Ternium SA (TX) 2024 Q4 法說會逐字稿

Thank you for standing by and welcome to the Ternium Fourth Quarter 2024 Results Conference Call. All lines have been placed on mute to prevent any background noise.

感謝您的支持，歡迎參加 Ternium 2024 年第四季業績電話會議。所有線路均已靜音以防止任何背景噪音。

(Operator Instructions)

（操作員指令）

Thank you.

謝謝。

At this time, I will turn the call over to Mr. Marti. Please proceed.

現在，我將把電話轉給馬蒂先生。請繼續。

Good morning and thank you for joining us.

早安，感謝您加入我們。

My name is Sebastian Marti and I am Terni's Global IR compliance and Senior Director.

我叫塞巴斯蒂安·馬蒂 (Sebastian Marti)，是特爾尼 (Terni) 的全球 IR 合規和高級總監。

Yesterday, Ternium released its financial results for the Fourth quarter and full year 2024.

昨日，Ternium 公佈了 2024 年第四季和全年財務業績。

This call is meant to provide additional context to that presentation. I'm joined today by Maximo Bedoya, Ternium's Chief Executive Officer, and Paolo Rocca, current Chief Financial Officer. We'll discuss the company's business environment and performance.

此次通話旨在為該演示提供更多背景資訊。今天與我一起出席的還有 Ternium 執行長 Maximo Bedoya 和現任財務長 Paolo Rocca。我們將討論該公司的經營環境和績效。

After our prepared remarks, we will open up the floor to any questions. Before we begin, I would like to remind you that this conference call contains forward-looking information that actual results may vary from those expressed or implied.

在我們發表準備好的演講之後，我們將開始回答任何問題。在我們開始之前，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不同。

Factors that could affect results are contained in our filings with the Securities and Exchange Commission and on page two 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. With that, I'll turn the call over to Mr. Vedoya

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以及今天的網路廣播簡報的第二頁中。您還會發現，在昨天發布的新聞稿中，對非國際財務報告準則財務指標的任何引用都與最直接可比較的國際財務報告準則指標相協調。接下來，我將把電話轉給 Vedoya 先生

Good morning and thanks everybody for joining us today. Reported shipments of 16 million tons for 2024 with adjusted EBITDA of $2 billion on a 12% margin. In a challenging year for the steel industry, our operation generated $2 billion in cash. The company's net gas position remains strong at $1.6 billion by the end of December, even though CapEx was close to $2 billion in the year, and we pay dividend of more than $600 million.

早安，感謝大家今天的參加。報告稱，2024 年出貨量為 1,600 萬噸，調整後 EBITDA 為 20 億美元，利潤率為 12%。在鋼鐵業充滿挑戰的一年裡，我們的營運創造了 20 億美元的現金。儘管該公司的資本支出全年接近 20 億美元，而且我們支付的股息超過 6 億美元，但截至 12 月底，公司的淨天然氣狀況仍然強勁，達到 16 億美元。

During the quarter, we made significant progress on our downstream expansion project in Mexico. The clicking line at Pesqueria, along with the finishing center, started operations and are steadily advancing in the ramp up process. We currently have two remaining lines under construction for the completion of this project, a coal rolling mill whose planned startup has been advanced to December of 2025. And a hot deep galvanized line, which will also commence operation by the end of the year.

本季度，我們在墨西哥下游擴建計畫取得了重大進展。佩斯奎裡亞 (Pesqueria) 的點擊線以及整理中心已開始運營，並且正在穩步推進升級進程。目前，我們還有兩條生產線在建，以完成該項目，一條煤炭軋機廠的計劃投產時間已提前至 2025 年 12 月。另外一條熱深鍍鋅生產線也將於今年底投入營運。

Another positive development of the Fourth quarter is that the wind farm in Argentina began generating electricity in December. All of the 22 wind turbines have already been installed. The wind farm is expected to deliver approximately 480 gigawatts per hour per year, replacing the majority of our purchase of third-party electricity in the country.

第四季的另一個積極進展是阿根廷風電場於12月開始發電。22颱風力渦輪機目前已全部安裝完畢。該風電場預計每年每小時可提供約 480 吉瓦的電力，取代我們在該國購買的大部分第三方電力。

This initiative provides substantial economic benefits and assists the company in achieving its decarbonization goals. I would like to address the latest developments in international trade.

這項措施帶來了巨大的經濟效益，並幫助公司實現脫碳目標。我想談談國際貿易的最新發展。

A surge in US trade actions during the last few weeks has been creating substantial uncertainty in the global market. Mexico, together with Canada, are among the countries that have been singled out by the recently announced trade measures. In addition, steel has been a specific target, as the US announced it will revoke all country exceptions to the 25% tariff on steel imports under Section 232.

過去幾週美國貿易行動激增，為全球市場帶來了巨大的不確定性。墨西哥和加拿大都是最近宣布的貿易措施中被單獨列為對象的國家。此外，鋼鐵已成為特定目標，美國宣布將撤銷第 232 條規定的對所有國家實施的針對鋼鐵進口 25% 關稅的豁免。

I'm a strong believer in the advantages of the USMCA. There is a deeply complementary relationship among USMCA members, which has led to increased trade, investments, and job creation within the North American region.

我堅信USMCA的優勢。USMCA 成員國之間有著深度互補的關係，這促進了北美地區的貿易、投資和就業機會的增加。

The USMCA has played a critical role in enhancing the competitiveness of the whole area. Therefore, we believe That The value chains among these nations will continue to thrive. Further deepening commercial integration among the three countries is the way to go, and it will be beneficial for all of them.

USMCA在提升整個地區的競爭力方面發揮了關鍵作用。因此，我們相信這些國家之間的價值鏈將繼續蓬勃發展。進一步深化三國經貿融合是大勢所趨，對三國都有利。

Peraneum is well equipped to navigate any potential trade scenarios due to its ability to adapt its structure in response to changes in the landscape. As always, we will continue our efforts to enhance the efficiency of our operations to reduce costs. We are ready to compete effectively in today's uncertain environment.

由於 Peraneum 能夠根據景觀的變化調整其結構，因此它能夠很好地應對任何潛在的貿易情景。與往常一樣，我們將繼續努力提高營運效率以降低成本。我們已準備好在當今不確定的環境中有效競爭。

Now let's review our main steel markets. In Mexico, shipments in the fourth quarter decreased due to a weaker than expected commercial market. The industrial market in Mexico is showing steady activity levels following an increase of 6% in auto industry's production in 2024.

