Ternium SA (TX) 2023 Q4 法說會逐字稿

Good day, and welcome to Ternium Fourth Quarter 2023 results call.

美好的一天，歡迎來到 Ternium 2023 年第四季業績電話會議。

Participants will be able to listen only until the question-and-answer portion of this call.

參與者只能收聽本次電話會議的問答部分。

Please note that today's call is being recorded.

請注意，今天的通話正在錄音。

(Operator Instructions) Again, I'd like to introduce the call to Sebastian Marti.

（操作員說明）我想再次向 Sebastian Marti 介紹這通電話。

You may now proceed.

您現在可以繼續。

Thank you.

謝謝。

Good morning and thank you for joining us today.

早安，感謝您今天加入我們。

My name is Sebastian Marti, and I am Ternium's IR and Compliance Senior Director.

我叫 Sebastian Marti，是 Ternium 的 IR 和合規高級總監。

We released yesterday the financial results for the fourth quarter and full-year 2023.

我們昨天發布了 2023 年第四季和全年的財務表現。

This call is complementary to that presentation.

這次電話會議是對該演講的補充。

Joining me today are Chairman and Chief Executive Officer, Maximo Vedoya; and the company's Chief Financial Officer, Pablo Brizzio, who will discuss the current business environment and performance.

今天與我一起出席的還有董事長兼執行長 Maximo Vedoya；以及公司財務長 Pablo Brizzio，他將討論當前的商業環境和績效。

At the conclusion of our prepared remarks, there will be a Q&A session.

在我們準備好的演講結束時，將舉行問答環節。

Before we begin, I would like to remind you that this conference call contains forward-looking information and that actual results may vary from those expressed or implied.

在開始之前，我想提醒您，本次電話會議包含前瞻性訊息，實際結果可能與明示或暗示的結果有所不同。

Factors that could affect results are contained in our filings with the Securities and Exchange Commission.

可能影響結果的因素包含在我們向美國證券交易委員會提交的文件中。

On page 2 in today's webcast presentation, you will also find any reference to non-IFRS financial measures reconciled to the most directly comparable IFRS measures in the press release issued yesterday.

在今天的網路廣播簡報的第 2 頁上，您還可以找到與昨天發布的新聞稿中最直接可比較的 IFRS 衡量標準一致的非 IFRS 財務衡量標準的參考內容。

With that, I'll turn the call over to Mr. Vedoya.

這樣，我會將電話轉給 Vedoya 先生。

Thank you, Sebastian, and good morning to everyone, and thank you very much for participating today in our conference call. 2023 was a key year for Ternium, and we make good progress in several fronts following the transformation that we envisioned a couple of years ago.

謝謝塞巴斯蒂安，大家早上好，非常感謝您今天參加我們的電話會議。 2023 年對 Ternium 來說是關鍵的一年，繼幾年前設想的轉型之後，我們在多個方面取得了良好進展。

The new projects in Mexico are firmly under development, the new downstream live in a fiscally in fiscal year.

墨西哥的新項目正在堅定地開發中，新的下游項目正處於財政年度。

We are now enable us to offer a new high value added products to our customers in the region.

現在，我們能夠為該地區的客戶提供新的高附加價值產品。

This capacity will be integrated with another still project our new steel slabs, maybe currently under construction.

該產能將與我們的新鋼板的另一個靜止項目整合，該項目可能目前正在建設中。

This will be the cleanest and most technologically advanced automotive steel products still in the Americas.

這將是美洲目前最清潔、技術最先進的汽車鋼材產品。

It will be able to supply the full value of auto products from export was great to advanced high strength steels.

它將能夠提供從大量出口到先進高強度鋼材的汽車產品的全部價值。

This level meetings will be based on electric arc furnace technology that could be supply with renewable energy.

此級別會議將基於可再生能源供應的電弧爐技術。

In addition, the project includes a direct reduction iron facility with capability to capture CO2.

此外，該項目還包括一個能夠捕獲二氧化碳的直接還原鐵設施。

On t he other hand surgery, his new role in assuming that is already showing good results for the Company, a new management team there is taking decisions that are having a significantly positive impact on its performance.

另一方面，他的新角色假設已經為公司帶來了良好的業績，新的管理團隊正在做出對其業績產生重大積極影響的決策。

In addition to the strategic developments in 2023 that we had a solid year from a financial performance point of view, adjusted EBITDA and net income or as strong as well as cash generation as a result of these good results as strong financial position.

除了2023 年的策略發展之外，從財務表現的角度來看，我們度過了堅實的一年，由於這些良好的業績和強勁的財務狀況，調整後的EBITDA 和淨利潤以及現金生成能力也同樣強勁。

The Board of Directors proposed an annual dividend of $3.30 per ADS, a significant year over year increase.

董事會提議派發每股美國存託股 3.30 美元的年度股息，較去年同期大幅成長。

This is the highest annual dividend record as we continued to develop a consistent growth path for our return to shareholders.

這是最高的年度股息記錄，因為我們繼續為股東回報制定一致的成長路徑。

So let me now review the latest developments in our main markets growth in Mexico.

現在讓我回顧一下墨西哥主要市場成長的最新進展。

Still market has been from consumption of plus three.

市場仍來自於消費的加三。

Steel in 2023 reached an all-time high of more than 18 million tonnes, equivalent to one year, an increase of 18 four seven.

2023年鋼材產量創歷史新高，超過1,800萬噸，相當於一年增加了18四七。

Our shipments in the country grew by 22% with a significant market share gain supported by the ramp-up of our new hot rolling mill in Pesqueria, the market environment in Mexico continued to be healthy.

我們在該國的出貨量成長了 22%，在 Pesqueria 的新熱軋機產能提升的支持下，市場份額大幅成長，墨西哥的市場環境持續健康。

Industrial activity strong.

工業活動強勁。

The auto industry is working at high levels of capacity rebuilding starting the value change in 2023, automotive production increased by 14%, reaching 3.8 million units.

汽車產業正在進行高水準的產能重建，從2023年開始價值變革，汽車產量成長14%，達到380萬輛。

Construction activity in the country also remains at good levels with nonresidential like industrial warehouse, natural gas pipelines and other infrastructure projects doing well.

該國的建築活動也保持良好水平，工業倉庫、天然氣管道和其他基礎設施項目等非住宅項目表現良好。

On the other hand, residential construction has been negatively affected by the increase in prices of construction, construction and inputs.

另一方面，住宅建設受到建築、施工和投入價格上漲的負面影響。

The only showing of manufacturing capacity is clearly one of the factors contributing to economic activity in the region.

製造能力的唯一表現顯然是促進該地區經濟活動的因素之一。

Mexico offers a compelling combination of geographic proximity, skilled labor and supported its business environment, contributing to increased supply chain resilience.

墨西哥擁有令人信服的地理位置、熟練勞動力和支持的商業環境，有助於提高供應鏈的彈性。

Looking ahead to the first quarter, we expect shipments in Mexico to maintain the strong level reported in the fourth quarter of 2023.

展望第一季度，我們預計墨西哥的出貨量將維持 2023 年第四季的強勁水準。

Loans semis to this short-term volume view as steel prices in the region have recently begun a downward trend.

