TX - Earnings call transcript Q4 2024

Due to licensing restrictions, you must log in to view earnings call transcripts.

Operator

Thank you for standing by, and welcome to the Ternium Fourth Quarter 2024 Results Conference Call. [Operator Instructions]

At this time, I will turn the call over to Mr. Martí. Please proceed.

Sebastián Martí

you us. thank and morning, for joining Good My Global IR Sebastián Martí, am Ternium's and I and name is Compliance Senior Director. its XXXX. released and Ternium financial the for Yesterday, fourth full year results quarter context This meant call presentation. to additional is to provide that

the Chief our I'm Pablo Officer; will prepared who discuss remarks, Brizzio, Vedoya, environment business up Officer, and the Financial we Executive company's joined floor Chief and Maximo questions. today will by to Ternium's any Ternium's performance. open After

remind to vary you this we or today's begin, filings like Before Securities Exchange that that may would contains with call results implied. affect and in information, webcast our Commission from that presentation. forward-looking contained could I conference expressed in and is the X Factors on actual that those Page

on measures issued any to in You reconciled most IFRS find release the directly press will also non-IFRS financial comparable measures references yesterday. the

Mr. With over turn to call Vedoya. that, the I'll

Maximo Vedoya

us you, Sebastián, good thanks, morning, and Thank for and today. joining everybody,

CapEx billion the pay cash shipments recorded the steel at $X In close net $X strong for even more than $X.X for year was of of in dividend $X though billion adjusted of XX% challenging The our company's a with Ternium to operations cash. on the tons a billion billion generated industry, EBITDA remained margin. of XX million year, in December, we XXXX, by position end and million. $XXX

end remaining Currently, hot mill on significant and advancing the X this start-up center, we asset, year. project, construction line quarter, to the been galvanized also by which started expansion planned for whose will lines a have finishing process. line, under December the progress operation Pesqueria, we the made downstream the has of commence at the a cold Mexico. of ramp-up advanced of in rolling project XXXX; with did During completion clicking our in along The operations

in fourth Argentina in quarter wind is began of that farm electricity December. the development positive the Another generating

of deliver assist The in already turbines XX of achieving economic year, been company expected is initiative the to XXX the the decarbonization electricity approximately hour of its majority This goals. wind and country. per installed. substantial All provides third-party purchase the benefits have in gigawatt our wind farm replacing

measures. like creating I during international the been among A the substantial have by market. latest would development has address singled reductions trade out weeks to Canada, with surge been Mexico, the trade. in now last that the in uncertainty U.S. few the together in global announced countries recently are

country as will has U.S. a target In Section the XXX. under it addition, steel revolve announced to the XX% specific on been all specific tariff exceptions steel,

all creation believer There USMCA I'm among advantage the USMCA the job Therefore, region. is increased way chains it members, of for of The deeply countries we area. trade complementary Further within value them. these to deepening integration investments X thrive. of in the competitiveness a and to nations will is the whole which be critical American a North relationship would played to among continue has the enhancing a the led a in and has commercial go strong USMCA. among believe beneficial that role

in any ability trade to this the scenarios equipped adapt to changes potential navigate well is due structure in Ternium to its to landscape. response

reduce to will costs. the our always, enhance efficiency As our of effort continue to we operations

today's are to effectively compete uncertain We environment. ready in

is in markets. activity market following showing to our in shipments review in let's due Mexico X% levels market. commercial main quarter Mexico, the In The Now an production steady decreased increase weaker-than-expected industries' of in steel a industrial auto fourth XXXX.

is commercial affecting a market. in happen probably definitive of measures final surrounding trade the uncertainties investment volumes are infrastructure until the government understanding continue trade weak hand, other will the This On actions to achieved.

year positive compared flat significant a healthy furnace Brazil. with XXXX. improvement with to Moving XX% relining Vehicle well operational apparent XXXX grew was consumption, particularly Usiminas, years, the in steel a blast as #X. XX%. of in increase strongly a increasing from made now investments recent saw productions to XXXX resulting

tons Usiminas As over XX volume crude steel, result, levels produced of a X.X among highest million years. last the the

the million unfair from in On Brazilian construction the flat market. market, remains years have a has significantly China in disrupted steel exceeded of steel destabilizing for trade imports other recent hand, imports. market a under to factor The in China in accounting at approximately consumption its Imports domestic steel increase disproportionate new led of of X XXXX, setting tons record. flat steel in international export the conditions. XX%

quota import markets. measures trade of look defense fair not countries year especially government, effective forward to potentially system strengthen its implemented did from causing other more their We and achieve diversion other last to China's The Brazilian trade, as a export the goal.

