My biggest fear for Ternium (TX) in 2019 was that macro factors, particularly the health of the industrial and non-residential construction sectors of Mexico, Argentina, and Brazil, would create greater than expected pressure on the business. That’s exactly what’s happened, as the shares have lagged the steel sector as a whole on a year-to-date business, even if they’ve done a little better than some global/emerging market competitors like Gerdau (GGB) and ArcelorMittal (MT) over the last few months.
I do believe that Ternium is likely to see its EBITDA/tonne