半月貸款短期成交量來看，該地區鋼價最近已開始下跌趨勢。

There is some opportunistic demand destruction, which is typically typical is such a scenario.

存在一些機會主義的需求破壞，這種情況通常是典型的。

In addition, we anticipate lower cost per tonne and slightly higher revenue per tonne to push margins back up.

此外，我們預計每噸成本下降，每噸收入略有上升，推高利潤率。

Regarding our growth projects, we expect to elaborate the first line of our journey of our down stream project in Pesqueria during the second half of this year with the startup of a 550,000 tonnes per ERP pickling line and the first lines of our service center by the end of next year, we plan to start the new galvanizing line followed shortly by the cold rolling mill.

關於我們的成長項目，我們預計將在今年下半年詳細闡述我們位於 Pesqueria 的下游項目的第一條生產線，啟動每條 55 萬噸 ERP 酸洗線以及我們服務中心的第一條生產線。明年年底，我們計劃啟動新的鍍鋅線，隨後不久將啟動冷軋機。

There.

那裡。

Ramp-up of all these new lines should enable us to gradually increase the value added of our shipments in Mexico.

所有這些新線路的增加將使我們能夠逐步提高墨西哥貨運的附加價值。

The construction of both our slab, Neil, the downstream declines is progressing as expected, with suppliers already assigned for all the main equipment and different level of adult in the work of each of them.

我們的板坯的建設，尼爾，下游下降正在按預期進行，供應商已經分配了所有主要設備，並且每個人的工作都有不同程度的人員。

We have updated our budget for these projects.

我們更新了這些項目的預算。

We are now estimating a total investment of $3.55 billion, up 9% from $3.2 billion in our initially estimation, disclosed one year ago.

我們現在估計總投資為 35.5 億美元，比一年前披露的最初估計的 32 億美元增加了 9%。

The main source of this increase were inflation on the pricing of equipment and flotation cells in the FX rate that's done turn now to Brazil.

這一增長的主要來源是設備和浮選機定價的通貨膨脹，現在轉向了巴西。

After an increase in our participation in July of 2023, we began fully consolidated in Usiminas result.

在 2023 年 7 月增加參與度後，我們開始全面整合 Usiminas 的成果。

This happened during a transformational year for ACE left us successfully realigned its main.

這發生在 ACE 轉型的一年中，我們成功地重新調整了其主要業務。

The blast furnace with the appointment of a new management team was images, took strong positions us, for example, putting out of operation, one of the smallest blast furnace and one of the coking facilities.

任命了新管理團隊的高爐是形象，佔據了強勢地位，例如，關閉了最小的高爐之一和焦化設施之一。

In addition, the new management team took decisions that lead to higher efficiency, see the metallic charge in the upstream process, a lower federal rate of the blast furnace.

此外，新的管理團隊做出了提高效率的決策，包括上游流程中的金屬爐料、較低的高爐聯邦率。

This is part of a significant management initiatives, which focus on a seamless industrial system within with the aim at increasing its productivity.

這是一項重大管理舉措的一部分，該舉措的重點是內部無縫工業系統，旨在提高其生產力。

And it will continue to be Usiminas focus throughout this year.

今年，這將繼續成為烏西米納斯的焦點。

Was immediate mining operation at a very good year with our shipments reaching an all-time high of 9.1 million tonnes in 2023.

在非常好的一年中立即進行採礦作業，我們的出貨量在 2023 年達到 910 萬噸的歷史最高水準。

On the other hand for seniors, expect a deterioration in its mining business during the first half of 2024 due to the temporary stoppage of relative our processing plants as seasonal rains at the beginning of the year.

另一方面，對於老年人來說，由於年初的季節性降雨導致我們的相關加工廠暫時停工，預計 2024 年上半年其採礦業務將惡化。

A key issue in the steel market in Brazil is that adequate freight measures are taking to defend it from unfair trade, as has already been made in many other important markets like the U.S., Mexico and Europe, import of steel, so below cost of production is having a toll in the Brazilian market.

巴西鋼鐵市場的一個關鍵問題是，巴西正在採取足夠的貨運措施來保護其免受不公平貿易的影響，就像美國、墨西哥和歐洲等許多其他重要市場已經採取的那樣，進口鋼鐵，因此低於生產成本正在對巴西市場造成影響。

The Brazilian Steel Association, together with all steel companies, are actively trying to find a solution to this issue for the first quarter of 2024, assuming as anticipate assume sequential improvement in the possibility of retail business, mainly as a result of lower cost per ton.

巴西鋼鐵協會與所有鋼鐵公司一起，正在積極努力尋找 2024 年第一季此問題的解決方案，假設零售業務的可能性將連續改善，這主要是由於每噸成本降低。

Ansible activity of steel business is gradually improving.

鋼鐵業務的 Ansible 活動正在逐步改善。

In Argentina, a new government administration took office in December and is determined to introduce significant macro reforms.

在阿根廷，新政府於 12 月上任，決心推行重大宏觀改革。

The first measures taken by the new administration grass steep devaluation of the Argentinian peso.

新政府採取的第一項措施是讓阿根廷比索大幅貶值。

Significant government spending cuts with FDA at controlling inflation on the proposal of server market friendly reforms.

根據伺服器市場友善改革的提議，政府大幅削減了 FDA 的開支，以控制通貨膨脹。

This much needed reforms, although positive for the medium to long term are expected to initially have a recessionary effect in Argentina economy and consequently and negatively affect affect furnish shipment in the local market.

這項急需的改革雖然對中長期有利，但預計最初會對阿根廷經濟產生衰退影響，對當地市場的家具運輸產生負面影響。

If the government is able to successfully stabilized the macroeconomic situation, the country and introduce these markets and the reform, Argentina is a country which have many opportunities for kind of investment in different fields, which would bring a long awaited path to economic recovery, something that would be very positive for our operations in the country.

如果政府能夠成功穩定宏觀經濟情勢、國家並引入這些市場和改革，阿根廷是一個在不同領域有很多投資機會的國家，這將帶來一條期待已久的經濟復甦之路，這對我們在該國的業務非常積極。

On the other hand, we are advising advancing in Argentina with the construction of our first sales on will fund, which will begin operation by the end of the year.

另一方面，我們正在建議在阿根廷推進建造我們的第一個遺囑銷售基金，該基金將於今年年底開始運作。

We are also analyzing ways of we played replicating this experience in other countries.

我們也正在分析我們在其他國家複製這段經驗的方式。

Let me now make a few final comments before closing my prepared remarks. 2024 will keep us busy as we continue implementing our strategic plan, which represent the largest growth initiative in tonnage history.

在結束我準備好的演講之前，現在讓我做一些最後的評論。 2024 年，我們將繼續忙碌，繼續實施我們的策略計劃，這是噸位歷史上最大的成長舉措。

The development of downstream project in Pesqueria will enable us to begin shipping higher value added products to our customers to our customers.

Pesqueria 下游專案的開發將使我們能夠開始向我們的客戶運送更高附加價值的產品。

During the current year, we have a strong competitive position in Mexico and market that is being significantly benefiting by the near showing our manufacturing capacity.

今年，我們在墨西哥和市場上擁有強大的競爭地位，並因我們的製造能力的臨近而受益匪淺。

Argentina.