On Santa first Cruz, a that Roca Monterrey, that, began classes. This term facility, in its operate, since active the technical Brazil different subject, second one we School the Technical in are near Mexico. near school the built and facility the to is Pesqueria with very last [indiscernible] Roberto proud in share Ternium first week, our

to provide school of education. next on X students supporting production the opportunities its XXX All at their students transformative Roca Technical access will community technical equal initial to youth. Robert initiative and and site will students accommodate Network The high-quality cohort based education of This years. over School XXX communities family's dedication development financial the its in the close will to near their for needs, creating Ternium ensuring reflects the scholarship the to receive

substantial a In reduction of macroeconomic Argentina. the to government implementation experienced primarily address This due approximately imbalance. Argentine measures to by which aimed economic the to of shipments now was Turning year-over-year XX%. XXXX, decline

XXXX, volumes. Argentina demand Although return steel been to has to historic a and yet sales low from throughout recovering has it's starting base

up advancing trade. of opening Argentina and economy local the the authorities regulation, a and of the in split public The transformation taxes through reducing are process

area products in chain. imports trade unfair value even welcome steel of this the transformation, could this we higher the Although progress of in risk and increase

fluid. would like a to my few comments are I trade imports with close U.S. currently measures thoughts. prepared against

that half North it XXXX, conclusion decision-making in we continue region. is uncertain negotiations, experiencing practice. resulting likely navigate this of unfair first against in improved of will to the prevail, American at the region the a During that, significant trade We rational the defense trust scenario and will growth

development related In content and announced of The import industrializing investment line, regional aims recently attract on plan to manufactured with Plan the substitution. outlined infrastructure support focus goods MSEs. for throughout address government, strategy same Mexico, the for regional the the to by a local integration Mexican to increase and and issues near-shoring,

expected operations context, we crucial American become into Brazil, continue as strengthening of process market, are Mexico expect expansion steel our facility Ternium's this in [indiscernible] rule manufacturing In Usiminas integration achieved In a products in efficiency will streamlined. are as for we stricter. trend improvement are significant XXXX, the to origin further in North

given conditions continue Finally, in year. will recovering our this in improvements macroeconomic expect throughout Argentina, I shipments

my proceed performance with remarks. of in Ternium's please Pablo, This a the review concludes fourth quarter.

Pablo Brizzio

good for and morning everybody with today. us being Maximo, Thanks, and [indiscernible] to

results. our a presentation deeper to the financial and operations at webcast Let's for look turn

steel realized factors see increase If The partially decreased our in we These were lower main steel adjusted quarter. and per that results prices we we costs include reduction offset Page EBITDA by have in in in markets key an the ton. begin in these X, shipments. this

the and year, of increase first we adjusted by ahead improvement a look quarter we As this anticipate to increase in XXXX, EBITDA, in volumes. sequential supported a margin small

stake $XXX was a million. between provision million a Moving the [indiscernible] changes for in income The Usiminas. in for company to foreign income, negative recognized to acquisition and quarter effect seen, main of the of the next $XXX difference slide. litigations in fourth exchange a The related as Net were XXXX income results. with in reversal net have quarter we net along already quarter the third decline the

lower record [indiscernible]. On mentioned the the charges and provision other provisional income tax hand, we

the its Regarding dollar-denominated in quarter for changes the impact foreign in fourth used Usiminas results, real dollar. the not out U.S. the it's is the U.S. of dollar real depreciation Usiminas the important for because to currency, Brazilian This point debt. against financial XX% the U.S. exchange

In primarily And Now declined, Maximo let's Ternium's in a across of key typical downturn, reduction end seasonal of of steel this Page Mexico still market commercial as the the performance already additionally, the segments X. the the year. on to markets by quarter, all due experienced demand review explained. shipments our in

shipments Looking in are of ahead, Mexico -- next increase 'XX, expect Argentina quarter the first in some we shipments Brazil fourth in and the excuse remain during of quarter year, stable. to expected the during me, quarter

see sales fourth segment steel the the the XX% page, In by declined in sequentially following quarter. we net

a all in however, enough reduction markets. this decrease was shipments, ton, by the lower per margins. partially prices offset cost was avoid by to in addition was realized decrease decline prices across The a In in in not to which, reduction driven

