TERNIUM S.A., 20-F filed on 3/28/2024
Annual and Transition Report (foreign private issuer)
v3.24.1
Cover Page
 12 Months Ended
Dec. 31, 2023
shares
Entity Addresses [Line Items]  
Document Type 20-F
Document Registration Statement false
Document Annual Report true
Document Transition Report false
Document Shell Company Report false
Entity File Number 001-3132734
Entity Registrant Name TERNIUM S.A.
Entity Incorporation, State or Country Code N4
Entity Address, Address Line One 26, Boulevard Royal– 4th floor
Entity Address, Postal Zip Code -2449
Entity Address, City or Town Luxembourg
Entity Address, Country LU
Entity Common Stock, Shares Outstanding 2,004,743,442
Entity Well-known Seasoned Issuer Yes
Entity Voluntary Filers No
Entity Current Reporting Status Yes
Entity Interactive Data Current Yes
Entity Filer Category Large Accelerated Filer
Entity Emerging Growth Company false
ICFR Auditor Attestation Flag true
Document Financial Statement Error Correction [Flag] false
Document Accounting Standard International Financial Reporting Standards
Entity Shell Company false
Entity Central Index Key 0001342874
Current Fiscal Year End Date --12-31
Document Period End Date Dec. 31, 2023
Document Fiscal Year Focus 2023
Document Fiscal Period Focus FY
Amendment Flag false
American Depositary Shares  
Entity Addresses [Line Items]  
Title of 12(b) Security American Depositary Shares
Trading Symbol TX
Security Exchange Name NYSE
Ordinary Shares, par value $1.00 per share  
Entity Addresses [Line Items]  
Title of 12(b) Security Ordinary Shares, par value $1.00 per share
Trading Symbol TX
Security Exchange Name NYSE
Business Contact  
Entity Addresses [Line Items]  
Entity Address, Address Line One 26, Boulevard Royal– 4th floor
Entity Address, Postal Zip Code -2449
Entity Address, City or Town Luxembourg
Entity Address, Country LU
Contact Personnel Name Alejandra Hryszkiewicz
City Area Code 352
Local Phone Number 26 68 31 52
Contact Personnel Fax Number 352 26 53 83 49
Contact Personnel Email Address luxembourg@ternium.com
v3.24.1
Audit Information
 12 Months Ended
Dec. 31, 2023
Audit Information [Abstract]  
Auditor Name PricewaterhouseCoopers, Société coopérative
Auditor Location 2 rue Gerhard Mercator, B.P. 1443, L-1014 Luxembourg
PCAOB Auditor Firm ID 1328
v3.24.1
Consolidated Income Statements - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Disclosure of analysis of other comprehensive income by item [line items]      
Net sales $ 17,610,092 $ 16,414,466 $ 16,090,744
Cost of sales (14,050,737) (12,487,282) (9,895,070)
Gross profit 3,559,355 3,927,184 6,195,674
Selling, general and administrative expenses (1,471,678) (1,143,646) (950,124)
Other operating (expense) income, net 110,337 (84,019) 25,586
Operating income 2,198,014 2,699,519 5,271,136
Finance expense (125,376) (46,737) (26,997)
Finance income 255,009 75,145 62,912
Other financial (expenses) income, net (6,179) (98,541) 56,547
Equity in earnings of non-consolidated companies 105,305 37,114 400,732
Profit before income tax expense 1,320,782 2,666,500 5,764,330
Income tax expense (334,408) (573,728) (1,397,139)
Profit for the year 986,374 2,092,772 4,367,191
Attributable to:      
Owners of the parent 676,043 1,767,516 3,825,068
Non-controlling interest $ 310,331 $ 325,256 $ 542,123
Weighted average number of shares outstanding (in shares) 1,963,076,776 1,963,076,776 1,963,076,776
Basic earnings per share for profit attributable to the owners of the parent (expressed in $ per share) $ 0.34 $ 0.90 $ 1.95
Diluted earnings per share for profit attributable to the owners of the parent (expressed in $ per share) $ 0.34 $ 0.90 $ 1.95
Usiminas      
Disclosure of analysis of other comprehensive income by item [line items]      
Effect related to the increase of the participation in Usiminas $ (171,045) $ 0 $ 0
Recycling of other comprehensive income related to Usiminas $ (934,946) $ 0 $ 0
v3.24.1
Consolidated Statements of Comprehensive Income - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Statement of comprehensive income [abstract]      
Profit for the year $ 986,374 $ 2,092,772 $ 4,367,191
Items that may be reclassified subsequently to profit or loss:      
Currency translation adjustment (9,108) 1,253 (484)
Currency translation adjustment from participation in non-consolidated companies (1) [1] 980,884 41,455 (39,997)
Changes in the fair value of financial instruments at fair value through other comprehensive income (2) [2] (554,737) 29,121 960
Income tax related to financial instruments at fair value (46,859) (11,045) (299)
Changes in the fair value of derivatives classified as cash flow hedges 22,721 60 278
Income tax relating to cash flow hedges (6,824) (20) (83)
Other (300) 1,705 0
Other comprehensive income items from participation in non-consolidated companies 0 159 (106)
Items that will not be reclassified subsequently to profit or loss:      
Remeasurement of post employment benefit obligations (52,127) 24,567 46,777
Income tax relating to remeasurement of post employment benefit obligations 4,829 (6,994) (13,965)
Remeasurement of post employment benefit obligations from participation in non-consolidated companies 6,013 6,862 1,662
Other comprehensive income (loss) for the year, net of tax 344,492 87,123 (5,257)
Total comprehensive income for the year 1,330,866 2,179,895 4,361,934
Attributable to:      
Owners of the parent 1,141,928 1,841,194 3,818,185
Non-controlling interest $ 188,938 $ 338,701 $ 543,749
[1] See note 3 (c).
[2] See note 18.
v3.24.1
Consolidated Statements of Financial Position - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Non-current assets    
Property, plant and equipment, net $ 7,637,687 $ 6,261,887
Intangible assets, net 996,048 944,409
Investments in non-consolidated companies 517,265 821,571
Other investments 210,930 100,716
Deferred tax assets 1,713,385 200,237
Receivables, net 1,073,245 318,690
Non-current assets 12,148,560 8,647,510
Current assets    
Receivables, net 686,394 261,813
Current income tax assets 486,470 400,949
Derivative financial instruments 15,406 227
Inventories, net 4,948,376 3,470,215
Trade receivables, net 2,065,499 1,180,689
Other investments 1,975,646 1,875,026
Cash and cash equivalents [1] 1,846,013 1,653,355
Current assets excluding assets classified as held for sale 12,023,804 8,842,274
Assets classified as held for sale 6,740 1,764
Current assets 12,030,544 8,844,038
Total assets 24,179,104 17,491,548
EQUITY    
Capital and reserves attributable to the owners of the parent 12,418,595 11,845,959
Non-controlling interest 4,393,264 1,922,434
Total Equity 16,811,859 13,768,393
Non-current liabilities    
Provisions 839,921 81,422
Deferred tax liabilities 170,820 162,742
Other liabilities 1,148,998 538,214
Trade payables 12,030 1,112
Lease liabilities 188,913 190,134
Borrowings 1,205,961 532,701
Non-current liabilities 3,566,643 1,506,325
Current liabilities    
Current income tax liabilities 137,388 135,703
Other liabilities 429,713 344,843
Trade payables 2,232,654 1,187,600
Derivative financial instruments 8,220 505
Lease liabilities 52,174 49,015
Borrowings 940,453 499,164
Current liabilities 3,800,602 2,216,830
Total Liabilities 7,367,245 3,723,155
Total Equity and Liabilities $ 24,179,104 $ 17,491,548
[1] It includes restricted cash of $3,129, $30 and $58 as of December 31, 2023, 2022 and 2021, respectively. In addition, the Company had other investments with a maturity of more than three months for $2,186,420, $1,975,490 and $1,357,484 as of December 31, 2023, 2022 and 2021, respectively.
v3.24.1
Consolidated Statements of Changes in Equity - USD ($)
$ in Thousands
Total
Usiminas
Equity attributable to owners of parent [member]
Capital stock
Treasury shares
Initial public offering expenses
Reserves
Capital stock issue discount
Currency translation adjustment
Retained earnings
Non-controlling interest
Non-controlling interest
Usiminas
Beginning balance at Dec. 31, 2020 $ 8,443,153   $ 7,286,115 $ 2,004,743 [1] $ (150,000) [1] $ (23,295) $ 1,329,945 [2] $ (2,324,866) [3] $ (2,861,029) $ 9,310,617 $ 1,157,038  
Changes in equity [abstract]                        
Profit for the year 4,367,191   3,825,068             3,825,068 542,123  
Other comprehensive income (loss) for the period                        
Currency translation adjustment (40,481)   (37,564)           (37,564)   (2,917)  
Remeasurement of post employment benefit obligations 34,474   30,447       30,447 [2]       4,027  
Cash flow hedges and others, net of tax 195   100       100 [2]       95  
Others 555   134       134 [2]       421  
Total comprehensive income for the year 4,361,934   3,818,185       30,681 [2] 0 [3] (37,564) 3,825,068 543,749  
Dividends paid in cash [4] (569,292)   (569,292)             (569,292)    
Acquisition of non-controlling interest [5] (757)   11       11 [2]       (768)  
Ending balance at Dec. 31, 2021 12,235,038   10,535,019 2,004,743 [1],[6] (150,000) [1],[6] (23,295) 1,360,637 [2],[7] (2,324,866) [8] (2,898,593) 12,566,393 1,700,019  
Changes in equity [abstract]                        
Profit for the year 2,092,772   1,767,516             1,767,516 325,256  
Other comprehensive income (loss) for the period                        
Currency translation adjustment 42,708   39,525           39,525   3,183  
Remeasurement of post employment benefit obligations 24,435   21,864       21,864 [7]       2,571  
Cash flow hedges and others, net of tax 40   20       20 [7]       20  
Others [9] 19,940   12,269       12,269 [7]       7,671  
Total comprehensive income for the year 2,179,895   1,841,194 0 [6] 0 [6] 0 34,153 [7] 0 [8] 39,525 1,767,516 338,701  
Dividends paid in cash (530,031) [10]   (530,031) [10]             (530,031) [10] 0  
Dividends paid in kind and in cash to non-controlling interest (112,293)                   (112,293)  
Acquisition of non-controlling interest [11] (4,216)   (223)       (223) [7]       (3,993)  
Ending balance at Dec. 31, 2022 13,768,393   11,845,959 2,004,743 [6],[12] (150,000) [6],[12] (23,295) 1,394,567 [7],[13] (2,324,866) [8] (2,859,068) 13,803,878 1,922,434  
Changes in equity [abstract]                        
Profit for the year 986,374   676,043             676,043 310,331  
Other comprehensive income (loss) for the period                        
Currency translation adjustment [14] 971,776   895,241           895,241   76,535  
Remeasurement of post employment benefit obligations (41,285)   (24,904)       (24,904) [13]       (16,381)  
Cash flow hedges and others, net of tax 15,897   14,188       14,188 [13]       1,709  
Others [15] (601,896)   (418,640)       (418,640) [13]       (183,256)  
Total comprehensive income for the year 1,330,866   1,141,928 0 [12] 0 [12] 0 (429,356) [13] 0 [16] 895,241 676,043 188,938  
Dividends paid in cash (569,292) [17]   (569,292) [17]             (569,292) [17] 0  
Dividends paid in kind and in cash to non-controlling interest (294,003)                   (294,003)  
Effects related to the increase of the participation in Usiminas [18]   $ 2,575,895                   $ 2,575,895
Ending balance at Dec. 31, 2023 $ 16,811,859   $ 12,418,595 $ 2,004,743 [12] $ (150,000) [12] $ (23,295) $ 965,211 [13] $ (2,324,866) [16] $ (1,963,827) $ 13,910,629 $ 4,393,264  
[1] The Company has an authorized share capital of a single class of 3.5 billion shares having a nominal value of $1.00 per share. As of December 31, 2021, there were 2,004,743,442 shares issued. All issued shares are fully paid. Also, as of December 31, 2021, the Company held 41,666,666 shares as treasury shares.
[2] Include mainly legal reserve under Luxembourg law for $200.5 million, undistributable reserves under Luxembourg law for $1.4 billion and reserves related to the acquisition of non-controlling interest in subsidiaries for $(72.2) million.
[3] Represents the difference between book value of non-monetary contributions received from shareholders under Luxembourg GAAP and IFRS.
[4] Represents $0.29 per share ($2.90 per ADS). Related to the dividends distributed on May 3 and on November 2, 2021, and as 41,666,666 shares are held as treasury shares by Ternium, the dividends attributable to these treasury shares amounting to $12.1 million were included in equity as deduction of dividend paid.
[5] Corresponds to the acquisition of non-controlling interest participation of Ternium Argentina S.A.
[6] The Company has an authorized share capital of a single class of 3.5 billion shares having a nominal value of $1.00 per share. As of December 31, 2022, there were 2,004,743,442 shares issued. All issued shares are fully paid. Also, as of December 31, 2022, the Company held 41,666,666 shares as treasury shares.
[7] Include mainly legal reserve under Luxembourg law for $200.5 million, undistributable reserves under Luxembourg law for $1.4 billion and reserves related to the acquisition of non-controlling interest in subsidiaries for $(72.4) million.
[8] Represents the difference between book value of non-monetary contributions received from shareholders under Luxembourg GAAP and IFRS.
[9] Includes mainly the changes of the fair value of financial instruments at fair value through other comprehensive income, net of tax.
[10] Represents $0.27 per share ($2.70 per ADS). Related to the dividends distributed on May 3 and on November 2, 2022, and as 41,666,666 shares are held as treasury shares by Ternium, the dividends attributable to these treasury shares amounting to $11.2 million were included in equity as deduction of dividend paid.
[11] Corresponds to the acquisition of non-controlling interest participation of Ternium Argentina S.A.
[12] The Company has an authorized share capital of a single class of 3.5 billion shares having a nominal value of $1.00 per share. As of December 31, 2023, there were 2,004,743,442 shares issued. All issued shares are fully paid. Also, as of December 31, 2023, the Company held 41,666,666 shares as treasury shares.
[13] Include mainly legal reserve under Luxembourg law for $200.5 million, undistributable reserves under Luxembourg law for $1.4 billion, and reserves related to the acquisition of non-controlling interest in subsidiaries for $(72.4) million..
[14] See note 3 (c).
[15] Includes mainly the changes of the fair value of financial instruments at fair value through other comprehensive income, net of tax. See note 18.
[16] Represents the difference between book value of non-monetary contributions received from shareholders under Luxembourg GAAP and IFRS.
[17] Represents $0.29 per share ($2.90 per ADS). Related to the dividends distributed on May 2 and on October 31, 2023, and as 41,666,666 shares are held as treasury shares by Ternium, the dividends attributable to these treasury shares amounting to $12.1 million were included in equity as deduction of dividend paid.
[18] See note 3 (f).
v3.24.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Cash flows from operating activities      
Profit for the year $ 986,374 $ 2,092,772 $ 4,367,191
Adjustments for:      
Depreciation and amortization 657,692 616,492 591,790
Impairment charge 42,316 99,000 0
Income tax accruals less payments (160,940) (1,195,561) 578,285
Equity in earnings of non-consolidated companies (105,305) (37,114) (400,732)
Interest accruals less payments/receipts, net (45,139) (24,795) 5,901
Changes in provisions (64,447) (1,069) 11,761
Changes in working capital [1] 321,081 1,152,498 (2,617,789)
Net foreign exchange results and others (236,499) 50,720 140,908
Net cash provided by operating activities 2,501,124 2,752,943 2,677,315
Cash flows from investing activities      
Capital expenditures and advances to suppliers for PP&E [2] (1,460,677) (580,553) (523,610)
Increase in other investments (717,534) (770,638) (579,010)
Proceeds from the sale of property, plant and equipment 2,477 1,912 1,752
Dividends received from non-consolidated companies 43,075 28,884 56,275
Acquisition of non-controlling interest 0 (4,216) (757)
Net cash used in investing activities (1,470,273) (1,324,611) (1,045,350)
Cash flows from (used in) financing activities [abstract]      
Dividends paid in cash to company’s shareholders (569,292) (530,031) (569,292)
Lease payments (58,900) (49,410) (45,604)
Proceeds from borrowings 354,946 285,908 246,046
Repayments of borrowings (493,111) (722,644) (485,526)
Net cash used in financing activities (766,357) (1,016,177) (854,376)
Increase in cash and cash equivalents 264,494 412,155 777,589
Effect of exchange rate changes on cash and cash equivalents [abstract]      
Beginning of period 1,653,355 [3] 1,276,605 [3] 537,882
Effect of exchange rate changes (71,836) (35,405) (38,866)
Increase in cash and cash equivalents 264,494 412,155 777,589
End of period [3] 1,846,013 1,653,355 1,276,605
Non-cash transactions:      
Dividends paid in kind to non-controlling interest (233,538) (112,293) 0
Acquisition of PP&E under lease contract agreements 16,061 13,961 13,758
Adjustments related to post-retirement benefits and contingencies 171,987 0 0
Usiminas      
Adjustments for:      
Non-cash effects related to the increase of the participation in Usiminas 1,105,991 0 0
Cash flows from investing activities      
Purchase consideration (118,686) 0 0
Cash acquired $ 781,072 $ 0 $ 0
[1] The working capital is impacted by non-cash movement of $129.3 million as of December 31, 2023 ($24.9 million and $(12.5) million as of December 31, 2022 and 2021, respectively) due to the variations in the exchange rates used by subsidiaries with functional currencies different from the U.S. dollar.
[2] It includes capital expenditures of $1,201,639 and advances to suppliers for property, plant and equipment of $259,048.
[3] It includes restricted cash of $3,129, $30 and $58 as of December 31, 2023, 2022 and 2021, respectively. In addition, the Company had other investments with a maturity of more than three months for $2,186,420, $1,975,490 and $1,357,484 as of December 31, 2023, 2022 and 2021, respectively.
v3.24.1
Consolidated Statements of Changes in Equity - Parenthetical - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Changes in equity [abstract]      
Number of shares authorised (in shares) 3,500,000,000 3,500,000,000 3,500,000,000
Par value per share (in dollars per share) $ 1.00 $ 1.00 $ 1.00
Number of shares issued (in shares) 2,004,743,442 2,004,743,442 2,004,743,442
Legal reserve $ 200.5 $ 200.5 $ 200.5
Undistributable reserve $ 1,400.0 $ 1,400.0 $ 1,400.0
Dividends paid, per share (in dollars per share) $ 0.29 $ 0.27 $ 0.29
Dividends paid, USD per ADS (in dollars per share) $ 2.90 $ 2.70 $ 2.90
Dividends not paid on Treasury Shares $ 12.1 $ 11.2 $ 12.1
Treasury shares      
Changes in equity [abstract]      
Number of shares in entity held by entity or by its subsidiaries or associates 41,666,666 41,666,666 41,666,666
Acquisition reserve      
Changes in equity [abstract]      
Other reserves $ (72.4) $ (72.4) $ (72.2)
v3.24.1
Consolidated Statements of Cash Flows - Parenthetical - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Statement of cash flows [abstract]      
Non-cash items impacting working capital $ 129,300 $ 24,900 $ (12,500)
Restricted cash 3,129 30 58
Capital expenditures 1,201,639    
Advances to suppliers for property, plant and equipment classified as investing activities 259,048    
Other deposits with maturity of more than three months $ 2,186,420 $ 1,975,490 $ 1,357,484
v3.24.1
GENERAL INFORMATION
 12 Months Ended
Dec. 31, 2023
Disclosure of general information about financial statements [Abstract]  
GENERAL INFORMATION GENERAL INFORMATION
Ternium S.A. (the “Company” or “Ternium”), was incorporated on December 22, 2003 to hold investments in flat and long steel manufacturing and distributing companies. The Company has an authorized share capital of a single class of 3.5 billion shares having a nominal value of $1.00 per share. As of December 31, 2023, there were 2,004,743,442 shares issued. All issued shares are fully paid.