阿根廷。

We have a bumpy year, but I'm confident we have the expertise to navigate through a rough period.

我們經歷了坎坷的一年，但我相信我們擁有度過這段艱難時期的專業知識。

We do have some opportunities to substitute any steel demand decrease in the local money market.

我們確實有一些機會來彌補當地貨幣市場鋼鐵需求的下降。

We keep him to other Chinese facility to complement their productions.

我們把他留在其他中國工廠以補充他們的作品。

And finally, this is an important year for assuming as it has many opportunities for productivity improvement.

最後，今年是重要的一年，因為它有許多提高生產力的機會。

I trust the new management team in place will successfully guided to its full plantation.

我相信新的管理團隊將成功引導其全面種植。

With these, Pablo go ahead and review Ternium's performance in the fourth quarter.

有了這些，Pablo 繼續回顧 Ternium 在第四季度的表現。

Thanks, Máximo, and good morning to everyone.

謝謝，馬克西莫，大家早安。

Let's review the Company's operating and financial results from the webcast presentation for more detailed picture of our performance with you on the Star by Page 3, please.

請讓我們透過網路廣播簡報來回顧公司的營運和財務業績，以便在 Star by Page 3 上與您一起更詳細地了解我們的業績。

Ternium delivered strong results in the fourth quarter of this year 2023.

Ternium 在 2023 年第四季取得了強勁的業績。

Margins through the period were slightly above our last quarter expectations, mainly due to lower costs.

整個期間的利潤率略高於我們上一季的預期，主要是由於成本下降。

Adjusted EBITDA for the fourth quarter was $651 million for 7% decline from the third quarter 2023.

第四季調整後 EBITDA 為 6.51 億美元，較 2023 年第三季下降 7%。

This decrease was primarily driven by lower crude prices, partially offset by lower costs.

這一下降主要是由於原油價格下降造成的，但部分被成本下降所抵消。

In addition, the profitability of Usiminas mining operation increased sequentially during the period.

此外，Usiminas 採礦業務的獲利能力在此期間連續成長。

Adjusted EBITDA margin stayed constant at 13% during the prior quarter, perform factory by the consolidation of intravenous.

上一季調整後的 EBITDA 利潤率穩定在 13%，透過靜脈注射工廠進行整合。

Still operation will continue to record low profitability as we ramped up its main blast furnaces at the Pasadena facility.

隨著我們加大帕薩迪納工廠主要高爐的產能，該業務的獲利能力將繼續創歷史新低。

Looking forward, we anticipate an increase in adjusted EBITDA for the first quarter of 2024, primarily driven by improvement in our margins resulting from lower is the cost per ton and slightly higher revenue per ton.

展望未來，我們預計 2024 年第一季調整後 EBITDA 將會增加，這主要是由於每噸成本下降和每噸收入略有增加導致我們的利潤率提高。

Moving now to represent both net income of 32.

現在將兩者的淨收入表示為 32。

The asset impairment peer-reviewed journal, notably strength during the fourth quarter results include non-cash, positive effect from Usiminas post-retirement liabilities and contingency reversals, along with a net zero foreign exchange gain related to a substantial devaluation of the Argentine peso against the US dollar.

資產減值同儕審查期刊，特別是第四季度業績的強勁表現，包括非現金、Usiminas 退休後負債和應急逆轉的正面影響，以及與阿根廷比索大幅貶值相關的淨零外匯收益美元。

We will deeper into this on the upcoming slides.

我們將在接下來的幻燈片中更深入地討論這一點。

Let's turn now to our segment performance on Page 4.

現在讓我們來看看第 4 頁的細分市場表現。

In Mexico fairness, Zoom has remained strong in the seasonally weaker period over period by continued growth of commercial customer demand.

在墨西哥市場，由於商業客戶需求的持續成長，Zoom 在季節性疲軟的時期仍然保持強勁。

We recorded remarkable as much momentum terminal shipments in the country for the full year 2023 surged by 22% over the prior year.

我們記錄了令人矚目的勢頭，2023 年全年該國的碼頭出貨量比上年猛增 22%。

Indicators of trends are gaining market share, driven by the ramp-up of all of our new hot rolling mill in fiscal year.

在我們本財年所有新熱軋機產能的推動下，趨勢指標正在贏得市場份額。

Looking ahead, we anticipate demand to increase slightly the Usiminas vision in the first quarter of 2024 in Brazil.

展望未來，我們預計巴西 2024 年第一季的需求將略有增加，符合 Usiminas 的願景。

The increase in volume reported in the second half of 2023 primarily reflected the consolidation of using receiving a spurt favored Siemens in the first quarter of 2024.

2023 年下半年銷售的成長主要反映了西門子在 2024 年第一季的整合。

Statements in the Southern region decreased by 7% in the fourth quarter.

第四季南方地區的報表減少了 7%。

US government imposed restrictions on imports of inputs affected turns steel production rate business and team.

美國政府對進口投入品實施限制，影響了鋼鐵企業和團隊的生產力。

In the coming quarter.

在接下來的季度。

We expect demand in Argentina to decrease compared to Q4 due to the usual seasonal slowdown at the impact of the macroeconomic reform in our value chain of Maxim experience.

我們預期阿根廷的需求將較第四季有所下降，原因是受我們Maxim經驗價值鏈中宏觀經濟改革的影響，通常會出現季節性放緩。

For the follow on page number five, you will see that with this factor combined, we achieved in the fourth quarter very similar consumers compared to Q3.

在第五頁的後續內容中，您將看到，綜合考慮這個因素，我們在第四季度獲得的消費者與第三季度非常相似。

Moving ahead in the third quarter 2024, we anticipate slightly higher shipments in the year since we envision to offset by lower shipments in Argentina.

展望 2024 年第三季度，我們預計今年的出貨量將略有增加，因為我們預計阿根廷的出貨量下降將抵消這一影響。

Moving on to steel prices, revenue per ton decrease further in the fourth quarter as expected, reflecting lower realized prices in most of the market.

至於鋼材價格，第四季每噸收入如預期進一步下降，反映出大部分市場的實際價格較低。

Looking for lower market price in the US and supervision increased during the fourth quarter.

第四季美國市場價格較低，監管力道加大。

Contract prices in Mexico are very certain are higher levels in the first quarter.

墨西哥的合約價格肯定會在第一季處於較高水平。

From the other hand, during January and February market prices in the year since the original have been decreasing.

另一方面，今年一、二月市場價格自年初以來一直在下降。

All in all, we expect higher realized gold price in Mexico in the upcoming quarter.

總而言之，我們預計下一季墨西哥的實際金價將會上漲。

Now let's review adjusted EBITDA and net income on a quarterly basis from Page 6.

現在讓我們從第 6 頁回顧一下按季度調整後的 EBITDA 和淨利潤。

In the chart at the top, the primary factor contributing to sequential decrease in adjusted EBITDA was a decline in realized prices, partially offset by a better cost performance, a more profitable mining operation.

在頂部圖表中，導致調整後 EBITDA 連續下降的主要因素是實現價格的下降，但部分被更好的成本效益和更有利可圖的採礦業務所抵消。

In Kissimmee, I showed you the chart at the bottom.

