Ternium SA (TX) 2026 Q2 法說會逐字稿

Good morning, ladies and gentlemen. Welcome to Ternium's conference call to discuss the results for the second quarter 2026. We would like to inform you that this event is being recorded (Operator Instructions). We would like to remind you that this conference call is intended exclusively for investors and market analysts. We request you that any question from journalists be dedicated to the media relations through our website in the press section.

各位女士、先生，早安。歡迎參加 Ternium 的電話會議，討論 2026 年第二季的業績結果。我們在此通知各位，本活動將被錄音（接線員指示）。我們也提醒各位，本電話會議僅供投資人與市場分析師參與。我們請媒體記者的任何提問，請透過我們網站新聞區的媒體關係管道提出。

With this, I would like now to turn the floor over to Mr. Sebastián Martí. You may proceed.

接下來，我想把時間交給 Sebastián Martí 先生。請開始。

Hello? Okay. It seems we had some technical issues. I hope you can hear us now. Okay, let's go again. Good morning, and thank you for joining us today. My name is Sebastián Martí, and I'm Ternium's Global IR and Compliance Senior Director. Yesterday, we announced our financial results for the second quarter and first half of 2026. Today's call is intended to provide additional context to that presentation.

喂？好的。看起來我們遇到一些技術問題。希望各位現在可以聽到我們的聲音。好，我們再重新開始。早安，感謝各位今天加入我們。我叫 Sebastián Martí，是 Ternium 全球投資人關係與法遵資深總監。昨天，我們公布了 2026 年第二季與上半年財務結果。今天的電話會議旨在為該簡報提供更多背景說明。

I'm joined by Máximo Vedoya, Ternium's Chief Executive Officer; and Pablo Brizzio, the company's Chief Financial Officer, who will discuss Ternium's operating environment and performance. Following our prepared remarks, we will open up the call to your questions. 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.

與我一同出席的有 Ternium 執行長 Máximo Vedoya，以及公司財務長 Pablo Brizzio，他們將討論 Ternium 的營運環境與表現。在我們的準備發言之後，我們將開放各位提問。在開始之前，我想提醒各位，本電話會議包含前瞻性資訊，實際結果可能與所明示或暗示者有所差異。

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 measure in the press release issued yesterday.

可能影響結果的因素載於我們向美國證券交易委員會提交的文件，以及今日網路直播簡報的第 2 頁。此外，您也可在昨天發布的新聞稿中，找到任何非 IFRS 財務衡量指標與最直接可比的 IFRS 指標之調節表。

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

接下來，我把電話會議交給 Vedoya 先生。

Good morning, everyone, and thank you for joining us. Yesterday, we reported a significant increase in Ternium's result in the second quarter. Adjusted EBITDA was 50% higher sequentially, and our EBITDA margin reached 16.5%. Our balance sheet remained strong with net debt of only $112 million. With the peak of our investment program in Mexico behind us, we expect capital expenditures to keep declining further down the road.

各位早安，感謝各位加入我們。昨天，我們報告 Ternium 在第二季的業績顯著提升。調整後 EBITDA 較前一季成長 50%，EBITDA 利潤率達到 16.5%。我們的資產負債表依然強健，淨負債僅 1.12 億美元。隨著我們在墨西哥投資計畫的高峰期已過，我們預期資本支出在未來將持續下降。

Before turning to our markets, let me say a few words on safety. Two weeks ago, we held Ternium's Safety Week, which we run every year across all of our operations. We stopped our production lines and more than 21,000 people took part in safety awareness routines. Stopping production across the company sends a clear message of our priority. Moving to Mexico, shipments increased and margin expanded. The business environment is slowly getting better.

在談到市場之前，我先就安全議題說幾句。兩週前，我們舉辦了 Ternium 安全週，這是我們每年在所有營運據點都會進行的活動。我們暫停了生產線，超過 21,000 人參與安全意識活動。在全公司範圍內停產，清楚傳達了我們的優先順序。回到墨西哥，出貨量增加、利潤率擴大。整體商業環境正緩慢改善。

Government measures against unfair trade are already helping steel volumes recover. The country continues to strengthen its trade defenses. The commercial market improved during the quarter, supported by restocking along the value chain, which is bringing inventories back to a more balanced level. We are also gaining market share in this segment, helped by lower imports and by our stronger performance versus peers as customers continue to value Ternium's reliability, service, and ability to respond quickly.

政府針對不公平貿易的措施已開始協助鋼材銷量回升。該國持續強化其貿易防衛。本季商業市場改善，受惠於價值鏈各環節的補庫存，使庫存回到較為均衡的水準。我們在此區隔也正在提升市占率，受惠於進口下降，以及相較同業更強的表現；客戶持續重視 Ternium 的可靠性、服務品質與快速回應能力。

Steel demand in the industrial market did not grow at the same pace. The auto sector remains healthy, and HVAC is improving on demand from data centers. Section 232 tariffs are affecting our customers in this and other manufacturing sectors. We expect volumes to continue recovering gradually in the third quarter. We are supplying steel for new gas pipeline projects and replacing Asia-imported steel from several automotive OEMs.

工業市場的鋼材需求成長未以相同速度擴張。汽車產業仍然健康，HVAC 受資料中心需求帶動而改善。第 232 條關稅正在影響我們在此及其他製造業領域的客戶。我們預期第三季出貨量將持續逐步復甦。我們正為新的天然氣管線專案供應鋼材，並為多家汽車 OEM 取代原先自亞洲進口的鋼材。

Public infrastructure projects under the agreement to promote the Mexican steel industry should add further demand ahead. Moving to trade, the US and Mexico have held three meetings in the last month to work towards a new framework. These talks have advanced, although they have not yet produced concrete results. For the Mexican government, Section 232 remains a top priority.

在促進墨西哥鋼鐵產業的協議之下，公共基礎建設專案可望在未來帶來更多需求。在貿易方面，美國與墨西哥在過去一個月內已舉行三次會議，致力於建立新的架構。這些會談已有進展，但尚未產生具體成果。對墨西哥政府而言，第 232 條仍是最優先事項。

These tariffs are hard to justify in the case of steel, as the US runs a large trade surplus with Mexico, and it's by far its larger external supplier. At the same time, there is still excess steel capacity in the world, and this makes it necessary to keep working on the trade front. A fourth round of talks will take place in Washington in early September.