books in consuming inventories worth It's the in company as noting our the acquired decline in is is market prices reduction raw earlier materials the in the and high-priced slower that pace periods. of than

the during lower Next, fourth quarter. segment performance. remained our shipments due in and the of production mainly Slide for quarter, Mexico the X% were levels X there overview mining to let's to year-over-year, turn stable Mining But down Brazil. in

lower On mainly hand, the other costs. driven by margins improved,

trade working quarter, receivables. where on decrease slide, paid flow move supported farm additionally, capital, cash our Pesqueria the Argentina. reported wind fourth from in in we we expansion cash operations November. the Let's CapEx increased driven Ternium a as to by advanced project the performance. mainly finished next and review dividends in lower interim in flow the in And we by

of the Even billion of with though $X in cash value financial fourth estimates. in position in fair increase net financial significant cash helped our end strong the at by million a the we development quarter, December, have the remains $X.X

Let's prices. declined of now from our consolidation the X the assess in our affected the have year net shift results EBITDA last in in to of [indiscernible] to Page Factors full years, performance. downward primarily X connected Usiminas income. steel pressure to our focus

result a operation decline to impact significant exchange depreciation was results. of CapEx on year. I provision finance foreign the deferred the The us the allowing solid in and XXXX, Brazilian in level earlier, of the also negative with cash mentioned the of during Usiminas year tax together real from Ternium's the incorporates increased net

in ahead, expect we peak billion. inching around XXXX, to CapEx Looking $X.X

ADS. approximately the This of yield Important a per dividend for to represents dividend Directors Board of annual put proposal X%. $X.XX mention, a forward an of

have November. will remaining distributed of be in We approval, shareholders' in out an May. And paid $X.XX to subject already interim the $X.XX dividend

remarks. This prepared right. our All concludes

now are session. begin to please your questions. We ready Operator, take the Q&A

Operator

[Operator Carlos Morgan first question Stanley. Instructions] De with Alba comes Our from

Carlos de Alba

is, the how that but help there, first little really wide did press right? There a on a know evolving. question first I'm going outlook forecast, I as you define uncertainty try details you the how and range little more bit quarter. for slight so out will of can to is provide the a see consensus So to you a to improvement, lot of it quarterly bit a

ask And I update then the wanted electric and also Pesqueria. also in the an different to project furnace on wrap-ups

you finishing full lines full the If cold . -- the you bit the to be of you to year? and start when if a running can when galvanizing do to coil of lines in expect expect be December new close this capacity little hot they capacity And or ramp-up dip be do at completed?

Maximo Vedoya

and Carlos. first We'll Ramp start one. then second, direct Pesqueria. more which much the of answer try the to up with is

the producing I put the X what I or think the planned, already finishing and capacity, projects, sorry, a have and are we let's X The lines, finishing at ahead in downs picking are lines it months, little put -- for will we bit full X next of we are it. that way. So

or all are the equipments of and not was -- line, to have I galvanizing all we and the there putting Pesqueria, the delay mean in Then those year. December, ramp-up are the curve starts we any this in start working in we which in supposed that have people in supposed to seeing construction December equipment. the

and improvements in start so X, of the to in December are we and -- better In seeing the but expected of the facility in PLTCM were facility, February, expected in the we cold March some are March equipment XXXX, construction to this year. of start we advance some roll

of couple So a we are curve, advanced, the rapid months.

on don't any those and we speed. we projects, forward full going problem, see So at are

we contracts equipment are I the don't in quarter finalized. of some the the contracts for finalizing that shop have mid-XXXX, reduction you still is facility, in start And But yet this and, the unit, important, in is and contracts one all construction. steel supposed most we more having that of for the date. to we that as are the the know, other mean

Although the going construction is through.

still So will of but an are by have quarter, holding the end we for will start, we mid-XXXX. the we time of exactly probably next when idea

Carlos de Alba

galvanized do you reaching to just be roll maybe the when cold full and the clarify, would you And when -- strip to hot expect capacity?

