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FINANCIAL RISK MANAGEMENT (Tables)

12 Months Ended

Dec. 31, 2024

Disclosure of notes and other explanatory information [Abstract]

Sensitivity Analysis for Types of Market Risk

The following table shows a breakdown of Ternium’s assessed financial position exposure to currency risk as of December 31, 2024:

Exposure to functional currency												$ million						BRL million
									US dollar ($)															—						(187)
EU euro (EUR)												33						(5)
Argentine peso (ARS)												18						—
Mexican peso (MXN)												(801)						—
Brazilian real (BRL)												(297)						—
Colombian peso (COP)												(64)						—
Yen (JPY)												99						—
Other currencies												(1)						(0)

Disclosure of Credit Risk Exposure

Approximately 41.0% of the Company’s liquid financial assets correspond to investment grade rated instruments as of December 31, 2024, in comparison with approximately 34.8% as of December 31, 2023. The investments in financial assets are as follows:

						As of December 31, 2024						As of December 31, 2023
Cash and cash equivalents						1,691,263						1,846,013
Other Investments - Current and Non-Current						2,182,874						2,186,420
Fixed Income (time-deposit, zero-coupon bonds, commercial papers)						673,042						1,025,207
Deposit certificates and investment funds						636,104						844,428
Commercial papers						2,258						129,798
Other						34,680						50,981
Bonds and other fixed income						1,499,130						1,160,230
Non - U.S. government securities						1,201,842						928,419
U.S. government and corporate securities						287,248						231,811
Other notes						10,702						983

The carrying amounts of the Company’s trade and other receivables as of December 31, 2024, are denominated in the following currencies:

Currency												$ million
US dollar ($)												1,315
EU euro (EUR)												161
Argentine peso (ARS)												189
Mexican peso (MXN)												331
Brazilian real (BRL)												1,354
Colombian peso (COP)												75
Other currencies												1
												3,426

Disclosure of How the Entity Manages Liquidity Risk

The amounts disclosed in the table are the contractual undiscounted cash flows.

$ million												2025						2026						2027						2028						Thereafter
Borrowings												670						621						373						110						456
Interests to be accrued (1)												159						128						100						77						78
Trade payables and other liabilities												1,890						19						10						13						80
Lease liabilities												46						41						34						32						57
Total												2,765						809						517						232						672

(1) These amounts do not include the effect of derivative financial instruments.

Disclosure of Financial Assets

As of December 31, 2024 (in $ thousands)						Amortized cost						Assets at fair value through profit or loss						Assets at fair value through OCI						Total
(i) Assets as per statement of financial position
Receivables						423,521						—						—						423,521
Derivative financial instruments						—						4,483						—						4,483
Trade receivables						1,562,058						—						—						1,562,058
Other investments						549,077						134,667						1,499,130						2,182,874
Cash and cash equivalents						1,267,336						423,927						—						1,691,263
Total						3,801,992						563,077						1,499,130						5,864,199

As of December 31, 2023 (in $ thousands)						Amortized cost						Assets at fair value through profit or loss						Assets at fair value through OCI						Total
(i) Assets as per statement of financial position
Receivables						472,384						—						—						472,384
Derivative financial instruments						—						15,406						—						15,406
Trade receivables						2,065,499						—						—						2,065,499
Other investments						883,513						142,677						1,160,230						2,186,420
Cash and cash equivalents						1,367,235						478,778						—						1,846,013
Total						4,788,631						636,861						1,160,230						6,585,722

Disclosure of Financial Liabilities

As of December 31, 2024 (in $ thousands)						Liabilities at fair value through profit or loss						Amortized cost												Total
(ii) Liabilities as per statement of financial position
Other liabilities						—						436,152												436,152
Trade payables						—						1,840,914												1,840,914
Derivative financial instruments						50,342						—												50,342
Finance lease liabilities						—						210,124												210,124
Borrowings						—						2,230,119												2,230,119
Total						50,342						4,717,309												4,767,651

As of December 31, 2023 (in $ thousands)						Liabilities at fair value through profit or loss						Amortized cost												Total
(ii) Liabilities as per statement of financial position
Other liabilities						—						487,792												487,792
Trade payables						—						2,159,647												2,159,647
Derivative financial instruments						8,220						—												8,220
Finance lease liabilities						—						241,087												241,087
Borrowings						—						2,146,414												2,146,414
Total						8,220						5,034,940												5,043,160

Disclosure of financial instruments at fair value through profit or loss

The following table presents the assets and liabilities that are measured at fair value as of December 31, 2024 and 2023:

						Fair value measurement as of December 31, 2024 (in $ thousands):
Description						Total						Level 1						Level 2						Level 3 (*)
Financial assets at fair value through profit or loss / OCI
Cash and cash equivalents						423,927						423,927						—						—
Other investments						1,633,797						1,501,389						131,866						542
Derivative financial instruments						4,483						—						4,483						—
Total assets						2,062,207						1,925,316						136,349						542
Financial liabilities at fair value through profit or loss / OCI
Derivative financial instruments						50,342						—						50,342						—
Total liabilities						50,342						—						50,342						—

						Fair value measurement as of December 31, 2023 (in $ thousands):
Description						Total						Level 1						Level 2						Level 3 (*)
Financial assets at fair value through profit or loss / OCI
Cash and cash equivalents						478,778						478,778						—						—
Other investments						1,302,907						1,086,319						197,743						18,845
Derivative financial instruments						15,406						—						15,406						—
Total assets						1,797,091						1,565,097						213,149						18,845
Financial liabilities at fair value through profit or loss / OCI
Derivative financial instruments						8,220						—						8,220						—
Total liabilities						8,220						—						8,220						—

(*) The fair value of financial instruments classified as level 3 is not obtained from observable market information, but from measurements of the asset portfolio at market value provided by the fund manager. The evolution of such instruments during the years ended December 31, 2024 and 2023, corresponds to the initial investment and to the changes in its fair value, as follows:

												Guarantee fund companies						Non - U.S. government securities
As of December 31, 2023												983						17,862
Disinvestment												(1,484)						(7,901)
Interest accrued												—						—
Changes in fair value												1,240						—
Reclassifications												—						(9,961)
Net foreign exchange gain												(197)						—
At December 31, 2024												542						—

Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation

The evolution of such instruments during the years ended December 31, 2024 and 2023, corresponds to the initial investment and to the changes in its fair value, as follows:

												Guarantee fund companies						Non - U.S. government securities
As of December 31, 2023												983						17,862
Disinvestment												(1,484)						(7,901)
Interest accrued												—						—
Changes in fair value												1,240						—
Reclassifications												—						(9,961)
Net foreign exchange gain												(197)						—
At December 31, 2024												542						—

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