現在讓我們回顧一下我們主要的鋼鐵市場。在墨西哥，由於商業市場表現不如預期，第四季出貨量下降。2024 年墨西哥汽車產業產量將成長 6%，此後工業市場將呈現穩定的活躍水準。

On the other hand, weak government infrastructure investment and uncertainties surrounding trade actions are affecting volumes in the commercial market. This will probably continue to happen until a definitive understanding of the final trade measures is achieved.

另一方面，政府基礎設施投資薄弱以及貿易行動的不確定性正在影響商業市場的銷售。這種情況可能會持續下去，直到對最終的貿易措施達成明確的共識。

Moving now to Brazil, 2024 was a positive year with flat still apparent consumption, increasing a healthy 10%. Vehicle production grew strongly as well, with a 10% increase compared to 2023.

現在轉向巴西，2024 年是積極的一年，表觀消費量仍然持平，健康成長了 10%。汽車產量也強勁成長，與 2023 年相比成長了 10%。

2024 saw significant operational improvement in Usiminas, resulting from investments made in recent years, particularly the relining of blast furnace number three. As a result, Usiminas produced 3.2 million tons of crude steel, among the highest. Volume levels of the last 10 years.

2024年，烏西米納斯的營運狀況顯著改善，這得益於近年來的投資，特別是三號高爐的修復。結果，烏西米納斯鋼廠粗鋼產量達320萬噸，產量位居前列。過去 10 年的音量水平。

On the other hand, imports of flat steel exceeded 3 million tons in 2024, setting a new record. China remains a destabilizing factor in the international steel market. The construction of steel consumption in its domestic market in recent years has led to a disproportionate increase in exports and unfair trade conditions.

另一方面，2024年扁平材進口量突破300萬噸，創下新高。中國仍然是國際鋼鐵市場的一個不穩定因素。近年來，中國國內市場鋼鐵消費量不斷擴大，導致出口量過度成長，貿易條件不公平。

Imports from China have significantly disrupted the Brazilian market, accounting for approximately 80% of flat steel imports. The import quota system implemented last year did not achieve its goal. We look forward to more effective trade measures from the Brazilian government, especially as other countries strengthen their defense against unfair trade, potentially causing a diversion of China's exports to other markets.

來自中國的進口產品嚴重擾亂了巴西市場，佔扁平材進口量的約80％。去年實施的進口配額制度並未達成其目標。我們期待巴西政府採取更有效的貿易措施，特別是在其他國家加強防範不公平貿易、可能導致中國出口轉向其他市場的情況下。

On a different subject, we are very proud to share that last week the Roberto Roca Technical School in Santa Cruz, located near Ternium Brazil facility, began its first classes. This is the second technical school that Ternium built and operate with the first one active since.

再說另一個話題，我們非常自豪地告訴大家，上週，位於巴西特爾尼翁工廠附近的聖克魯斯的羅伯托羅卡技術學校開始了第一堂課。這是特爾尼姆建造並運營的第二所技術學校，第一所技術學校自此之後一直運作。

(Near) Pesqueria facility in Monterrey, Mexico, the school will provide high quality technical education to its initial cohort of 192 students in the community and will accommodate close to 600 students over the next 3 years.

(附近) 位於墨西哥蒙特雷的 Pesqueria 設施，該學校將為該社區最初的 192 名學生提供高品質的技術教育，並將在未來 3 年內內容納近 600 名學生。

All students at the Roberto Roca technical School network receive scholarships based on their family financial needs, ensuring equal access to education. This initiative reflects Ternium dedication to supporting the development of the communities near its production site and creating transformative opportunities for their youth.

羅伯托·羅卡技術學校網路的所有學生都會根據家庭經濟需求獲得獎學金，確保平等的接受教育機會。這項舉措體現了 Ternium 致力於支持其生產基地附近社區的發展並為其年輕人創造變革機會。

Turning now to Argentina, in 2024, children experienced a year of a real decline of approximately 20%. This reduction was primarily due to the implementation of macroeconomic measures by the Argentine government, which aimed to address substantial economic imbalance. Although Argentina's steel demand has been recovering throughout 2024, it's starting from a low base and has yet to return to historic sales volumes.

現在來看看阿根廷，2024年，兒童經歷了實際下降約20%的一年。這一下降主要歸因於阿根廷政府實施的宏觀經濟措施，旨在解決嚴重的經濟失衡問題。儘管阿根廷的鋼鐵需求在 2024 年一直在復甦，但起點較低，尚未恢復到歷史銷售量。

The authorities in Argentina are advancing the transformation of the local economy through a process of the regulation, reducing public spending and taxes, and opening up trade. Although we welcome this transformation. And even progress in this area could increase the risk of higher imports of unfair trade products in the steel chains. I would like to close my prepared comments with a few thoughts.

阿根廷當局正透過監管、削減公共支出和稅收、開放貿易等方式來推動當地經濟轉型。儘管我們歡迎這種轉變。即使該領域取得進展，也可能增加鋼鐵鏈中不公平貿易產品進口的風險。我想用幾點想法來結束我準備好的評論。

US trade measures against imports are currently fluid. During the first half of 2025, it is likely that we will continue to navigate this uncertain scenario in the North American region. We trust that at the conclusion of the negotiations, rational decision making will prevail, resulting in a region experiencing significant growth and improved defense against unfair trade practice.

目前，美國針對進口的貿易措施不斷變化。在 2025 年上半年，我們很可能會繼續在北美地區經歷這種不確定的情況。我們相信，談判結束後，各方將做出理性的決策，推動本地區實現顯著成長，並加強對不公平貿易行為的防禦。

In the same line, the Plan Mexico recently announced by the Mexican government aims to address issues related to regional integration with a focus on industrializing for import substitution. The plan outlines strategies to attract investment and increase the local and regional content of manufactured goods through throughout near shoring. Infrastructure development and support for MES East.

同樣，墨西哥政府最近宣布的「墨西哥計畫」也旨在解決區域一體化問題，重點是實現工業化以替代進口。該計劃概述了透過近岸外包吸引投資和增加製成品本地和區域含量的策略。MES East 的基礎設施開發和支援。

In this context, our expansion projects in Mexico are crucial for strengthening Ternium's integration into the North American market. As rule of origin regards melted and poor steel products are expected to become stricter.

在此背景下，我們在墨西哥的擴建計畫對於加強 Ternium 在北美市場的整合至關重要。預計針對熔融和劣質鋼鐵產品的原產地規則將變得更加嚴格。

In Brazil Usimina's manufacturing facility achieved significant efficiency improvements in 2024, a trend we expect will continue in 2025 as operations are further streamlined.

