Downgrades Overweight Eq-Weight X

TX Ternium S.A.

Morgan Stanley

$34

Upgrades Eq-Weight Overweight X

TX Ternium S.A.

Morgan Stanley

$34 $52

Downgrades Overweight Eq-Weight X

TX Ternium S.A.

Morgan Stanley

$60 $50

TX  Ternium S.A. Ternium S.A. ADS (each representing ten shares, USD1.00 par value)

Ternium SA is a producer of steel products. The Company produces finished and semi-finished steel products and iron ore, which are sold either directly to steel manufacturers, steel processors or end users. The Company operates through two segments: Steel and Mining. The Steel segment includes the sales of steel products and the Mining segment includes the sales of iron ore products, which are primarily inter-company. The Steel segment comprises three operating segments: Mexico, the Southern Region and Other Markets. In the steel segment, steel products include slabs, billets and round bars (steel in its basic, semi-finished state), hot-rolled coils and sheets, bars and stirrups, wire rods, cold-rolled coils and sheets, tin plate, hot dipped galvanized and electrogalvanized sheets and pre-painted sheets, steel pipes and tubular products, beams, roll-formed products, and other products. In the mining segment, iron ore is sold as concentrates (fines) and pellets.