就鋼鐵而言，這些關稅難以合理化，因為美國對墨西哥有龐大的貿易順差，且美國是墨西哥迄今最大的外部供應來源。同時，全球仍存在過剩鋼鐵產能，因此有必要持續在貿易面努力。第四輪會談將於 9 月初在華盛頓舉行。

Turning to Pesquería, our new downstream lines continue to ramp up, and the slab facility is progressing well, with startup expected in early 2027. This new capacity positions Ternium well for a more integrated and better-defended North American market, where local supplies becomes a competitive advantage. Ternium is prepared to serve that demand with local capacity, short lead times, and the technical support that industrial customers require.

談到 Pesquería，我們新的下游產線持續爬坡增產，板胚設施進展順利，預計於 2027 年初啟動。這些新增產能使 Ternium 能在更整合、且防衛更完善的北美市場中占據有利位置；在該市場中，本地供應將成為競爭優勢。Ternium 已準備以在地產能、較短交期，以及工業客戶所需的技術支援來滿足該需求。

On top of that, the steel from our new slab mill will reach the automotive industry with a carbon footprint well below that of the blast furnace-based steel that still supplies most of the region's automotive needs. Before moving on to other markets, let me mention two recognitions we received in Mexico since our last call. Caterpillar distinguished Ternium through its Supplier Excellence Recognition program for the fourth year in a row.

此外，我們新板胚廠所生產的鋼材將供應汽車產業，其碳足跡將遠低於目前仍供應該地區大部分汽車需求、以高爐為基礎的鋼材。在談其他市場之前，我先提及自上次電話會議以來我們在墨西哥獲得的兩項肯定。Caterpillar 透過其供應商卓越認可計畫，連續第四年表揚 Ternium。

We also received Trinity's Premier Supplier Award in the steel category. Awards repeated over time and across industries show that our customers value the quality of our products and the service of our team. Turning to Brazil, trade defense is advancing. In June, the steel quota system was renewed until June 2027, and the anti-dumping case on hot rolled coils from China should reach a final decision during this year. More is still needed, but the direction is positive.

我們也在鋼鐵類別獲得 Trinity 的頂級供應商獎（Premier Supplier Award）。這些跨產業、長期重複獲得的獎項，顯示客戶重視我們產品的品質以及團隊的服務。談到巴西，貿易防衛正在推進。6 月，鋼鐵配額制度延長至 2027 年 6 月，而針對中國熱軋捲的反傾銷案件預計將於今年作出最終裁決。仍需要更多措施，但方向是正面的。

Demand across consuming sectors remain uneven. Automotive is solid, with production expected to grow by 6% this year. Road and infrastructure equipment remains dynamic. Other sectors are weaker, affected either by slow demand or unfair competition from imported finished goods. Against this backdrop, Usiminas has improved its profitability over the last few quarters. This came from better industrial performance, strict cost control, and higher productivity.

各終端消費產業的需求仍不均衡。汽車產業表現穩健，預期今年產量將成長 6%。道路與基礎建設設備仍然活躍。其他產業較為疲弱，受到需求放緩或進口成品不公平競爭的影響。在此背景下，Usiminas 在過去幾季改善了其獲利能力。這來自更佳的工業表現、嚴格的成本控管，以及更高的生產力。

A key milestone for this competitiveness was the completion of the pulverized coal injection project, a structural step forward that brings great efficiency and lower cost, while also reducing emissions intensity. We also received important customer recognitions. General Motors named us Supplier of the Year in the Industrialization and Trust category, and Honda Motor Co. granted us a Gold Best Supplier award. In Argentina, shipments increased sequentially in the second quarter, mostly for seasonal reasons.

此競爭力的一個關鍵里程碑，是完成了煤粉噴吹（PCI）專案；這是一項結構性的向前邁進，可帶來更高效率與更低成本，同時也降低排放強度。我們也獲得了重要的客戶肯定。通用汽車（General Motors）授予我們「年度供應商」獎，獲獎類別為「工業化與信任」；本田汽車（Honda Motor Co.）則頒發「金牌最佳供應商」獎。在阿根廷，第二季出貨量較前一季增加，主要是季節性因素所致。

Our view on this market has not changed. We continue to expect energy, mining, and agriculture to be the most dynamic sectors, with construction recovering gradually from still low levels. Manufacturing remains weak, held back by soft demand and strong competition from imports. In July, we published Ternium's 2025 sustainability report.

我們對此市場的看法並未改變。我們仍預期能源、礦業與農業將是最具動能的產業，而建築業則將自仍偏低的水準逐步復甦。製造業仍然疲弱，受到需求偏軟以及進口品強勁競爭的抑制。7月，我們發布了 Ternium 的 2025 年永續報告。

One of the main updates in this revision is the revision of our 2030 decarbonization target, which now includes Usiminas and uses 2024 as a new base year. We are committed to reducing emissions intensity per ton of hot-rolled steel by 50%, covering Scope 1, 2, and 3 under GHG protocol methodology. The report also covers our progress in energy efficiency, environmental management, safety, and community engagement. I encourage you to read it. It gives a complete view of the work Ternium is doing in all these fronts.

本次修訂的主要更新之一，是我們對 2030 年去碳化目標的修訂；該目標現已納入 Usiminas，並以 2024 年作為新的基準年。我們承諾將每噸熱軋鋼的排放強度降低 50%，並依據溫室氣體盤查議定書（GHG Protocol）方法學涵蓋範疇（Scope）1、2 與 3。報告亦涵蓋我們在能源效率、環境管理、安全與社區參與方面的進展。我鼓勵各位閱讀。它完整呈現了 Ternium 在上述各面向所做的工作。

This was a quarter with a solid recovery in profitability and a balance sheet that remains very strong. Looking ahead, we expect performance to continue showing good results in the third quarter, supported by the recovery in Mexico, a more balanced trade environment in Brazil, and steady progress on our strategic projects. All of this rests on the daily work and commitment of all our people, and I want to thank them all.

本季獲利能力穩健回升，資產負債表仍然非常強健。展望未來，我們預期第三季表現將持續呈現良好成果，受惠於墨西哥復甦、巴西更為均衡的貿易環境，以及我們策略性專案的穩步推進。這一切都建立在全體同仁每日的工作與投入之上，我要向大家致謝。

With this, I'd like to move to a review of our quarterly performance. Pablo, please go ahead.

接下來，我想進入我們季度表現的回顧。Pablo，請開始。

Thanks, Máximo, and thanks everybody for participating in this call. Let me turn to our operational and financial performance for the second quarter of this year. Adjusted EBITDA rose in the second quarter, driven by higher volumes and better margin, with adjusted EBITDA margin expanding to 16.5% from 12.2% in the first quarter. Performance benefited from the strengthened market fundamentals in Mexico and more constructive steel market environment in Brazil.