在巴西，Usimina 的製造工廠在 2024 年實現了顯著的效率提升，我們預計，隨著營運進一步精簡，這一趨勢將在 2025 年繼續延續。

Finally, given the improvements in macroeconomic conditions in Argentina, I expect our shipments will continue recovering throughout this year. This concludes my remarks. Pablo, please proceed with the review of Ternium’s performance in the fourth quarter.

最後，鑑於阿根廷宏觀經濟狀況的改善，我預計我們的出貨量今年將繼續復甦。我的發言到此結束。帕勃羅，請繼續評估 Ternium 第四季的業績。

Thanks Maximo and good morning to everybody and for being with us today.

感謝馬克西莫，大家早安，感謝你們今天與我們在一起。

Let's turn to the World Cup presentation for you to look at our operations and financial results. If we begin in phase three, we see that adjusted the EBITDA decrease these quarter. The key factors behind these results includes lower prices in our main markets and the reduction in shipments. These were partially upset by an increase in the steel costs per ton.

讓我們轉到世界盃演示，讓您了解我們的營運和財務表現。如果我們從第三階段開始，我們會看到本季調整後的 EBITDA 有所減少。這些結果背後的關鍵因素包括我們主要市場的價格下降和出貨量的減少。這些在一定程度上是由於每噸鋼材成本的上漲而造成的。

As we look ahead to the third quarter of this year, 2025, we anticipate a sequential increase in adjusting the EBITDA supported by a marginal improvement and small increase in volumes.

展望今年第三季（2025 年），我們預計調整後 EBITDA 將環比成長，這得益於銷售的小幅改善和小幅成長。

Moving to the next slide, net income for the fourth quarter was $333 million. The company recognized the $404 million provision reversal for ongoing litigations related to the 2012 acquisition of stake in Usiminas

下一張投影片顯示，第四季淨收入為 3.33 億美元。該公司確認了 4.04 億美元的撥備逆轉，用於 2012 年收購 Usiminas 股份相關的持續訴訟

The main difference between net income in the fourth quarter and the third quarter was a decline in operating income, as we have already seen, along with a negative effect of changes in foreign exchange results. On the other hand, we lower income tax charges and the provision mentioned provisional.

第四季淨收入與第三季的主要差異是營業收入的下降，正如我們已經看到的，以及外匯結果變化的負面影響。另一方面，我們降低所得稅費用和臨時規定的規定。

Regarded to changes in foreign exchange results, it's important to point out the impact of the Brazilian real 12% depreciation against the US dollar during the fourth quarter on Usiminas US dollar denominated financial debt.

談到外匯結果的變化，值得指出的是第四季巴西雷亞爾兌美元貶值12%對烏西米納斯美元計價金融債務的影響。

This is because Usiminas uses the real as a fractional currency, not the US dollar.

這是因為烏西米納斯使用雷亞爾作為輔幣，而不是美元。

Now let's review the performance of our steel segments on page five. In this quarter, steel shipments across all of the scheme markets declined, primarily due to a typical seasonal reduction in demand by the end of the year, and additionally, the commercial market in Mexico experienced a downturn as Maximo already explained.

現在我們來回顧一下第五頁我們鋼鐵部門的表現。本季度，所有計劃市場的鋼材出貨量均下降，這主要是由於年底典型的季節性需求減少，此外，正如馬克西莫已經解釋的那樣，墨西哥的商業市場也經歷了低迷。

Looking ahead, we expect some increase in shipments in Brazil during the fourth quarter. During the next quarter of the year, first quarter of 2025, when shipments in Mexico and Argentina are expected to remain stable.

展望未來，我們預計第四季巴西的出貨量將有所增加。預計下一季度，即 2025 年第一季度，墨西哥和阿根廷的出貨量將保持穩定。

In the following page, the steel segment net sales declined sequentially by 14% in the fourth quarter. In addition to lower shipments, this decrease was driven by a reaction in realizing these prices across all markets.

如下頁所示，鋼鐵部門淨銷售額在第四季環比下降了 14%。除了出貨量下降之外，所有市場對這些價格的反應也是導致價格下降的原因。

The decline in prices was partially offset by a reduction in cost per ton, which, however, was not enough to avoid the decrease in margins. It's worth noting that the pace of cost reduction in our books is slower than the decline in raw materials and low prices in the market as the company consuming high price inventories acquired in earlier periods.

價格的下降部分抵消了每噸成本的下降，但這不足以避免利潤率的下降。值得注意的是，由於公司消耗了前期收購的高價庫存，我們帳面上的成本下降速度慢於原料的下跌和市場低價。

Next, let's turn to slide seven for the overview of our mining segment performance. Mining shipment remains stable during the quarter, but year-over-year there were around 9% in the fourth quarter, mainly due to lower production levels both in Mexico and Brazil. On the other hand, margins improved, mainly driven by lower costs.

接下來，讓我們翻到第七張投影片來概述我們的採礦部門的表現。本季礦產品出貨量保持穩定，但第四季年增約 9%，主要原因是墨西哥和巴西的產量下降。另一方面，利潤率有所提高，主要由於成本降低。

Let's move on to the next slide to review our casual performance.

讓我們翻到下一張投影片來回顧我們的休閒表現。

Reported cash flow from operations in the fourth quarter, supported by a decrease in working capital, mainly driven by lower receivables.

第四季報告的經營活動現金流受到營運資本減少的支持，這主要由於應收帳款減少。

CapEx increased as we advanced the expansion project in and finished the wind farm in Argentina. And additionally we paid interim dividends in November.

隨著我們推進擴建項目並完成阿根廷風電場的建設，資本支出增加了。此外，我們還在 11 月支付了中期股息。

Even though we have these significant cash investments in the fourth quarter, our financial position remains strong, with $1.6 billion net cash at the end of December held by a $2 million increase in the fair value of financial instruments.

儘管我們在第四季度進行了這些重大的現金投資，但我們的財務狀況依然強勁，12 月底的淨現金為 16 億美元，金融工具的公允價值增加了 200 萬美元。

Let's now shift our focus to page nine to assess our full year performance. The EBITDA declined in the last two years, primarily due to the consolidation of (Viciminas) and the downward pressure of lighting steel prices.

現在讓我們將焦點轉移到第九頁來評估我們的全年業績。過去兩年EBITDA有所下降，主要由於Vicinas的合併以及照明鋼材價格的下行壓力。

These factors are affected. Our results are reflected in net income. The decline also incorporates the net provision I mentioned earlier, together with negative tax results and the impact of the significant depreciation of the Brazilian real during the year on Usiminas foreign exchange results.