Maximo Vedoya

ramp-up curve tons, they are case day X X And X. it are of in X usually producing example, our -- Well, months the cold steady XXX,XXX have in between and year. we could for get X% the projects and year. XXX,XXX roll these to That's the between or in producing starting plans. what get the But

We will now, that second question XXXX. that months. get XX I question. harder it's of try and hope to answers for between to December X or closer the But the

So Pablo. outlook,

Pablo Brizzio

of up increase this Carlos, the sum that. will the more Okay. see I'll EBITDA we of that things the for quarter to And X happen year. in the generation an increase expecting -- quarter. first said, in take different is as we are

First, volumes.

remarks, As quarter. steady coupled first issues of are we point. to some to where the the with expecting level the shipments the mentioned first level sustain a during see are the shipments Maximo Maximo different said so expecting are. we opening and of in we also seasonality, markets that in That's This,

prices that are issue in of decline is moving, during a the the quarter, so know prices though we see some The company to part changes decline differently And decline prices. quarter. we the be prices price the higher expecting what that in due fourth which are cost saw in all is the will every you immediately. during of average will in reflected from well, second very we This are is important we reset not are first that the most than to what cost see in that see quarter, the decline

So quarter. margin a we see first during are expecting the better to

see the prices year, we we We a continue -- delay during the we the reflecting the is fourth that that saw a of cost in our continue to quarter to due structure will that is situation same first the which or there methodology worldsteel throughout utilize.

continue the quarter in the in expecting year seeing cost evolution a that we semester, are to the the respect. picture having second throughout of of So and this better reduction

Operator

of the question comes next Bank Caio line Your of from Ribeiro America. of

Caio Ribeiro

option Ternium. stake stake your any a Later sell year, that on question the purchase first stake to control block, my point in have the has right? Usiminas, So you point option the this to within to

the is is particular both there is, question my So in transaction? that you that color something you're adding can And contemplating to on now? any stake company share how this sides see

And that next furnace to then the you a secondly, fund Do next? division Usiminas, the so, blast greenlight are the company. the still the if on or you revamp CapEx see would year completed, in that company what priorities for mine Right? this CapEx? how with . the And potential see

Maximo Vedoya

Caio, you, Thank questions. the for X

options said, That's in that we can our side, performing option, I in sell thinking of the from Usiminas. to Nippon what results, Nippon I Regarding am say and are in and you today. saw partnership Steel pleased changed -- exercise from mean, can the as the the that of is how Steel as buy I this. speak cannot and we thing can Nippon they our both the exercisable. that happened, those Ternium, mean But I I very with with one, Usiminas thing clearly first July. July only I the have only that is or

Usiminas will with we will highest So keep -- we of working goal the now, for to potential. bringing

things working. Regarding one Usiminas, the mining that in of the is are in we clearly, the priorities CapEx

end in by the mean, of the or next have of I very the working we how don't we through the any this most the year with But some go we get hard delays take to of in have things so the said year. As make are to the point to beginning other of decision to done calls, that decision that we project. if

commercial [indiscernible] of we increase how more all that investments have second improving and give clearly to do and There Usiminas where value we in the the we the China priorities the customers input at challenges priority productivity. the the we some a with have the to And and cost customers. are are approach is doing clearly are other side performance order from And management. to and mill, decrease

I Usiminas that the are those it now. answers Caio. are priorities So we working hope right your in questions,

Caio Ribeiro

That's absolutely. Yes, very clear.

Maximo Vedoya

Welcome.

Operator

Your next of Alejandro question comes from line with the DeMatteo Jefferies.

Unknown Analyst

couple questions, of A please.

That's first The of also Would say, situation first to so in new of and on. one regions? talk the that of you of prepared what Mexico the is, about navigate those Ternium include, or on putting your investments, hold the is some any is being Maximo, could tariffs about Argentina, over efforts. case also you question. Could . And that recovery situation cost scrap and of situation the the your exports about of talk how talk base about second also the please impact question then the the in you there?

Maximo Vedoya

Yes.

scrap us. the one, very significant second The is export, for not

As Argentina, different remember -- mean, much Mexico. it's than you we scrap, in don't use I in

bought the from around month the And scrap X,XXX so of tons. we market every amount is

clearly it's steel in remember, But has issue, more no. So for not Probably in it's in other the Argentina an Argentina, that scrap. inputs. issue companies a us scrap an their basis much

we are the or Regarding postponing of of new any not instruments, stopping investment. thinking call no,

of of we substitute not let's better, capacity enough third imports able the probably do to what because amount And or if are cold the the that's countries, put they from Mexican said, huge to substitute, so are mill galvanize really market, have going we technical a I the -- don't attack, by has Mexican which market issue. it, year, in I roll and happening in be PLTCM, mean you almost to As the is are the completed. see end completed. the

and to very rational it's continue. we So forward going are to

the is to mentioned, that be steel the this in guess, to shop. One I probably as sure is North that that all strengthened the going The other in happening, uncertainty And origin rule market. of is going one thing in this shop, the even steel happen more. is you American are

