Luxembourg-based steelmaker Ternium reported improved financial results for Q1 2011 Wednesday, and predicted that industrial activity, particularly in Mexico, will continue to drive demand for steel products and that demand in Argentina will recover after a seasonally slow Q1 2011.
Net income swelled US$102.9 million year-on-year to US$243.2 million in Q1 2011 as sales of flat-rolled products were US$1.8 billion-30 percent higher compared to Q1 2010 and sales of long products were US$254.2 million-up 47 percent compared to the same period in 2010.
Shipments of flat products were 1.8 million net tons in Q1 2011, up 13 percent year-on-year as higher prices drove revenues per ton to rise 14 percent in the quarter. Shipments of long products had a more dramatic year-over-year increase, jumping 18 percent over Q1 2010 to 325,700 net tons in Q1 2011.