Advertisement
Singapore markets open in 8 hours 13 minutes

  • Straits Times Index

    3,300.04
    -3.15 (-0.10%)
     

  • S&P 500

    5,193.12
    +12.38 (+0.24%)
     

  • Dow

    38,882.51
    +30.24 (+0.08%)
     

  • Nasdaq

    16,378.49
    +29.25 (+0.18%)
     

  • Bitcoin USD

    63,544.06
    +140.80 (+0.22%)
     

  • CMC Crypto 200

    1,318.95
    -46.18 (-3.38%)
     

  • FTSE 100

    8,313.67
    +100.18 (+1.22%)
     

  • Gold

    2,322.40
    -8.80 (-0.38%)
     

  • Crude Oil

    78.74
    +0.26 (+0.33%)
     

  • 10-Yr Bond

    4.4350
    -0.0540 (-1.20%)
     

  • Nikkei

    38,835.10
    +599.03 (+1.57%)
     

  • Hang Seng

    18,479.37
    -98.93 (-0.53%)
     

  • FTSE Bursa Malaysia

    1,605.68
    +8.29 (+0.52%)
     

  • Jakarta Composite Index

    7,123.61
    -12.28 (-0.17%)
     

  • PSE Index

    6,618.58
    -33.91 (-0.51%)
     

Steel producer Ternium eyes $600 million capex this year

Reuters
Updated ·1-min read
The logo of the steelmaker Ternium, who turned a gym into a centre to receive patients suffering from the coronavirus disease COVID-19, is pictured outside its plant, in Monterrey

MEXICO CITY (Reuters) -Steel producer Ternium expects its 2022 capex to reach $600 million, Chief Financial Officer Pablo Brizzio said in a call with analysts to discuss first quarter results on Wednesday.

The investments will be used to boost production in its plants, especially in Mexico, which accounted for 53% of steel shipments in the first quarter of 2022.

Asked about the impact of legislative changes in Mexico's energy industry, Brizzio said he does not expect a lot of investments in Mexico from Ternium and other firms until the legal framework is clarified.

Ternium reported on Tuesday a first-quarter net income of $877.5 million, up 24% from the year-ago period.

ADVERTISEMENT

Brizzio and chief executive Maximo Vedoya forecast more market volatility during the rest of the year, as the war between Russia and Ukraine drags on and a strict lockdown in China to contain the spread of COVID-19 hurts the globe's second largest economy.

(Reporting by Valentine Hilaire; Editing by Daina Beth Solomon and Chizu Nomiyama)