謝謝，Máximo，也謝謝各位參與本次電話會議。我來說明今年第二季的營運與財務表現。第二季調整後 EBITDA 上升，主要由更高的出貨量與更佳的利潤率所帶動；調整後 EBITDA 利潤率由第一季的 12.2% 擴大至 16.5%。表現受惠於墨西哥市場基本面轉強，以及巴西鋼鐵市場環境更為建設性。

The key drivers behind this result was improvement in realized steel prices, mainly in Mexico and Brazil. Looking ahead, we expect adjusted EBITDA to increase sequentially in the third quarter, driven by higher shipments and an improved adjusted EBITDA margin. This margin expansion should reflect higher revenue per ton, partially offset by an increase in cost per ton across our markets.

推動此結果的關鍵因素，是實現鋼價的改善，主要發生在墨西哥與巴西。展望未來，我們預期第三季調整後 EBITDA 將較前一季增加，主要由更高出貨量與調整後 EBITDA 利潤率改善所帶動。此利潤率擴張應反映每噸營收提高，但將被各市場每噸成本上升部分抵銷。

Net income reached $465 million in the second quarter, primarily driven by strong operating performance. Compared to the first quarter, the improvement in operating income was partially offset by lower net financial results, mainly from foreign exchange losses and lower deferred tax gains.

第二季淨利達 4.65 億美元，主要由強勁的營運表現所驅動。相較第一季，營業利益的改善部分被較低的淨財務結果所抵銷，主要來自匯兌損失以及遞延所得稅利益減少。

Let's review the steel segment shipments now. Consolidated shipments increased by 4% sequentially in the second quarter. In Mexico, volumes continued to rise, supported by strengthening in the commercial market, lower input from more effective trade defense against unfair trade practices, and efforts to improve market share, as already was explained by Máximo.

接下來我們回顧鋼鐵事業部的出貨量。第二季合併出貨量較前一季增加 4%。在墨西哥，出貨量持續上升，受惠於商業市場走強、透過更有效的貿易防衛降低不公平貿易行為的影響，以及提升市占率的努力，正如 Máximo 先前所說明。

In Brazil, sales volume held broadly steady versus the first quarter, with Usiminas maintaining focus on margin rather than volume. In the southern region, volume picked up in a typical seasonality recovery, even as the underlying demand continues to hold steady.

在巴西，銷售量相較第一季大致持平，Usiminas 持續將重點放在利潤率而非出貨量。在南部地區，出貨量在典型的季節性回升中增加，儘管基礎需求仍維持穩定。

Looking ahead, we expect shipments to keep recovering, mainly in Mexico, supported by sustained commercial market momentum and also in Brazil as trade measure takes hold and inventories normalize. Moving to the steel segment performance, steel cash operating income rose by $240 million sequentially, with higher volume and realized steel prices. The cost per ton increased slightly. We should see revenue per ton and margins to continue improving in the third quarter.

展望未來，我們預期出貨量將持續復甦，主要在墨西哥，受惠於商業市場動能延續；同時在巴西，隨著貿易措施發揮效果且庫存正常化，也將帶動復甦。接著看鋼鐵事業部的表現，鋼鐵現金營業利益較前一季增加 2.40 億美元，反映出更高的出貨量與實現鋼價。每噸成本小幅上升。我們應可看到第三季每噸營收與利潤率持續改善。

Turning now to the mining segment. Shipments normalized in the second quarter, reflecting the seasonal recovery of iron ore shipments in the Brazilian operations. Cash operating income declined slightly sequentially as lower realized iron ore prices were partially offset by higher sales volume. Let's review now the cash flow and balance sheet.

接著談礦業事業部。第二季出貨量回歸正常，反映巴西營運的鐵礦石出貨季節性回升。現金營業利益較前一季小幅下降，因實現鐵礦石價格較低，僅部分被較高的銷售量所抵銷。接下來我們回顧現金流量與資產負債表。

Although we had a significant increase in operating results, this was partially offset by a $418 million build-up in working capital, consistent with higher sales and increased raw material prices and steel costs. Capital expenditure reflect our progress in the expansion of the industrial center in Pesquería, now mostly focused on the construction of the new slab facility.

儘管營運成果大幅提升，但部分被 4.18 億美元的營運資金增加所抵銷，這與銷售增加、原材料價格上升以及鋼鐵成本提高一致。資本支出反映我們在 Pesquería 工業中心擴建上的進展，目前主要聚焦於新板胚（slab）設施的建設。

During the quarter, we also paid a dividend to shareholders of $255 million, corresponding to the balance of the total dividend declared for the fiscal year 2025. With this, we end June 2026 with a net debt position of $112 million, compared to a net cash position of $327 million at the end of March.

本季我們亦向股東支付 2.55 億美元股利，對應 2025 會計年度所宣告總股利的餘額。因此，截至 2026 年 6 月底，我們的淨負債為 1.12 億美元；相較之下，3 月底為 3.27 億美元的淨現金部位。

Finally, let me close with a quick look at our first half performance. In the first six months, adjusted EBITDA was $1.2 billion, rising 65% year over year, with EBITDA margins expanding to 14% from 9% in the same period of last year. Net income for the first half amounted to $837 million, resulting in shareholders earning of $2.84 per ADS, almost double the prior year level, supported by stronger operation results on higher steel margins.

最後，我以簡要回顧上半年表現作結。前六個月調整後 EBITDA 為 12 億美元，年增 65%，EBITDA 利潤率由去年同期的 9% 擴大至 14%。上半年淨利為 8.37 億美元，使股東每份 ADS 盈餘為 2.84 美元，幾乎是前一年水準的兩倍，主要受惠於鋼鐵利潤率提高帶動的更強營運成果。

Cash from operations totaled $473 million, with a year-over-year decline mainly driven by higher working capital needs, with higher inventory values and higher receivable associated with an increase in steel prices, as well as higher raw material costs. Capital expenditure reached $837 million in the first half, reflecting continued investment in the Pesquería expansion. With this, we are leaving behind the peak of our investment cycle and expect CapEx of $1.6 billion for the full-year 2026, moderating to around $1.2 billion next year.

營運活動現金流合計 4.73 億美元，年減主要由較高的營運資金需求所致，包括因鋼價上升而帶動的較高存貨價值與較高應收帳款，以及較高的原材料成本。上半年資本支出達 8.37 億美元，反映對 Pesquería 擴建的持續投資。因此，我們正逐步走出投資循環高峰，並預期 2026 全年資本支出為 16 億美元，明年將放緩至約 12 億美元。

With this, we conclude our prepared remarks. We would like now to welcome your questions. Please, operator, go ahead.

以上為我們事先準備的發言內容。接下來我們歡迎各位提問。請接線員開始。

(Operator Instructions) Rafael Barcellos, Bradesco BBI.