在基西米，我向您展示了底部的圖表。

Net income increased sequentially, driven by several positive factors, $109 million gain from reversal, of course, retirement liabilities, minus $63 million gain for our contingency reversals due to a new set of apartments in luxury fragrances.

在幾個積極因素的推動下，淨利潤連續增長，其中1.09億美元的收益來自逆轉，當然還有退休負債，減去由於一套新的豪華香水公寓而導致的應急逆轉收益6300萬美元。

I mean, the favorable effect from the devaluation of the Argentine pesos on 23 hasn't been a net short local currency positions, and finally, unimproved deferred tax.

我的意思是，23 日阿根廷比索貶值的有利影響並不是淨空頭本幣頭寸，最後是未改善的遞延稅。

On the other hand, net income was nearly negatively impacted by the decrease in recurrent operating income and an impairment charge on turns mining assets in the fourth quarter of 2023.

另一方面，淨利潤幾乎受到2023年第四季經常性營業收入下降和輪流採礦資產減損支出的負面影響。

Now I'll review the next page.

現在我將回顧下一頁。

Our cash performance.

我們的現金表現。

You can see a healthy cash generation from operations in the fourth quarter, aided by a decrease in working capital.

在營運資本減少的幫助下，您可以看到第四季度營運產生了健康的現金流。

Capex in the fourth quarter increased sequentially and significantly reflecting the investments we are currently doing at our bakery facility for our new projects, which were partially offset by lower CapEx as a consumer has the bulk of the investment in the related of velafermin has now been left behind despite the higher CapEx level that we managed to record positive free cash flow in the period by the growth of 2023 that we maintain.

第四季的資本支出連續成長，顯著反映了我們目前在烘焙工廠為新項目進行的投資，這些投資被較低的資本支出部分抵消，因為消費者已經將大部分投資留在了Velafermin 相關產品上儘管資本支出水準較高，但我們仍設法在 2023 年維持成長的時期錄得正的自由現金流。

A solid net cash position of $1.9 billion declined by around $500 million in the quarter, mainly due to a decrease in the fair value of downtime bonds, the majority of which are held by government Argentina.

本季 19 億美元的穩健淨現金部位減少了約 5 億美元，主要是由於停工債券的公允價值下降，其中大部分由阿根廷政府持有。

These bonds are valued using Argentinian business quotation unreported USD using the official hasn't M-Pesa exchange rate.

這些債券使用阿根廷商業報價（未報告的美元）和官方未公佈的 M-Pesa 匯率進行估值。

Decrease in valuation was mainly the result of the significant devaluation of the Argentine peso by the end of the year.

估值下降主要是由於年底阿根廷比索大幅貶值。

And is reflected in other comprehensive income as long as these bonds are not sold, was eventually these bond console any positive or negative results in other comprehensive income every cycle to financial results.

只要這些債券不出售，就會反映在其他綜合收益中，最終這些債券會在每個週期的財務表現中抵消其他綜合收益中的任何正面或負面結果。

In the income side, let's now shift our focus to participate to assess our full year performance.

在收入方面，我們現在將重點轉移到參與評估我們全年的表現。

Zimmerman surpass those of 2022 by an increase of 19% with higher shipments in Mexico and the consolidation of Usiminas stand-alone adjusted EBITDA was $2.7 billion, supported by a record level of things to shipments and a healthy adjusted EBITDA margin.

Zimmerman 的銷售量比 2022 年增長了 19%，墨西哥的出貨量增加，Usiminas 的獨立調整後 EBITDA 達到 27 億美元，這得益於創紀錄的出貨量水準和健康的調整後 EBITDA 利潤率。

Despite the negative effect of the concern is the consolidation of the stimulus operation as it will likely remain blast furnace and putting adjusted net income remained unchanged in 2023, with weaker operating performance offset by positive effect on deferred tax of local currency fluctuations and better net foreign exchange result, motor related to the fluctuation of the Argentine peso.

儘管令人擔憂的負面影響是刺激措施的鞏固，因為它很可能仍將是高爐，並將調整後的淨利潤在2023年保持不變，經營業績的疲軟被本幣波動的遞延稅項的積極影響和更好的淨外匯所抵消匯率結果，與阿根廷比索的波動有關。

Moving on to shareholder return, as Máximo mentioned, turned is more of a record quarter for proposal for an annual dividend of $3.30. Previously, the Company already paid an interim dividend of $1.10 in November 2023 and intend to pay the remaining $2.20 on May eighth, 2024, pending shareholder approval.

接下來是股東回報，正如 Máximo 所提到的那樣，年度股息 3.30 美元的提案更是創紀錄的季度。此前，該公司已於 2023 年 11 月支付了 1.10 美元的中期股息，並計劃於 2024 年 5 月 8 日支付剩餘的 2.20 美元，尚待股東批准。

As you can see, the dividends has been consistently increasing return to shareholders over the last four years.

正如您所看到的，過去四年中股息一直在持續增加股東回報。

The dividend proposal for 2023 is equivalent to a yield of around 9%.

2023年的股息建議相當於9%左右的收益率。

Now in the final slide, you can see the trends of Ternium cash generate generation in 2020.

現在在最後一張投影片中，您可以看到 2020 年 Ternium 現金產生的趨勢。

Free cash from operations was $2.5 billion of free cash flow of $1 billion of the CapEx of $1.5 billion.

來自營運的自由現金為 25 億美元，自由現金流為 10 億美元，資本支出為 15 億美元。

Looking ahead, we anticipate CapEx to be around $1.8 billion in 2020 with our prepared remarks.

展望未來，根據我們準備好的言論，我們預計 2020 年資本支出約為 18 億美元。

Thank you for your time and attention.

感謝您的時間和關注。

We are now ready to take any questions you may have.

我們現在已準備好回答您可能提出的任何問題。

Operator, proceed with the Q&A sessions.

接線員，繼續問答環節。

(Operator Instructions) Carlos De Alba, Morgan Stanley.

（操作員指示）Carlos De Alba，摩根士丹利。

Good morning, Maximo and Pablo.

早上好，馬克西莫和巴勃羅。

So two questions.

那麼兩個問題。

First one is very straightforward.

第一個非常簡單。

How much of the $2.2 billion CapEx has been spent already?

22 億美元的資本支出中已經花了多少錢？

And how should we think about the distribution between 2024 and 25 of the remaining portion that has not yet spent been spent?

我們應該如何考慮 2024 年至 25 年間尚未花費的剩餘部分的分配？

Yes, hello, Carlos.

是的，你好，卡洛斯。

How are you?

你好嗎？

So I guess first, the number of 2024 and 2025, you want the total CapEx we are seeing in 2024, it's around $1.8 billion.

所以我想首先是 2024 年和 2025 年的數字，我們在 2024 年看到的總資本支出約為 18 億美元。

This includes Usiminas and the total CapEx of 2023 profile is going to be around $2.5 billion.

其中包括 Usiminas，2023 年的總資本支出將約為 25 億美元。

Also, including Usiminas is 35, 35 years of 2025 is $2.5 billion.

另外，算上烏西米納斯是35歲，到2025年35歲就是25億美元。

We are talking about the $2.5 billion.

