Latin America focused steelmaker Ternium said revenues for its Mexico business in Q2 fell 38 percent, year-on-year, to $851.5 million.
Net revenues in Q2 also declined for its Southern Region and Other Markets segments. Revenues at its Southern Region segment in Q2 dropped 32 percent, year-on-year, to $292.8 million. Revenues at its Other Markets segment in Q2 decreased 37 percent, year-on-year, to $546.4 million.
Steel sales volumes for Mexico in Q2 diminished 25 percent, year-on-year, to 1.17 million mt. As for the Southern Region business segment, steel sales volumes in Q2 reached 343,800 mt, 32 percent down, year-on-year. The Other Markets segment saw steel sales volumes in Q2 decrease 26 percent, year-on-year, to 930,700 mt.
Ternium said its mills in Mexico are now approaching “normal production rates.”
“Blast furnaces in Brazil and Argentina have meaningfully increased production from the minimum technical levels reached during the second quarter due to the outbreak-induced reduction in steel demand,” the company said.