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BORROWINGS (Tables)
 12 Months Ended
Dec. 31, 2024
Borrowings [abstract]  
Disclosure of Detailed Information About Borrowings
As of December 31,
20242023
(i) Non-current
Bank borrowings499,593 9,353 
Bonds421,079 747,260 
Debentures642,110 454,136 
Less: debt issue costs(2,735)(4,788)
1,560,047 1,205,961 
(ii) Current
Bank borrowings646,258 915,989 
Bonds13,284 23,485 
Debentures12,587 4,220 
Less: debt issue costs(2,057)(3,241)
670,072 940,453 
Total Financial Debt2,230,119 2,146,414 
        
The weighted average interest rates - which incorporate instruments denominated mainly in U.S. dollars and which do not include the effect of derivative financial instruments nor the devaluation of these local currencies - at year-end were as follows:
As of December 31,
20242023
Bank borrowings7.15 %7.28 %
Bonds5.88 %5.88 %
Debentures13.50 %12.52 %
24.    BORROWINGS (continued)
Breakdown of borrowings by currency is as follows:
As of December 31,
CurrenciesContract20242023
$Fixed969,826 1,021,909 
$Floating475,157 609,062 
BRLFloating652,619 456,846 
COPFixed79,140 53,135 
ARSFixed41,010 — 
MXNFloating12,367 — 
GTQFixed— 5,110 
BRLFixed— 352 
2,230,119 2,146,414 
$: U.S. dollars; ARS: Argentine pesos; BRL: Brazilian reais; COP: Colombian pesos; EUR: European euros; GTQ: Guatemalan quetzales; MXN: Mexican pesos.
Ternium’s most significant current borrowings as of December 31, 2024, were those incurred under Ternium Brasil's bilateral credit lines, in order to finance solely activities related to its exports of goods, and under Usiminas’ bonds and debentures issued in order to refinance its financial debt:
In $ million
DateBorrowerTypeOriginal principal amountOutstanding principal amount as of December 31, 2024Maturity
May 2024Ternium BrasilBilateral credit lines600 600 October 2027
July 2019UsiminasBonds750 430 July 2026
May 2022UsiminasDebentures - 8th emission145 113 November 2029
December 2022UsiminasDebentures - 9th emission310 242 December 2032
August 2024UsiminasDebentures - 10th emission320 287 September 2031
Disclosure of Maturities of Borrowings
The maturity of borrowings is as follows:
Expected Maturity Date
202520262027 and thereafterAt December 31, (1)
20242023
Borrowings - Fixed Rate607,209 42,362 — 649,571 315,696 
Borrowings - Floating Rate38,520 149,977 299,027 487,524 609,062 
Bonds12,220 428,185 — 440,405 764,810 
Debentures12,123 — 640,496 652,619 456,846 
Total670,072 620,524 939,523 2,230,119 2,146,414 
(1) As most borrowings and the debentures incorporate floating rates that approximate market rates and the contractual repricing occurs mostly every 1 month, the fair value of the borrowings and the debentures approximates their carrying amount and it is not disclosed separately. Fixed rate borrowings are uncommitted short-term revolving loans, and their fair value approximates to their carrying amount. Regarding the bonds, its fair value approximates the market value.