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BASIS OF PRESENTATION | 12 Months Ended
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Dec. 31, 2023
Disclosure of notes and other explanatory information [Abstract] |
BASIS OF PRESENTATION | BASIS OF PRESENTATION a) Basis of presentation These consolidated financial statements have been prepared in accordance with IFRS Accounting Standards (International Financial Reporting Standards) issued and effective or issued and early adopted as at the time of preparing these statements (February 2024), as issued by the International Accounting Standards Board and in conformity with IFRS Accounting Standards as adopted by the European Union (“EU”). These consolidated financial statements are presented in thousands of United States dollars (“$”), except otherwise indicated. These Consolidated financial statements fairly present the consolidated financial position of Ternium as of December 31, 2023 and 2022, and the consolidated income statement, the consolidated statement of comprehensive income, the consolidated statement of changes in equity and the consolidated statement of cash flows for the years ended December 31, 2023, 2022 and 2021. Elimination of all material intercompany transactions and balances between the Company and its respective subsidiaries has been made in consolidation. These consolidated financial statements have been prepared under the historical cost convention and certain financial assets and financial liabilities (including derivative instruments) are at fair value through profit or loss. These consolidated financial statements have been approved for issue by the Board of Directors on February 20, 2024. The Directors have the power to amend and reissue the consolidated financial statements. Detailed below are the companies whose financial statements have been consolidated and accounted for interest in these consolidated financial statements. 2. BASIS OF PRESENTATION (continued) .
Company |  | Country of Organization |  | Main activity |  | Percentage of ownership at December 31,
|  |  |  |  |  | 2023 |  | 2022 |  | 2021
Ternium S.A. |  | Luxembourg |  | Holding |  | 100.00 | % |  | 100.00 | % |  | 100.00 | %
Ternium Investments S.à.r.l. |  | Luxembourg |  | Holding |  | 100.00 | % |  | 100.00 | % |  | 100.00 | %
Ternium Internacional España S.L. (1) |  | Spain |  | Holding and marketing of steel products |  | 100.00 | % |  | 100.00 | % |  | 100.00 | %
Ternium Solutions S.A. (1) |  | Uruguay |  | Other services |  | 100.00 | % |  | 100.00 | % |  | 100.00 | %
Ternium Internationaal B.V. (1) |  | Netherlands |  | Marketing of steel products |  | 100.00 | % |  | 100.00 | % |  | 100.00 | %
Ternium USA Inc. (2) |  | USA |  | Manufacturing and selling of steel products |  | 100.00 | % |  | 100.00 | % |  | 100.00 | %
Ternium Argentina S.A. (3) |  | Argentina |  | Manufacturing and selling of flat steel products |  | 62.57 | % |  | 62.57 | % |  | 62.49 | %
Prosid Investments S.A. (4) |  | Uruguay |  | Holding |  | 62.58 | % |  | 62.58 | % |  | 62.49 | %
Ternium Mexico S.A. de C.V. (5) |  | Mexico |  | Manufacturing and selling of steel products |  | 89.25 | % |  | 89.25 | % |  | 89.22 | %
Las Encinas S.A. de C.V. (6) |  | Mexico |  | Exploration, exploitation and pelletizing of iron ore |  | 89.25 | % |  | 89.25 | % |  | 89.22 | %
Ferropak Comercial S.A. de C.V. (6) |  | Mexico |  | Scrap services company |  | 89.25 | % |  | 89.25 | % |  | 89.22 | %
Transamerica E. & I. Trading Corp. (6) |  | USA |  | Scrap services company |  | 89.25 | % |  | 89.25 | % |  | 89.22 | %
Galvacer Chile S.A. (6) |  | Chile |  | Distributing company |  | 89.25 | % |  | 89.25 | % |  | 89.22 | %
Ternium Gas México S.A. de C.V. (7) |  | Mexico |  | Energy services company |  | 89.25 | % |  | 89.25 | % |  | 89.22 | %
