Ternium Shines On NYSE

Steelmaker Ternium, headquartered in Luxembourg, has listed its ADS on the New York Stock Exchange, raising $496 million at a price of $20 per share, 14% above the price expected by the market. Ternium, which was created by Argentine Grupo Techint, is Latin America’s second-largest steelmaker with operations in Argentina, Venezuela and Mexico. The funds raised by the IPO are to be used to pay down debts incurred last year by its acquisition of plant in Mexico. The IPO was led by Citigroup.