This morning Ternium released financial results for 2009. The press release can be found here. As has been the case for several years, Ternium continued to be among the top performers tracked on the Nerds of Steel earnings spreadsheet. For the full year of 2009, the company achieved average EBITDA per ton of $100. This is quite an accomplishment given the difficult environment the industry faced last year. Perhaps most important for the company’s cash flow generation, full year shipments fell only 15% from 2008. This compares to declines of 25-40% for companies with their primary production facilities located in the US.