Consorcio Minero Benito Juarez Peña Colorada S.A.de C.V. (8) |  | Mexico |  | Exploration, exploitation and pelletizing of iron ore |  | 44.62 | % |  | 44.62 | % |  | 44.61 | %
Exiros B.V. (8) |  | Netherlands |  | Procurement and trading services |  | 50.00 | % |  | 50.00 | % |  | 50.00 | %
Servicios Integrales Nova de Monterrey S.A. de C.V. (9) |  | Mexico |  | Medical and Social Services |  | 66.49 | % |  | 66.49 | % |  | 66.47 | %
Ternium Internacional Nicaragua S.A. |  | Nicaragua |  | Manufacturing and selling of steel products |  | 99.38 | % |  | 99.38 | % |  | 99.38 | %
Ternium Internacional Honduras S.A. de C.V. |  | Honduras |  | Manufacturing and selling of steel products |  | 99.18 | % |  | 99.18 | % |  | 99.18 | %
Ternium Internacional El Salvador S.A. de C.V. |  | El Salvador |  | Manufacturing and selling of steel products |  | 99.92 | % |  | 99.92 | % |  | 99.92 | %
Ternium Internacional Costa Rica S.A. |  | Costa Rica |  | Manufacturing and selling of steel products |  | 99.98 | % |  | 99.98 | % |  | 99.98 | %
Ternium Internacional Guatemala S.A. (10) |  | Guatemala |  | Manufacturing and selling of steel products |  | 99.98 | % |  | 99.98 | % |  | 99.98 | %
Ternium Colombia S.A.S. (11) |  | Colombia |  | Manufacturing and selling of steel products |  | 100.00 | % |  | 100.00 | % |  | 100.00 | %
Ternium del Cauca S.A.S. (11) |  | Colombia |  | Manufacturing and selling of steel products |  | 100.00 | % |  | 100.00 | % |  | 100.00 | %
Ternium del Atlántico S.A.S (11) |  | Colombia |  | Manufacturing and selling of steel products |  | 100.00 | % |  | 100.00 | % |  | 100.00 | %
Ternium Procurement S.A. (11) |  | Uruguay |  | Marketing of steel products and procurement services |  | 100.00 | % |  | 100.00 | % |  | 100.00 | %
Technology & Engineering Services S.A. (11) |  | Uruguay |  | Engineering and other services |  | 100.00 | % |  | 100.00 | % |  | 100.00 | %
Ternium Brasil Ltda. (12) |  | Brazil |  | Manufacturing and selling of steel products |  | 100.00 | % |  | 100.00 | % |  | 100.00 | %
Tenigal S. de R.L. de C.V. (13) |  | Mexico |  | Manufacturing and selling of steel products |  | 51.00 | % |  | 51.00 | % |  | 51.00 | %
Soluciones Integrales de Gestión S.A. (14) |  | Argentina |  | Other services |  | 100.00 | % |  | 100.00 | % |  | 100.00 | %
Vientos de Olavarría S.A. (15) |  | Argentina |  | Renewable energy projects. |  | 62.57 | % |  | 62.57 | % |  | — |
Usinas Siderúrgicas de Minas Gerais S.A. (16) |  | Brazil |  | Manufacturing and selling of steel products |  | 23.30 | % |  | — |  |  | — |
Mineração Usiminas S.A. (17) |  | Brazil |  | Exploration, exploitation and pelletizing of iron ore |  | 16.31 | % |  | — |  |  | — |
Soluções Em Aço Usiminas S.A. (18) |  | Brazil |  | Manufacturing and selling of steel products |  | 16.05 | % |  | — |  |  | — |
2. BASIS OF PRESENTATION (continued)
Company |  | Country of Organization |  | Main activity |  | Percentage of ownership at December 31,
|  |  | 2023 |  | 2022 |  | 2021
Usiminas Mecânica S.A. (19) |  | Brazil |  | Engineering and other services |  | 23.30 | % |  | — |  |  | — |
Rios Unidos logistica e transporte de açõ Ltda. (19) |  | Brazil |  | Logistics and distribution of steel-derived products |  | 23.30 | % |  | — |  |  | — |
Usiminas Internatioonal S.À R.L. (20) |  | Luxembourg |  | Holding |  | 23.30 | % |  | — |  |  | — |
Usiminas Participações E Logística S.A. (21) |  | Brazil |  | Logistics and distribution of steel-derived products |  | 17.48 | % |  | — |  |  | — |
Metalcentro Ltda. (22) |  | Brazil |  | Other services |  | 23.30 | % |  | — |  |  | — |
Ternium Participaçoes S.A.em liquidaçao (23) |  | Brazil |  | Holding |  | — |  |  | 100.00 | % |  | 100.00 | %
Ternium Siderúrgica de Caldas S.A.S.(24) |  | Colombia |  | Manufacturing and selling of steel products |  | — |  |  | — |  |  | 100.00 | %