So to we melted need going multi-temp going are are to the -- [indiscernible]. requirements

think -- And the position it's strong from that Alejandro, hope, so that, clear. I for I Pesqueria project, Ternium. the of

Unknown Analyst

I bit clear. a follow on up It that. very little And is if can

now of the the indicating with main having you're and of the rest in the the the are your say, on end -- So discussions how they year, particularly . customers, automotive between industry for that the year? volumes,

Maximo Vedoya

any year Mexico with industry volumes. changes. they the working any and of a third growth, have not are in have ended on changes they from The They some is changing imports they up What auto countries. in clearly are indicating doing the

changing So start we Asia, to making are they running working with imports changes have of from or them mainly.

Operator

from of with Tanners question next line Timna Your comes Research. the Wolfe

Timna Tanners

be I wanted a brain big really -- operate. you theme, continues China the wanted feel Maximo, really regions for main X introductory pick the to the I remarks problem to to your like, I was on of that

you -- any of do that interested Brazil, in been enough be that have to So barriers in Mexico, to optimism imports will problems doing or talking can those prevent help Argentina, level implement you've so time countries soon? those any

Maximo Vedoya

I a a to are applies lot bit, it's the the China of not optimistic mean industry, talk but countries it country. what of me let the doing. industry. in of levels, -- little only China up steel different and then Yes. perspective the China X depending I I in on or the steel to am put specific

years, in consumption last So the X been consumption country. for the decreasing apparent has China

it I reduced, years. year X each average, the think So last X% in for

But same. on been production contrary, the has the

from companies steel then steel of well, And That's steel by huge amount happening industry balance the of you running the is imbalance money. XXXX steel. the China most enormous this see a the if in XX%. Chinese China, of out increased are an what in So is in Export industry. of of

So it's a sustainable not situation.

fair they affected our still well again Mexico China, Having this. trade exporting think defending in in one are importance said working Clearly, and by and that things they In the doing very that's on of that, understand all they the is what understand the going industry and no is I sense. sense. actually the have this countries,

in the dumping issues starting putting They in is that in work putting that are tariffs. the Mexico, I some And are U.S., are they shipments that cases. they happening So in other to are think Canada. fighting

China Mexico to So looking to ways And path evade think has this I very tariff. how is for work. clear

made this I is In working. as Brazil, but this not quarter, measures quarter, of Middle East, they which -- said, clearly,

is cases, presented. the dumping And through positive dumping think I will going go I'm trade. So government have be been the -- mean, I cases much quite to government that unfair barrier affected which to the these

think still going part Argentina an it's bit little I behind macroeconomy. if the again year, think sustain all That's again, trade. to I simply to Argentina, fight want a to this start industry, trying reason. some this realizing they're -- that what stabilize it's of the we because have But unfair that we to

year, to So this realize I'm this. going in this going optimistic doing some to that part they're of we together work are and

Timna, I understand I -- your I answered hope question. of part

Timna Tanners

Yes. helping, Maximo. That was

spot regarding also I So wanted on you the trade put policy steel. on U.S.-Mexico to

So Mexico take with you tariff be could in about how on that of you retaliatory retaliatory gaps tariff also and -- then if the Ternium because past, you've could and were importer the so share, for Mexican be a any -- fill could because there U.S. any keep from would outstate positive net imports. steel talked steel, the tariff in right, --

downstream hand, be could to the some now those customers on downstream of and -- be if But course, the that addressed you applied auto. side, to other affected, already tariffs look

U.S. any it So imports? if as updated are negative the more longer customer because positive I of your the of is just no impact retaliation? tariffs Or mean than is, thoughts it receiving in place on

Maximo Vedoya

very clearly, as first we don't a know export because, What to going Ternium, is It's to where all, the to tell volume you of significant today, uncertain end. question of I Timna. can don't is, this answer you, Thank I U.S.

in you products Mexico goes relationship Mexico the the between amount. not -- So huge has and to rolled the X% as steel trade significant our U.S., a said, relationship, It's of deficit. And a rolled very flat steel U.S.

country I is that that to mean U.S. has only country exports compared only the I big -- is and think industry imports. very it's between the the where Mexico -- surplus a

I -- the Mexico challenge the it's the these trade with is the Mexico and other all facing between working we -- trade they mean today X in U.S. have that in So have but are countries. the are both not that countries, U.S. these

the tariff So at scenario the where are and you be these I on going U.S. the not telling, today. difficult this all end, reasonable U.S. both on any sides But reach because, agreement are a again, of a that given between think going situation. and seeing in I'm again, that to it's were Mexico situation. reasonable to agreement it goes this should further, speculate Mexico through as negotiations the

Timna Tanners

sorry put on the No, you I'm that. we Maximo, to take spot.