我們正在談論 25 億美元。

In particularly of the project this year, it's around $200 million.

尤其是今年的項目，耗資約2億美元。

I mean, 2023 was around $200 million.

我的意思是，2023 年約為 2 億美元。

And sorry, now it's $400 million because there are some payments when we make with equipment next year, it's going to be around $800 million and a big part is going to be around $1.5 billion in 2025.

抱歉，現在是 4 億美元，因為明年我們用設備支付的費用將達到 8 億美元左右，其中很大一部分將在 2025 年達到 15 億美元左右。

Right.

正確的。

Okay.

好的。

That' s clear.

很清楚。

Thank you.

謝謝。

And the second question is so now that now your hedges that you have been operating as a means for for about six months or so, and what are the plans that you that you have forward for the operation?

第二個問題是，現在您的對沖作為一種手段已經運作了大約六個月左右，您對該作業有何計劃？

And in particular regarding the you know, what you're going to do in Cubatao and are you going to restart and currency production there?

特別是關於你知道的，你將在 Cubatao 做什麼，你會在那裡重啟貨幣生產嗎？

What is the overall total CapEx that you see for the Company?

您認為公司的總資本支出是多少？

And third point there is when was the timing for you or for them the Company to reach $150 per ton EBITDA target that I think you mentioned in the past that you wanted to bring that operation to.

第三點是您或他們公司何時達到每噸 150 美元 EBITDA 目標，我想您過去曾提到您希望實現該業務。

But yes, we have been operating as immediate as for the last now, we have been a new management team has been operating Usiminas over the last six months, and they are making a lot of changes, as I've already mentioned in my remarks.

但是，是的，我們一直像上次一樣立即運營，我們是一個新的管理團隊，在過去的六個月裡一直在運營Usiminas，他們正在做出很多改變，正如我在演講中已經提到的那樣。

I think that from your questions, there's still no answer for the Cubatao question.

我認為從你的問題來看，Cubatao的問題仍然沒有答案。

I mean, it's clear that Cubatao is a great asset, has a wonderful hot strip mill on a very solid assets.

我的意思是，很明顯，Cubatao 是一筆巨大的資產，在非常堅實的資產上擁有一家出色的熱軋帶鋼廠。

So cold mill, putting the absolute capacity there is not an option with the equipment.

因此，冷軋機，將絕對產能放在那裡，是設備的選項。

I mean, we are not going to support our blast furnace operation again, but there could be some alternatives, but we are going to take a little bit of time before taking a decision overkill.

我的意思是，我們不會再次支持我們的高爐運營，但可能有一些替代方案，但我們需要一些時間才能做出過度的決定。

But I think that the focus today is uniqueness is the industrial facility as a whole COBOL Army, putting us on how we make much more product from productivity of our competitors.

但我認為今天的重點是工業設施作為整個 COBOL Army 的獨特性，讓我們專注於如何利用競爭對手的生產力生產更多產品。

That operation.

那個操作。

As I said, we are seeing a lot of opportunities to increase the productivity of our biosimilars in both facilities and we are going to focus.

正如我所說，我們在這兩個設施中看到了許多提高生物相似藥生產效率的機會，我們將專注於。

I think this year in that sense, CapEx will be around $360 million in 2024.

我認為從這個意義上說，今年 2024 年的資本支出將約為 3.6 億美元。

That's the number we are seeing today.

這就是我們今天看到的數字。

The lower than the number of 2023 because of course, of the realignment of the hurdles.

低於 2023 年的數字當然是因為障礙的重新調整。

But that's the idea.

但這就是這個想法。

I think I don't know if you have another one way or the other question was related to we were expecting to top out at the margins of Usiminas.

我想我不知道你是否有另一種方式，或者另一個問題與我們期望在烏西米納斯的邊緣達到頂峰有關。

Yes, as you know, Carlos will work with the idea of getting Ternium to a margin of around 15% to 20%.

是的，如您所知，卡洛斯將致力於讓 Ternium 的利潤率達到 15% 到 20% 左右。

We were able to achieve that during last year, the or the RM. 2023 more margin on maybe on EBITDA was 15.6% for the year.

我們在去年（即 RM）實現了這一目標。 2023 年 EBITDA 的利潤率可能為 15.6%。

Clearly we can review those percentages during the last quarter, clearly because of the consolidation of resuming of on the review of margin, that is I mean, I have during the second semester of 2023 due to the line of of law firms and the lack of that production.

顯然，我們可以在上個季度審查這些百分比，顯然是因為對保證金審查的恢復進行了整合，也就是說，我在 2023 年第二學期進行了審查，因為律師事務所的數量和缺乏那個生產。

So we are expecting to to start recovering from that situation.

因此，我們期望開始從這種情況中恢復過來。

And hopefully by by the end of this year, we should we view we are able to reach better margins and resume their with the number of around 15% EBITDA margins, although the timing, of course, on also in Usiminas.

希望到今年年底，我們應該看到我們能夠達到更好的利潤率，並恢復到 15% 左右的 EBITDA 利潤率，儘管時機當然也在烏西米納斯。

So that's the potential my very high expectation that we have also for that and we are working on on that front.

這就是我對這方面的潛力抱有很高的期望，我們正在這方面努力。

The margins will remain as is working in order to achieve these become in the coming quarters.

為了在未來幾季實現這些目標，利潤率將保持不變。

But I think you will of our I'm actually just one maybe for what I what I wanted to get at up.

但我想你會知道我其實只是一個也許為了我想要的東西而奮鬥的人。

With the CapEx question, it seems as if you have already a ballpark, maybe a range of the amount of CapEx that needs to be invested in Usiminas in order to really bring that's that operation, Borgata and putting that to a level that you think is more you're close to the standard Ternium's Tanner?

就資本支出問題而言，似乎您已經有了一個大致的範圍，也許是需要投資於 Usiminas 的一系列資本支出，以便真正實現 Borgata 的運營，並將其達到您認為的水平您是否更接近標準的Ternium 坦納？

No.

不。

I think that the $320 million, it's part of that project.

我認為 3.2 億美元是該項目的一部分。

And as I said earlier, is at around that number has to do three or four things and some environmental in Ipatinga.

正如我之前所說，大約這個數字必須在伊帕廷加做三到四件事和一些環境問題。

And we have to take a decision but isn't part of a decision easier when the numbers that we are expecting of the coke ovens and some also improvement in the downstream operation.

我們必須做出決定，但當我們預期焦爐的數量以及下游運作的一些情況也有所改善時，這並不是決定的一部分。

But with that level of CapEx in the following years, I think we are going to be okay.

但考慮到未來幾年的資本支出水平，我認為我們會沒事的。

The other issue in the long term is a mining operation.

從長遠來看，另一個問題是採礦作業。

That's a completely different and a number of quarters.

那是完全不同的幾季。

But as you know, we are in the process of analyzing and preparing all the necessary studies and engineering is these projects of so that we can go forward if we approve that project.

但如您所知，我們正在分析和準備所有必要的研究和工程，以便在批准專案後我們可以繼續前進。

All right.

好的。

Okay.

好的。

And I don't want a tumor some adjustment to net income of the facility because what you mentioned the downstream operational or asset there.