Ternium’s American Depositary Shares (“ADSs”) trade on the New York Stock Exchange under the symbol “TX”.

The Company was initially established as a public limited liability company (société anonyme) under Luxembourg’s 1929 holding company regime. Until termination of such regime on December 31, 2010, holding companies incorporated under the 1929 regime (including the Company) were exempt from Luxembourg corporate and withholding tax over dividends distributed to shareholders.

On January 1, 2011, the Company became a société anonyme and, effective as from that date, the Company is subject to all applicable Luxembourg taxes (including, among others, corporate income tax on its worldwide income) and its dividend distributions will generally be subject to Luxembourg withholding tax. However, dividends received by the Company from subsidiaries in high income tax jurisdictions, as defined under Luxembourg law, will continue to be exempt from corporate income tax in Luxembourg under Luxembourg’s participation exemption.

As part of the Company’s corporate reorganization in connection with the termination of Luxembourg’s 1929 holding company regime, on December 6, 2010, the Company contributed its equity holdings in all its subsidiaries and all its financial assets to its Luxembourg wholly-owned subsidiary Ternium Investments S.à.r.l., or Ternium Investments, in exchange for newly issued corporate units of Ternium Investments. As the assets contributed were recorded at their historical carrying amount in accordance with Luxembourg GAAP, the Company’s December 2010 contribution of such assets to Ternium Investments resulted in a non-taxable revaluation of the accounting value of the Company’s assets under Luxembourg GAAP. The amount of the December 2010 revaluation was equal to the difference between the historical carrying amounts of the assets contributed and the value at which such assets were contributed and amounted to $4.0 billion. However, for the purpose of these consolidated financial statements, the assets contributed by Ternium to its wholly-owned subsidiary Ternium Investments were recorded based on their historical carrying amounts in accordance with IFRS, with no impact on the financial statements.
Following the completion of the corporate reorganization, and upon its conversion into a Luxembourg holding company, the Company voluntarily recorded a special reserve exclusively for tax-basis purposes. As of December 31, 2023 and 2022, this special tax reserve amounted to $4.7 billion and $5.2 billion, respectively. The Company expects that, as a result of its corporate reorganization, its current overall tax burden will not increase, as all or substantially all of its dividend income will come from high income tax jurisdictions.
v3.24.1
BASIS OF PRESENTATION
 12 Months Ended
Dec. 31, 2023
Disclosure of notes and other explanatory information [Abstract]  
BASIS OF PRESENTATION BASIS OF PRESENTATION
a)    Basis of presentation
These consolidated financial statements have been prepared in accordance with IFRS Accounting Standards (International Financial Reporting Standards) issued and effective or issued and early adopted as at the time of preparing these statements (February 2024), as issued by the International Accounting Standards Board and in conformity with IFRS Accounting Standards as adopted by the European Union (“EU”). These consolidated financial statements are presented in thousands of United States dollars (“$”), 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)
.
CompanyCountry of OrganizationMain activityPercentage of ownership
at December 31,
202320222021
Ternium S.A.LuxembourgHolding100.00 %100.00 %100.00 %
Ternium Investments S.à.r.l.LuxembourgHolding100.00 %100.00 %100.00 %
Ternium Internacional España S.L. (1)SpainHolding and marketing of steel products100.00 %100.00 %100.00 %
Ternium Solutions S.A. (1)UruguayOther services100.00 %100.00 %100.00 %
Ternium Internationaal B.V. (1)NetherlandsMarketing of steel products100.00 %100.00 %100.00 %
Ternium USA Inc. (2) USAManufacturing and selling of steel products100.00 %100.00 %100.00 %
Ternium Argentina S.A. (3)ArgentinaManufacturing and selling of flat steel products 62.57 %62.57 %62.49 %
Prosid Investments S.A. (4)UruguayHolding62.58 %62.58 %62.49 %
Ternium Mexico S.A. de C.V. (5)MexicoManufacturing and selling of steel products89.25 %89.25 %89.22 %
Las Encinas S.A. de C.V. (6)MexicoExploration, exploitation and pelletizing of iron ore89.25 %89.25 %89.22 %
Ferropak Comercial S.A. de C.V. (6)MexicoScrap services company89.25 %89.25 %89.22 %
Transamerica E. & I. Trading Corp. (6)USAScrap services company89.25 %89.25 %89.22 %
Galvacer Chile S.A. (6)ChileDistributing company89.25 %89.25 %89.22 %
Ternium Gas México S.A. de C.V. (7)MexicoEnergy services company89.25 %89.25 %89.22 %
Consorcio Minero Benito Juarez Peña Colorada S.A.de C.V. (8)MexicoExploration, exploitation and pelletizing of iron ore44.62 %44.62 %44.61 %
Exiros B.V. (8)NetherlandsProcurement and trading services50.00 %50.00 %50.00 %
Servicios Integrales Nova de Monterrey S.A. de C.V. (9)MexicoMedical and Social Services66.49 %66.49 %66.47 %
Ternium Internacional Nicaragua S.A. NicaraguaManufacturing and selling of steel products99.38 %99.38 %99.38 %
Ternium Internacional Honduras S.A. de C.V. HondurasManufacturing and selling of steel products99.18 %99.18 %99.18 %
Ternium Internacional El Salvador S.A. de C.V.El SalvadorManufacturing and selling of steel products99.92 %99.92 %99.92 %
Ternium Internacional Costa Rica S.A. Costa RicaManufacturing and selling of steel products99.98 %99.98 %99.98 %
Ternium Internacional Guatemala S.A. (10)GuatemalaManufacturing and selling of steel products99.98 %99.98 %99.98 %
Ternium Colombia S.A.S. (11)ColombiaManufacturing and selling of steel products100.00 %100.00 %100.00 %
Ternium del Cauca S.A.S. (11)ColombiaManufacturing and selling of steel products100.00 %100.00 %100.00 %
Ternium del Atlántico S.A.S (11)ColombiaManufacturing and selling of steel products100.00 %100.00 %100.00 %
Ternium Procurement S.A. (11)UruguayMarketing of steel products and procurement services100.00 %100.00 %100.00 %
Technology & Engineering Services S.A. (11)UruguayEngineering and other services100.00 %100.00 %100.00 %
Ternium Brasil Ltda. (12)BrazilManufacturing and selling of steel products100.00 %100.00 %100.00 %
Tenigal S. de R.L. de C.V. (13)MexicoManufacturing and selling of steel products51.00 %51.00 %51.00 %
Soluciones Integrales de Gestión S.A. (14)ArgentinaOther services100.00 %100.00 %100.00 %
Vientos de Olavarría S.A. (15)ArgentinaRenewable energy projects.62.57 %62.57 %— 
Usinas Siderúrgicas de Minas Gerais S.A. (16)BrazilManufacturing and selling of steel products23.30 %— — 
Mineração Usiminas S.A. (17)BrazilExploration, exploitation and pelletizing of iron ore16.31 %— — 
Soluções Em Aço Usiminas S.A. (18)BrazilManufacturing and selling of steel products16.05 %— — 
2.    BASIS OF PRESENTATION (continued)
Company Country of OrganizationMain activityPercentage of ownership
at December 31,
202320222021
Usiminas Mecânica S.A. (19)BrazilEngineering and other services23.30 %— — 
Rios Unidos logistica e transporte de açõ Ltda. (19)BrazilLogistics and distribution of steel-derived products23.30 %— — 
Usiminas Internatioonal S.À R.L. (20)LuxembourgHolding23.30 %— — 
Usiminas Participações E Logística S.A. (21)BrazilLogistics and distribution of steel-derived products17.48 %— — 
Metalcentro Ltda. (22)BrazilOther services23.30 %— — 
Ternium Participaçoes S.A.em liquidaçao (23)BrazilHolding— 100.00 %100.00 %
Ternium Siderúrgica de Caldas S.A.S.(24)ColombiaManufacturing and selling of steel products— — 100.00 %
Impeco S.A. (25)ArgentinaManufacturing 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.
v3.24.1
ACQUISITION OF BUSINESS – INCREASE OF THE PARTICIPATION IN USIMINAS CONTROL GROUP AND NEW GOVERNANCE STRUCTURE OF USIMINAS
 12 Months Ended
Dec. 31, 2023
Detailed Information Of Business Combinations [Abstract]  
ACQUISITION OF BUSINESS – INCREASE OF THE PARTICIPATION IN USIMINAS CONTROL GROUP AND NEW GOVERNANCE STRUCTURE OF USIMINAS ACQUISITION OF BUSINESS – INCREASE OF THE PARTICIPATION IN USIMINAS CONTROL GROUP AND NEW GOVERNANCE STRUCTURE OF USIMINAS
     (a) The participation in Usiminas as of June 30, 2023

On January 16, 2012, the Company’s subsidiaries, Ternium Investments and Ternium Argentina (together with its wholly-owned subsidiary Prosid Investments S.A., or "Prosid", and the Company’s affiliate, Confab Industrial S.A., a subsidiary of Tenaris, or TenarisConfab), joined the existing control group of Usiminas, a leading steel company in the Brazilian flat steel market, through the acquisition of 84.7, 30.0, and 25.0 million ordinary shares, respectively, and formed the so-called Ternium/Tenaris (T/T) Group.

On October 30, 2014, Ternium Investments acquired 51.4 million additional ordinary shares of Usiminas. On April 20, 2016, Ternium Investments subscribed to 7.0 million preferred shares of Usiminas and Ternium Argentina, together with Prosid, subscribed to an aggregate 1.5 million preferred shares of Usiminas. On July 19, 2016, Usiminas’ extraordinary general shareholders’ meeting homologated a capital increase, and Ternium Investments acquired 62.6 million additional ordinary shares, and Ternium Argentina and Prosid acquired an aggregate 13.8 million additional ordinary shares. As a result of these transactions, Ternium, through its subsidiaries Ternium Investments, Ternium Argentina and Prosid, owned as of June 30, 2023, 242.6 million ordinary shares of Usiminas (representing 34.4% of Usiminas’ ordinary shares) and 8.5 million of Usiminas’ preferred shares (representing 1.6% of Usiminas’ preferred shares), representing, in the aggregate, 20.4% of Usiminas’ share capital.

As of June 30, 2023, the Usiminas control group held, in the aggregate, 483.6 million ordinary shares bound to the Usiminas shareholders’ agreement, representing approximately 68.6% of Usiminas’ voting capital. The Usiminas control group, which was bound by a long-term shareholders’ agreement that governs the rights and obligations of Usiminas’ control group members, was composed as of such date of three sub-groups: the T/T Group; the NSC Group, comprising Nippon Steel Corporation (“NSC”), Metal One Corporation and Mitsubishi Corporation; and Usiminas’ pension fund Previdência Usiminas. The T/T Group held approximately 47.1% of the total shares held by the control group (39.5% corresponding to the Ternium entities and the other 7.6% corresponding to TenarisConfab); the NSC Group held approximately 45.9% of the total shares held by the control group; and Previdência Usiminas held the remaining 7%. The corporate governance rules reflected in the Usiminas shareholders agreement provided, among other things, that Usiminas’ executive board was composed of six members, including the chief executive officer and five vice-presidents, with Ternium and NSC nominating three members each. The right to nominate Usiminas’ chief executive officer alternated between Ternium and NSC at every 4-year interval, with the party that did not nominate the chief executive officer having the right to nominate the chairman of Usiminas’ board of directors for the same 4-year period. The Usiminas shareholders agreement also provided for an exit mechanism consisting of a buy-and-sell procedure—exercisable at any time after November 16, 2022, and applicable with respect to shares held by NSC and the T/T Group—, which would allow either Ternium or NSC to purchase all or a majority of the Usiminas shares held by the other shareholder.

(b) The acquisition of the additional participation

On March 30, 2023, Ternium S.A. announced that its subsidiaries Ternium Investments and Ternium Argentina, together with Confab, a subsidiary of its affiliate Tenaris S.A., all of which compose the T/T group within Usiminas control group, entered into a share purchase agreement to acquire from Nippon Steel Corporation, Mitsubishi and MetalOne (the “NSC group”), pro rata to their current participations in the T/T group, 68.7 million ordinary shares of Usinas Siderúrgicas de Minas Gerais S.A. – USIMINAS (“Usiminas”) at a price of BRL10 per ordinary share.
3.    ACQUISITION OF BUSINESS – INCREASE OF THE PARTICIPATION IN USIMINAS CONTROL GROUP AND NEW GOVERNANCE STRUCTURE OF USIMINAS (continued)

On July 3, 2023, the Company announced the completion of the acquisition of this additional participation. Pursuant to the transaction, Ternium paid $118.7 million in cash for 57.7 million ordinary shares, increasing its participation in the Usiminas control group to 51.5%.

