Ternium is a leading flat steel producer in Latin America, with operations primarily in Mexico, Brazil, and Argentina. The company produces a broad range of flat and long steel products — including hot-rolled and cold-rolled coils, galvanized and coated sheets, plates, rebar, and wire rod — and sells them to customers in the construction, automotive, home appliance, and industrial sectors. Flat products are the core of the business, accounting for the vast majority of revenues. Ternium sells directly to large industrial customers (particularly automotive) and through service centers and distributors for smaller customers. The company also operates a digital ordering platform, Ternium Activo. Ternium reports two segments: Steel (~96% of sales) and Mining (~4%), the latter producing iron ore in Mexico and Brazil, mostly for internal use. The business is vertically integrated: iron ore mines feed steelmaking operations, and a slab facility in Brazil supplies rolling mills in Mexico and Argentina. Ternium is in the middle of its largest-ever capex program — a ~$4B expansion of its Pesquería Industrial Center in Mexico — adding cold-rolling, galvanizing, and upstream slab-making capacity. The goal is to shift product mix toward higher-margin automotive steel and comply with USMCA "melted and poured" rules of origin. Steel is a cyclical business, and Ternium's margins track steel price cycles closely; management targets a normalized EBITDA margin of 15–20%.