Mexico-based integrated steel giant Ternium, with contraction in its revenues and profits in the first quarter of the year, is already experiencing a recovery in the second quarter, the company informed stock markets this week.
In the first quarter, steel shipments totaled 3.07 million metric tons, although the value of sales decreased 15.8 percent compared to the first quarter of last year. However, the company predicts a better second quarter.
"Steel shipments to further increase in Mexico and to recover in the Southern Region in 2Q23," Ternium told financial markets.
It also reported that "revenue per ton should increase in Mexico in Q2, on higher market prices and the reset of contract prices at higher levels."
According to the company, Q1 2023 shipments in Mexico were the highest on record, mostly offset by lower seasonal shipments in the Southern Region and lower shipments of slab to third parties.