(操作員指示) Rafael Barcellos，Bradesco BBI。

Good morning, thanks for taking my questions and congratulations for the results. Looking at your price realization in the second quarter, it was very strong. Looking at how Mexican steel prices have performed over the past few months and given the contract lags, it seems that your second quarter price realization could have been even better than what you published in the second quarter.

早安，感謝讓我提問，也恭喜你們的業績表現。從你們第二季的價格實現來看，表現非常強勁。觀察過去幾個月墨西哥鋼價的走勢，並考量合約價格的滯後性，你們第二季的價格實現看起來甚至可能比你們在第二季公布的還要更好。

That said, does it mean that you have an even stronger price realization in the third quarter, growing quarter over quarter even more than what you published in the second quarter? On top of that, if you can comment a bit on the overall market environment in Mexico, how do you see prices evolving from now on?

也就是說，這是否代表你們第三季的價格實現會更強，季對季的成長甚至會高於你們在第二季公布的幅度？另外，若可以的話，請你也談談墨西哥整體市場環境，你如何看待接下來價格的走勢？

As a second question regarding the USMCA discussion, we are understanding that the likelihood of seeing deals made sector by sector are more likely than a broader USMCA revision. Just wanted to understand whether you believe this statement is correct, and what is the likelihood of seeing any sort of agreement with the US happening before the year end. Thank you.

第二個問題是關於 USMCA 的討論。我們的理解是，相較於更廣泛的 USMCA 修訂，逐一按產業別達成協議的可能性更高。想了解你是否認同這個說法，以及在年底前與美國達成任何形式協議的可能性有多大。謝謝。

Thank you, Rafael. The first question about prices, the prices in Mexico particularly. One of the things that is happening, as I said in the initial remarks, we are having more shipments in the commercial market than in the industrial market. The mix that we are selling is different of what it was in the past.

謝謝你，Rafael。第一個問題關於價格，特別是墨西哥的價格。如我在開場說明中提到的，目前我們在商業市場的出貨量多於工業市場。我們銷售的產品組合與過去不同。

As I said, the 232 tariff, it is not very big, but they are affecting the production of all the industrial base customers we have in Mexico. They are a little bit cautious on what they are doing, and that makes the mix of what we are selling a little different. Prices in the commercial market are more on a spot basis. That is why, I guess, your comment on the realization price are a little bit lower of what you expect.

如我所說，232 關稅本身不算很大，但它正在影響我們在墨西哥所有工業基礎客戶的生產。他們對於自身作為會比較謹慎，這也使得我們銷售的組合有些不同。商業市場的價格更偏向現貨基礎。因此，我想這也解釋了你提到的價格實現為何會比你預期的略低。

We expect some changes in the third quarter, but don't expect huge movements because this dynamic is still going on in Mexico. Regarding market environment in Mexico, I think that resumes also. Mexico is improving demand, but the demand in Mexico is not that it is increasing very much.

我們預期第三季會有一些變化，但不預期會有很大的波動，因為這種動態在墨西哥仍在持續。至於墨西哥的市場環境，我認為也可用上述來概括。墨西哥的需求正在改善，但需求並沒有大幅增加。

World Steel released the other day what the annual consumption improvement of steel would be in Mexico, and they said the growth was going to be 4%, and I kind of agree with that number. Our steel shipments are increasing a little bit more because we are gaining more market share against imports, which I think is a very good thing. The market is growing, but it is growing at a phase that still needs to improve more. I think part of this is the discussions US and Mexico are having.

世界鋼鐵協會（World Steel）前幾天發布了墨西哥年度鋼材消費改善幅度，表示成長將是 4%，我大致同意這個數字。我們的鋼材出貨量增加得稍微更多一些，因為我們正在從進口手中取得更多市占，我認為這是非常好的事情。市場在成長，但成長的速度仍需要進一步改善。我認為其中一部分原因是美國與墨西哥正在進行的討論。

Regarding USMCA, there is a lot of speculations of all the talks that are being held between the US and Mexico. I don't want to speculate more of all the things that have been said. What I think it is happening also is, for one part, being several deals or making a huge deal, priorities for Mexico is the 232 in all the sectors, which is very correct.

關於 USMCA，針對美國與墨西哥之間正在進行的各種會談，市場上有很多揣測。我不想在已經流傳的各種說法之上再多做揣測。我認為正在發生的是：無論是分別達成多項協議，或是達成一個大型協議，對墨西哥而言的優先事項是 232 在所有產業的議題，這是非常正確的。

Priority for the US is that Mexico step up its defense against unfair trade, not only steel, but in other products, which I think it is also correct. Both things, how we move in both directions, I think both of them are positive for us and for the Mexican market. I hope that they start making some new steps in the direction of these objectives really soon.

對美國而言的優先事項，是墨西哥要加強對不公平貿易的防衛，不僅是鋼鐵，也包括其他產品，我認為這同樣是正確的。這兩件事，若能朝兩個方向推進，我認為對我們以及墨西哥市場都是正面的。我希望他們能很快開始朝這些目標邁出新的步伐。

I hope with this, Rafael, I answer a little bit your questions.

希望這樣，Rafael，能多少回答到你的問題。

Yes. Just as a quick follow-up, just to clarify.

是的。我快速追問一下，只是想釐清。

Yeah?

好？

On the first part, on the first question, on the price side, you mentioned that we should not expect many changes, but I understand, in terms of mix. The mix should not change much in the third quarter, but of course, we will see an increase in price realization quarter over quarter, kind of similar to what we saw happen in the second quarter, right?

第一部分、第一個問題在價格方面，你提到我們不應預期太多變化，但我理解你指的是產品組合。第三季的組合不會有太大改變，但當然，我們會看到價格實現季對季上升，幅度大致類似第二季所發生的情況，對嗎？

You're right about that, Rafael.

你說得對，Rafael。

Makes sense, right?

這樣就合理了，對吧？

Yeah, that's completely correct, Rafael.

是的，完全正確，Rafael。

Okay, very clear. The mix will not change, but prices will go up like you published in the second quarter. Okay, thank you very much.

好的，非常清楚。組合不變，但價格會像你們在第二季公布的那樣上升。好的，非常感謝。

Something like that. Yeah.

差不多是那樣。是的。

Emerson Vieira, Goldman Sachs.

Emerson Vieira，高盛。

Good morning, everyone. Thank you for the opportunity. I have two questions as well. One on volumes in Mexico. I think one of the most difficult parts here is trying to estimate what could be the incremental volumes that the company is perceiving right now due to the infrastructure projects, right? Can you share any sensitivity here in terms of what could be the incremental steel demand for Ternium because of those projects that are being delivered, or actually are starting by Pemex, CFE, et cetera?

