Ternium posts 77% quarterly income boost as steel shipments jump

Steelmaker Ternium reported on Tuesday a third-quarter adjusted net income of $271 million, up more than 77% from the $153 million net income posted during the same period last year. In a statement, the company said steel shipments during this year's third quarter shot up nearly 40% to total 4.1 million metric tons. The company also disclosed a non-monetary loss of $1.1 billion from the cost of its expanded stake in Brazil's Usiminas, which when factored in yields a net loss of $739 million for the quarter.