- Steelmaker Ternium reported on Tuesday a third-quarter adjusted net income of $271 million, up more than 77% from the $153 million net income posted during the same period last year.
The company also disclosed a non-monetary loss of $1.1 billion from the cost of its expanded stake in Brazil's Usiminas, which when factored in yields a net loss of $739 million for the quarter. The quarter's adjusted earnings before interest, tax, depreciation and amortization stood at $698 million, up 2% from the $679 million reported in the year-ago period.
Mexico's steel prices are expected to drop on delayed impact of lower contract prices, while prices for local finished products of the key industrial metal are expected to fall in Brazil.
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