各位早安。謝謝給我這個機會。我也有兩個問題。第一個是關於墨西哥的銷量。我認為這裡最困難的部分之一，是試著估算公司目前因基礎建設專案而感受到的增量銷量可能是多少，對吧？你能否分享一些敏感度分析：就那些正在交付、或實際上由 Pemex、CFE 等開始推動的專案而言，對 Ternium 可能帶來的增量鋼材需求會是多少？

What could be the upside here to volumes in your view? Is it correct, my understanding that this impact is coming earlier than anticipated? If I'm right, in the last quarter, you guys mentioned that you could expect those higher volumes only coming in the end of the year, now this is being anticipated. This is the first question, then I will move on to the second one later on. Thank you.

就你們的看法，銷量的上行空間可能有多大？我的理解是否正確：這個影響比原先預期更早出現？如果我沒記錯，上季你們提到較高的銷量可能要到年底才會出現，但現在似乎提前了。這是第一個問題，之後我再問第二個。謝謝。

Okay. Thank you, Emerson, for your question. What is happening with all the infrastructure is that infrastructure is starting to pick up. If you see the numbers of Mexican economy and consumption in infrastructure, it decreased in 2025. It didn't move up in 2026 much, now there are some projects gaining momentum. Infrastructure projects are not projects that you're going to start one quarter and improve a lot to the other quarter.

好的。謝謝你，Emerson，謝謝你的問題。關於基礎建設，目前的情況是基礎建設開始回溫。如果你看墨西哥經濟的數據以及基礎建設的消費，2025 年是下降的。2026 年也沒有明顯上升，但現在有一些專案正在累積動能。基礎建設專案不是那種你在某一季開始，下一季就會大幅改善的專案。

They are taking sometimes. We are discussing, this is a number, you cannot put it in our projection, with this agreement that we make with the Mexican administration of the steel industry, we are discussing projects of around 600,000 to 700,000 tons. This is not coming in one quarter. These are project at least for 1.5 years. How much of that we'll realize in the following quarters?

它們有時需要時間。我們正在討論——這是一個數字，你無法把它直接放進我們的預測——透過我們與墨西哥政府及鋼鐵產業所達成的這項協議，我們正在討論約 60 萬到 70 萬噸的專案。這不會在單一季度內發生。這些專案至少會持續 1.5 年。接下來幾個季度我們能實現其中多少？

Not much of that. This is taking time. I hope I kind of clarified that, Emerson.

沒有太多那方面的內容。這需要時間。希望我多少把這點說清楚了，Emerson。

All right. 600,000 to 700,000 is considered all project that you guys have entered into partnerships, right?

好的。60萬到70萬被視為你們已經進入合夥關係的所有專案，對嗎？

Yeah. You have to take at least one or two years to develop all that.

是的。你至少需要一到兩年才能把這些都開發完成。

All right. Thank you. My second question, please, is just on capital allocation. In May, the company revised down the proposed dividends. When the geopolitical scenario was more uncertain. Of course, uncertainty still exist, but we are seeing earnings improving at a faster pace.

好的。謝謝。我的第二個問題是關於資本配置。在5月，公司下調了擬議的股利。當時地緣政治情勢更不確定。當然，不確定性仍然存在，但我們看到獲利正以更快的速度改善。

Would it make sense to believe that dividends could be raised and maybe return to prior levels or even above? What is the company's view here on the dividend payments going forward in light of those changes? Thank you.

是否可以合理地認為股利可能會提高，並且也許回到先前水準，甚至更高？鑑於這些變化，公司對未來股利發放的看法是什麼？謝謝。

Thank you, Emerson. That's a great question. Let me put a view first on our capital allocation then specific on the dividends. Probably Pablo can answer that. If you see our CapEx, we are coming out of a period of a significant CapEx for us. You know all this, all the Pesquería project, all the investment we have to do in Usiminas, in the different operations.

謝謝你，Emerson。這是個很好的問題。我先談我們的資本配置觀點，再具體談股利。也許Pablo可以回答。如果你看我們的資本支出（CapEx），我們正走出一段對我們而言資本支出相當可觀的時期。你都知道的，包括Pesquería專案、以及我們在Usiminas與各項營運中必須進行的投資。

In 2027, CapEx is going to decrease. I think Pablo mentioned the number, $1.2 billion to $1.3 billion from a CapEx of this year of around $1.6 billion. The priority probably next year in this CapEx allocation would be to take advantage and consolidate all that we have made through this year, last year investments. We have to consolidate this industrial system and focus on the operation and startup of all these facilities.

到2027年，資本支出將會下降。我想Pablo提過數字，將從今年約16億美元的資本支出，降至12億到13億美元。明年在資本支出配置上的優先事項，可能是把今年與去年投資所完成的一切加以利用並鞏固。我們必須鞏固這套工業系統，並聚焦於這些設施的營運與啟動。

You're right about the uncertainty, but we are still operating in a quite uncertain environment, so things look a little bit better. The amount of uncertainty in the world economy is not over yet, and we are monitoring that very deeply. Nevertheless, we continue having the return of investment, or the return to shareholders as a key part of our capital allocation.

你說得對，確實存在不確定性，但我們仍在相當不確定的環境中運作，所以情況看起來稍微好一些。全球經濟的不確定性尚未結束，我們正在非常深入地監測。儘管如此，我們仍將投資報酬、或對股東的回饋，視為資本配置的關鍵部分。

I don't know, Pablo, if you want to put a little more in the numbers.

我不知道，Pablo，你是否想在數字方面再補充一些？

Yes, Máximo. Yes, it's very clear what you said, that some things that we have seen in the past are still there, but it's also very clear, as Emerson, you have put there, that the return of the company are improving. That is a very good piece of news, and that we are moving into a coming year in which we will have improved results and reduced CapEx.

是的，Máximo。是的，你說得很清楚：我們過去看到的一些因素仍然存在；但同時也很明顯，正如Emerson你所提到的，公司報酬正在改善。這是非常好的消息，而且我們正邁向來年：成果將改善、資本支出也將降低。

As we have seen in the past, this company has a tradition, and it have shown that at the moment that we increase result, and we believe that we could sustain an increase in dividend, this is a possibility that a company will put forward. The conditions are there. We need to see if there is changes in the near future, because we are not yet at the moment of a definition of dividend. Clearly what you mentioned is clearly a possibility.

