock Exchange Tuesday, Ternium was trading at US$23.52. The money raised will help the Techint-owned company to pay off some of its debt. Ternium, made up of steelmakers Sidor (Venezuela), Siderar (Argentina), and Hylsamex (Mexico), has an 11.6 million metric ton per year capacity and a sales forecast of US$5.5 billion.