這些因素都會受到影響。我們的業績反映在淨收入中。這一下降也包含了我之前提到的淨撥備，以及負面稅收結果和年內巴西雷亞爾大幅貶值對 Usiminas 外匯業績的影響。

Terminus cash from operation was solid in 2024, allowing us to finance the increased level of CapEx in the year. Looking ahead, we expect CapEx to peak in 2025, reaching around $2.5 billion. Important to mention, the board of director put forward a proposal for an annual dividend of $0.027 per ADS.

Terminus 2024 年的經營現金流穩健，使我們能夠為當年增加的資本支出提供資金。展望未來，我們預計資本支出將在 2025 年達到峰值，達到 25 億美元左右。值得一提的是，董事會提出了每股 ADS 0.027 美元的年度股息提案。

This represents a dividend deal of approximately 9%. We have already distributed an of $0.90 in November. And subject to shareholder's approval, the remaining $1.80 will be paid out in May.

這意味著股息約為 9%。我們已經在11月分發了0.90美元。經股東批​​准，剩餘的 1.80 美元將於五月支付。

All right, this concludes our prepared remarks. We are now ready to take your questions, operator, please began the QA session.

好的，我們的準備好的演講到此結束。我們現在準備好回答您的問題，接線員，請開始問答環節。

Thank you. The floor is now open for questions.

謝謝。現在請大家提問。

(Operator Instructions)

（操作員指令）

And our first question comes from Carlos de Alba with Morgan Stanley. Please go ahead.

我們的第一個問題來自摩根士丹利的卡洛斯德阿爾巴。請繼續。

Yeah, good morning, everyone.

是的，大家早安。

Thank you very much.

非常感謝。

So the first question is, I'm going to try to press a little bit on the outlook for the first quarter. I know it's a lot of uncertainty out there, but you know how do you define a slight improvement, right? There is a wide range of consensus forecasts, and so it would really help if you can provide a little bit more details as to how you see the quarter evolving.

所以第一個問題是，我將嘗試稍微強調第一季的前景。我知道目前存在著許多不確定性，但你知道如何定義輕微的改善嗎？普遍的預測範圍很廣，因此如果您能提供一些有關本季發展情況的更多細節，將會很有幫助。

And then I want to, I wanted to also ask an update on the different ramp ups and the electric foreign project in Pesqueria.

然後我想，我還想詢問一下關於佩斯克里亞的不同升級和電力外國項目的最新情況。

You can maybe be a little bit when do you expect the ramp up. Of the finishing lines to be completed and when do you expect the coral coil and the deep galvanizing new lines to be running at close to full capacity or full capacity if they start in the summer of this year.

您可能對預計何時會出現成長有所了解。關於即將完工的精加工生產線，您預計珊瑚捲和深鍍鋅新生產線何時能夠接近滿載運行，或者如果它們在今年夏天開始運行的話，什麼時候能夠滿載運行。

Thank you very much.

非常感謝。

Thank you, Carlos. I will start with the second, which is much more direct and then try to answer the first one.

謝謝你，卡洛斯。我將從第二個問題開始，因為這個問題更加直接，然後再嘗試回答第一個問題。

Ramp up of Pesqueria. So in the, in the finishing lines or in the downs. We have four projects. Let's put it that way. The clicking line and the finishing lines are already producing, are a little bit ahead of what was the planned, and I guess for the next two months or three months they will be at full capacity. I would put it.

Pesqueria 的斜坡。因此，在，在終點線，或在低谷。我們有四個項目。我們就這麼說吧。點擊線和整理線已開始生產，比計劃提前了一點，我預計在接下來的兩個月或三個月內它們將滿負荷生產。我會放它。

Then we have the galvanized line which was supposed or is supposed to start in December. We are not seeing any delay in the ramp up curve that starts in December of this year. I mean, all the equipment are there in Pesqueria and we have all the people working in the construction and putting those equipment in the cold rolled facility in the PLTCM2. We were expected to start in March, February, March of 2026.

然後我們有鍍鋅生產線，它原定或預計將於 12 月開始投產。我們沒有看到今年 12 月開始的上升曲線有任何延遲。我的意思是，所有的設備都在佩斯奎裡亞，我們所有的人員都在施工，並將這些設備安裝在 PLTCM2 的冷軋設施中。我們預計於 2026 年 3 月、2 月、3 月開始。

But we are seeing some improvements and some better advance in the, in the construction of the equipment and the facility. So we are expected to start in December of this year, so we are advance the rapid curve a couple of months. And so on those projects, we don't see any problem. And we're going forward at full speed.

但我們看到設備和設施建設方面取得了一些改進和進展。因此，我們預計將於今年 12 月開始，這樣我們將快速曲線提前幾個月。因此，在這些項目上，我們沒有看到任何問題。我們正全速前進。

The other one is the steel shop and the reduction unit that is supposed to start in mid 2026. We are still having that date, but as in that facility we don't have yet all the contracts finalized. I mean, we are finally finalizing in this quarter some of the contracts for equipment and more important, most of the contracts for the construction, although the construction is going through, so by the end of next quarter we will probably have an idea exactly of when we will start, but we are still holding the time for 2020 mid 2026.

另一個是煉鋼車間和還原裝置，預計在2026年中期開始運作。我們仍有那個日期，但是就像那個設施一樣，我們還沒有最終確定所有合約。我的意思是，我們最終在本季度敲定了一些設備合同，更重要的是，大多數建設合同，儘管建設仍在進行中，所以到下個季度末，我們可能就會確切知道什麼時候開始，但我們仍然將時間定在 2020 年中期至 2026 年。

And just maybe to clarify, when do you, when would you expect the coral coal and the whole deep galvanized to be reaching full capacity.

也許需要澄清的是，您預計珊瑚煤和整個深鍍鋅煤什麼時候能夠達到滿載生產？

Well, the wrap up curve in these projects are usually between nine months and one year, but they are steady producing starting producing from day one. And for example, in the case of the Cold War, to get the 120 or 130,000 tons a month would get between nine months and one year. That's what we have in our plans.

嗯，這些項目的完成曲線通常在九個月到一年之間，但它們從第一天開始就穩定生產。舉例來說，在冷戰時期，要獲得每月 12 萬或 13 萬噸的石油就需要九個月到一年的時間。這就是我們的計劃。

We will try harder to get that closer to December of 2025, but for now it's between nine months and 12 months. Okay, I hope that answers the question, or this is the second question.