我不希望對設施的淨收入進行一些調整，因為您提到了那裡的下游業務或資產。

And as you consider, is there a possibility for Usiminas on the road to invest in an electric car phone is maybe together with a pelletizing an idea, right, in Q1 down?

正如您所考慮的那樣，Usiminas 是否有可能在第一季投資電動車手機，同時將一個想法顆粒化，對嗎？

I think that it's partially I yes, I would say why partially, I think data and electrical furnaces is, is it is an option there.

我認為部分是我是的，我會說為什麼部分是，我認為數據和電爐是，它是那裡的一個選項。

Of course, DRI facility is a different.

當然，DRI 設施是不同的。

It's a different matter because of the cash cost of natural gas in Brazil.

由於巴西天然氣的現金成本，情況就不同了。

If you have cost of $16 in Brazil of a million BTU, it's not possible to put a DRI facility, but you can put on electric arc furnaces without the DRI facility.

如果您在巴西的 100 萬 BTU 成本為 16 美元，則不可能安裝 DRI 設施，但您可以安裝沒有 DRI 設施的電弧爐。

But again, this is in the medium long term.

但同樣，這是中長期的。

We are not today saying anything about that.

我們今天不會對此發表任何言論。

Thank you very much.

非常感謝。

You're welcome.

不客氣。

Guilherme Rosito, Bank of America.

吉列爾梅·羅西托，美國銀行。

T hanks for taking my questions.

感謝您回答我的問題。

Hi.

你好。

First one is on second half a percentage of downstream lines at this gives you a sense of what has happened for a long term EBITDA margins, what kind of Chris expense per ton of equity percentage successes harvest going for?

第一個是下半年下游生產線的百分比，這讓您了解長期 EBITDA 利潤率發生了什麼，每噸股權百分比成功收穫的克里斯費用是多少？

My second one is a minor Stimulus Act.

我的第二項是一項小型刺激法案。

Considering that life minus growth agendas are less mines quite close.

考慮到生命減去成長議程就更接近地雷了。

So mentioned, we expect does it make sense for cash remain in your remarks?

說到這裡，我們預期您的言論保留現金是否有意義？

For your first question.

對於你的第一個問題。

Clearly, one that dimension are in order to sustain and increase our projects that we opened when we by the end of next year.

顯然，這一維度是為了維持和增加我們在明年年底啟動的計畫。

So on that because we need to see exactly which is about all reserve, any project that we are the book position in the upper part of the range that we want to be in to these projects are highly value to the new product lines are in place that we are currently pulling forward are to increase the value added to the new CapEx on the new plan, good rental prior, probably not going that.

因此，因為我們需要準確地了解哪些項目是關於所有儲備的，所以我們希望參與的任何項目都處於我們希望參與的範圍的上部，這些項目對於新產品線是否到位具有很高的價值我們目前正在推進的是增加新計劃中新資本支出的附加價值，之前良好的租金，可能不會那樣做。

Máximo mentioned the opening remarks and I will improve.

馬克西莫提到了開場白，我會改進。

But clearly this will position currently closer to the upper side of around December high early regarding assuming it mining or Moosa, E. Moosa is going to consume renew the actual production with the ups and downs that until 2028, 2020, no time, what assuming that management is doing now is putting forward a team analyzing in very detail.

但顯然，如果假設採礦或穆薩 (Moosa) 開採，E.穆薩 (E. Moosa) 將消耗更新實際產量，直到 2028 年、2020 年，沒有時間，假設管理層現在正在組建一個團隊進行非常詳細的分析。

All that said, I cannot tell you more than that because of this year, it's going to be taken in at least as we make the decision we're going to go forward quickly.

話雖如此，我不能告訴你更多，因為今年，至少當我們做出我們將迅速前進的決定時，它會被考慮在內。

And that's why you see newness is putting and permission process for them.

這就是為什麼你會看到新的東西是他們的放置和許可過程。

[Enrique Marquez], Goldman Sachs.

[恩里克·馬爾克斯]，高盛。

Hi.

你好。

Yes, thank you for taking my question.

是的，謝謝您回答我的問題。

If I just wanted to understand a little bit now after the whole devaluation from the Argentine pesos, you guys can comment a little bit for demand.

如果我現在只是想了解一點，在阿根廷比索全面貶值之後，你們可以評論一下需求。

And any public infrastructure projects, that would be great.

任何公共基礎設施項目都很棒。

Thank you.

謝謝。

No numbers.

沒有數字。

We are picking up in our forecast.

我們的預測正在回升。

We are seeing 10%.

我們看到的是 10%。

This is a high decrease and problem.

這是一個高下降和問題。

But in doing our planning number for us, the number one, we didn't have a lot of in Argentina, except those dose of oil and gas.

但在為我們制定計劃時，第一，我們在阿根廷沒有太多，除了石油和天然氣。

And there was a higher gas.

還有更高的氣體。

So we are not see I mean, demand for for for all bottom, our data and for the gas pipe there continue forward.

所以我的意思是，我們沒有看到對所有底部、我們的數據和天然氣管道的需求繼續向前發展。

So we don't see a decrease in the month of the fact that some this this increase in the demand in the market, probably by July, our cost savings could be start doing better in implementing all these reforms needed reforms in Argentina.

因此，我們並沒有看到本月市場需求增加的情況有所減少，可能到 7 月份，我們節省的成本可能會開始在阿根廷實施所有這些改革所需的改革方面做得更好。

I hope I answer your question and rigor.

我希望我能回答你的問題並且嚴謹。

Yes, thank you.

是的，謝謝。

Marcio Farid, Goldman Sachs.

馬西奧·法里德，高盛。

Thank you.

謝謝。

Morning, everyone.

大家早安。

Good morning, Máximo and Pablo.

早上好，馬克西莫和巴勃羅。

Thanks for taking my questions.

感謝您回答我的問題。

A couple of slots from me.

我的幾個插槽。

The first one are there was a marginal increase in CapEx for fiscal year.

第一個是本財年的資本支出略有增加。

So just trying to understand is, are you confident that there are no more capsule revisions are going to be leaders and we have time for the project is still on track?

所以我想了解的是，您是否有信心不會再有更多的膠囊修訂成為領導者，並且我們有時間讓該專案仍然走上正軌？

And secondly, I think I've talked about the outlook for demand for Mexico and they were.

其次，我想我已經談到了墨西哥的需求前景，確實如此。

But if you can give us thoughts on how some visibility into our expectations going into the first quarter maybe into the year as well.

但如果您能給我們一些關於如何了解我們對第一季或今年的預期的一些想法。

There are some structural drivers seems to be quite interesting for forward earnings position, but anything else that you can provide in terms of the terms of detail would be great.

有一些結構性驅動因素似乎對遠期獲利狀況非常有趣，但您可以在細節方面提供的任何其他內容都會很棒。

And last in terms of dividend, $3.3 announced for the year in total.

最後就股息而言，今年宣布的股息總額為 3.3 美元。

Trying to understand is, is to have a view of a continuous increase in business than this.

試圖理解的是，是為了有一個比這個業務持續成長的觀點。

The one that we have seen for 2023 is now a new base are to think about for 2024 onwards.

