Ternium announced Q2 results yesterday. This is the first time we’ve seen the company’s financial results excluding SIDOR, the Venezuelan steel company that was renationalized earlier this year. This first look at Ternium ex SIDOR is encouraging – Q2 EBITDA per ton was $314, well above other North American steel companies tracked in the Nerds of Steel earnings spreadsheet. Of course, as the company pointed out, Q2 margins were buoyed by selling prices rising faster than raw material costs, especially slabs. The company expects “a slightly lower operating margin” in Q3.
The release contains no specifics on the compensation the company might receive from the Venezuelan government for ceding control of its previous 60% ownership in SIDOR.
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