Maximo Vedoya

I mean, that's it's it's go in an very But -- than right the shouldn't reach you no, from steel, best you easy outcomes from when especially now. the U.S., for think Timna. on This government. from And not that numbers, see the No, agreement. reaching have to it's negotiations the And I further agreement, the been spot. an Mexico, all see when the again,

Operator

line Your comes next of with Alfonso Salazar from Scotiabank. question the

Alfonso Salazar

in decision-making mentioned hope prevail. you your Maximo, will presentation that we that Yes. rational

with I think that. we all you agree on

the seems in in look to me to if Is a is to will the is U.S., users U.S. appetite easy I end would going imports something markets what without how have eventually U.S.? more global that the of question global that's do. be it that that lots North balance the invest implications for doesn't the of be and supply more to would capacity? regarding scrap there it's is overcapacity, I I is have the scrap the Also to the Now and planning in of in mean Given there it globally that ramifications demand be the mean, steel? that for America the severe.

you but situation And we China be to -- we to bifurcation more doesn't end and then long. any of North a which this sanctuary America U.S. could more selling And countries other But in can that steel. for selling have a seem trade in like not that more, basically have in only with stay

provide, market, you especially that in markets scrap market imports a that as can implications without supplied U.S.? the properly how color any is And in well. the So you scrap the do of the envision

Maximo Vedoya

thank if have the a Alfonso, Yes. question. good don't I very much. that. answer It's I you to very know

I but are about other But all outcome the be I these question what don't companies. a for -- are right mean, think negotiations mean it's -- I could that of you saying. you I think that

advantage as initial am the I'm and of strong the the remarks, world, know of believer Asia the or what China rest against the said between Europe. But capable and saying I in or U.S. I would I in the not relationship of the a USMCA. But

countries year grew the to also, see mean, trade of but U.S., to amount. you X way. the Mexico last If in almost significantly from the the which the story, among same long Mexico over the members USMCA, story of the the very U.S. is I not every in a

the there -- or the to get I USMCA not competitive USMCA fighting It's as the way mean, play strengthening the but defending regions of or enhancing And a supply competing chain for to of role as think it's -- China. very reasonable. with a the in fighting, competitiveness like other area.

is So it will think I for the USMCA for because countries. beneficial prevail X I at the that, the think me, again, end,

how the all is Mexico other -- trend. side, trade I even before reacting this before On this all see

in substitution Mexico Plan hear time, plan is have you on to of Mexico beginning in what America strengthening I the I Mexico, North for Sheinbaum think, President import industrializing year, has, what been also if going announced, Plan, If the on Asia, supply the focus you a we Mexico it's doing, the that way. focused very must we same how mean the long chain. is the see saying for

I am say -- it's can that you again, I prevail. reason optimistic So will also. that

Alfonso Salazar

Yes.

Just any produce see trade the in more to what on the the given about scrap global in you unfolding know U.S., and comment we particular? and tariffs idea or how that changing

Maximo Vedoya

a it's time. I to long Well, think in U.S., the produce more

come the So be X, at in we're except least of X to any already new years seeing what X, U.S. will capacity in,

the think there's a going of to lot don't I So be change.

Of mean a where we it's going way. electrical course, to scrap we to market but -- arc, but route this taking is know going be from more are this, blast the to scrap, it's because changing our are be going I to furnace use people

don't years. So changes foresee any next I the major in

Operator

There are will over at closing Ternium's call the for time. I this now no further CEO to turn questions remarks. back

Maximo Vedoya

Always, good have all Have very Thank a for you. next much -- day. Thank Okay. the questions. any. in participating. your if Very months. is X talk We you we appreciate, good you see feedback much

Operator

joining. conference for today's Thank concludes This call. you

You may disconnect. now

Ternium (TX) 19 Feb 252024 Q4 Earnings call transcript