The Usiminas control group holds the majority of Usiminas’ voting rights. Following the completion of the transaction, the T/T group holds an aggregate participation of 61.3% in the control group, with the NSC group and Previdência Usiminas (Usiminas employees’ pension fund) holding 31.7% and 7.1%, respectively. The Usiminas control group members also agreed a new governance structure, as a result of which the T/T group nominated a majority of the Usiminas board of directors, the CEO and four other members of Usiminas board of officers, and ordinary decisions are approved with a 55% majority of the control group shares.

Pursuant to the Usiminas shareholders agreement, as supplemented by the T/T Group shareholders’ agreement, Ternium started fully consolidating Usiminas balance sheet and results of operations in its consolidated financial statements beginning in July 2023.

(c) Remeasurement of the previously held interest

As of July 3, 2023, Ternium remeasured its former participation (20.4%) at its fair value as of such date.

Consequently, Ternium valued its previously held interest by means of the market quotation of Usiminas share in the Brazilian stock market. Such value as of July 3, 2023, was of 7.36 BRL per share, amounting to a total of $385.9 million. This valuation results in the recognition of a loss of $441.4 million, which is included along with the gain related to the bargain purchase amounting to $270.4 million (see note 3 (d)) in the “Effect related to the increase of the participation in Usiminas” in the income statement for a total of $171.0 million.

In addition, IFRS 3, paragraph 42, establishes that the previous interest must be remeasured, and necessary adjustments made as if it were a disposal of the investment. In this case, items previously recognized in other comprehensive income, mainly the CTA (currency translation adjustment) should be recycled to results of the period. The accumulated loss in “Other comprehensive income” as of the acquisition date was $934.9 million.
3.    ACQUISITION OF BUSINESS – INCREASE OF THE PARTICIPATION IN USIMINAS CONTROL GROUP AND NEW GOVERNANCE STRUCTURE OF USIMINAS (continued)

(d) Fair value of net assets acquired

The fair values determined for the assets acquired and liabilities assumed arising from the acquisition are as follows:

Fair value of acquired assets and assumed liabilities:in $ thousands
Property, plant and equipment (note 12)904,780 
Investments in non-consolidated companies400,037 
Inventories1,707,311 
Cash and cash equivalents781,072 
Other investments247,005 
Trade receivables764,257 
Allowance for doubtful accounts(44,626)
Other receivables854,917 
Deferred tax assets1,327,232 
Borrowings(1,224,399)
Provisions(856,153)
Trade payables(758,687)
Other assets and liabilities, net(509,486)
Net assets acquired3,593,260 
Non-controlling interest(2,818,358)
Remeasurement of previously held interest in Usiminas(385,851)
Total Purchase consideration(118,686)
Bargain purchase gain270,365 
Loss on the remeasurement of previously held interest in Usiminas(441,410)
Net loss effect related to the increase of the participation in Usiminas(171,045)


The purchase price allocation disclosed above was prepared with the assistance of a third-party expert. Management applied significant judgment in estimating the fair value of assets acquired and liabilities assumed, which involved the use of significant estimates and assumptions in particular with respect to the estimation of the loss probability for the contingencies, including revenue forecasts, EBITDA margins, capital expenditures and discount rate for the cash flow projections. According to the purchase price allocation, the transaction led to the recognition of a bargain purchase of $270.4 million.

Since the acquisition date and to December 31, 2023, revenues and net income from Usiminas amounted to $2,737 and $129 million, respectively. Had the acquisition occurred on January 1, 2023, pro-forma revenue and net income for the year ended December 31, 2023, would have been $5,517 million and $237 million, respectively. These amounts are unaudited and have been calculated considering the valuation of cost of sales under the FIFO method, the adjustments for changes in the accounting policies and the adjustments related to the fair value of assets and liabilities calculated for the purchase price allocation and its impact in results.
3.    ACQUISITION OF BUSINESS – INCREASE OF THE PARTICIPATION IN USIMINAS CONTROL GROUP AND NEW GOVERNANCE STRUCTURE OF USIMINAS (continued)

(e) Put and call option

In addition to the share purchase and the new governance structure, a “put” and “call” mechanism was established according to the following scheme:
–NSC group will have the right, at any time after the closing of the transaction, to withdraw its remaining shares from the control group and sell them in the open market after giving the T/T group the opportunity to buy them at the 40-trading day average price per share immediately prior to the NSC group’s notice of withdrawal, as well as the right, at any time after the second anniversary of the closing, to sell such shares to the T/T group at BRL 10 per share.
–At any time after the second anniversary of the closing of the transaction, the T/T group will have the right to buy the NSC group’s remaining interest in the Usiminas control group (153.1 million ordinary shares) at the higher of BRL10 per share and the 40-trading day average price per share immediately prior to the date of exercising the option.
–In the case of the T/T Group, Ternium will decide at its own discretion the execution of the call option, having Confab and Ternium Argentina the option to acquire the shares owned by NSC pro rata to their participation.

IAS 32 requires a liability to be recognized for written puts over non-controlling interests. The liability reflects the entity’s obligation to deliver cash or a financial asset. The financial liability is recognized at present value of the redemption amount and accreted through finance charges in the income statement over the contract period up to the final redemption amount. Ternium has recognized a liability associated with the put option of $242.5 million ($249.3 million as of December 31, 2023), accounted for in the statement of financial position under Other liabilities, with the corresponding debit in the statement of changes in equity under Non-controlling interest.

(f) Recognition of non-controlling interest

Ternium recognizes non-controlling interests in an acquired entity either at fair value or at the non-controlling interest’s proportionate share of the acquired entity’s net identifiable assets. This decision is made on an acquisition-by-acquisition basis. For the non-controlling interests in Usiminas, the Company elected to recognize the non-controlling interests at its proportionate share of the acquired net identifiable assets, which led to a non-controlling interest of $2,575.9 million.
3.    ACQUISITION OF BUSINESS – INCREASE OF THE PARTICIPATION IN USIMINAS CONTROL GROUP AND NEW GOVERNANCE STRUCTURE OF USIMINAS (continued)

(g) Main contingencies associated with the acquired business

Contrary to the recognition principles in IAS 37 Provisions, Contingent Liabilities and Contingent Assets, IFRS 3 Business Combinations requires an acquirer of a business to recognize contingent liabilities assumed in a business acquisition at the acquisition date even if it is not probable that an outflow of resources will be required to settle the obligation.

in $ thousands
Provisions for contingencies recognized by Usiminas before business combination(199,677)
Provisions for contingencies recognized as part of the business combination:
Tax related contingencies(432,488)
Civil and other related contingencies(174,333)
Labour related contingencies(49,655)
Total Provision for contingencies(856,153)

Contingencies estimated by Management were related to possible losses arising from administrative proceedings and litigation related to tax, civil and labour matters and based on the advice and assessment of internal and external legal advisors.

The main contingencies recognized in the consolidated financial statements pursuant to IFRS 3 Business Combinations in connection with the acquisition of the additional participation in Usiminas and the full consolidation of Usiminas include the following:

DescriptionStatusAs of the acquisition date (in $ thousands)As of December 31, 2023
(in $ thousands)
Labor lawsuits filed by employees, former employees and outsourced personnel of the Cubatão Plant, claiming severance pay and social security rights.Pending judgment by the Labor Court and administrative bodies, at different levels.57,343 55,643 
Tax proceeding in which the tax authorities seek the reversal of ICMS/SP credits on materials considered as consumables (refractory items and others).Awaiting final outcome of the Appeal to the Superior Court of Justice (STJ).29,772 30,440 
Labor lawsuits filed by employees, former employees and outsourced personnel of the Ipatinga Plant, claiming severance pay and social security rights.Pending judgment by the Labor Court and administrative bodies, at different levels.15,112 13,722 
Labor lawsuits filed by former employees challenging the amount of compensation paid on dismissals.Pending judgment.10,837 9,809 
Other contingencies86,613 99,880 
Provisions for contingencies recognized by Usiminas before business combination199,677 209,494 
3.    ACQUISITION OF BUSINESS – INCREASE OF THE PARTICIPATION IN USIMINAS CONTROL GROUP AND NEW GOVERNANCE STRUCTURE OF USIMINAS (continued)

DescriptionStatusAs of the acquisition date (in $ thousands)As of December 31, 2023
(in $ thousands)
Objection filed against the decision that recognized only partially the credit rights established in a final and unappealable court decision that determined the exclusion of ICMS amounts from the calculation basis of PIS/COFINS-Imports.Pending judgment at administrative level.94,792 94,359 
Tax collection proceedings related to the collection of ICMS/SP on goods shipped to other countries without effective proof of export.Pending judgment by the trial court.51,546 51,311 
Tax proceedings seeking the reversal of ICMS/SP credits on materials considered as consumables (refractory items and others).Several case records, declaratory actions and tax collection proceedings, suspended or pending decision by higher courts.38,640 38,464 
ICMS – Action for annulment of the tax debt claimed by the State of Rio Grande do Sul due to failure to make the advance payment of the tax at the entry of goods coming from other States (rate differential ).Pending judgment by the trial court.28,789 28,658 
Tax assessment notice issued by the State of Minas Gerais concerning alleged reversal of ICMS credits on sale of electrical energy.Pending judgment at administrative level.12,386 12,330 
Other tax contingencies206,335 199,692 
Provisions for tax contingencies recognized as part of the business combination432,488 424,814 
Public Civil Action seeking the reimbursement of the amounts increased by means of a term of amendment to the Contractor's Agreement, due to alleged overbilling in the construction of a bridge in Brasília/DF.As of July 3, 2023, the claim was deemed groundless and was pending judgment of appeal. As of December 31, 2023, the action was dismissed as unfounded and the case was archived.64,315 — 
Public Civil Action seeking compensation for alleged damages caused to the State of Santa Catarina's Treasury related to improper expenditures incurred in the construction of a bridge.Pending conclusion of the expert evidence21,113 21,016 
Other civil and other contingencies (1)88,905 59,374 
Provisions for civil and other contingencies recognized as part of the business combination174,333 80,390 
Labor lawsuits filed by employees, former employees and outsourced personnel of the Cubatão Plant, claiming severance pay and social security rights.Pending judgment by the Labor Court and administrative bodies, at different levels.27,123 24,814 
Other labour contingencies (1)22,532 20,499 
Provisions for labour contingencies recognized as part of the business combination49,655 45,313 
(1) Composed of individually non-significative contingencies.
v3.24.1
ACCOUNTING POLICIES
 12 Months Ended
Dec. 31, 2023
Disclosure of significant accounting policies [Abstract]  
ACCOUNTING POLICIES ACCOUNTING POLICIES
The following is a summary of the principal accounting policies followed in the preparation of these Consolidated Financial Statements:

(a)Group accounting
(1)    Subsidiary companies and transactions with non-controlling interests
Subsidiaries are all entities over which the Company has control. The Company controls an entity when the Company is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. Subsidiaries are fully consolidated from the date on which control is transferred to the Company. They are deconsolidated from the date that control ceases.

The Company uses the acquisition method of accounting to account for business combinations. The consideration transferred for the acquisition of a subsidiary is the fair values of the assets transferred, the liabilities incurred and the equity interests issued by the Company. The consideration transferred includes the fair value of any asset or liability resulting from a contingent consideration arrangement. Acquisition-related costs are expensed as incurred. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at the fair values at the acquisition date. Indemnification assets are recognized at the same time that the Company recognizes the indemnified item and measures them on the same basis as the indemnified item, subject to the need for a valuation allowance for uncollectible amounts. The Company measures the value of a reacquired right recognized as an intangible asset on the basis of the remaining contractual term of the related contract regardless of whether market participants would consider potential contractual renewals in determining its fair value.

The Company recognizes any non-controlling interest in the acquiree at the non-controlling interest's proportionate share of the acquiree's net identifiable assets. The recognition of business combinations requires the acquirer to measure at the acquisition date components of non‑controlling interests in the acquiree that are present ownership interests and entitle their holders to a proportionate share of the entity’s net assets in the event of liquidation at either (a) fair value; or (b) the present ownership instruments’ proportionate share in the recognized amounts of the acquiree’s identifiable net assets. The Company opted for the proportional share in the recognized amounts of the identifiable net assets for the recognition described in note 3 related to Usiminas.

The excess of the consideration transferred, the amount of any non-controlling interest in the acquiree and the acquisition-date fair value of any previous equity interest in the acquiree over the fair value of the Company's share of the identifiable net assets acquired is recorded as goodwill. If this is less than the fair value of the net assets of the subsidiary acquired in the case of a bargain purchase, the difference is recognized directly in the income statement.

The measurement period is the earlier of the date that the acquirer receives the information that it is looking for or cannot obtain the information and one year after the acquisition date. Where the accounting for a business combination is not complete by the end of the reporting period in which the business combination occurred provisional amounts are reported.

The Company treats transactions with non-controlling interests as transactions with equity owners of the Company. For purchases from non-controlling interests, the difference between any consideration paid and the relevant share acquired of the carrying value of net assets of the subsidiary is recorded in equity. Gains or losses on disposals to non-controlling interests are also recorded in equity.
4.    ACCOUNTING POLICIES (continued)
When the Company ceases to have control or significant influence, any retained interest in the entity is remeasured to its fair value, with the change in carrying amount recognized in profit or loss. The fair value is the initial carrying amount for the purposes of subsequently accounting for the retained interest as an associate, joint venture or financial asset. In addition, any amounts previously recognized in other comprehensive income in respect of that entity are accounted for as if the group had directly disposed of the related assets or liabilities. This may mean that amounts previously recognized in other comprehensive income are reclassified to profit or loss.

Inter-company transactions, balances and unrealized gains on transactions between group companies are eliminated. Unrealized losses are also eliminated unless the transaction provides evidence of an impairment of the transferred asset. Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the group. However, the fact that the functional currency of some subsidiaries is their respective local currency, generates some financial gains (losses) arising from intercompany transactions, that are included in the consolidated income statement under Other financial expenses, net.    

(2) Investments in non-consolidated companies

Associated companies are those entities in which Ternium has significant influence, but which it does not control.

Joint arrangements are understood as combinations in which there are contractual agreements by virtue of which two or more companies hold an interest in companies that undertake operations or hold assets in such a way that any financial or operating decision is subject to the unanimous consent of the partners. A joint arrangement is classed as a joint operation if the parties hold rights to its assets and have obligations in respect of its liabilities or as a joint venture if the venturers hold rights only to the investee's net assets.

Investments in non-consolidated companies (associated companies and joint ventures) are accounted for using the equity method of accounting. Under this method, interests in joint ventures and associates are initially recognized in the consolidated statement of financial position at cost and adjusted thereafter to recognize the Company’s share of the post-acquisition profits or losses in the income statement, and its share of post-acquisition changes in reserves recognized in reserves and in other comprehensive income in the income statement. Unrealized gains on transactions among the Company and its non-consolidated companies are eliminated to the extent of the Company’s interest in such non-consolidated companies; unrealized losses are also eliminated unless the transaction provides evidence of an impairment of the transferred asset. When the Company’s share of losses in a non-consolidated company equals or exceeds its interest in such non-consolidated company, the Company does not recognize further losses unless it has incurred obligations or made payments on behalf of such non-consolidated company. Accounting policies of non-consolidated companies have been changed where necessary to ensure consistency with the policies adopted by the Company.

The Company’s investment in associates and joint ventures includes notional goodwill identified on acquisition.

The Company determines at each reporting date whether there is any objective evidence that the investment is impaired. If this is the case, the group calculates the amount of impairment as the difference between the recoverable amount of the investment and its carrying value and recognizes the amount within “Equity on earnings (losses) of non-consolidated companies”.
4.    ACCOUNTING POLICIES (continued)
(b)Foreign currency translation
(1)Functional and presentation currency

Items included in the financial statements of each of the Company's subsidiaries and associated companies are measured using the currency of the primary economic environment in which the entity operates (the "functional currency"). Except for Usiminas and the non-consolidated companies whose functional currencies are their local currencies, Ternium determined that the functional currency of its subsidiaries is the U.S. dollar. Although Ternium is located in Luxembourg, it operates in several countries with different currencies. The $ is the currency that best reflects the economic substance of the underlying events and circumstances relevant to Ternium as a whole.