如同我們過去所見，這家公司有其傳統，也已經證明：當我們的業績提升、且我們相信可以維持股利增加時，公司就可能會提出提高股利的方案。條件已經具備。我們需要觀察近期是否會有變化，因為我們尚未到做出股利決定的時點。你提到的情況，確實是一種可能性。

All right. Thank you, Máximo, Pablo, Sebastián. Have a good one.

好的。謝謝你，Máximo、Pablo、Sebastián。祝你們一切順利。

You're welcome, Emerson.

不客氣，Emerson。

Caio Ribeiro, Bank of America.

美國銀行的Caio Ribeiro。

All right. Good morning, thank you for the opportunity. I have two questions on the trend of North America steel markets. First off, looking at the HRC prices in Mexico and the US, there's quite a large gap of around $300 per ton, which has been expanding over the past year.

好的。早安，謝謝給我這個機會。我有兩個關於北美鋼鐵市場趨勢的問題。首先，觀察墨西哥與美國的熱軋捲（HRC）價格，兩者之間有約每噸300美元的相當大價差，而且在過去一年持續擴大。

Just curious to hear from you, if you can talk a little bit about how lead times, inventory levels look in Mexico, just to try and understand how they compare to the US, where lead times are well above average at nine weeks, inventory is quite low. On this note, if the trigger to narrow that spread is really just a reduction in tariffs for Mexico or if you see any other triggers here.

想請教你們是否能談談墨西哥的交期與庫存水位大概如何，以便理解它們與美國的比較；美國目前交期遠高於平均、約九週，庫存相當低。就此而言，若要縮小該價差，觸發因素是否真的只是降低對墨西哥的關稅，或你們是否看到其他觸發因素？

Secondly, HRC prices in the US have clearly had a strong run over the past year. As you look ahead, I just wanted to see how you view the restart of that large blast furnace, Gary Works, that was idled for maintenance, and the startup of Nucor's new capacity later this year, and whether you see those as risks that could generate a price inflection point, and if current price levels are already encouraging a pickup in imports. Those are my questions. Thank you.

第二，美國的熱軋捲（HRC）價格在過去一年顯然強勢上漲。展望未來，我想了解你們如何看待那座大型高爐Gary Works（先前因維修而停產）的重啟，以及Nucor今年稍晚新增產能的投產；你們是否認為這些是可能造成價格轉折點的風險？以及目前的價格水準是否已在鼓勵進口回升。以上是我的問題。謝謝。

Thank you, Caio. From the first, the gap between Mexico and US prices, I don't think the gap is due to these different lead times or the inventory. If you see the price in Mexico, price in Mexico are following the same trend as the US. They are increasing, and I think lead times inventory are quite similar to what is happening in the US.

謝謝你，Caio。先談第一點：墨西哥與美國價格之間的價差，我不認為是由於交期或庫存的差異所致。如果你看墨西哥的價格，墨西哥的價格與美國呈現相同趨勢。它們都在上升，而我認為交期與庫存也與美國的情況相當類似。

There is a different, of course, is the 232 in the US, and that the trade measures in Mexico are not as effective as the ones in the US, notably this 232. The trend in Mexico is going to continue as it's been in the several last month, the gap is going to start closing once, I think, these discussions between the US and Mexico start putting some conclusions.

當然有一個差異：美國有232條款，而墨西哥的貿易措施不如美國有效，尤其是這個232。墨西哥的趨勢將會延續過去幾個月的走勢；我認為一旦美墨之間的討論開始形成一些結論，價差就會開始收斂。

I said it before, what Mexico is asking is to get rid of the 232 between Mexico and the US, US is asking to put more tough trade measures in Mexico. As I said, both are quite good and both have reasons to ask that. An agreement can be reached, I think, in those sense.

我之前說過，墨西哥希望取消美墨之間的232；美國則希望墨西哥採取更嚴格的貿易措施。如我所說，兩者都相當合理，也都有其提出要求的理由。我認為在這方面可以達成協議。

In that part, the gap between both prices will probably reduce. That's regarding Mexican prices. The increasing capacity in US, the US is increasing the import volume, but if you see the demand is still not picking up, demand in the US.

在那種情況下，兩邊價格的價差很可能會縮小。以上是關於墨西哥價格。至於美國產能增加，美國的進口量正在上升，但如果你看需求，美國需求仍未回升。

The consumption of steel in the US is still the same this year and last year. It should increase, and the new capacity should be swallowed by this increase in demand and the decrease in imports. I don't see a huge risk there, Caio. Clearly, it could be some moments when prices decrease or it's a little bit more offer than demand, I don't see a huge impact of this restart of capacity.

美國的鋼鐵消費量今年與去年仍然相同。它應該會增加，而新增產能應可被需求增加與進口下降所吸收。我不認為這裡有很大的風險，Caio。當然，可能會有一些時點價格下跌，或供給略高於需求，但我不認為這次產能重啟會造成很大的影響。

I hope that answered the question, Caio.

希望這回答了你的問題，Caio。

Yes, that's very clear. Thank you very much.

是的，非常清楚。非常感謝。

You're welcome.

不客氣。

Alfonso Salazar, Scotiabank.

Alfonso Salazar，豐業銀行（Scotiabank）。

Thank you. Two questions for you, Máximo. Both are regarding the Mexican market. The first one is, can you share what's the move among clients in Mexico? We saw the decision of Toyota moving part of the production of the Tacoma to the US. Want to hear, what is the move regarding when you have conversations with your clients in Mexico, what they are thinking, what are the challenges that they are facing?

謝謝。我有兩個問題要問你，Máximo。兩個都與墨西哥市場有關。第一個是，你能分享一下墨西哥客戶之間的動向嗎？我們看到豐田決定把Tacoma的部分產能移到美國。想聽聽你在與墨西哥客戶對談時，他們的動向是什麼、他們在想什麼、以及他們面臨哪些挑戰？

For example, if the 232 goes away, they will face higher prices for steel. Just wondering, what are the conversations that you're having with them? The second question that I have is on Mexico, regarding where it stands in the new global auto market or the new global auto arena.

例如，如果232條款取消，他們將面臨更高的鋼材價格。我只是想知道，你們與他們的對話內容是什麼？我第二個問題也是關於墨西哥：在新的全球汽車市場或新的全球汽車競技場中，墨西哥處於什麼位置？

We see the US buys pickups and SUVs, China leads the electric vehicle and the low-cost auto markets, and OEMs are losing market share basically everywhere except in the US. What is the future for the US? I think it's a good time to rethink about that now that the Pesquería plant, the new slab facility, is close to complete.

