<SEC-DOCUMENT>0001193125-15-215018.txt : 20150724
<SEC-HEADER>0001193125-15-215018.hdr.sgml : 20150724
<ACCEPTANCE-DATETIME>20150605164059
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001193125-15-215018
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20150605

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Ternium S.A.
		CENTRAL INDEX KEY:			0001342874
		STANDARD INDUSTRIAL CLASSIFICATION:	STEEL WORKS, BLAST FURNACES  ROLLING MILLS (COKE OVENS) [3312]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			N4
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		29 AVENUE DE LA PORTE-NEUVE
		STREET 2:		3RD FLOOR
		CITY:			LUXEMBOURG
		STATE:			N4
		ZIP:			L-2227
		BUSINESS PHONE:		(352) 4661-11-3815

	MAIL ADDRESS:	
		STREET 1:		29 AVENUE DE LA PORTE-NEUVE
		STREET 2:		3RD FLOOR
		CITY:			LUXEMBOURG
		STATE:			N4
		ZIP:			L-2227
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
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<TITLE>CORRESPONDENCE</TITLE>
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<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">TERNIUM S.A.</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Soci&eacute;t&eacute; anonyme
holding</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Registered office:</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">29, Avenue de la Porte-Neuve</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">L-2227 Luxembourg</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">R.C.S. Luxembourg B 98 668 </P></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:54%; text-indent:-2%; font-size:10pt; font-family:Times New Roman">June&nbsp;5, 2015 </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Mr.&nbsp;Terence O&#146;Brien, </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Accounting Branch Chief, </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Division of Corporation Finance, </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Securities and Exchange
Commission, </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">100 F Street, N.E., </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Washington, D.C.
20549-4631. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="13%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>Re:</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Ternium S.A. </B></TD></TR></TABLE>
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<TD WIDTH="13%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>&nbsp;</B></TD>
<TD ALIGN="left" VALIGN="top"><B>December&nbsp;31, 2013 Form 20-F filed April&nbsp;30, 2014 </B></TD></TR></TABLE>
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<TD WIDTH="13%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>&nbsp;</B></TD>
<TD ALIGN="left" VALIGN="top"><B>File No.&nbsp;1-32734 </B></TD></TR></TABLE>
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<TD WIDTH="13%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>&nbsp;</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Comment Letter dated February&nbsp;18, 2015 </B></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Dear Mr.&nbsp;O&#146;Brien: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Set out below is the response of Ternium S.A. (the &#147;<U>Company</U>&#148;) to the comment of the Staff of the United States Securities and
Exchange Commission (the &#147;<U>Staff</U>&#148;) set forth in its letter dated February&nbsp;18, 2015, to Mr.&nbsp;Pablo Brizzio, the Company&#146;s Chief Financial Officer (the &#147;<U>Comment Letter</U>&#148;). The Staff&#146;s comment is set
forth below in boldface type, and the Company&#146;s response is included below the comment. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>1.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>We note your responses in your January&nbsp;30, 2014, letter responding to our comment letter dated January&nbsp;13, 2015. Based on your responses in that and previous letters, as well as supplemental documentation
provided to us, we believe that an impairment of the Usiminas investment should be recorded at a date no later than September&nbsp;30, 2014. We base our conclusion on several factors including: 1) the large discrepancy between the October&nbsp;2,
2014, transaction price per share and the book value per share, 2) your acknowledgement in your letter dated January&nbsp;30, 2015, of the lack of any entity specific factors, such as tax benefits or synergies, that may explain a difference between
the fair value and value in use of the investment, 3) the premium paid per share over quoted market price of 82% in the October 2014 transaction appears consistent with the premium paid for the initial acquisition of shares, which is significantly
lower than the percentage by which the carrying value per share exceeds the quoted market price per share, 4) the values under the &#147;Recovery Scenario&#148; and &#147;Stagnation Scenario&#148; (with no consideration given to a scenario in which
projected cash flows could deteriorate further, i.e., a &#147;downside&#148; scenario) in the September&nbsp;26, 2014, Board presentation, and 5) other responses in several of the letters provided to us including the discussion of key macroeconomic
and industry indicators and decisions in your response dated December 17, 2014, </B></TD></TR></TABLE>

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<TD WIDTH="8%">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"><B>
that appear consistent with a diminution in value of your investment in Usiminas. Please tell us how you intend to measure the impairment, taking into account that the October 2014 arms-length
transaction appears to provide objective evidence of value. Also tell us the period in which you intend to record the impairment and how you intend to report the impairment in documents filed or furnished with the SEC. </B></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">On April&nbsp;2, 2015 and May&nbsp;5, 2015, the Company submitted supplemental and additional materials to the Staff, for which the Company
requested confidential treatment pursuant to Rule 83 of the Rules of Practice of the Commission. Representatives of the Company, its independent auditors and legal counsel engaged in discussions regarding the contents of such submissions with
members of the staff of the Division of Corporation Finance and the Office of the Chief Accountant. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">As a result of these discussions, the
Company has re-evaluated and revised the assumptions used to calculate the carrying value of the Usiminas investment at September&nbsp;30, 2014 and recorded an impairment of the Usiminas investment of USD 739.8&nbsp;million as of September&nbsp;30,
2014, reaching a carrying value for the Usiminas investment of BRL12 per share. As a result of the impairment as of September&nbsp;30, 2014, the Company did not record a further impairment as of December&nbsp;31, 2014. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">On June&nbsp;1, 2015, the Company filed its annual report on Form 20-F with the Securities and Exchange Commission. The Form 20-F includes
restated consolidated financial statements as of December&nbsp;31, 2014 and for the year ended December&nbsp;31, 2014. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">* * * * * </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">The Company acknowledges that it is responsible for the adequacy and accuracy of the disclosure
in its filings. In addition, the Company acknowledges that the Staff&#146;s comments do not foreclose the Commission from taking any action with respect to the Company&#146;s filings and that the Company may not assert the Staff&#146;s comments as a
defense in any proceeding initiated by the Commission or any person under the federal securities laws of the United States. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">If you have
any questions relating to this letter, please feel free to call Robert S. Risoleo of Sullivan&nbsp;&amp; Cromwell LLP at (202)&nbsp;956-7510. He may also be reached by facsimile at (202)&nbsp;956-6974 and by e-mail at risoleor@sullcrom.com. </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
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<TD VALIGN="top">Very truly yours,</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">/s/ Pablo Brizzio</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Pablo Brizzio</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Chief Financial Officer</TD></TR>
</TABLE></DIV> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left">cc:</TD>
<TD ALIGN="left" VALIGN="top">Al Pavot </TD></TR></TABLE> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">(Securities and Exchange Commission) </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Mervyn Martins </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">(PricewaterhouseCoopers) </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Christian J.P. Mitrani </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">(Mitrani,
Caballero, Ojam&nbsp;&amp; Ruiz Moreno Abogados) </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Robert S. Risoleo </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">(Sullivan&nbsp;&amp; Cromwell LLP) </P>
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`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