我們會盡力讓這個目標更接近 2025 年 12 月，但目前還需要 9 到 12 個月的時間。好的，我希望這能回答這個問題，或者這是第二個問題。

So, outlook, Pablo? okay, take that.

那麼，Pablo，前景如何？好的，拿著。

Carlos, as we said, we are expecting to see an increase, small increase in the VTH in for the first quarter of the year, and this is the sum up of three different things that will happen during the quarter. First, volumes that we have described the Maximo also described in the opening remarks. We are expecting to see a steady level of shipments in the different markets where we are.

卡洛斯，正如我們所說，我們預計今年第一季 VTH 將出現小幅增長，這是本季度將發生的三件不同事情的總結。首先，我們在開場白中也描述了馬克西莫的捲。我們預計我們所在的不同市場的出貨量將保持穩定的水平。

This coupled with the issues of maximum mention and also some seasonality. So we are expecting to sustain level of achievements during the first quarter. That's the first point. The second point is that though prices are moving, we see some decline in the average price of the company.

這與最大提及次數的問題以及一些季節性問題相結合。因此，我們預計第一季的業績將維持在這一水平。這是第一點。第二點，雖然價格在變動，但我們看到公司的平均價格下降。

To the issue that you know very well, which is that prices are quarter, so all changes in prices are not reflected immediately.

對於您非常了解的問題，即價格是按季度計算的，因此所有價格變化都不會立即反映出來。

And the most important part is that during the first quarter we will see a decline in cost differently from what we saw during the fourth quarter, this decline in cost will be higher than what we were expecting to see of the decline in prices. So, we are expecting to see a better margin during the first quarter.

最重要的是，第一季我們將看到成本的下降與第四季不同，成本的下降將高於我們預期的價格下降。因此，我們預計第一季的利潤率會更高。

We continue or we continue to see the same situation that we saw during the first fourth quarter of the year, which is that there is a delay in reflecting the prices throughout our cost structure due to the first that we utilize. So we are expecting to continue seeing the evolution of the cost reduction throughout the semester and having a better picture in the second quarter of this year.

我們繼續看到與今年第一季第四季相同的情況，即由於我們利用了第一個成本結構，因此整個成本結構中價格的反映存在延遲。因此，我們預計整個學期成本降低的趨勢將持續下去，並在今年第二季看到更好的情況。

Your next question comes from the line of Caio Ribeiro of Bank of America. Please go ahead.

您的下一個問題來自美國銀行的 Caio Ribeiro。請繼續。

Yes, good morning. Thank you for the opportunity. So my first question on your stake in Usiminas, right, later this year you have the option to purchase an Nippon stake within the control block, and Nippon, has the option to sell that stake to Ternium. So my question is adding to your stake in the company something that you're contemplating right now? And is there any color that you can share on how both sides, see this particular transaction? And then secondly, still on Usiminas, with the blast furnace revamp completed, what are the next priorities that you see for the company? Do you see a potential to greenlight the CapEx in the mining division this year or next? And if so, how would the company fund that CapEx? Thank you

是的，早安。感謝您給我這個機會。所以我的第一個問題是關於您在 Usiminas 的股份，對吧，今年晚些時候，您可以選擇購買控制區塊內的日本公司股份，而日本公司可以選擇將該股份出售給 Ternium。所以我的問題是，您現在正在考慮增加您在公司的股份嗎？能否介紹一下雙方如何看待這筆特定交易？其次，還是關於烏西米納斯的問題，隨著高爐改造的完成，您認為公司的下一步工作重點是什麼？您是否認為今年或明年有可能批准採礦部門的資本支出？如果是這樣，公司將如何為該資本支出提供資金？謝謝

Thank you, Caio, for the two questions regarding the first one. I mean, the only thing that happened, as you said in July is that both Nippon steel and Ternium we have the option, the options to sell or buy and they become accessible. I mean we can exercise those from July.

謝謝 Caio 在第一個問題中提出的兩個問題。我的意思是，正如您在七月所說的那樣，唯一發生的事情是，新日鐵和特爾尼姆都有選擇權，可以選擇出售或購買，而且它們變得可以購買。我的意思是我們可以從七月開始行使這些權利。

That's the only thing that changed in the Usimina. I clearly cannot speak of what Nippon is thinking of this, but from our side I can say that as you saw in the results, I am very pleased with Usiminas and our partnership with Nippon Steel are performing today. So we will for now, we will keep working with the goal of bringing Usiminas to the highest potential.

這是烏西米納唯一改變的事。我顯然無法說出新日鐵對此有何看法，但從我們的角度來看，我可以說，正如你在結果中看到的那樣，我對 Usiminas 以及我們與新日鐵的合作夥伴關係目前的表現感到非常滿意。所以現在我們將繼續努力，讓 Usiminas 發揮最大的潛力。

Regarding the priorities in, clearly the CapEx in mining is one of the things that we are working. As I said in some other calls, we have to take the decision by the end of this year or the beginning of next year, but in the meantime, we're working very hard to get to the point of having to make the decision with most of the things done so that we don't have any delays if we go through that project. The other priorities of are clearly improving the performance of Ipathinga's mill.

至於優先事項，顯然採礦業的資本支出是我們正在努力的事情之一。正如我在其他一些電話會議中所說的那樣，我們必須在今年年底或明年年初做出決定，但與此同時，我們正在努力在完成大多數事情的情況下做出決定，以便在我們開展該項目時不會出現任何延誤。其他優先事項顯然是提高 Ipathinga 工廠的性能。

That's clearly a priority of the management. There are some investments that we have to do and that we are doing in order to decrease cost and increase productivity. And the second is the commercial site where we have all the challenges with the import for China and how we approach customers and give more value to customers. So those are the priorities that we are working in Usiminas right now.

這顯然是管理階層的首要任務。為了降低成本並提高生產力，我們必須進行一些投資，而且我們正在進行這些投資。第二個是商業網站，我們面臨著從中國進口的所有挑戰，以及如何接近客戶並為客戶提供更多價值。這些就是我們目前在烏西米納斯開展工作的重點。

I hope it answered the question.

我希望它回答了這個問題。

Yes, absolutely. That's very clear.

是的，絕對是如此。這非常清楚。

Thank you, Maximo

謝謝你，馬克西莫

You are welcome.

不客氣。

Your next question comes from the line of Alejandro Demichelis with Jeffreys, please go ahead.