我們看到美國購買皮卡和SUV，中國領先電動車與低成本汽車市場，而OEM基本上在除美國以外的各地都在流失市占。美國的未來是什麼？我認為現在是重新思考的好時機，尤其是Pesquería工廠、這座新的板坯（slab）設施即將完工。

Thank you, Alfonso. What is the mood of our customers? I guess you are talking about the industrial customers in Mexico. As I said, I think customers, especially those of US origin, they are expecting to have a resolution in the 232 and in these USMCA discussions. I think that most of the customers think that there's going to be a solution or an agreement.

謝謝你，Alfonso。我們客戶的情緒如何？我猜你指的是墨西哥的工業客戶。如我所說，我認為客戶，特別是美國背景的客戶，正期待232以及這些USMCA討論能有結果。我想大多數客戶都認為會有解決方案或達成協議。

They're waiting for that because they have a huge supply chain operation in Mexico and the US. I think that the objective that the Trump administration is moving in reducing the trade deficit that they have with Asia, they are going to do it with an agreement with Mexico. They are in this mood of waiting, and I think the bigger challenge is the 232. I don't think that customers think that without the 232, the cost can increase.

他們在等待，因為他們在墨西哥與美國都有龐大的供應鏈運作。我認為川普政府推動降低與亞洲的貿易逆差，他們會透過與墨西哥的協議來達成。他們目前就是在等待的氛圍中，而我認為最大的挑戰是232。我不認為客戶會覺得沒有232成本就會上升。

What they think is, without the 232, they can have really the opportunities to produce in Mexico and the US and have a more strong regional market, they are going to take advantage of that. I think that's the challenge really today. In the same pace, the OEMs are also expecting this resolution, I think.

他們認為的是：如果沒有232，他們就能真正把握在墨西哥與美國生產的機會，並建立更強的區域市場，他們會利用這一點。我認為這才是當下真正的挑戰。同時，OEM也在期待這個結果，我想是的。

It's not that in Mexico, remember, the Mexican auto producing around 4 million units a year. They are not decreasing the production. The production is quite the same year, 2025 to 2026. They are expecting to solve 232 and have a regional market strong. If you go to the US market, US are producing a little bit more of 8 million units, but they're importing sort of 8 million units.

在墨西哥並不是那樣；請記得，墨西哥汽車年產約400萬輛。他們並沒有減少產量。2025到2026年的產量大致相同。他們期待解決232並讓區域市場更強。如果你看美國市場，美國生產略多於800萬輛，但也進口大約800萬輛。

There's a huge opportunity there for integration between Mexico and the US, I think that they are expecting that. Of course, this should take effect when conversation between US and Mexico move forward.

我認為墨西哥與美國之間有很大的整合機會，他們也在期待這點。當然，這需要在美墨對話持續推進時才會發生效果。

Alfonso, I hope I answer your question with this.

Alfonso，希望這樣回答了你的問題。

Yes. Just to follow up.

是的。我再追問一下。

Yes?

好的？

For the industrial customers, for sure, you're right with the 232. For commercial market or your commercial customers, they may face higher steel prices, right? That would be the implication of no 232.

對工業客戶來說，當然，你對232的看法是對的。但對商業市場或你的商業客戶而言，他們可能會面臨更高的鋼價，對吧？那會是沒有232的含意。

I don't know if they're going to face higher prices, Alfonso. I think they're going to have the prices of the market that doesn't reflect unfair competition. They know that, and they're okay with that. I think for commercial customers today, the main issue is how demand and how growth pick up in Mexico. Mexico has not been growing very much, as I said.

我不確定他們是否會面臨更高的價格，Alfonso。我認為他們會面對的是一個不反映不公平競爭的市場價格。他們知道這點，也能接受。我認為對商業客戶而言，當前主要問題是墨西哥的需求與成長何時回升。如我所說，墨西哥成長並不多。

Last year, steel consumption decreased by 10%. That's a huge number. This year, steel consumption is expected to increase by 4%, still way back of our peak in 2023. What the commercial customers are expecting is a growth in construction, a growth in infrastructure programs, a growth in the demand of steel, and they're expecting that or waiting for that. That's the biggest challenge they have today. That's the usual talk we have with all our customers in the commercial market.

去年鋼材消費下降了10%。這是很大的數字。今年預期鋼材消費將成長4%，但仍遠低於我們在2023年的高峰。商業客戶期待的是建築成長、基礎建設計畫成長、鋼材需求成長，他們在期待或等待這些。這是他們今天面臨的最大挑戰。這也是我們與所有商業市場客戶通常會談到的內容。

Fair enough. Thank you very much, Máximo.

了解。非常感謝你，Máximo。

Thank you, Alfonso.

謝謝你，Alfonso。

Daniel Sasson, Itaú BBA.

Daniel Sasson，Itaú BBA。

Hi, everyone. Thank you so much for taking my questions. Congrats on the results. My first question is actually related to your capital allocation decisions. After you've mentioned Pesquería a number of times during the call and we are nearing conclusion of the project. Then you guys should enter a period of much stronger free cash flow generation, right?

大家好。非常感謝讓我提問。恭喜本季業績。我的第一個問題其實與你們的資本配置決策有關。你們在電話會議中多次提到Pesquería，而該專案也接近完工。那麼接下來你們應該會進入自由現金流大幅增強的階段，對吧？

I wanted to understand better how you're thinking about it. Could we see dividend payments increasing over the next few years? Maybe you guys that have always been conservative in regards to your balance sheet position now think that it's better to keep more cash on hand in light of the geopolitical turbulences and things like that.

我想更了解你們如何思考這件事。未來幾年我們會看到股利發放增加嗎？或者你們一向對資產負債表立場較保守，現在可能認為在地緣政治動盪等因素下，保留更多現金在手更好。

That would be great to understand how you're thinking about capital allocation, and if that could include, for instance, buying all remaining Usiminas shares, if it would make sense at all for you to unlist or delist the company in Brazil. My second question is actually related to Pesquería.

若能了解你們對資本配置的思考會很有幫助；以及是否可能包含例如買下所有剩餘的Usiminas股份——如果你們認為有意義的話——或是否會考慮讓公司在巴西退市或下市。我的第二個問題其實與Pesquería有關。

If you could give a little bit more color on how we should model your reduced needs for slab purchases from third parties after the project starts up versus other additional costs like related to your energy matrix, related to iron ore needs and so on and so forth. That would be nice for us to understand the delta in EBITDA coming exclusively from Pesquería in 2027 versus 2026, everything else kept equal.

如果你能再多提供一些細節，讓我們知道在專案投產後，你們向第三方採購板坯（slab）的需求降低，與其他新增成本（例如能源結構、鐵礦石需求等）之間，我們應該如何建模。這將有助於我們理解在其他條件不變下，Pesquería在2027年相較於2026年、僅由Pesquería帶來的EBITDA增量。

Those are my question, guys. Thank you so much for your time.