(2)    Subsidiary companies

The results and financial position of all the group entities (except for the ones which operated in a hyperinflationary economy, if any) that have a functional currency different from the presentation currency, are translated into the presentation currency as follows:

(i) assets and liabilities are translated at the closing rate of each statement of financial position;
(ii) income and expenses for each income statement are translated at average exchange rates (unless this average is not a reasonable approximation of the cumulative effect of the rates prevailing on the transaction dates, in which case income and expenses are translated at the rate on the dates of the transactions); and
(iii) all resulting translation differences are recognized within other comprehensive income.

In the case of a sale or other disposition of any such subsidiary, any accumulated translation differences would be recognized in the income statement as part of the gain or loss on sale.

(3)    Transactions in currencies other than the functional currency

Transactions in currencies other than the functional currency are translated into the functional currency using the exchange rates prevailing at the date of the transactions or valuation where items are re-measured.

At the end of each reporting period: (i) monetary items denominated in currencies other than the functional currency are translated using the closing rates, (ii) non-monetary items that are measured in terms of historical cost in a currency other than the functional currency are translated using the exchange rates prevailing at the date of the transactions; and (iii) non-monetary items that are measured at fair value in a currency other than the functional currency are translated using the exchange rates prevailing at the date when the fair value was determined.

Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at year-end exchange rates of monetary assets and liabilities denominated in currencies other than the functional currency are recorded as gains and losses from foreign exchange and included in "Other financial income (expenses), net" in the consolidated income statement, except when deferred in equity as qualifying cash flow hedges and qualifying net investment hedges. Translation differences on non-monetary financial assets and liabilities such as equities held at fair value through profit or loss are recognized in profit or loss as part of the "fair value gain or loss," while translation differences on non-monetary financial assets such as equities classified as fair value through other comprehensive income are included in other gains/(losses).
4.    ACCOUNTING POLICIES (continued)
(c)Financial instruments
Non derivative financial instruments
Non derivative financial instruments comprise investments in equity and debt securities, trade and other receivables, cash and cash equivalents, loans and borrowings, and trade and other payables.
The Company classifies its financial instruments in the following measurement categories:
–Amortized cost: instruments that are held for collection or repayment of contractual cash flows where those cash flows represent solely payments of principal and interest are measured at amortized cost. Interest income and expenses from these financial instruments are included in finance income or expense using the effective interest rate method. Any gain or loss arising on derecognition is recognized directly in profit or loss and presented in finance income or expense, together with foreign exchange gains and losses. Impairment losses are presented as separate line items in the statement of profit or loss.
– Fair value through other comprehensive income (“FVOCI”): financial instruments that are held for collection of contractual cash flows and for selling the financial instruments, where the instruments’ cash flows represent solely payments of principal and interest, are measured at FVOCI. Movements in the carrying amount are taken through OCI, except for the recognition of impairment gains or losses, interest revenue or expense and foreign exchange gains and losses which are recognized in profit or loss. When the financial instrument is derecognized, the cumulative gain or loss previously recognized in OCI is reclassified from equity to profit or loss and recognized in other gains/(losses), except for equity instruments, for which there is no reclassification from OCI to profit or loss. Interest income or expense from these financial instruments is included in finance income using the effective interest rate method. Foreign exchange gains and losses are presented in other gains/(losses) and impairment expenses are presented as separate line item in the statement of profit or loss.
–Fair value through profit or loss (“FVPL”): financial instruments that do not meet the criteria for amortized cost or FVOCI are measured at FVPL. A gain or loss on a debt investment that is subsequently measured at FVPL is recognized in profit or loss and presented net within other gains/(losses) in the period in which it arises.
The classification depends on the Company’s business model for managing the financial instruments and the contractual terms of the cash flows.
For financial instruments measured at fair value, gains and losses will either be recorded in profit or loss or OCI. For investments in equity instruments that are not held for trading, this will depend on whether the group has made an irrevocable election at the time of initial recognition to account for the equity investment at FVOCI.
At initial recognition, the Company measures a financial instrument at its fair value plus, in the case of a financial instrument not at FVPL, transaction costs that are directly attributable to the acquisition of the financial instrument. Transaction costs of financial instruments carried at FVPL are expensed in profit or loss. Subsequent measurement of debt instruments depends on the Company’s business model for managing the asset and the cash flow characteristics of the asset.
4.    ACCOUNTING POLICIES (continued)
The classification depended on the nature and purpose of the financial assets and was determined at the time of initial recognition.
Financial assets and liabilities were recognized and derecognized on the settlement date.
Financial assets were initially measured at fair value, net of transaction costs, except for those financial assets classified as financial assets at fair value through profit or loss.
Financial liabilities, including borrowings, were initially measured at fair value, net of transaction costs and subsequently measured at amortized cost using the effective interest method, with interest expense recognized on an effective yield basis.
Impairment of financial assets
The Company assesses on a forward-looking basis the expected credit losses associated with its debt instruments carried at amortized cost and FVOCI. The impairment methodology applied depends on whether there has been a significant increase in credit risk.
For trade receivables, the Company applies the simplified approach permitted by IFRS 9, which requires expected lifetime losses to be recognized from initial recognition of the receivables, see note 4 (i) for further details.
For loans and receivables category and for held-to-maturity investments, the amount of the loss was measured as the difference between the asset's carrying amount and the present value of estimated future cash flows (excluding future credit losses that have not been incurred) discounted at the financial asset's original effective interest rate. The carrying amount of the asset was reduced and the amount of the loss was recognized in the consolidated income statement.
If, in a subsequent period, the amount of the impairment loss decreased and the decrease could be related objectively to an event occurring after the impairment was recognized, the reversal of the previously recognized impairment loss was recognized in the consolidated income statement.
Derivative financial instruments
Information about accounting for derivative financial instruments and hedging activities is included in Note 29 "Financial Risk management" and Note 4 (y).
Put option valuation method
IFRS presents the following options to recognize the value of a put option:
- Under IFRS 10, the terms of the forward and option contracts should be analyzed to assess whether they provide the parent or the non-controlling interest with access to the risks and rewards associated with the actual ownership of the shares. The non-controlling interest should be recognized if risks and rewards associated with ownership have been retained by the non-controlling interest. A financial liability (recognized at the present value of the redemption amount) is recorded to reflect the forward or put option.
4.    ACCOUNTING POLICIES (continued)

- Under IAS 32, a liability is recognized for written puts over non-controlling interests. The liability reflects the entity’s obligation to deliver cash or a financial asset. The financial liability is recognized at present value of the redemption amount and accreted through finance charges in the income statement over the contract period up to the final redemption amount.

(d)Property, plant and equipment
(1) Property, plant and equipment
Land and buildings comprise mainly factories and offices. All property, plant and equipment are recognized at historical acquisition or construction cost less accumulated depreciation and accumulated impairment (if applicable), except for land, which is carried at acquisition cost less accumulated impairment (if applicable). There are no material residual values for property, plant and equipment items.
Major overhaul and rebuilding expenditures are recognized as a separate asset when future economic benefits are expected from the item, and the cost can be measured reliably.
Ordinary maintenance expenses on manufacturing properties are recorded as cost of products sold in the period in which they are incurred.
Where a tangible fixed asset comprises major components having different useful lives, these components are accounted for as separate items. Spare parts are included in property, plant and equipment.
Depreciation method is reviewed at each year end. Depreciation is calculated using the straight-line method to amortize the cost of each asset to its residual value over its estimated useful life as follows:
LandNo depreciation
Buildings and improvements
10-50 years
Production equipment
5-50 years
Vehicles, furniture and fixtures and other equipment
3-20 years
Property, plant and equipment used in mining activities are depreciated over its useful life or over the remaining life of the mine if shorter and there is no alternative use possible.
The assets' useful lives are reviewed, and adjusted if appropriate, at each year end. The re-estimation of assets useful lives by the Company did not materially affect depreciation charges in 2023, 2022 and 2021.
Gains and losses on disposals are determined by comparing the proceeds with the corresponding carrying amounts and are included in the income statement.
If the carrying amount of an asset were greater than its estimated recoverable amount, it would be written down to its recoverable amount (see Note 4 (f) "Impairment").
Amortization charges are included in cost of sales, selling, general and administrative expenses.
4.    ACCOUNTING POLICIES (continued)
(2) Right-of-use assets
The Company is a party to lease contracts for:
–Land
–Plants and equipment for the production of industrial gases and other production materials.
–Transportation and maintenance equipment.
–Warehouses and office spaces.

These leases are recognized, measured and presented in accordance to IFRS 16 “Leases”, following the guidelines described below.
Accounting by the lessee
The Company recognizes a right-of-use asset and a lease liability at the commencement date of each lease contract that grants the right to control the use of an identified asset during a period of time. The commencement date is the date in which the lessor makes an underlying asset available for use by the lessee.
The Company applied exemptions for leases with a duration lower than 12 months, with a value lower than thirty thousand U.S. dollars and/or with clauses related to variable payments. These leases have been considered as short-term leases and, accordingly, no right-of-use asset or lease liability have been recognized.
At initial recognition, the right-of-use asset is measured considering:
– The value of the initial measurement of the lease liability;
– Any lease payments made at or before the commencement date, less any lease incentives; and
– Any initial direct costs incurred by the lessee.

After initial recognition, the right-of-use assets are measured at cost, less any accumulated depreciation and/or impairment losses, and adjusted for any re-measurement of the lease liability.

Depreciation of the right-of-use asset is calculated using the straight-line method over the estimated duration of the lease contract, as follows:
Land                            1-31 years
Buildings and facilities                    1-26 years
Machinery                        1-14 years

If the lease transfers ownership of the underlying asset to the Company by the end of the lease term, or if the cost of the right-of-use asset reflects that the Company will exercise a purchase option, the Company depreciates the right-of-use asset from the commencement date to the end of the useful life of the underlying asset. Otherwise, the Company depreciates the right-of-use asset from the commencement date to the earlier of the end of the useful life of the right-of-use asset or the end of the lease term.
Accounting by the lessor
When the Company is acting as a lessor, each of its leases is classified as either operating or finance lease:
– Leases where a significant portion of the risks and rewards of ownership are retained by the lessor are classified as operating leases.
– Leases where all substantial risks and rewards of ownership are transferred by the lessor to the lessee are classified as finance leases.
4.    ACCOUNTING POLICIES (continued)
(e)Intangible assets
(1)    Information system projects
Generally, costs associated with developing or maintaining computer software programs are recognized as an expense as incurred. However, costs directly related to the acquisition and implementation of information systems are recognized as intangible assets if they have a probable economic benefit exceeding the cost beyond one year and comply with the recognition criteria of IAS 38.
Information system projects recognized as assets are amortized using the straight-line method over their useful lives, not exceeding a period of 3 years. Amortization charges are included in cost of sales, selling, general and administrative expenses.
(2)    Mining assets
Mining assets include:
(a)Mining licenses acquired;
(b)Capitalized exploration and evaluation costs, reclassified from exploration and evaluation costs (see note 4 (e) 3); and
(c)Capitalized developmental stripping costs (see note 4 (u)).
Mining licenses were recognized as separate intangible assets upon the acquisition of the investment in Mexico and in Usiminas and comprise the right to exploit the mines and are recognized at its fair value at acquisition date less accumulated amortization.
Mexico’s mining concessions were granted for a 50-year period; following the expiration of the initial concession term, the concessions are renewable for an additional 50-year term in accordance with, and subject to the procedures set forth in, applicable Mexican mining law.
Usiminas’ mining concessions were granted for an indefinite period and until complete depletion of mineral reserves and are subject to the procedures set forth in applicable Brazilian mining law.
Amortization charge is calculated by using the unit-of-production method, on the basis of actual mineral extracted in each period compared to the estimated mineral reserves, and is included in cost of sales. Any change in the estimation of reserves is accounted for prospectively. The resulting amortization rate for the years ended December 31, 2023, 2022 and 2021, is approximately 13%, 12% and 7% per year, respectively.
Considering that there are no concrete development plans in the short term and for production feasibility in certain areas of the mining concessions held by Las Encinas S.A. de C.V., the Company decided to recognize an impairment charge over these assets of $42.3 million.
4.    ACCOUNTING POLICIES (continued)
(3)Exploration and evaluation costs
Exploration and evaluation activities involve the search for iron ore resources, the determination of technical feasibility and the assessment of commercial viability of an identified resource.
Exploration and evaluation costs are measured at cost. Costs directly associated with exploration and evaluation activities are capitalized as intangible assets until the determination of reserves is evaluated. The costs associated to the acquisition of machinery and equipment are recognized as property, plant and equipment. If it is determined that commercial discovery has been achieved, costs incurred are reclassified into Mining assets and amortization starts once production begins.
Exploration costs are tested for impairment whenever there are indicators that impairment exists. Indicators of impairment include, but are not limited to:
–Rights to explore in an area have expired or will expire in the near future without renewal;
–No further exploration and evaluation is planned or budgeted;
–A decision to discontinue exploration and evaluation in an area because of the absence of commercial reserves; and
–Sufficient data exists to indicate that the book value will not be fully recovered from future development and production.