您的下一個問題來自 Jeffreys 的 Alejandro Demichelis，請繼續。

Yeah, good morning, gentlemen. Thank you very much for taking my questions. Couple of questions, please. The first one is Maximo, you talk about turning being prepared to navigate the situation of the tariffs and so on. Would that also include, say, putting on hold some of your new investments, what is in Mexico or any of the rest of the regions? That's the first question. And then the second question is, in the case of Argentina, you talk about the situation about volumes, recovering, and so on. Could you please talk also about the situation of the crop, exports and how that could impact also your cost base over there.

是的，早安，先生們。非常感謝您回答我的問題。請問幾個問題。第一個是馬克西莫，您談到了做好應對關稅情勢等的準備。這是否也包括暫停一些新的投資，例如在墨西哥或其他地區的投資？這是第一個問題。第二個問題是，就阿根廷而言，您談論的是產量、恢復等情況。您能否談談作物和出口的情況以及這些情況將如何影響您在那裡的成本基礎？

Yeah, the second one, the scrap export is not very significant for us, as you remember, I mean, in Argentina, we don't use much scrap.

是的，第二點，廢料出口對我們來說並不重要，你記得，在阿根廷，我們不使用太多廢料。

It's different than in Mexico and so the amount of crop we bought from the market every month is around 8,000 tons. It's clearly not an issue. The scrap, probably it's an issue for other steel companies in Argentina. That has a much more scrap basis in their input, but remember in Argentina regarding the call of new investment, no, we are not thinking of stopping or postponing any investment.

這與墨西哥不同，因此我們每月從市場購買的農作物數量約為 8,000 噸。這顯然不是一個問題。廢料可能對阿根廷其他鋼鐵公司來說也是一個問題。這在他們的投入中具有更多的廢料基礎，但請記住，在阿根廷，關於新投資的呼籲，不，我們並沒有考慮停止或推遲任何投資。

As I said, the PLTCM, the cold rolling mill and the galvanized are almost completed. I mean, by the end of the year they are going to be completed and if you see what is happening in Mexican market. The Mexican market has a huge amount of imports from third countries which we are not able to really attack the police or substitute. That's better, substitute because we don't have enough capacity probably to do so in the technical issues. So we are going to forward and it's very rational to continue. The other one is the steel shop and the steel shop again.

正如我所說，PLTCM、冷軋機和鍍鋅廠已接近完工。我的意思是，到今年年底它們將會完成，如果你看看墨西哥市場的情況。墨西哥市場有大量來自第三國的進口商品，我們無法真正採取攻擊措施或替代措施。這樣更好，因為在技術問題上我們可能沒有足夠的能力來替代。因此，我們會繼續前進，而且繼續下去是非常合理的。另外一個是鋼鐵車間，又是鋼鐵車間。

Probably in all this that is happening as you mentioned in this uncertainty in the North American market, one thing that sure is going to happen is that the rule of origin are going to be strengthened even more. So melted (tampo) requirements are going to, we are going to need the melted (tampour) and so for that I think that the Pesqueria project strong the position of Ternium. I hope Alejandro is clear.

正如您所說，在北美市場不確定性的所有這些情況中，有一件事肯定會發生，那就是原產地規則將進一步加強。因此，我們需要融化 (tampo)，因此我認為 Pesqueria 專案將鞏固 Ternium 的地位。我希望亞歷杭德羅說清楚。

It, is very clear. And if I can follow up a little bit on that. So on the discussions that you're having with your main customers, particularly the, in the automotive industry for the rest of the year, how are they indicating volumes, say, between now and the end of the year then?

它，非常清楚。如果我可以稍微跟進一下的話。那麼，在您與主要客戶，特別是汽車行業的客戶就今年剩餘時間的銷售情況進行的討論中，他們是如何預測從現在到年底的銷售量的？

They don't have any changes in the volumes. Remember the auto industry in Mexico ended up a year with growth, and they are not indicating any changes.

他們的音量沒有任何變化。請記住，墨西哥的汽車產業去年實現了成長，而且沒有顯示出任何變化。

What they are doing is clearly working on changing some of the imports they have from third countries. So we are working with them to start changing or making running changes. Of imports they have from Asia mainly.

他們正在做的事情顯然是努力改變從第三國進口的部分產品。因此，我們正在與他們合作，開始改變或進行正在進行的變革。他們的進口主要來自亞洲。

Thank you.

謝謝。

Your next question comes from line of Timna Tanners with Wolf Research. Please go ahead.

您的下一個問題來自 Wolf Research 的 Timna Tanners。請繼續。

Yeah, hey, good morning. Wanted to, Massimo, I wanted to pick your brain really on the theme I feel like of the introductory remarks was really that China continues to be a big problem for the three main regions where you operate. So do you have any level of optimism that those countries Argentina, Brazil, Mexico can implement enough barriers or will be interested in doing so to help prevent some of those problems of imports that you've been talking to anytime soon?

是的，嘿，早安。馬西莫，我想就這個主題向您請教一下，我覺得開場白的重點實際上是中國仍然是您開展業務的三個主要地區的一個大問題。那麼，您是否樂觀地認為，阿根廷、巴西、墨西哥這些國家能夠實施足夠的貿易壁壘，或者有興趣這樣做，以幫助防止近期出現您一直在談論的一些進口問題？

Yes, I am optimistic in different levels depending on the country. I mean, let me put the perspective of China a little bit, and then I talk specific of what the three countries are doing.

是的，我對不同的國家抱持著不同程度的樂觀態度。我的意思是，讓我先稍微從中國的角度談談這三個國家正在做的事情。

China or the steel industry in China, but it's not only applied to the steel industry, it applies to a lot of industry. So China has been decreasing consumption for the for the last three years, apparent consumption in the country. So it reduced, I think on average, 4% each year for the last three years.

中國或中國的鋼鐵業，但它不僅適用於鋼鐵業，也適用於許多業。過去三年來，中國一直在減少國內表觀消費量。因此我認為過去三年來每年平均減少 4%。

But on the contrary, production has been the same. So this is a huge rebalance of the Chinese steel industry. Exports from Chinese steel increased in 2024 by 25%. That's an enormous amount of steel and then if you see the balance of what is happening in the steel industry in China, well, most of the companies are burning money.

但相反，產量卻一直沒變。因此，這是中國鋼鐵業的巨大的再平衡。2024年中國鋼鐵出口將成長25%。這是巨大的鋼鐵產量，如果你看看中國鋼鐵業的現狀，你會發現大多數公司都在燒錢。

So it's not a sustainable situation. Having said that, they are still exporting and doing all these things that have no sense.

所以這不是一個可持續的情況。話雖如此，他們仍然在出口並做著所有這些沒有意義的事情。

In our countries, I think Mexico is the one that's. Clearly they understand very well what is going on in China. They understand the importance of defending the industry again and fair trade, and they are working in this sense. So they are putting the dumping cases, they are putting some tariffs, and I think that they are starting to work in.

