I've been frustrated with the slow progress of Ternium (TX) as a long idea, as although the shares have done a little better lately compared to other North American and South American steel companies, I still see the shares at a low valuation relative to a troughing business. That's not entirely unfair, I'll grant, as Mexico's economy has deteriorated noticeably, and major Latin American markets like Argentina and Colombia have shut down to combat COVID-19.
The biggest near-term challenge for Ternium, apart from the risk of even more deterioration in Mexico and/or a