When analyzing the existence of impairment indicators, the exploration and evaluation areas from the mining units will be evaluated.
(4)    Goodwill
Goodwill represents the excess of the acquisition cost over the fair value of Ternium's participation in acquired companies' net assets at the acquisition date. Under IAS 36, goodwill is considered to have an indefinite life and not amortized, but is subject to annual impairment testing.
Goodwill is allocated to Cash-generating units ("CGU") for the purpose of impairment testing. The allocation is made to those cash-generating units expected to benefit from the business combination which generated the goodwill being tested. The impairment losses on goodwill cannot be reversed.
As of December 31, 2023 and 2022, the carrying amount of goodwill allocated to the Mexico CGUs was $662.3 million, of which $619.8 million corresponds to Steel Mexico CGU and $42.5 million to Mining Mexico CGU.
(5)    Research and development
Research expenditures are recognized as expenses as incurred. Development costs are recorded as cost of sales in the income statement as incurred because they do not fulfill the criteria for capitalization. Research and development expenditures for the years ended December 31, 2023, 2022 and 2021 totaled $19.0 million, $16.3 million and $9.8 million, respectively.
4.    ACCOUNTING POLICIES (continued)
(6)    Customer relationships acquired in a business combination
In accordance with IFRS 3 and IAS 38, Ternium has recognized the value of customer relationships in connection with the acquisition of Ternium Staal B.V. as of September 7, 2017. The value of the slab commitment agreement by which Ternium Investments S.à r.l. was entitled to invoice, under certain conditions, the price difference between slabs and hot rolled coils has been amortized using the units of slabs sold method. As of December 31, 2021, the asset related to this slab commitment agreement was fully amortized.
(7)    Trademarks acquired in a business combination
Trademarks are amortized using the straight-line method over a useful life of between 5 to 10 years.
(f)    Impairment
Assets that have an indefinite useful life (including goodwill) are not subject to amortization and are tested annually for impairment or whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. Assets that are subject to amortization and investments in affiliates are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognized for the amount by which the asset's carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset's fair value less cost to sell and the value in use.
To carry out these tests, assets are grouped at the lowest levels for which there are separately identifiable cash flows (each, a CGU). When evaluating long-lived assets for potential impairment, the Company estimates the recoverable amount based on the higher of the CGU’s fair value less costs to sell and its value in use. The value in use of each CGU is determined on the basis of the present value of net future cash flows which will be generated by the assets tested.
Determining the present value of future cash flows involves highly sensitive estimates and assumptions specific to the nature of each CGU's activities, including estimates and assumptions relating to amount and timing of projected future cash flows. Application of the discounted cash flow (DCF) method to determine the value in use of a CGU begins with a forecast of all expected future net cash flows. Significant assumptions considered in forecasts include the gross domestic product (GDP) growth rates of the country under study and their correlation with steel demand, changes in the growth rate for the perpetuity rate, changes in steel prices, changes in certain significant raw material costs and changes in discount rates.
Ternium uses, for the steel segment impairment tests, cash flow projections over a five-year period based on past performance and expectations of market development; for the subsequent years beyond the five-year period, a terminal value was calculated based on perpetuity. The growth rate used for the perpetuity rate is of 2.18%. This rate does not exceed the average long-term growth rate for the relevant markets. In the case of the mining segment and the mining activity developed by Usiminas, cash flow projections are prepared until the mines are fully depleted and are based on past performance and expectations of market development.
Cash flows are discounted at rates that reflect specific country and currency risks associated with the cash flow projections. The discount rates used are based on the weighted average cost of capital (WACC), which is considered to be a good indicator of cost of capital.
4.    ACCOUNTING POLICIES (continued)
Considering the macroeconomic situation in Argentina, the increase in the inflation rates, the devaluation of the Argentine peso and a weaker industrial environment as of December 31, 2023, the Company decided to assess the recoverability of its investments in Argentina, resulting in no impairment charges to be recognized. As of December 31, 2023, the post-tax discount rate used to test the investment in Argentine subsidiaries for impairment was 17.3%.
In the case of the Steel Mexico CGU, considering that there is a value registered for goodwill, the Company performed the mandatory impairment test over goodwill, resulting in no impairment charges to be recognized. Also, in the case of the Mining Mexico CGU and considering the registered goodwill, the Company performed the mandatory impairment test over goodwill, resulting in no impairment charges to be recognized. As of December 31, 2023, the post-tax discount rate used to test the recoverability of the goodwill in the Steel and Mining Mexico CGUs for impairment was 12.10% (as of December 31, 2022, 11.28%).
As of December 31, 2022, the Company recognized an impairment charge of $99.0 million over the property, plant and equipment in the Brazil CGU. As of December 31, 2023, Management assessed the business situation as of such date and concluded that the recovery of impairment indicators was not significantly enough and that there were no significant positive events to proceed with a reversal of previously recognized impairment charges.
During the years 2023, 2022 and 2021, no impairment provisions were recorded in connection with assets that have an indefinite useful life (including goodwill) in the Company’s CGUs.
As of September 30, 2022, the Company recognized an impairment charge of $120.4 million over the investment in Usiminas. On July 3, 2023, the Company acquired an additional participation in Usiminas and started the full consolidation of assets and liabilities of Usiminas (see note 3). As of December 31, 2023, no impairment triggers were detected and, consequently, no impairment test was prepared.
(g)     Other investments
Other investments consist primarily of investments in financial debt instruments and equity investments where the Company holds a minor equity interest and does not exert significant influence.
All purchases and sales of investments are recognized on the settlement date, which is not significantly different from the trade date, which is the date that Ternium commits to purchase or sell the investment.
Income from financial instruments at fair value through profit or loss is recognized in Other financial income (expenses), net in the consolidated income statement. The fair value of quoted investments is based on current bid prices. If the market for a financial investment is not active or the securities are not listed, the Company estimates the fair value by using standard valuation techniques. Dividends from investments in equity instruments are recognized in the income statement when the Company's right to receive payments is established.
4.    ACCOUNTING POLICIES (continued)
Certain fixed income financial instruments purchased by the Company have been categorized as at fair value through other comprehensive income. The results of these financial investments are recognized in Finance Income in the Consolidated Income Statement using the effective interest method. Unrealized gains and losses other than impairment and foreign exchange results are recognized in Other comprehensive income. On maturity or disposal, net gain and losses previously deferred in Other comprehensive income are recognized in Finance Income in the Consolidated Income Statement.
(h)Inventories
Inventories are stated at the lower of cost (calculated using the first-in-first-out "FIFO" method) or net realizable value. The cost of finished goods and goods in process comprises raw materials, direct labor, depreciation, other direct costs and related production overhead costs. It excludes borrowing costs. Goods acquired in transit at year end are valued at supplier's invoice cost.
The cost of iron ore produced in our mines comprises all direct costs necessary to extract and convert stockpiled inventories into raw materials, including production stripping costs, depreciation of fixed assets related to the mining activity and amortization of mining assets for those mines under production.
The Company assesses the recoverability of its inventories considering their selling prices, if the inventories are damaged, or if they have become wholly or partially obsolete.
(i)Trade receivables and other receivables
Trade and other receivables are recognized initially at fair value, generally the original invoice amount. The Company applies the IFRS 9 simplified approach to measuring expected credit losses which uses a lifetime expected loss allowance for all trade receivables. To measure the expected credit losses, trade receivables are grouped based on shared credit risk characteristics and the days past due. The Company keeps an allowance for trade receivables, recorded in an asset account to offset the trade receivables in an amount estimated sufficient to cover the losses resulting from the impossibility for the debtors to cancel the amounts owed. This allowance for trade receivables is recorded with a charge to selling expenses.
Judicial deposits are those made in a bank account, in connection with legal proceedings, in Brazilian currency and monetarily restated to ensure the settlement of potential future liabilities. Some judicial deposits that are linked to taxes payable in installments are presented at their net amount.
(j)    Cash and cash equivalents
Cash and cash equivalents and highly liquid short-term securities are carried at fair market value or at a historical cost which approximates fair market value.

For purposes of the cash flow statement, cash and cash equivalents comprise cash, bank current accounts and short-term highly liquid investments (original maturity of three months or less at date of acquisition) and overdrafts.

In the consolidated statement of financial position, bank overdrafts are included in borrowings within current liabilities.
4.    ACCOUNTING POLICIES (continued)
(k)     Assets (disposal groups) classified as held for sale

Assets (disposal groups) are classified as assets held for sale, complying with the recognition criteria of IFRS 5, and stated at the lower of carrying amount and fair value less cost to sell if their carrying amount is recovered principally through a sale transaction rather than through continuing use.

The carrying value of assets classified as held for sale, as of December 31, 2023 and 2022 totals $6.7 million and $1.8 million, respectively, which corresponds principally to land and other real estate items. Sale is expected to be completed within a one-year period.

(l)     Borrowings

Borrowings, including bonds and debentures issued by Usiminas, are recognized initially for an amount equal to the net proceeds received. In subsequent periods, borrowings, including bonds and debentures, are stated at amortized cost following the effective interest method.

(m)    Lease liabilities

The lease liability is initially measured at the present value of the lease payments that are not paid at such date, including the following concepts:
–Fixed payments, less any lease incentives receivable;
– Variable lease payments that depend on an index or rate, initially measured using the index or rate as of the commencement date;
– Amounts expected to be payable by the lessee under residual value guarantees;
– The exercise price of a purchase option if the lessee is reasonably certain to exercise that option; and
– Payments of penalties for terminating the lease, if the lease term reflects the lessee exercising an option to terminate the lease.

Variable lease liabilities with payments dependent on external factors, such as minimum volumes sold or used, are not included in the initial measurement of the lease liabilities and such payments are recognized directly in profit and loss.
Lease payments are discounted using incremental borrowing rates for the location and currency of each lease contract or, if available, the rate implicit in the lease contract.
The finance cost is charged to profit or loss over the lease period to produce a constant periodic rate of interest on the remaining balance of the liability for each period.
The lease term determined by the Company comprises:
– Non-cancelable period of lease contracts;
– Periods covered by an option to extend the lease if the lessee is reasonably certain to exercise that option; and
– Periods covered by an option to terminate the lease if the lessee is reasonably certain not to exercise that option.

After the commencement date, the Company measures the lease liability by:
– Increasing the carrying amount to reflect interest on the lease liability;
– Reducing the carrying amount to reflect lease payments made; and
– Re-measuring the carrying amount to reflect any reassessment or lease modifications.
4.    ACCOUNTING POLICIES (continued)
(n)    Income taxes - current and deferred
The current income tax charge is calculated on the basis of the tax laws in force in the countries in which Ternium and its subsidiaries operate. Management evaluates positions taken in tax returns with respect to situations in which applicable tax regulation could be subject to interpretation. A liability is recorded for tax benefits that were taken in the applicable tax return but have not been recognized for financial reporting.
Deferred income taxes are calculated using the liability method on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements. Deferred income tax is not accounted for if it arises from initial recognition of an asset or liability in a transaction other than a business combination that at the time of the transaction affects neither accounting, nor taxable profit or loss. The principal temporary differences arise on fixed assets, intangible assets, inventories valuation and provisions for pensions. Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period when the asset is realized or the liability is settled, based on tax rates and tax laws that have been enacted or substantially enacted at year end. Under IFRS, deferred income tax assets (liabilities) are classified as non-current assets (liabilities).
Deferred tax assets are recognized to the extent it is probable that future taxable income will be available to offset temporary differences.
Deferred income tax is provided on temporary differences arising on investments in subsidiaries and associated companies, except where the timing of the reversal of the temporary difference is controlled by the Company and it is probable that the temporary difference will not reverse in the foreseeable future.
Deferred tax assets and liabilities are re-estimated if tax rates change. These amounts are charged or credited to the consolidated income statement or to the item “Other comprehensive income for the year” in the consolidated statement of comprehensive income, depending on the account to which the original amount was charged or credited.
(o)    Employee liabilities
(1)    Post-employment obligations
The Company has defined benefit and defined contribution plans.
A defined benefit plan is a pension plan that defines an amount of pension benefit that an employee will receive on retirement, usually dependent on one or more factors such as age, years of service and compensation.
The liability recognized in the statement of financial position in respect of defined benefit pension plans is the present value of the defined benefit obligation at the end of the reporting period less the fair value of plan assets. The defined benefit obligation is calculated annually (at year end) by independent actuaries using the projected unit credit method. The present value of the defined benefit obligation is determined by discounting the estimated future cash outflows using interest rates of high-quality corporate bonds that are denominated in the currency in which the benefits will be paid, and that have terms to maturity approximating to the terms of the related pension obligation. In countries where there is no deep market in such bonds, the market rates on government bonds are used.
4.    ACCOUNTING POLICIES (continued)
Actuarial gains and losses arising from experience adjustments and changes in actuarial assumptions are charged or credited to equity in other comprehensive income in the period in which they arise. Past-service costs are recognized immediately in income. For defined benefit plans, net defined benefit liability/asset is calculated based on the surplus or deficit derived by the difference between the defined benefit obligations less plan assets.

For defined contribution plans, the Company pays contributions to publicly or privately administered pension insurance plans on a mandatory, contractual or voluntary basis. The Company has no further payment obligations once the contributions have been paid. The contributions are recognized as employee benefit expense when they are due. Prepaid contributions are recognized as an asset to the extent that a cash refund or a reduction in the future payments is available.

Mexico
Ternium Mexico has defined benefit and defined contribution plans.
The valuation of the liabilities for the defined benefit employee retirement plans (pensions and seniority premiums) covers all employees and is based primarily on their years of service, their present age and their remuneration at the date of retirement. The cost of the employee retirement plans (pension, health-care expenses and seniority premiums) is recognized as an expense in the year in which services are rendered in accordance with actuarial studies made by independent actuaries. The formal retirement plans are congruent with and complementary to the retirement benefits established by the Mexican Institute of Social Security. Additionally, the Company has established a plan to cover health-care expenses of retired employees. The Company has established a commitment for the payment of pensions and seniority premiums, as well as for health-care expenses.
The defined contribution plans provide a benefit equivalent to the capital accumulated with the company's contributions, which are provided as a match of employees' contributions to the plan. The plan provides vested rights according to the years of service and the cause of retirement.
Argentina
Ternium Argentina implemented an unfunded defined benefit employee retirement plan for certain senior officers. The plan is designed to provide certain benefits to those officers (additional to those contemplated under applicable Argentine labor laws) in case of termination of the employment relationship due to certain specified events, including retirement. This unfunded plan provides defined benefits based on years of service and final average salary.
Brazil
Usiminas operates various post-employment schemes, including defined benefit pension plans, defined/variable contribution pension plans and a post-retirement healthcare plan. The retirement plans offer to employees’ supplementary retirement and pension benefits and are managed by Previdência Usiminas, which in line with the applicable legislation, has as its main purpose the management and running of private pension plans.
4.    ACCOUNTING POLICIES (continued)
Usiminas has different defined benefit pension plans:
1) Benefit plan 1 (PB1), defined benefit plan, closed for new enrolments since November 1996.
2) Defined benefit plan (PBD), defined benefit plan, closed for new enrolments since December 2000; the beneficiaries of this plan are also entitled to self-funded retirement plan, vesting, redemption, and portability.

The liability recognized in the balance sheet in respect of defined benefit pension plans is the present value of the defined benefit obligation at the balance sheet date minus the market value of plan assets, adjusted for: (i) actuarial gains and losses; (ii) rules to determine the asset ceiling; and (iii) minimum funding requirements.

Usiminas has taken out debts in connection with the minimum requirements for payment of contributions, for the purpose of covering the gap in relation to the services already received. In the event of non-recoverable surplus, the debts taken are recognized as an additional liability in the computation of net actuarial liabilities.

The PBD plan debit balance is determined at the end of each year, based on a direct actuarial revaluation. During the subsequent year, the liability is adjusted by the monthly surplus or deficit determined in the PBD plan and by the amount of payments falling due in the period. The debt balance should be repaid in 148 installments.

Also, Usiminas has different defined contribution pension plans:

3) Benefit plan 2 (USIPREV), variable contribution benefit plan, operating since August 1998, provides post-employment benefits to the employees of the sponsor companies. Currently, this is the only plan accepting new enrolments.

4) COSIPREV, defined contribution plan has been closed for new enrolments since April 30, 2009. For this defined contribution plan (COSIPREV), Usiminas pays contributions to a private pension entity on compulsory, contractual or voluntary bases. The contributions are recognized as finance costs in the period in which they are due. The entity has no further payment obligations once the contributions have been paid.

USIPREV and COSIPREV plans have a Pension Fund formed from members’ account balances not used in benefit payouts. As provided for in the plans’ regulations, this Fund may be used to cover the cost of these plans in the future.

In addition, Usiminas has in place a post-retirement healthcare plan:

(a) CoSaúde, post-retirement healthcare benefits discontinued on November 30, 2021, with the subsequent restructuring of group plans to be offered to former beneficiaries, in compliance with the legal clauses and conditions.
(b) Saúde Usiminas, healthcare plan, which opened for enrolments to all employees and retirees in 2010 and was extinguished as of December 31, 2023, being replaced with two new plans: Usiexato and Usiflex. These two new plans provide with two different methods of payment to the members of the plans: a mixed method, with the Company offering the option of bearing 100% of the monthly fee for active employees until the termination of the labor contracts, or a contributory method, which allows the continuation of the healthcare services after resignation or retirement of the employees.
4.    ACCOUNTING POLICIES (continued)
(2)Termination benefits
Termination benefits are payable when employment is terminated before the normal retirement date, or whenever an employee accepts voluntary redundancy in exchange for these benefits. The Company recognizes termination benefits when it is demonstrably committed to either: (i) terminating the employment of current employees according to a detailed formal plan without possibility of withdrawal or (ii) providing termination benefits as a result of an offer made to encourage voluntary redundancy.
(3)    Other compensation obligations
Employee entitlements to annual leave and long-service leave are accrued as earned.
During 2007, Ternium launched an incentive retention program (the "Program") applicable to certain senior officers and employees of the Company, who will be granted a number of Units throughout the duration of the Program. The value of each of these Units is based on Ternium's shareholders' equity (excluding non-controlling interest). Also, the beneficiaries of the Program are entitled to receive cash amounts based on (i) the amount of dividend payments made by Ternium to its shareholders, and (ii) the number of Units held by each beneficiary to the Program. Units vest ratably over a period of four years and will be redeemed by the Company ten years after grant date, with the option of an early redemption at seven years after grant date. From 2018 units were vest ratably over the same period and will be mandatorily redeemed by the Company seven years after grant date. As the cash payment of the benefit is tied to the book value of the shares, and not to their market value, Ternium valued this long-term incentive program as a long term benefit plan as classified in IAS 19.
As of December 31, 2023 and 2022, the outstanding liability corresponding to the Program amounts to $90.1 million and $79.8 million, respectively. The total value of the units granted to date under the program, considering the number of units and the book value per share as of December 31, 2023 and 2022, is $94.5 million and $88.6 million, respectively.
Under Mexican law, Ternium's subsidiaries are required to pay their employees an annual benefit which is determined as a percentage of taxable profit for the year.
(4)    Social security contributions
Social security laws in force in the countries in which the Company operates provide for pension benefits to be paid to retired employees from government pension plans and/or private fund managed plans to which employees may elect to contribute. As stipulated by the respective laws, Ternium Argentina and Ternium Mexico make monthly contributions calculated based on each employee's salary to fund such plans. The related amounts are expensed as incurred. No additional liabilities exist once the contributions are paid.
(p)    Provisions
Ternium has certain contingencies with respect to existing or potential claims, lawsuits and other proceedings. Unless otherwise specified, Ternium accrues a provision for a present legal or constructive obligation as a result of a past event, when it is probable that future cost could be incurred and that cost can be reasonably estimated. Generally, accruals are based on developments to date, Ternium's estimates of the outcomes of these matters and the advice of Ternium's legal advisors.
4.    ACCOUNTING POLICIES (continued)
(q)    Trade payables
Trade payables are recognized initially at fair value and subsequently measured at amortized cost using the effective interest method.
(r)    Revenue recognition and other income
Revenue is recognized at a point of time from sales to direct customers upon the satisfaction of performance obligations, which occurs when control of the goods transfers to the customer and the customer obtains the benefits from the goods, the potential cash flows and the transaction price can be measured reliably, and it is probable that the Company will collect the consideration in connection with the exchange of the goods. The control over the goods is obtained by the customer depending on when the goods are made available to the shipper or the customer takes possession of the goods, depending on the delivery terms. The Company considers that it has completed its performance obligations when the goods are delivered to its customers or to a shipper who will transport the goods to its customers. The revenue recognized by the Company is measured at the transaction price of the consideration received or receivable to which the Company is entitled to, reduced by estimated returns and other customer credits, such as discounts and volume rebates, based on the expected value to be realized and after eliminating sales within the group.
Usiminas Mecánica S.A., one of Usiminas’ subsidiaries, uses the percentage-of-completion (POC) method to account for the revenue from orders in progress sold at fixed prices. The use of the POC method requires Management to estimate the services performed up to the balance sheet date as a proportion of the total services to be performed.
Interest income is recognized on an effective yield basis.
(s)    Borrowing Costs
General and specific borrowing costs that are directly attributable to the acquisition, construction or production of a qualifying asset are capitalized during the period of time that is required to complete and prepare the asset for its intended use or sale. Qualifying assets are assets that necessarily take a substantial period of time to get ready for their intended use or sale.
Investment income earned on the temporary investment of specific borrowings pending their expenditure on qualifying assets is deducted from the borrowing costs eligible for capitalization.
Other borrowing costs are expensed in the period in which they are incurred.
The amount of borrowing costs that Ternium capitalized during a period will not exceed the amount of borrowing costs incurred during that period. As of December 31, 2023, 2022 and 2021, the capitalized borrowing costs were nil, $0.4 million and $6.3 million, respectively.
(t)    Cost of sales, selling, general and administrative expenses
Cost of sales and expenses are recognized in the income statement on the accrual basis of accounting.
Commissions, freight and other selling expenses, including shipping and handling costs, are recorded in Selling, general and administrative expenses in the Consolidated Income Statement.
4.    ACCOUNTING POLICIES (continued)
(u)    Stripping costs
Stripping costs are the costs associated with the removal of overburden and other waste materials and can be incurred before the mining production commences (“development stripping”) or during the production stage (“production stripping”).
Development stripping costs that contribute to the future economic benefits of mining operations are capitalized as intangible assets (Mining assets). Production stripping costs which are part of on-going activities are included in the cost of the inventory produced (that is extracted) at each mine during the period in which they are incurred.
Capitalization of development stripping costs finishes when the commercial production of the mine commences. At that time, all development stripping costs are presented within Mining assets and depreciated on a unit-of-production basis. It is considered that commercial production begins when the production stage of mining operations begins and continues throughout the life of a mine.
(v)    Mining development costs
Mining development costs are the costs associated to the activities related to the establishment of access to the mineral reserve and other preparations for commercial production. These activities often continue during production.
Development expenditures are capitalized and classified as Work in progress. On completion of development, all assets included in Work in progress are individually reclassified to the appropriate category of property, plant and equipment and depreciated accordingly.
(w)    Asset retirement obligations
Ternium records asset retirement obligations (“ARO”) initially at the fair value of the legal or constructive obligation in the period in which it is incurred and capitalizes the ARO by increasing the carrying amount of property, plant and equipment. The fair value of the obligation is determined as the discounted value of the expected future cash flows and is included in Provisions. The liability is accreted to its present value through net financing cost and the capitalized cost is depreciated based in the unit of production method.
(x)    Earnings per share
Earnings per share are calculated by dividing the net income attributable to shareholders by the daily weighted average number of ordinary shares issued during the year, excluding the average number of shares of the parent Company held by the Group. There are no dilutive securities for the periods presented.
(y)    Derivative financial instruments and hedging activities
Ternium designates certain derivatives as hedges of a particular risk associated with a recognized asset or liability or a highly probable forecast transaction. These transactions are classified as cash flow hedges (mainly interest rate swaps, collars, currency forward contracts on highly probable forecast transactions and commodities contracts). The effective portion of the fair value of derivatives that are designated and qualify as cash flow hedges is recognized in OCI. Amounts accumulated in OCI are recognized in the income statement in the same period as any offsetting losses and gains on the hedged item. The gain or loss relating to the ineffective portion is recognized immediately in the income statement. The fair value of Ternium derivative financial instruments (asset or liability) continues to be reflected in the statement of financial position.
4.    ACCOUNTING POLICIES (continued)
For transactions designated and qualifying for hedge accounting, Ternium documents the relationship between hedging instruments and hedged items, as well as its risk management objectives and strategy for undertaking various hedge transactions. As of December 31, 2023 and 2022, the effective portion of designated cash flow hedges (net of taxes) amounted to $15.9 million and nil, respectively, and were included under "changes in the fair value of derivatives classified as cash flow hedges" line item in the statement of comprehensive income (see Note 27 (a)).
More information about accounting for derivative financial instruments and hedging activities is included in Note 29 "Financial risk management".
(z)    Treasury shares
Acquisitions of treasury shares are recorded at acquisition cost, deducted from equity until disposal. The gains and losses on disposal of treasury shares are recognized under "Reserves" in the consolidated statement of financial position.
(aa)    Cash flow
The consolidated statements of cash flows have been prepared using the indirect method and contain the use of the following expressions and their respective meanings:
a)    Operating activities: activities that constitute ordinary Group revenues, as well as other activities that cannot be qualified as investing or financing.
b)    Investing activities: acquisition, sale or disposal by other means of assets in the long-term and other investments not included in cash and cash equivalents.
c)    Financing activities: activities that generate changes in the size and composition of net equity and liabilities that do not form part of operating activities.
(bb)    Critical Accounting Estimates
The preparation of financial statements requires management to make estimates and judgments that affect the reported amounts of assets, liabilities, revenues and expenses, and the related disclosure of contingent assets and liabilities. Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Management makes estimates and assumptions concerning the future. Actual results may differ significantly from these estimates under different assumptions or conditions.
The principal estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below.
(1) Goodwill impairment test
Assessment of the recoverability of the carrying value of goodwill requires significant judgment. Management evaluates goodwill allocated to the operating units for impairment on an annual basis or whenever there is an impairment indicator.
Goodwill is tested at the level of the CGUs. Impairment testing of the CGUs is carried out and the value in use determined in accordance with the accounting policy stated in Note 4(f). The discount rates used for these tests are based on Ternium's weighted average cost of capital adjusted for specific country and currency risks associated with the cash flow projections. The post tax discount rate used as of December 31, 2023 was 12.10% and no impairment charge resulted from the impairment test performed. See notes 4(f) and 4(e)(4).
4.    ACCOUNTING POLICIES (continued)
(2)Income taxes
Management calculates current and deferred income taxes according to the tax laws applicable to each subsidiary in the countries in which such subsidiaries operate. However, due to uncertain tax positions, certain adjustments necessary to determine the income tax provision are finalized only after the balance sheet is issued. In cases in which the final tax outcome is different from the amounts that were initially recorded, such differences will impact the income tax and deferred tax provisions in the period in which such determination is made.
Also, when assessing the recoverability of tax assets, management considers the scheduled reversal of deferred tax liabilities, projected future taxable income and tax planning strategies.
(3)    Loss contingencies
Ternium is subject to various claims, lawsuits and other legal proceedings that arise in the ordinary course of business, including customer claims in which a third party is seeking reimbursement or indemnity. The Company's liability with respect to such claims, uncertain tax positions, lawsuits and other legal proceedings cannot be estimated with certainty. Periodically, management reviews the status of each significant matter and assesses potential financial exposure. If the potential loss from the claim or proceeding is considered probable and the amount can be reasonably estimated, a liability is recorded. Management estimates the amount of such liability based on the information available and the assumptions and methods it has concluded are appropriate, in accordance with the provisions of IFRS. Accruals for such contingencies reflect a reasonable estimate of the losses to be incurred based on information available, including the relevant litigation or settlement strategy, as of the date of preparation of these financial statements. As additional information becomes available, management will reassess its evaluation of the pending claims, lawsuits and other proceedings and revise its estimates. The loss contingencies provision amounts to $839.9 million and $81.4 million as of December 31, 2023 and 2022, respectively.

(4)    Useful Lives and Impairment of Property, Plant and Equipment and Other Long-lived Assets
In determining useful lives, management considered, among others, the following factors: age, operating condition and level of usage and maintenance. Management conducted visual inspections for the purpose of (i) determining whether the current conditions of such assets are consistent with normal conditions of assets of similar age; (ii) confirming that the operating conditions and levels of usage of such assets are adequate and consistent with their design; (iii) establishing obsolescence levels and (iv) estimating life expectancy, all of which were used in determining useful lives. Management believes, however, that it is possible that the periods of economic utilization of property, plant and equipment may be different than the useful lives so determined. Furthermore, management believes that this accounting policy involves a critical accounting estimate because it is subject to change from period to period as a result of variations in economic conditions and business performance.
4.    ACCOUNTING POLICIES (continued)
When assessing whether an impairment indicator may exist, the Company evaluates both internal and external sources of information, such as the following:
–whether significant changes with an adverse effect on the entity have taken place during the period, or will take place in the near future, in the technological, market, economic or legal environment in which the entity operates or in the market to which an asset is dedicated;
–whether market interest rates or other market rates of return on investments have increased during the period, and those increases are likely to affect the discount rate used in calculating an asset's value in use and decrease the asset's recoverable amount materially;
–whether the carrying amount of the net assets of the entity is more than its market capitalization;
–whether evidence is available of obsolescence or physical damage of an asset.
–whether significant changes with an adverse effect on the entity have taken place during the period, or are expected to take place in the near future, in the extent to which, or manner in which, an asset is used or is expected to be used. These changes include the asset becoming idle, plans to discontinue or restructure the operation to which an asset belongs, plans to dispose of an asset before the previously expected date, and reassessing the useful life of an asset as finite rather than indefinite; and
–whether evidence is available from internal reporting that indicates that the economic performance of an asset is, or will be, worse than expected.

(5)    Post-employment obligation estimates
The Company estimates at each year-end the provision necessary to meet its post-employment obligations in accordance with the advice from independent actuaries. The calculation of post-employment and other employee obligations requires the application of various assumptions. The main assumptions for post-employment and other employee obligations include discount rates, compensation growth rates, pension growth rates and life expectancy.  Changes in the assumptions could give rise to adjustments in the results and liabilities recorded and might have an impact on the post-employment and other employee obligations recognized in the future.
(6)    Business combinations
The recognition of business combinations requires the excess of the purchase price of acquisitions over the net book value of assets acquired to be allocated to the assets and liabilities of the acquired entity. The Company makes judgments and estimates in relation to the fair value of assets acquired and liabilities assumed, including estimation of cash flow projections with significant assumptions related to revenue forecasts, EBITDA margins, capital expenditures, discount rate and estimation of loss probability for the contingencies assumed. If any unallocated portion is positive, it is recognized as goodwill, and if negative, it is recognized in the income statement. See further information in note 3.

(7)    Taxation

At year end, the Company assesses the sufficiency of future taxable income to utilize the recognized deferred tax assets. The Company uses projections of future taxable income to assess the probability that the deferred tax assets will be realized. Management applied significant judgment in assessing the recoverability of deferred tax assets predicting historical profitability, projected future taxable profit, including assumptions related to revenue forecast and EBITDA margins.
4.    ACCOUNTING POLICIES (continued)
(cc) Climate Change
Ternium is committed to the UN Global Compact Initiative, its sustainable development goals, and the world's efforts to address Climate Change.

The Company is determined to find ways to reduce the carbon footprint of its operations and the steel value chain. In February 2021, Ternium announced a medium-term target to reduce its carbon dioxide emissions intensity rate by 20% in 2030, compared to its 2018 base rate of 1.7 tons of carbon dioxide per ton of steel. The Company’s strategy to achieve this 2030 reduction target consists of a multi-faceted approach that includes increasing the use of renewable energy and the development of energy efficiency strategies, increasing the participation of scrap in the metallic mix, improving the carbon capture capacity at its Direct Reduction Iron (“DRI”) facilities, replacing coking coal with charcoal and prioritizing lower specific-emission steelmaking technologies. The Company anticipates a change in its emission intensity rate starting in 2025 once the projects are operational.

In addition, Ternium is also exploring business opportunities such as selling the captured CO2 from its facilities in Mexico, marketing by-products of the process, and utilizing steel in solutions that promote energy efficiency and lower emissions in the supply chain. These sales currently represent a relatively small proportion of overall sales but are expected to increase in the coming years.

The Company intends to continue analyzing and developing measures to decarbonize its operations over the longer term with the ambition of achieving carbon neutrality. This endeavor will require significant long-term investments, conditioned by technology innovation, cooperation within the value chain, government regulations, and capital availability for decarbonization projects. Factors like access to abundant and affordable clean energy, appropriate energy infrastructure, local and global regulation that guarantee fair trade and carbon capture storage, access to sustainable finance for low emissions steel-making technologies, and changes in consumer behavior will be key in the development of solutions and the outcomes in the next decades.

Given that Ternium’s climate-change-related decarbonization plans span over many years and are subject to significant uncertainty as described above, they have not been included as part of the assumptions used to calculate future cash flows of the recoverable amount of the company’s CGUs, except for those plans that are already approved or in process. Estimates and assumptions related to the impairment test over long-lived assets and goodwill, useful lives of assets, capital and research and development expenditures, inventory valuation, recovery of deferred tax assets and provisions, and contingent liabilities are based on available information and government regulations in place as of December 31, 2023, as well as on the company’s already approved or in process investment plans.
v3.24.1
SEGMENT INFORMATION
 12 Months Ended
Dec. 31, 2023
Disclosure of entity's operating segments [Abstract]  
SEGMENT INFORMATION SEGMENT INFORMATION
As of December 31, 2023, the Company is organized in three operating segments: Steel, Mining and Usiminas. The CODM is still reviewing the new business structure to allocate resources and to assess the performance in future periods.
The Steel segment includes the sales of steel products done by the Company’s subsidiaries, other than Usiminas, which comprises mainly slabs, hot and cold rolled products, coated products, roll-formed and tubular products, billets, bars and other products.

The Mining segment includes the sales of mining products, done by the Company’s subsidiaries, other than Usiminas, mainly iron ore and pellets, and comprises the mining activities of Las Encinas, an iron ore mining company in which Ternium holds a 100% equity interest and the 50% of the operations and results performed by Peña Colorada, another iron ore mining company in which Ternium maintains that same percentage over its equity interest.

The Usiminas segment included in the Company as from July 2023, following the increase of the participation, includes the sales of steel and mining products done by Usiminas. Usiminas’ activities include iron ore extraction, steel transformation, production of capital goods and logistics. Usiminas manufactures and sells various products and raw materials, such as flat steel, iron ore, stamped steel parts for the automotive industry and products for the civil construction and capital goods industry.