我們在 2023 年看到的基地現在已成為 2024 年以後需要考慮的新基地。

Thank you.

謝謝。

Thank you very much, Marcio.

非常感謝你，馬西奧。

Let me start with the Pesqueria CapEx question.

讓我從 Pesqueria 資本支出問題開始。

I think it's the correct number.

我認為這是正確的數字。

Today.

今天。

There are two things that when we did the project more than one year ago, there was an inflation in equipment and also some inflation in the construction.

有兩件事是我們一年多前做這個專案的時候，設備出現了通貨膨脹，施工也出現了一些通貨膨脹。

So I mean, it's some part logic to improve to increase a little bit.

所以我的意思是，它的某些部分邏輯需要改進以增加一點。

The other important issue is that when we approve the project, some of equipment that we bought, a lot of equipment that we bought were in euros, and the euros at that time was $1, EUR1.

另外一個重要的問題是，當我們批准這個專案的時候，我們買的一些設備，我們買的很多設備都是歐元，當時的歐元是1美元，1歐元。

And today, it's $1, EUR1.09, EUR1.08. So there is an increase.

今天，價格為 1 美元、1.09 歐元、1.08 歐元。所以有增加。

Also they are those are the two main factors we can make us increase the CapEx.

這也是我們可以增加資本支出的兩個主要因素。

We don't see so far and that's something else that has gone up, but that can move that number.

到目前為止我們還沒有看到，還有其他一些因素已經上升，但這可以改變這個數字。

Of course, we can have some bumps in the road.

當然，我們的道路上可能會遇到一些坎坷。

But to be honest, we don't see today, and I think it's a quite safe number to put the 3.5.

但說實話，我們今天還沒看到，我認為 3.5 是一個相當安全的數字。

On that, we are perfectly on time?

就此而言，我們完全準時嗎？

And so I think there was no delay?

所以我認為沒有延遲？

That was the second part of that question

這是該問題的第二部分

Yes, no delays at it in any other lines.

是的，其他線路沒有延誤。

Then you have the dividend question, the 3.3. I mean, this is, as we always said, I mean, we want to take steps that steps that we can't sustain this in the future.

然後是股利問題，即 3.3。我的意思是，正如我們總是說的，我的意思是，我們希望採取措施，以防止我們將來無法維持這種情況。

And so we think that the 3.3 something that we can sustain in the future.

所以我們認為 3.3 是我們未來可以維持的。

So that's why we're putting and if you can see our track record, it is a big increase in the last five or six years.

這就是我們推桿的原因，如果你能看到我們的往績記錄，你會發現在過去的五、六年裡，我們的推桿數量有了很大的增長。

Even remember before the pandemic, I think the number was 1.2 and today's five, six years later, we own 3.3. So I think it's safe to say, except central extraordinarily happy that the 3.3 is a new level and we are going to analyze the Board is going to analyze as it always asks if we can increase a little bit less on.

甚至還記得在大流行之前，我認為這個數字是 1.2，而五、六年後的今天，我們擁有 3.3。所以我認為可以肯定地說，除了中央非常高興 3.3 是一個新水平，我們將分析董事會將進行分析，因為它總是詢問我們是否可以增加一點。

You have a question in the middle about Mexico.

你中間有一個關於墨西哥的問題。

I don't remember exactly what was the question, Marcio, about Mexico.

馬西奧，我不記得關於墨西哥的問題是什麼。

Just about overall demand and prices in Mexico, please.

請介紹一下墨西哥的整體需求和價格。

I mean demand in Mexico, as I said, demand not only in Mexico, but in North America is good.

我指的是墨西哥的需求，正如我所說，不僅墨西哥的需求很好，北美的需求也很好。

I mean because it's very linked North America to Mexico.

我的意思是因為北美與墨西哥聯繫緊密。

I mean, in the last several conference call, we are all we were always talking about when the recession is coming.

我的意思是，在過去的幾次電話會議中，當經濟衰退來臨時，我們總是在談論我們。

And to be honest today, we don't see that in the demand.

老實說，今天我們並沒有在需求中看到這一點。

We see healthy demand in both countries in the US and in Mexico.

我們看到美國和墨西哥兩國都有健康的需求。

Mexico is, of course, driven by industrial production cost question is a little bit low.

當然，墨西哥受工業生產推動，成本問題有點低。

Are each going to be a little bit low.

每個都會有點低。

The commercial market for the next probably one or two months before prices settle down.

未來商業市場價格可能會穩定下來一兩個月。

And I'll start probably increasing a little bit again, but that demand in general, you see activity pretty much good.

我可能會開始再次增加一點，但總體而言，您會看到活動非常好。

Of course, the burden, I don't think the increase in consumption is going to be that much as it was in 2023.

當然，負擔，我認為消費的增幅不會像2023年那麼多。

The last number of of water steel was that demand, the consumption of steel in Mexico was going to grow by 2%.

最新的水鋼需求數據顯示，墨西哥的鋼材消費量將成長2%。

That number now more or less.

現在這個數字或多或少。

And as I remember in my remarks, it go up by 14% in 2023.

正如我在演講中記得的那樣，到 2023 年，這一數字將增加 14%。

But again, we are seeing healthy demand.

但我們再次看到了對健康的需求。

Perfect.

完美的。

Thanks a lot.

多謝。

I hope that answers all the questions, Marcio.

我希望這能回答所有問題，馬西奧。

It does.

確實如此。

Thank you very much.

非常感謝。

Caio Greiner, BTG Pactual.

Caio Greiner，BTG Pactual。

Yes.

是的。

Good morning, everyone.

大家，早安。

Thank you.

謝謝。

Asked two questions. one quick one on on HRC prices in North America, just wanted to hear your thoughts on what do you think the next short term move is going to be prices are today are relevant premium to other regions?

問了兩個問題。關於北美熱軋捲價格的快速介紹，只是想聽聽您的想法，您認為下一個短期走勢將是什麼，今天的價格相對於其他地區是否有相關溢價？

I mean, we haven't seen some players trying to announce even further price.

我的意思是，我們還沒有看到一些玩家試圖宣布進一步的價格。

Taxable point is that we're seeing prices trending down even lead times and are moving lower.

應稅點是，我們看到價格甚至在交貨時間上也呈下降趨勢，而且正在走低。

So just wanted to hear your thoughts on where you think that that next move for HRC prices are going to be we're going to be working we expect for the first quarter and even into the second quarter of 2024.

因此，我只是想聽聽您的想法，您認為熱軋捲價格的下一步走勢將是我們預計在第一季甚至 2024 年第二季進行的工作。

And my second question, guys on just a broader one on on Ternium's, our valuation and corporate center.

我的第二個問題是關於 Ternium、我們的估值和企業中心的更廣泛的問題。

Yes.

是的。

Remember some time ago, a few years ago, you guys attempted a corporate simplification and Argentina, which didn't really move forward.

還記得幾年前，你們在阿根廷嘗試過公司簡化，但並沒有真正取得進展。

I just wanted to hear an update on that.

我只是想聽聽這方面的最新情況。

I mean you have a new administration in Argentina.

我的意思是阿根廷有了新政府。

Have you guys been in talks whatsoever with with the President of the new administration, so maybe we can so Ternium could try and address that issue.

