Mexican steelmaker Ternium expects a rise in its steel sales in Q3 2020 due to higher demand from the automotive and manufacturing industries.
The company’s steel sales by volume declined by 17pc to 5.4mn mt in the H1 2020, from 6.5mn mt in H1 2019, Ternium reported in its H1 2020 earnings release, attributing the fall to lower sales from Mexico, South America, and other countries due to the effects of the COVID-19 pandemic.
The company’s steel sales in Mexico fell by 10pc to 2.8mn mt in H1 2020, from 3.1mn mt in the same period last year, while steel sales in South America fell by 24pc to 723,300mt from 950,000mt during the same period under comparison. Steel sales in other markets decreased by 23pc to 1.8mn mt in H1 2020, from 2.4mn mt in January-June last year.
Ternium’s iron ore sales by volume increased by 13pc to 1.9mn mt in H1 2020, from 1.7mn mt in H1 2019. However, the company did not disclose its steel and iron ore production volumes.
The company’s sales by value declined by 27pc to $4bn in H1 2020, from $5.4bn in H1 2019. Also, Ternium reported a net profit of $24.2mn in H1 2020, from $428.2mn reached in H1 2019.
The company posted an EBITDA of $526mn H1 2020, compared with an EBITDA of $874.6mn in the same period last year.