Impeco S.A. (25) |  | Argentina |  | Manufacturing of pipe products |  | — |  |  | — |  |  | 62.49 | %
(1) Indirectly through Ternium Investments S.à.r.l. Total voting rights held: 100.00%. (2) Since the second quarter of 2021, indirectly through Ternium Internacional España S.L. Total voting rights held 100.00%. Before that, indirectly through Ternium Investments S.à.r.l. total voting rights was 100.00% in 2020. (3) Indirectly through Ternium Internacional España S.L. Total voting rights held 62.57%. (4) Indirectly through Ternium Argentina S.A. and Ternium Procurement S.A. Total voting rights held 100.00%. (5) Indirectly through Ternium Argentina S.A. and Ternium Internacional España S.L. Total voting rights held 100.00%. (6) Indirectly through Ternium Mexico S.A. de C.V. Total voting rights held: 100.00%. (7) Indirectly through Ternium Mexico S.A. de C.V. and Tenigal S. de R.L. de C.V. Total voting rights held: 100.00%. (8) Total voting rights held: 50.00%. The Company recognizes the assets, liabilities, revenue and expenses in relation to its interest in the joint operation. (9) Indirectly through Ternium Mexico S.A. de C.V. Total voting rights held: 74.50%. (10) Indirectly through Ternium Internacional España S.L. and Ternium Mexico S.A. de C.V. Total voting rights held: 100.00%. (11) Indirectly through Ternium Internacional España S.L. Total voting rights held: 100.00%. (12) Indirectly through Ternium Internacional España S.L. Total voting rights held: 100.00%. (13) Indirectly through Ternium Internacional España S.L. Total voting rights held: 51.00%. (14) Indirectly through Ternium Investments S.à r.l. and Ternium Internacional España S.L. Total voting rights held 100.00%. (15) Indirectly through Ternium Argentina S.A. Total voting rights held 100.00%. (16) Indirectly through Ternium Investments S.à r.l., Prosid Investments S.A. and Ternium Argentina S.A. Total voting rights held 42.57%. (17) Indirectly through Usinas Siderúrgicas de Minas Gerais S.A. Total voting rights held 29.80%. (18) Indirectly through Usinas Siderúrgicas de Minas Gerais S.A. Total voting rights held 29.32%. (19) Indirectly through Usinas Siderúrgicas de Minas Gerais S.A. Total voting rights held 42.53%. (20) Indirectly through Usinas Siderúrgicas de Minas Gerais S.A. Total voting rights held 42.57%. (21) Indirectly through Usinas Siderúrgicas de Minas Gerais S.A. and Mineração Usiminas S.A. Total voting rights held 31.97%. (22) Indirectly through Usinas Siderúrgicas de Minas Gerais S.A. and Usiminas Mecânica S.A. Total voting rights held 42.53%. (23) This company was dissolved as of January 2, 2023. (24) This company was merged into Ternium Colombia S.A.S. as of November 30, 2022. (25) This company was dissolved as of February 16, 2022. The most material non-controlling interest is related to the investment in Ternium Argentina S.A. (“Ternium Argentina”) and Usinas Siderúrgicas de Minas Gerais S.A. (“Usiminas”), being both listed companies in the Buenos Aires Stock Exchange and in the B3 Brazilian Stock Exchange, respectively. For more information about Ternium Argentina, see note 30 and information publicly available in the Buenos Aires Stock Exchange webpage. Under Usiminas’ annual accounts as of December 31, 2023, and for the year then ended, revenues amounted to $5,534 million (2022: $6,287 million), net profit from continuing operations to $328 million (2022: $405 million), total assets to $8,296 million (2022: $7,666 million), total liabilities to $2,812 million (2022: $2,705 million) and shareholders’ equity to $5,484 million (2022: $4,962 million). Information publicly available related to Usiminas could be found in the Usiminas Investor Relations webpage.

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