你們是否已經與新政府的總統進行過任何會談，也許我們可以，這樣 Ternium 就可以嘗試解決這個問題。

And one more thing on cargo corporate simplification.

還有一件事是關於貨運公司的簡化。

Maybe you guys think that that Usiminas could also be a part of this in the future because when when we think about valuation for both stocks, I mean, it's interesting to see that Ternium the controller is actually trading at a discount to the mean or so.

也許你們認為 Usiminas 將來也可能成為其中的一部分，因為當我們考慮兩隻股票的估值時，我的意思是，有趣的是看到控制器 Ternium 實際上以低於平均值的折扣進行交易。

So when you think about the but the company's corporate structure, I mean, there could be maybe some relevance to simplify our data and trying to get a re-rating for the stock.

因此，當您考慮公司的公司結構時，我的意思是，可能會有一些相關性來簡化我們的數據並嘗試對股票進行重新評級。

So just wanted to hear your thoughts on the latest update on corporate simplification on on those two items.

所以只是想聽聽您對企業簡化這兩項的最新更新的想法。

Thank you very much.

非常感謝。

Thank you very much.

非常感謝。

I will start with the second one.

我將從第二個開始。

And also, if Pablo wants to add something, please do, Pablo.

另外，如果巴勃羅想要添加一些內容，請添加，巴勃羅。

And then corporate simplification is still on our agenda, at least on the agenda of Ternium management and the Board.

然後，公司簡化仍然在我們的議程上，至少在 Ternium 管理層和董事會的議程上。

We don't have anything to inform about that yet.

目前我們還沒有任何資訊可以告知。

We haven't talked with a new government of this of this tissue.

我們還沒有與新政府討論過這個問題。

I mean, the government has a lot of things doing going on on their hands, the new government.

我的意思是，新政府有很多事情要做。

But I think it's something that that that at some point this government should be able to analyze.

但我認為政府在某個時候應該能夠對此進行分析。

Yes.

是的。

As I always said, this is a transaction, but tables our new tables, Ternium, Argentina, I table the government.

正如我常說的，這是一筆交易，但我們的新桌子，Ternium，阿根廷，我的桌子是政府。

So if we if we wish and with that in mind, it should be something that at some point can happen.

因此，如果我們願意並考慮到這一點，這應該是在某個時候可能發生的事情。

But to be honest, we haven't talk anything like that.

但說實話，我們還沒有談論過類似的事情。

Oc-net is kind of different because as you remember, we have an agreement with our partner, Nippon Steel there.

OC-net 有點不同，因為正如您所記得的，我們與我們的合作夥伴新日鐵簽訂了協議。

And and so we are not going to do anything for the next year.

因此，我們明年不會做任何事。

Year and half in the future could be something.

未來一年半可能會發生一些事情。

But today, I think we are happy where we are in Usiminas and working to improve Usiminas.

但今天，我認為我們很高興我們在烏西米納斯，並努力改善烏西米納斯。

I wanted to say at the server we have been discussing before long very long period of time, clearly is part of our strategy clearly is in our mind and as fast as soon as we see returns is to come to move forward with this is clearly something that we consider important for the future of Ternium from different some point and clearly what your valuation model of that pool.

我想說的是，我們在伺服器上已經討論了很長一段時間，顯然這是我們策略的一部分，顯然是在我們的腦海中，一旦我們看到回報就會盡快向前推進，這顯然是一件事情我們認為從不同的角度來看對 Ternium 的未來很重要，並且明確您對該池的估值模型是什麼。

Just one follow up on the corporate effort simplification.

這只是公司工作簡化的後續行動。

I mean, how do you guys you have the possibility of divesting Usiminas two years down the road when the on the agreement with Nippon?

我的意思是，你們怎麼可能在兩年後與 Nippon 達成協議時剝離 Usiminas 呢？

That's pretty much expires?

這麼快就過期了？

That's a difficult question to answer, Caio, because not only will we have an agreement that that that that makes you mentioned that will take some time for us to move forward.

這是一個很難回答的問題，Caio，因為我們不僅會達成一項讓你提到的協議，而且我們還需要一些時間才能取得進展。

Then there are other shareholders in this arena and in the corporate laws and regulations in Brazil and in particular.

此外，在這個領域以及巴西的公司法律和法規中還有其他股東。

So they are quite complicated.

所以它們相當複雜。

We know there are some possibilities of service that the that regulations, but it's not something that we are seen at the moment.

我們知道有一些符合規定的服務可能性，但目前我們還沒有看到這種情況。

As I said, we've got a corporate simplification is in our mind.

正如我所說，我們的想法是進行公司簡化。

So we it's something that we are always thinking about.

所以這是我們一直在思考的事情。

That is not something that we can move forward right now for is very difficult to speculate on that at this moment.

這不是我們現在可以向前推進的事情，因為目前很難對此進行推測。

Clearly is something for start to think in the future in relationship to that, the closer one that we have and hopefully we'll have a chance to analyze it more more debt.

顯然，這是未來開始思考與此相關的事情，我們擁有的越接近，希望我們有機會分析更多的債務。

The Argentine is the Argentine one, which is fraught with this new government easier to do than in the past.

阿根廷人就是阿根廷人，這個新政府比過去更容易做事。

Great.

偉大的。

Thank you.

謝謝。

So hot-rolled prices in the US for yes, you're right, Caio, that prices has been coming down in the recently weeks in the last three, four weeks, as I said, is not a problem of the demand, but it is a problem of imports that are coming mainly to the US and some some part also to Mexico.

因此，美國的熱軋價格是的，你是對的，Caio，正如我所說，過去三、四個星期的價格在最近幾週一直在下降，這不是需求的問題，而是是一個進口問題，主要進口到美國，部分也進口到墨西哥。

So that's the main reason.

這就是主要原因。

And the good news is that demand is already is still there.

好消息是需求仍然存在。

I think this is going to be something that it's going to stabilize in the near future.

我認為這將在不久的將來穩定下來。

I don't see prices going much further down.

我認為價格不會進一步下跌。

I have always said there is a new floor or a new standard of prices in North America.

我一直說北美有新的底線或新的價格標準。

It is around a little bit shy of $900 million, at least.

至少略低於 9 億美元。

So I don't think prices are going to do to change again because the demand is there and we know imports for the cap for the following month for us in May, June, July are coming much more lower.

因此，我認為價格不會再次發生變化，因為需求存在，而且我們知道下個月 5 月、6 月、7 月的進口上限會更低。

So I am positive about that.

所以我對此持正面態度。

Thank you very much, guys.

非常感謝你們。

We don't have any pending questions and the demand.

我們沒有任何懸而未決的問題和需求。

And I'd now like to hand back over to Ternium's CEO for closing remarks.

現在我想請 Ternium 執行長致結束語。

Okay.

好的。

Thank you again for participating in today's call.

再次感謝您參加今天的電話會議。

As usual, please feel free to contact us for any questions or comments.

與往常一樣，如有任何問題或意見，請隨時與我們聯繫。

Thank you very much and goodbye.

非常感謝，再見。

This ends today's call.

今天的通話到此結束。

Have a wonderful day.

祝你有美好的一天。