Ternium’s Chief Executive Officer (“CEO”) functions as the Company’s Chief Operating Decision Maker (“CODM”). The various geographic regions operate as an integrated steel producer. The CEO allocates resources and assesses performance of the Steel Segment as an integrated business and of the Mining Segment. The CEO uses “Operating income – Management view” as per the below table as the key performance measure which differs from operating income determined in accordance with IFRS principally as follows:

•The use of direct cost methodology to calculate the inventories, while under IFRS is at full cost, including absorption of production overheads and depreciation.
•The use of costs based on previously internally defined cost estimates, while, under IFRS, costs are calculated at historical cost (with the FIFO method).
•In the case of Usiminas, the use of costs based in the weighted average cost, while, under IFRS, costs are calculated under the FIFO method.
•Other non-significant differences.
5.    SEGMENT INFORMATION (continued)
Year ended December 31, 2023
SteelMiningUsiminasInter-segment eliminationsTotal
Operating income - Management view2,404,189 (58,037)64,423 (6,401)2,404,174 
Reconciliation:
Differences in Cost of sales(206,160)
Operating income - Under IFRS2,198,014 
Financial income (expense), net123,454 
Equity in earnings (losses) of non-consolidated companies105,305 
Effect related to the increase of the participation in Usiminas(171,045)
Recycling of other comprehensive income related to Usiminas(934,946)
Income before income tax expense - IFRS1,320,782 
Net sales from external customers14,909,209 96 2,700,787 — 17,610,092 
Net sales from transactions with other operating segments of the same entity285,025 500,401 31,620 (817,046)— 
Depreciation and amortization(520,328)(107,546)(29,819)— (657,693)
Year ended December 31, 2022
SteelMiningUsiminasInter-segment eliminationsTotal
Operating income - Management view2,556,949 3,716 — 10,500 2,571,165 
Reconciliation:
Differences in Cost of sales128,354 
Operating income - Under IFRS2,699,519 
Financial income (expense), net(70,133)
Equity in earnings (losses) of non-consolidated companies37,114 
Income before income tax expense - IFRS2,666,500 
Net sales from external customers16,414,334 132 — — 16,414,466 
Net sales from transactions with other operating segments of the same entity— 410,636 — (410,636)— 
Depreciation and amortization(523,818)(92,674)— — (616,492)
Year ended December 31, 2021
SteelMiningUsiminasInter-segment eliminationsTotal
Operating income - Management view4,210,135 204,070 — 1,586 4,415,791 
Reconciliation:
Differences in Cost of sales855,345 
Operating income - Under IFRS5,271,136 
Financial income (expense), net92,462 
Equity in earnings (losses) of non-consolidated companies400,732 
Income before income tax expense - IFRS5,764,330 
Net sales from external customers16,043,033 47,711 — — 16,090,744 
Net sales from transactions with other operating segments of the same entity— 478,559 — (478,559)— 
Depreciation and amortization(528,144)(63,646)— — (591,790)
Information on segment assets is not disclosed as it is not reviewed by the CEO.
5.    SEGMENT INFORMATION (continued)
GEOGRAPHICAL INFORMATION
The Company had no revenues attributable to the Company's country of incorporation (Luxembourg) in 2023 and 2022. In 2021 the Company had revenues attributable to Luxembourg related to a contract acquired as part of the acquisition of the participation in Ternium Brasil Ltda.

For purposes of reporting geographical information, net sales are allocated based on the customer's location. Allocation of depreciation and amortization is based on the geographical location of the underlying assets.
Year ended December 31, 2023
MexicoSouthern regionBrazilOther marketsTotal
Net sales 9,419,873 3,588,651 2,518,764 2,082,804 17,610,092 
Non-current assets (2)4,965,628 878,642 2,474,178 315,287 8,633,735 
Year ended December 31, 2022
MexicoSouthern regionBrazil (1)Other marketsTotal
Net sales 8,949,104 3,853,390 743,713 2,868,259 16,414,466 
Non-current assets (2)4,769,161 859,351 1,265,013 312,771 7,206,296 
Year ended December 31, 2021
MexicoSouthern regionBrazilOther marketsTotal
Net sales 8,990,868 3,377,596 1,122,518 2,599,762 16,090,744 
Non-current assets (2)4,789,273 861,149 1,373,377 310,035 7,333,834 
(1) The non-current assets value includes the impact of the impairment charge of $99.0 million recognized in the Brazil CGU.
(2) Includes Property, plant and equipment and Intangible assets

REVENUES BY PRODUCT

Year ended December 31,
202320222021
Slabs177,240 640,231 1,304,437 
Hot rolled (1)7,913,232 6,991,466 6,356,576 
Cold rolled2,379,499 1,951,702 1,990,143 
Coated (2)5,708,328 5,704,765 5,303,394 
Roll-formed and tubular (3)789,255 660,830 659,609 
Billets, round bars and others45,351 142,511 167,138 
Other products (4)597,187 322,961 309,447 
TOTAL SALES 17,610,092 16,414,466 16,090,744 
(1) Hot rolled includes hot rolled flat products, merchant bars, reinforcing bars, stirrups and rods.
(2) Coated includes tin plate and galvanized products.
(3) Roll-formed and tubular includes pre-engineered metal building systems, tubes, beams, insulated panels, roofing and cladding, roof tiles and steel decks.
(4) Other products include mainly sales of energy and pig iron.
v3.24.1
COST OF SALES
 12 Months Ended
Dec. 31, 2023
Analysis of income and expense [abstract]  
COST OF SALES COST OF SALES
Year ended December 31,
202320222021
Inventories at the beginning of the year3,470,215 3,908,305 2,001,781 
Acquisition of business (Note 3)1,707,311 — — 
Translation differences(22,514)— — 
Plus: Charges for the year
Raw materials and consumables used and other movements11,193,050 9,773,523 9,835,504 
Services and fees250,333 183,003 151,251 
Labor cost940,411 862,593 689,614 
Depreciation of property, plant and equipment556,630 532,160 514,746 
Amortization of intangible assets47,374 43,947 23,519 
Maintenance expenses825,809 612,928 582,633 
Office expenses14,873 10,295 7,741 
Insurance24,867 15,184 12,309 
Change of obsolescence allowance4,707 20,804 3,965 
Valuation allowance(15,333)15,333 — 
Recovery from sales of scrap and by-products(37,186)(42,000)(37,597)
Others38,567 21,422 17,909 
Less: Inventories at the end of the year(4,948,376)(3,470,215)(3,908,305)
Cost of Sales14,050,737 12,487,282 9,895,070 
v3.24.1
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES
 12 Months Ended
Dec. 31, 2023
Analysis of income and expense [abstract]  
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES SELLING, GENERAL AND ADMINISTRATIVE EXPENSES
Year ended December 31,
202320222021
Services and fees (1)91,853 73,401 60,216 
Labor cost355,967 299,139 250,697 
Depreciation of property, plant and equipment16,562 13,990 14,153 
Amortization of intangible assets37,126 26,395 39,372 
Maintenance and expenses10,340 8,311 6,977 
Taxes164,935 170,216 160,254 
Office expenses72,426 41,921 34,968 
Freight and transportation681,416 499,127 365,455 
Increase (decrease) of allowance for doubtful accounts12,528 114 350 
Others28,525 11,032 17,682 
Selling, general and administrative expenses  1,471,678 1,143,646 950,124 
(1) For the year ended December 31, 2023, it includes fees accrued for professional services rendered by PwC to Ternium S.A. and its subsidiaries that amounted to $5,340, including $4,783 for audit services, $268 for audit-related services, $8 for tax services and $281 for all other services.
For the year ended December 31, 2022, it includes fees accrued for professional services rendered by PwC to Ternium S.A. and its subsidiaries that amounted to $3,991, including $3,681 for audit services, $272 for audit-related services and $38 for all other services.
For the year ended December 31, 2021, it includes fees accrued for professional services rendered by PwC to Ternium S.A. and its subsidiaries that amounted to $3,241, including $3,157 for audit services, $78 for audit-related services and $6 for all other services.
v3.24.1
LABOR COSTS (Included Cost of sales and Selling, General and Administrative expenses)
 12 Months Ended
Dec. 31, 2023
Labor Costs [Abstract]  
LABOR COSTS (Included Cost of sales and Selling, General and Administrative expenses) LABOR COSTS (Included Cost of sales and Selling, General and Administrative expenses)
Year ended December 31,
202320222021
Wages, salaries and social security costs1,216,566 1,093,105 878,347 
Termination benefits 23,189 22,246 18,677 
Post-employment benefits (Note 21 (i))56,623 46,381 43,287 
 Labor costs1,296,378 1,161,732 940,311 
As of December 31, 2023, 2022 and 2021, the number of employees was 34,458, 20,510 and 20,142, respectively.
v3.24.1
OTHER OPERATING INCOME (EXPENSES), NET
 12 Months Ended
Dec. 31, 2023
Other operating income (expenses), net [Abstract]  
OTHER OPERATING INCOME (EXPENSES), NET OTHER OPERATING INCOME (EXPENSES), NET
Year ended December 31,
202320222021
Results of sundry assets8,165 8,177 8,558 
Gain from the agreement related to the post-retirement benefits from Usiminas108,696 — — 
Provision for legal claims and other matters (Note 19 and 25 (i) and (ii))59,649 1,069 — 
Other operating income (1)— 5,735 40,587 
Other operating income176,510 14,981 49,145 
Provision for legal claims and other matters (Note 19 and 25 (i) and (ii))— — (11,761)
Impairment charge (2)(42,316)(99,000)— 
Reversal of the asset in connection with the slab commitment agreement (Note 4 (e) (6))— — (11,798)
Other operating expense (1)(23,857)— — 
Other operating expense(66,173)(99,000)(23,559)
Other operating income (expenses), net110,337 (84,019)25,586 
(1) For the year ended December 31, 2023, it includes the value update of certain tax liabilities in Usiminas of $10,000. For the year ended December 31, 2021, it includes the recovery of certain tax credits in Brazil of $27,200.
(2) For the year ended December 31, 2023, see note 4(e)(2). For the year ended December 31, 2022, see note 4(f).
v3.24.1
OTHER FINANCIAL INCOME (EXPENSES), NET
 12 Months Ended
Dec. 31, 2023
Other financial income (expenses), net [Abstract]  
OTHER FINANCIAL INCOME (EXPENSES), NET OTHER FINANCIAL INCOME (EXPENSES), NET
Year ended December 31,
202320222021
Interest expense(125,376)(46,737)(26,997)
Finance expense(125,376)(46,737)(26,997)
Interest income255,009 75,145 62,912 
Finance income255,009 75,145 62,912 
Net foreign exchange gain (loss)98,037 (163,740)(36,761)
Change in fair value of financial assets1,899 78,309 75,801 
Derivative contract results(60,183)(2,132)1,485 
Others(45,932)(10,978)16,022 
Other financial income (expenses), net (6,179)(98,541)56,547 
v3.24.1
INCOME TAX EXPENSE
 12 Months Ended
Dec. 31, 2023
Disclosure of income tax [Abstract]  
INCOME TAX EXPENSE INCOME TAX EXPENSE
Income tax expense for each of the years presented is as follows:
Year ended December 31,
202320222021
Current tax
Current tax(578,902)(671,016)(1,650,281)
Recovery of income tax13,429 — — 
Deferred tax (Note 19)
Deferred tax102,431 80,692 185,655 
Effect of changes in tax law (1)— — (9,117)
Recognition of previously unrecognized deferred tax assets (2)128,634 — — 
Recovery of income tax— 16,596 76,604 
Income tax expense(334,408)(573,728)(1,397,139)
(1) For 2021, it includes the modification of the tax rate in Argentina enacted in 2017 and modified in 2019 and 2021, setting the corporate income tax rate to 35% for the year 2021 going forward.
(2) It includes the recovery of unrecognized tax losses and temporary differences in Ternium Brasil Ltda.
11.    INCOME TAX EXPENSE (continued)
Income tax expense for the years ended December 31, 2023, 2022 and 2021 differed from the amount computed by applying the statutory income tax rate in force in each country in which the company operates to pre-tax income as a result of the following:
Year ended December 31,
202320222021
Income before income tax1,320,782 2,666,500 5,764,330 
Income tax expense at statutory tax rate(643,686)(785,888)(1,633,556)
Non taxable income 39,755 — 37,815 
Non deductible expenses— (45,862)— 
Effect of currency translation on tax base (1)180,582 241,426 131,115 
Recognition of previously unrecognized deferred tax assets128,634 — — 
Provision for tax losses(53,122)— — 
Recovery of income tax13,429 16,596 76,604 
Effect of changes in tax law— — (9,117)
Income tax expense(334,408)(573,728)(1,397,139)
(1) Ternium applies the liability method to recognize deferred income tax on temporary differences between the tax bases of assets and their carrying amounts in the financial statements. By application of this method, Ternium recognizes gains and losses on deferred income tax due to the effect of the change in the value on the tax basis in subsidiaries, which have a functional currency different to their local currency, mainly Mexico and Argentina.
Tax rates used to perform the reconciliation between tax expense (income) and accounting profit are those in effect at each relevant date or period in each applicable jurisdiction.
In December 2021, the Organization for Economic Co-operation and Development (“OECD”) released the Pillar Two model rules (the Global Anti-Base Erosion rules, or “GloBE”) to reform international corporate taxation. Following Pillar Two OECD’s initiative, the European Union adopted in December 2022 a directive to impose a global minimum taxation for multinational companies in the Union, to be effective as from 2024.
In May 2023, the IASB made narrow-scope amendments to IAS 12 setting an exception that provides relief from the requirement to recognize and disclose deferred taxes arising from enacted or substantively enacted tax laws that implement the Pillar Two model rules, including tax laws that implement qualified domestic minimum top-up taxes as per described in those rules.

On December 20, 2023, the Luxembourg Parliament approved the Pillar Two law transposing the EU Pillar Two Directive into domestic legislation. The law enters into force as from fiscal years starting on or after 31 December 2023.

The Company is within the scope of the rules, and therefore will be required to calculate its GloBE effective tax rate for each jurisdiction where it operates and will be liable to pay a top-up tax for the difference between its GloBE effective tax rate per jurisdiction and the 15% minimum rate, as from 2024.

No current tax impacts have arisen in the current Consolidated Financial Statements as of December 31, 2023, due to the application of Pillar Two rules, as they will be applicable as from 2024 in jurisdictions relevant for the Company.
11.    INCOME TAX EXPENSE (continued)
In addition, the Company has applied the exception prescribed by the amendments to IAS 12, and therefore it has not recognized any deferred tax impact from the Pillar Two application.

The Company is in the process of assessing its exposure to the Pillar Two legislation and testing its situation under the OECD transitional safe harbor rules and expects no major impacts in relation to top-up tax due to the application of one or more of the transitional safe harbor rules.

Due to the complexities in applying the legislation and calculating GloBE income, the quantitative impact of the enacted legislation is not yet reasonably estimable.
DEFERRED INCOME TAX
Deferred income taxes are calculated in full on temporary differences under the liability method using the tax rate of the applicable country.
Changes in deferred income tax are as follows:
As of December 31,
20232022
At the beginning of the year37,495 (25,471)
Acquisition of business (note 3)1,327,232 — 
Translation differences(4,373)330 
Recognition of previously unrecognized tax losses128,634 — 
Charges directly to other comprehensive income(48,854)(18,056)
Deferred tax credit (note 11)102,431 80,692 
At the end of the year1,542,565 37,495 
20.    DEFERRED INCOME TAX (continued)

The changes in deferred tax assets and liabilities (prior to offsetting the balances within the same tax jurisdiction) during the year are as follows:

Deferred tax assets (liabilities)At the beginning of the yearTranslation differencesAcquisition of businessCredits (Charges) directly to OCIRecognition of previously unrecognized tax lossesIncome statement credit (charge)Total as of
December 31, 2023
Property, plant and equipment(200,556)(2,360)412,320 — — 114,134 323,538 
Inventories(69,594)(903)116,290 — — (27,962)17,831 
Intangible assets(22,923)(683)143,033 — — 14,901 134,328 
Provisions98,999 (698)255,529 — — 267 354,097 
Trade receivables15,515 — 28,510 — — (1,351)42,674 
Tax losses (1)17,400 4,901 304,237 — — 56,433 382,971 
Other (2)198,654 (4,630)67,313 (48,854)128,634 (53,991)287,126 
At the end of the year37,495 (4,373)1,327,232 (48,854)128,634 102,431 1,542,565 
(1) As of December 31, 2023, the recognized deferred tax assets on tax losses amount to $383.0 million mainly connected to Ternium Brasil Ltda. and Usinas Siderúrgicas de Minas Gerais S.A. Additionally, there are net unrecognized deferred tax assets of $14.2 million, connected to Usinas Siderúrgicas de Minas Gerais S.A., and unrecognized tax losses amounting to $357.4 million from Usinas Siderúrgicas de Minas Gerais S.A. and $889.4 million from Ternium Brasil Ltda. Under the Luxembourg tax law, tax losses generated before 2017 can be carried forward indefinitely and are not subject to any yearly consumption limitation, while losses incurred as from 2017 may be carried forward for a maximum of 17 years. Unrecognized tax losses of Ternium SA as of December 31, 2022 amounted to $2.1 billion and the estimated tax loss for the fiscal year 2023 amounted to $30.1 million, with approximately 92% of the referred tax losses generated before 2017. Unrecognized tax losses of Ternium Investments S.à r.l. as of December 31, 2022 amounted to $2.6 billion and the estimated tax result for fiscal year 2023 amounted to $0.9 million, with approximately 98% of the referred tax losses generated before 2017.
(2) It corresponds mainly to the deferred tax assets related to post-employment benefits and asset retirement obligations.

