Latin American steel producer Ternium SA posted a 62% year-over-year increase in its attributable net income in the second quarter, driven by higher iron ore and steel shipments as well as stronger sales.
Attributable net income came in at US$249.7 million, up from US$154.0 million reported in the year-ago period, according to an Aug. 1 release.
Shipments of steel and iron ore totaled 2.6 million tonnes and 875,000 tonnes, respectively, representing increases of 1% and 8% on a yearly basis.
Net sales, meanwhile, rose 21% year over year to US$2.26 billion, with Ternium's steel and mining segments both registering increases.
The company's operating income was up 34% to US$392.8 million, while EBITDA grew 27% to US$497.9 million.
Ternium's attributable net income for the first half of the year totaled US$511.0 million, compared to US$248.4 million a year earlier, while net sales increased 22% to US$4.30 billion.
For its third-quarter outlook, the company said it expects a sequential decrease in operating income due to lower shipments and operating margin. It also anticipates lower volumes as a result of a seasonal decrease in Mexico, partially offset by an increase in Argentina.