各位，以上是我的問題。非常感謝你們撥冗。

Hi, Daniel. Thank you very much for the questions. I start with the second one first. Pesquería. Remember, Pesquería, the slab facility, is going to start at the beginning of the year, but it's a very complex and huge project. The ramp-up will take us several quarters. You are not going to see a lot of changes in 2027, at least from EBITDA ratio point of view.

嗨，Daniel。非常感謝你的提問。我先回答第二個問題。Pesquería。請記得，Pesquería 的板坯（slab）廠將在年初開始運轉，但這是一個非常複雜且龐大的專案。爬坡（ramp-up）將需要好幾個季度。至少就 EBITDA 比率的角度而言，你在 2027 年不會看到太多變化。

What the Pesquería facility gives us is that we are going to sell or we are going to supply to our automotive customers with steel melt and pour in the region that are needed with the change of the USMCA. To do that, we need not only to ramp up our facility, but to have all the certification process ready, which takes a lot of time.

Pesquería 廠帶給我們的是：因應 USMCA 的變更，我們將在該區域以熔煉與澆鑄（melt and pour）的鋼材，向汽車客戶銷售或供應其所需產品。為了做到這點，我們不僅需要讓工廠完成爬坡，還要把所有認證流程準備就緒，而這需要很長時間。

It's quicker in some of the items, but it's very long in other items. We now have, and we are discussing with all the customers, probably more inquiries for changing to Pesquería ourselves than the capacity we have in Pesquería. We are very enthusiastic about what is Pesquería, but don't expect in 2027 a huge impact because of what I'm telling you.

有些項目會比較快，但其他項目則非常耗時。目前我們與所有客戶討論後，可能收到的「改由 Pesquería 供應」的詢問量，甚至超過 Pesquería 現有產能。我們對 Pesquería 非常振奮，但基於我剛才所說的原因，請不要期待 2027 年會有巨大的影響。

We are going to focus in 2027 with the ramp-up and with all the certification. The certification process for more than 2.5 million tons takes a lot of time. That's the focus in 2027. I hope that answers the second question, Daniel. For the first question, capital allocation, I think Pablo you answered a little bit, but give it more detail, please.

我們在 2027 年將把重點放在爬坡以及完成所有認證。超過 250 萬噸的認證流程需要很長時間。這就是 2027 年的重點。Daniel，希望這回答了你的第二個問題。至於第一個問題——資本配置（capital allocation），我想 Pablo 已經回答了一部分，但請再補充更詳細一些。

Yes. Okay. Hi, Daniel, how are you? Okay, let me summarize a little bit what do we do in respect to capital allocation. Clearly we have different things. First of all, you're right that our results are improving. Second, as Máximo was just explaining, we are at the very end of our big CapEx plan, but we need to take one or two years to digest everything that we are doing.

是的。好的。嗨，Daniel，你好嗎？好，我先簡要總結一下我們在資本配置方面的作法。很明顯我們有幾個不同面向。首先，你說得對，我們的業績正在改善。第二，正如 Máximo 剛才解釋的，我們的大型資本支出（CapEx）計畫已接近尾聲，但我們需要一到兩年時間來消化我們正在做的一切。

As Máximo explained, it's a very complex process to ramp up the new facility and to obtain and achieve all the certification to fully take advantage of the new facility that we have. Why we are saying that or why I'm saying that is because it's very difficult for Ternium at this point to have or to launch any new big CapEx project in the real near future.

如 Máximo 所說，新廠的爬坡以及取得並完成所有認證，是一個非常複雜的流程，才能充分發揮我們新設施的效益。我之所以這麼說，是因為就目前而言，Ternium 在短期內要再啟動任何新的大型 CapEx 專案都非常困難。

Of course, we have certain things to mention, like all the CapEx, as maintenance CapEx and things that we're doing. We already mentioned that we will be doing $1.2 billion in CapEx next year. At some point, we will need to take a decision in respect to the mining activity in Brazil. We have certain things to move around, but we will have room to take that and two things.

當然，我們仍有一些事項要提，例如維護性資本支出（maintenance CapEx）以及我們正在進行的其他工作。我們已提到明年將進行 12 億美元的 CapEx。在某個時間點，我們需要就巴西的採礦業務做出決策。我們有一些事項可以調整，但我們會有空間來處理這件事，以及另外兩件事。

One, to increase dividends if the sustain in better results is confirmed and secondly, something that you mentioned, and you're right, that we tend to be a little more conservative than some companies, and we prefer to have a very strong financial position in order to support future alternatives that could happen. You mentioned things like acquiring shares.

第一，如果更佳的業績能被確認為可持續，我們可以提高股利；第二，你提到的一點是對的——我們往往比一些公司更保守，我們偏好維持非常強健的財務狀況，以支撐未來可能出現的各種選項。你提到例如回購股份。

You know that the theoretical answer to that in the long run is the answer is yes, because we have as a goal to simplify our corporate structure. There are certain conditions here, especially in respect to that shares, that makes us a little difficult to move forward in the short run. Again, as a general point of view, of course, we would like to sustain a strong financial position.

你知道，從長期來看，理論上的答案是「是的」，因為我們的目標之一是簡化公司的企業架構。但在某些條件下，特別是就那些股份而言，讓我們在短期內較難推進。再次強調，從整體角度來看，我們當然希望維持強健的財務狀況。

We would like to sustain a positive and if possible, growing dividend payment and take advantage of all the things that we have been doing up to now. In that respect, things can happen in the future, and we will be prepared to take advantage of that.

我們希望維持正向、且若可能則逐步成長的股利發放，並充分利用我們迄今所做的一切。在這方面，未來可能會有一些機會發生，而我們也會做好準備把握。

Thank you so much, you guys. Super clear.

非常感謝各位。非常清楚。

Thank you.

謝謝。

Thank you, Daniel.

謝謝你，Daniel。

Thank you. That concludes the question-and-answer session. I would like to turn it back over to Mr. Máximo Vedoya for closing remarks.

謝謝。問答環節到此結束。接下來我想把時間交回給 Máximo Vedoya 先生作結語。

Okay, thank you all of you for joining us today. We welcome any feedback you have or any additional questions and have a great day. See you in a couple of months.

好的，感謝各位今天參與。我們歡迎你們提供任何回饋或提出其他問題，祝各位有美好的一天。我們幾個月後再見。

Ternium's conference call has now concluded. Thank you for attending today's presentation. You may now disconnect and have a good day.

Ternium 的電話會議到此結束。感謝各位出席今天的簡報。您現在可以掛線，祝您有美好的一天。