在我們國家中，我認為墨西哥就是其中之一。他們顯然非常了解中國正在發生的事情。他們認識到再次捍衛產業和公平貿易的重要性，並且正在朝著這個方向努力。因此，他們正在提起傾銷訴訟，徵收一些關稅，我認為他們已經開始採取行動了。

Other issues that are fighting for shipments that is happening in Mexico, in the US, in Canada, so China is looking for ways to evade this tariffs, and I think Mexico has a very clear path how to work in the Middle East, Brazil, which they made measures of this quarter, but clearly this quarter, as I said, is not working.

其他問題是墨西哥、美國、加拿大都在爭奪貨物，因此中國正在尋找逃避關稅的方法，我認為墨西哥對於如何在中東和巴西開展工作有著非常清晰的思路，他們在本季度也採取了相關措施，但顯然，正如我所說，本季度並沒有奏效。

So the dumping cases have been presented, and I think the government, I mean, I'm quite positive that the government is going to go through these dumping cases, which will be much affected barrier to unfair trade, Argentina I think it's the one that is a little bit behind all this. Sorry, because Argentina is still trying to stabilize the macroeconomy.

因此，傾銷案件已經提出，我認為政府，我的意思是，我非常肯定政府將會審查這些傾銷案件，這將對不公平貿易的壁壘產生很大影響，我認為阿根廷是所有這一切稍微落後的國家。抱歉，因為阿根廷仍在努力穩定宏觀經濟。

But again, I think that some part of this year, they're going to start realizing. That if we want to sustain an industry we have to fight against unfair trade. That's, simply the reason. So I'm optimistic that in some part of this year, they're going to realize this and we are going to work together doing this.

但我再次認為，今年某個時候他們就會開始意識到這一點。如果我們想要維持一個產業，我們就必須打擊不公平貿易。這就是簡單的原因。因此我樂觀地認為，今年某個時候他們會意識到這一點，並且我們將共同努力實現這一點。

I hope I understand. I answered part of your question.

我希望我理解。我回答了你的部分問題。

Yes. That was helpful. Thanks. I wanted to also put you on the spot regarding US-Mexico trade policy on steel. So with in the past you've also talked about how any tariff on Mexican steel could be positive for turn in because any retaliatory tariff would keep ex because the you know the US is a net importer of steel, so. If there were a retaliatory tariff, then that seal would stay in Mexico and you could be, you could, fill the gaps and take share right from imports.

是的。這很有幫助。謝謝。我還想就美國和墨西哥的鋼鐵貿易政策向您請教一下。所以過去你也談到任何對墨西哥鋼鐵徵收的關稅都可能對貿易產生正面影響，因為任何報復性關稅都會保持出口，因為你知道美國是鋼鐵的淨進口國。如果徵收報復性關稅，那麼該印章將留在墨西哥，你可以填補空白，並從進口中奪取份額。

But on the other hand, if now that those tariffs look to be applied to the downstream side, some downstream customers could be affected and of course you already addressed autos so. I mean, any updated thoughts on retaliation or if the tariffs are in place as it is it, more negative just because of your customer impact than the positive of no longer receiving US imports. Thanks again.

但另一方面，如果現在這些關稅似乎要應用在下游，一些下游客戶可能會受到影響，當然你已經解決了汽車問題。我的意思是，對於報復措施的任何最新想法，或者如果關稅仍然有效，那麼對客戶的影響會更加消極，而不是因為不再接收美國進口產品而產生積極影響。再次感謝。

Thank you, Tim. It's a very uncertain question to answer because clearly I don't know where this is going to end.

謝謝你，提姆。這是一個很難回答的問題，因為我顯然不知道這一切將會如何結束。

What I can tell you is first of all. Ternium as of today we don't export significant volume to the US. So 4% of our flat rolled products goes to the US. It's not a very significant amount.

我可以告訴你的是，首先。Ternium 截至今天我們還沒有向美國出口大量產品。因此，我們的 4% 扁平材產品銷往美國。這不是一個很大的數字。

And as you said, in the relationship between Mexico and the US, Mexico has a huge Steel trade deficit. I mean, I think that this is the only country, Mexico is the only country where the US steel industry has a surplus and a surplus that is very big compared to between exports and imports.

正如您所說，在墨西哥和美國的關係中，墨西哥存在著巨大的鋼鐵貿易逆差。我的意思是，我認為這是唯一一個國家，墨西哥是唯一一個美國鋼鐵業實現盈餘的國家，而且盈餘相對於出口和進口而言非常大。

So I mean, As I said, The challenge that both the US and Mexico are facing today is not the trade between these two countries, but it's the trade we have in Mexico that they have in the US with all these other countries.

所以我的意思是，正如我所說的，美國和墨西哥今天面臨的挑戰不是這兩個國家之間的貿易，而是我們與墨西哥的貿易以及他們與美國與其他所有國家的貿易。

So at the end, I think that the US and Mexico are going to reach a reasonable agreement in this situation. I am not, I'm not seeing a scenario where It goes further as you were telling of tariffs on both sides, because again, it should be a reasonable agreement given the situation, but again it's difficult to speculate on all these negotiations that are going through between the US and Mexico today.

所以最終我認為美國和墨西哥將在這種情況下達成合理的協議。我沒有，我沒有看到像你所說的那樣雙方進一步徵收關稅的情況，因為考慮到目前的情況，這應該是一個合理的協議，但同樣，很難推測今天美國和墨西哥之間正在進行的所有談判。

Now, we appreciate that.

我們對此深表感激。

Thank you, Maximo. Sorry to put you on the spot.

謝謝你，馬克西莫。很抱歉讓你為難。

No, it's not on the spot, but I mean it's negotiations that are happening right now and again when you see the numbers, when you see the especially steel, it's very easy to reach an agreement. It shouldn't go further than reaching an agreement in that. And I think that's the best for all outcomes from the US, from Mexico, from the government.

不，這不是現場談判，但我的意思是，談判現在就在進行，當你看到數字，尤其是鋼鐵時，達成協議就很容易了。它不應該超出達成協議的範圍。我認為這對美國、墨西哥和政府來說都是最好的結果。

Your next question comes from the line of Alfonso Salazar with Scotiabank. Please go ahead.

您的下一個問題來自加拿大豐業銀行的阿方索·薩拉薩爾。請繼續。

Yes, thank you, Maximo.

是的，謝謝你，馬克西莫。

You mentioned in your presentation that we hope that rational decision making will prevail. I think we all agree with you on that. Now, the question that I have is regarding how is the US planning to balance the supply and demand without the imports, in the US? I mean, it doesn't look to me that something that would be easy to do.

您在演講中提到，我們希望理性的決策能夠佔上風。我想我們都同意你的看法。現在，我的問題是，在沒有進口的情況下，美國打算如何平衡供需？我的意思是，在我看來這不是一件容易的事。

Is the appetite to invest in more capacity given that, there is a global overcapacity, what would be the implications for, end users of steel, also for the global scrap markets in North America and globally, if there is more need of scrap in the US, I mean, it seems that it's going to have lots of ramifications that eventually will be, severe and we can end in a world in which in which basically we have this bifurcation of trade with China, and selling more to other countries and other countries and selling more steel, and then you have a like a sanctuary in not in North America anymore but in all US. But that doesn't seem to be a situation that could stay for long. So any color that you can provide, especially in how do you envision, a market that is, properly supplied without imports in the US.

鑑於全球產能過剩，是否有意投資增加產能，這對鋼鐵終端用戶以及北美和全球的廢鋼市場會有什麼影響？ 如果美國對廢鋼的需求增加，這似乎將產生很多影響，最終將是嚴重的，我們可能最終陷入這樣一種境地：我們與中國的貿易基本上分叉，我們向其他國家出售更多鋼鐵，然後你就會看到一個避難所，它不再在北美，而是在整個美國。但這種情況似乎不會持續太久。所以您可以提供任何顏色，特別是您如何設想一個無需美國進口就能得到適當供應的市場。

Thank you and the scrap the implications of this of this scrap markets as well.

謝謝你，廢料市場也對此產生了影響。

Yeah, Alonso, thank you very much. It's a very good question. I don't know if I have the answer to that. I think it's a question for other companies, but I mean, but you're right about, I mean, I don't think that the outcome of all these negotiations could be that what you are saying, but as I said in the initial marks, I don't know against the rest of the world, and I'm not capable of saying what would be the relationship between the US and China or Asia or Europe, but I am a strong believer in the advantage of the USMCA.

是的，阿隆索，非常感謝。這是一個非常好的問題。我不知道我是否有答案。我認為這是其他公司應該考慮的問題，但我的意思是，你說得對，我不認為所有這些談判的結果會是你所說的那樣，但正如我在最初所說的那樣，我不知道與世界其他國家相比，我也無法說出美國與中國、亞洲或歐洲之間的關係會怎樣，但我堅信 USMCA 的優勢。

If you see the story of the USMCA, which is not a very long story, the trade among the members of the three countries grew significantly over the last year, in every way. I mean, from Mexico to the US, but the US to Mexico also, almost in the same amount.

如果你看一下 USMCA 的故事，你會發現這並不是一個很長的故事，在過去的一年裡，這三個國家之間的貿易在各個方面都實現了顯著增長。我的意思是，從墨西哥到美國，但從美國到墨西哥也幾乎是相同的數字。

And the USMCA play a role in enhancing the competitive of the area. I mean, it's very reasonable. It's to think as the USMCA as a way of strengthening the supply chain there to get competitiveness for fighting or for com not fighting, but the defending or competing with other regions like China. So, for me, again, I think.

而USMCA對增強該地區的競爭力發揮了作用。我的意思是，這是非常合理的。可以認為，USMCA 是加強當地供應鏈的一種方式，以獲得戰鬥力或通訊競爭力，但不是戰鬥，而是防禦或與中國等其他地區競爭。所以，對我來說，我再次這麼認為。

That at the end, it will prevail because I think the USMCA is beneficial for the three countries. On the other side, I see how Mexico is reacting before all this trade, even before all this trade. If you see the Mexico plan, the plan Mexico that President Chamber announced, I think in the beginning of the year.

最終它將獲勝，因為我認為 USMCA 對三國都有好處。另一方面，我看到墨西哥在所有這些貿易之前，甚至在所有這些貿易之前是如何反應的。如果你看到墨西哥計劃，也就是錢伯總統宣布的墨西哥計劃，我想是在年初。

It's very focused on what we have been saying for a long time in how we must focus on industrializing import substitution for Asia, strengthening North America's supply chain. I mean, if you hear to what Mexico is doing, the plan that Mexico has, it's also going the same way, so again, it's I am optimistic that reason will prevail. I can tell you that Alfonso.

它非常關注我們長期以來所說的，我們必須專注於亞洲工業化進口替代，加強北美的供應鏈。我的意思是，如果你聽說墨西哥正在做的事情、墨西哥的計劃，你就會知道它也在朝著同樣的方向發展，所以我再次樂觀地認為理性將佔上風。我可以告訴你，阿方索。

Yeah.

是的。

Thank you. Just any comment on the global scrap, trade, how you see that, changing or unfolding, given, what we know about the tariffs and the this idea to, produce more in the US in particular.

謝謝。對於全球廢棄物、貿易，您有何評論？

Well, I think to produce more in the US it's a long time, so at least any new capacity will be three years, four years, five years to come in, except for what we are already seeing in the US. So I don't think there's going to be a lot of change, of course scrap.

嗯，我認為在美國生產更多產品需要很長時間，所以除了我們在美國已經看到的產能外，任何新產能至少都需要三年、四年、五年的時間。所以我不認為會有太大的變化，當然會是廢棄。

It's going to be, but we know this. I mean, it's going to be a market where more people are going to use scrap because we are changing the route from blast furnace to electrical art, but this is taking a long way, so I don't foresee any major changes in the next two years.

這將是這樣的，但是我們知道這一點。我的意思是，由於我們正在從高爐向電氣藝術轉變，這個市場將有更多的人使用廢料，但這還有很長的路要走，所以我預計未來兩年不會發生任何重大變化。

Excellent, thank you so much, Maximo.

太好了，非常感謝，馬克西莫。

There are no further questions at this time. I will now turn the call back over to Ternium's CEO for closing remarks.

目前沒有其他問題。現在，我將把電話轉回給 Ternium 的首席執行官，請他作最後發言。

Okay, thank you very much all for participating. Very good questions. Always your feedback is much appreciated if you have any. Have a good day and we'll see and we talk in the next three months.

好的，非常感謝大家的參與。非常好的問題。如果您有任何反饋，我們將非常感激。祝您有美好的一天，我們將在接下來的三個月內拭目以待。

Thank you.

謝謝。

This concludes today's conference call.

今天的電話會議到此結束。

Thank you for joining. You may now disconnect.

感謝您的加入。您現在可以斷開連線。