Deferred tax assets (liabilities)At the beginning of the yearTranslation differencesAcquisition of businessCredits (Charges) directly to OCIRecognition of previously unrecognized tax lossesIncome statement credit (charge)Total as of
December 31, 2022
Property, plant and equipment(353,420)— — — — 152,864 (200,556)
Inventories49,437 — — — — (119,031)(69,594)
Intangible assets(26,323)— — — — 3,400 (22,923)
Provisions82,139 — — — — 16,860 98,999 
Trade receivables35,144 — — — — (19,629)15,515 
Tax losses (1)3,578 — — — — 13,822 17,400 
Other (2)183,975 330 — (18,056)— 32,406 198,654 
At the end of the year(25,471)330 — (18,056)— 80,692 37,495 
(3) As of December 31, 2022, the recognized deferred tax assets on tax losses amount to $17.4 million and there are net unrecognized deferred tax assets of $202.0 million and unrecognized tax losses amounting to $879.0 million. These two last effects are connected to the acquisition of Ternium Brasil Ltda.
(4) It corresponds mainly to the deferred tax assets related to post-employment benefits and asset retirement obligations.

Deferred tax assets and liabilities are offset when the entity a) has a legally enforceable right to set off the recognized amounts; and b) intends to settle the tax on a net basis or to realize the asset and settle the liability simultaneously.
v3.24.1
PROPERTY, PLANT AND EQUIPMENT, NET
 12 Months Ended
Dec. 31, 2023
Disclosure of detailed information about property, plant and equipment [abstract]  
PROPERTY, PLANT AND EQUIPMENT, NET PROPERTY, PLANT AND EQUIPMENT, NET
(1) Property, plant and equipment, net
Year ended December 31, 2023
LandBuildings
and
improvements		Production equipmentVehicles, furniture and fixturesWork in progressSpare partsRight-of-use
assets		Total
Values at the beginning of the year
Cost607,971 4,091,108 7,744,607 309,469 547,102 173,731 395,620 13,869,608 
Accumulated depreciation— (2,012,992)(5,123,790)(254,599)— (30,864)(185,476)(7,607,721)
Net book value as of January 1, 2023607,971 2,078,116 2,620,817 54,870 547,102 142,867 210,144 6,261,887 
Opening net book value607,971 2,078,116 2,620,817 54,870 547,102 142,867 210,144 6,261,887 
Acquisition of business (note 3)93,842 170,609 407,931 10,880 173,100 27,986 20,432 904,780 
Translation differences(41)358 1,810 53 (790)(183)(869)338 
Additions70,415 5,333 24,861 2,903 921,175 37,437 16,061 1,078,185 
Disposals / Consumptions(2,314)(409)(388)(952)(1,861)(35,792)(104)(41,820)
Indexation— — — — — — 10,626 10,626 
Transfers4,179 139,552 343,301 27,825 (517,722)(252)— (3,117)
Depreciation charge— (148,406)(346,531)(21,674)— (411)(56,170)(573,192)
Closing net book value774,052 2,245,153 3,051,801 73,905 1,121,004 171,652 200,120 7,637,687 
Values at the end of the year
Cost774,052 4,407,345 8,514,780 344,859 1,121,004 202,923 438,596 15,803,559 
Accumulated depreciation— (2,162,192)(5,462,979)(270,954)— (31,271)(238,476)(8,165,872)
Net book value as of December 31, 2023774,052 2,245,153 3,051,801 73,905 1,121,004 171,652 200,120 7,637,687 

Year ended December 31, 2022
LandBuildings
and
improvements		Production equipmentVehicles, furniture and fixturesWork in progressSpare partsRight-of-use
assets		Total
Values at the beginning of the year
Cost594,744 4,023,271 7,707,052 294,356 563,082 166,959 364,971 13,714,435 
Accumulated depreciation— (1,890,186)(4,986,161)(240,250)— (29,792)(136,468)(7,282,857)
Net book value as of January 1, 2022594,744 2,133,085 2,720,891 54,106 563,082 137,167 228,503 6,431,578 
Opening net book value594,744 2,133,085 2,720,891 54,106 563,082 137,167 228,503 6,431,578 
Translation differences139 325 123 23 9 — — 619 
Impairment charge (note 4 (f))— (53,635)(45,365)— — — — (99,000)
Additions5,342 2,423 913 2,337 433,269 28,983 13,961 487,228 
Capitalized borrowing costs— — — — 403 — — 403 
Disposals / Consumptions(953)(1,133)(1,056)(842)(1,162)(22,210)(1,039)(28,395)
Indexation— — — — — — 17,945 17,945 
Transfers8,699 144,914 273,885 18,660 (448,499)— — (2,341)
Depreciation charge— (147,863)(328,574)(19,414)— (1,073)(49,226)(546,150)
Closing net book value607,971 2,078,116 2,620,817 54,870 547,102 142,867 210,144 6,261,887 
Values at the end of the year
Cost607,971 4,091,108 7,744,607 309,469 547,102 173,731 395,620 13,869,608 
Accumulated depreciation— (2,012,992)(5,123,790)(254,599)— (30,864)(185,476)(7,607,721)
Net book value as of December 31, 2022607,971 2,078,116 2,620,817 54,870 547,102 142,867 210,144 6,261,887 
12.    PROPERTY, PLANT AND EQUIPMENT, NET (continued)

(2) Right-of-use assets
Right-of-use assets
LandBuildings
and
improvements		Production equipmentVehicles, furniture and fixturesTotal
Values at the beginning of the year
Cost1,339 266,330 127,765 187 395,621 
Accumulated depreciation(4)(118,709)(66,639)(125)(185,477)
Net book value as of January 1, 20231,335 147,621 61,126 62 210,144 
Opening net book value1,335 147,621 61,126 62 210,144 
Translation differences— (790)(79)— (869)
Acquisition of business (note 3)— 3,894 16,433 105 20,432 
Additions— 3,716 12,304 41 16,061 
Disposal/Derecognition— (85)(19)— (104)
Indexation(962)9,784 1,704 100 10,626 
Depreciation charge(26)(35,178)(20,854)(112)(56,170)
Closing net book value347 128,962 70,615 196 200,120 
Values at the end of the year
Cost376 281,250 156,614 355 438,595 
Accumulated depreciation(29)(152,288)(85,999)(159)(238,475)
Net book value as of December 31, 2023347 128,962 70,615 196 200,120 
Right-of-use assets
LandBuildings
and
improvements		Production equipmentVehicles, furniture and fixturesTotal
Values at the beginning of the year
Cost— 245,300 119,497 174 364,971 
Accumulated depreciation— (87,103)(49,321)(44)(136,468)
Net book value as of January 1, 2022— 158,197 70,176 130 228,503 
Opening net book value— 158,197 70,176 130 228,503 
Additions1,339 6,445 6,163 14 13,961 
Disposal/Derecognition— — (1,039)— (1,039)
Indexation— 14,585 3,360 — 17,945 
Depreciation charge(4)(31,606)(17,534)(82)(49,226)
Closing net book value1,335 147,621 61,126 62 210,144 
Values at the end of the year
Cost1,339 266,330 127,765 187 395,621 
Accumulated depreciation(4)(118,709)(66,639)(125)(185,477)
Net book value as of December 31, 20221,335 147,621 61,126 62 210,144 
The cost related to variable-lease payments that do not depend on an index or rate amounted to $19.1 million for the year ended December 31, 2023 ($14.5 million and $20.0 million for the year ended December 31, 2022 and 2021, respectively). The expenses related to leases for which the Company applied the practical expedient described in paragraph 5 (a) of IFRS 16 (leases with contract term of less than 12 months) amounted to $2.8 million for the year ended December 31, 2023 ($1.9 million and $2.0 million for the year ended December 31, 2022 and 2021, respectively).
v3.24.1
INTANGIBLE ASSETS, NET
 12 Months Ended
Dec. 31, 2023
Disclosure of detailed information about intangible assets [abstract]  
INTANGIBLE ASSETS, NET INTANGIBLE ASSETS, NET
Year ended December 31, 2023
Information system projectsMining assetsExploration and evaluation costsCustomer relationships and other contractual rightsTrademarksGoodwillTotal
Values at the beginning of the year
Cost460,434 358,767 29,360 297,427 73,935 662,307 1,882,230 
Accumulated depreciation(348,260)(227,098)— (288,528)(73,935)— (937,821)
Net book value as of January 1, 2023112,174 131,669 29,360 8,899 — 662,307 944,409 
Opening net book value112,174 131,669 29,360 8,899 — 662,307 944,409 
Translation differences(227)— — — — — (227)
Acquisition of business (note 3)34,451 — — — — — 34,451 
Additions67,754 32,407 40,333 726 — — 141,220 
Disposals / Consumptions(113)— — (19)— — (132)
Impairment charge (note 4 (e)(2))— (42,316)— — — — (42,316)
Transfers3,181 55,016 (55,054)— — — 3,143 
Depreciation charge(35,722)(48,434)— (344)— — (84,500)
Closing net book value181,498 128,342 14,639 9,262 — 662,307 996,048 
Values at the end of the year
Cost563,120 403,875 14,639 298,134 73,935 662,307 2,016,010 
Accumulated depreciation(381,622)(275,533)— (288,872)(73,935)— (1,019,962)
Net book value as of December 31, 2023181,498 128,342 14,639 9,262 — 662,307 996,048 
Year ended December 31, 2022
Information system projectsMining assetsExploration and evaluation costsCustomer relationships and other contractual rightsTrademarksGoodwillTotal
Values at the beginning of the year
Cost402,387 326,269 11,231 295,597 73,935 662,307 1,771,726 
Accumulated depreciation(322,595)(184,766)— (288,174)(73,935)— (869,470)
Net book value as of January 1, 202279,792 141,503 11,231 7,423 — 662,307 902,256 
Opening net book value79,792 141,503 11,231 7,423 — 662,307 902,256 
Additions57,689 — 50,627 1,831 — — 110,147 
Transfers2,348 32,498 (32,498)— — — 2,348 
Depreciation charge(27,655)(42,332)— (355)— — (70,342)
Closing net book value112,174 131,669 29,360 8,899 — 662,307 944,409 
Values at the end of the year
Cost460,434 358,767 29,360 297,427 73,935 662,307 1,882,230 
Accumulated depreciation(348,260)(227,098)— (288,528)(73,935)— (937,821)
Net book value as of December 31, 2022112,174 131,669 29,360 8,899 — 662,307 944,409 
The Company has not registered any impairment charges in connection with Goodwill (see notes 4 (f) and (bb) (1) and (4)).
v3.24.1
INVESTMENTS IN NON-CONSOLIDATED COMPANIES
 12 Months Ended
Dec. 31, 2023
Disclosure of interests in other entities [Abstract]  
INVESTMENTS IN NON-CONSOLIDATED COMPANIES INVESTMENTS IN NON-CONSOLIDATED COMPANIES
As of December 31,
20232022
At the beginning of the year821,571 751,475 
Acquisition of business (note 3)400,037 — 
Derecognition related to the increase of the participation in Usiminas(771,995)— 
Equity in earnings of non-consolidated companies105,305 37,114 
Other comprehensive income and other effects(2,812)48,475 
Dividends from non-consolidated companies (1)(34,841)(15,493)
At the end of the year517,265 821,571 
(1) Mainly related to dividends from Unigal Usiminas Ltda. and MRS Logística S.A.

The principal investments in non-consolidated companies, all of which are unlisted, except for Usiminas, are:
Country of incorporationMain activityVoting rights atValue at
December 31, 2023December 31, 2022December 31, 2023December 31, 2022
Usinas Siderurgicas de Minas Gerais S.A. - USIMINASBrazilManufacturing and selling of steel products— 34.39 %— 725,705 
Techgen S.A. de C.V.MexicoProvision of electric power48.00 %48.00 %116,849 90,559 
Unigal Usiminas Ltda.BrazilManufacturing and selling of steel products70.00 %— 124,064 — 
MRS Logística S.ABrazilLogistical services11.41 %— 235,268 — 
Other non-consolidated companies (1)41,084 5,307 
517,265 821,571 
(1) It includes the investments held in Finma S.A.I.F., Recrotek S.R.L. de C.V., Gas Industrial de Monterrey S.A. de C.V., Modal Terminal de Graneis Ltda., Usiroll – Usiminas Court Tecnologia em Acabamento Superficial Ltda, Codeme Engenharia S.A, Terminal de Cargas Paraopeba Ltda., Terminal de Cargas Sarzedo Ltda., and Metalcentro Ltda.
(a)Techgen S.A. de C.V.
Techgen is a Mexican natural gas-fired combined cycle electric power plant in the Pesquería area of the State of Nuevo León, Mexico. The company started producing energy on December 1, 2016 and is fully operational. As of February 2017, Ternium, Tenaris, and Tecpetrol International S.A. (a wholly-owned subsidiary of San Faustin S.A., the controlling shareholder of both Ternium and Tenaris) completed their investments in Techgen. Techgen is currently owned 48% by Ternium, 30% by Tecpetrol and 22% by Tenaris. Ternium and Tenaris also agreed to enter into power supply and transportation agreements with Techgen, pursuant to which Ternium and Tenaris will contract 78% and 22%, respectively, of Techgen’s power capacity of 900 megawatts.
Techgen stated in its unaudited annual accounts as of and for the year ended December 31, 2023, that revenues amounted to $444 million ($580 million as of December 31, 2022), net profit from continuing operations to $55 million ($55 million as of December 31, 2022), non-current assets to $766 million ($766 million as of December 31, 2022), current assets to $175 million ($131 million as of December 31, 2022), non-current liabilities to $466 million ($527 million as of December 31, 2022), current liabilities to $232 million ($181 million as of December 31, 2022) and shareholders’ equity to $243 million ($189 million as of December 31, 2022).
14.    INVESTMENTS IN NON-CONSOLIDATED COMPANIES (continued)

During 2017 and 2016, Techgen’s shareholders made additional investments in Techgen, in the form of subordinated loans, which in the case of Ternium amounted to $136.3 million as of December 31, 2023, and which are due in June 2026.

On February 2019, Techgen S.A. de C.V. entered into syndicated loan agreement with HSBC Mexico, Natixis, Credit Agricole, BNP, Santander, Intesa SP and Norinchukin (the “Syndicated Loan”), according to the following terms: (i) Libor + 170 bps; (ii) maturity on February 13, 2026; (iii) average life 4.30 years; and (iv) guaranteed by: assets, shares, a debt service reserve account - which represents 10% of the outstanding amount- and the fix capacity charge cash-flow.

On August 5, 2021, Ternium Investments completed the purchase of a participation in this Syndicated Loan for an amount of $68 million. As of December 31, 2023, the outstanding syndicated loan amount was of $267 million and Ternium Investments’ participation was of $55 million.

For commitments from Ternium in connection with Techgen, see note 25.

(b) Unigal Usiminas Ltda.

Unigal is a Brazilian joint venture with a plant located in Ipatinga, Minas Gerais, between Usiminas and Nippon Steel Corporation, which hold 70% and 30% ownership interest, respectively. The main activity of this joint venture is the transformation of cold-rolled coils, provided only by Usiminas, into hot-dipped galvanized coils. The plant has a galvanizing production capacity of 1,030 million tons per year. The control of Unigal is shared between the partners, as provided for in the shareholders’ agreement.

Unigal stated in its unaudited annual accounts, prepared in accordance with IFRS Accounting Standards (International Financial Reporting Standards), as of December 31, 2023, that non-current assets amounted to $163 million, current assets to $40 million, non-current liabilities to $48 million, current liabilities to $11 million and shareholders’ equity to $143 million. Revenues amounted to $37 million and net profit from continuing operations to $17 million for the six-month period ended December 31, 2023.

(c) MRS Logística S.A.

MRS Logística is a Brazilian railway cargo operator and logistics services provider that manages a 1,634 km network in the states of Minas Gerais, Rio de Janeiro and São Paulo, a region that concentrates about half of the Brazilian GDP. Usiminas holds a 11.41% ownership interest, along with CSN (18.6%), Congonhas Minérios (18.6%), Vale (10.9%), Gerdau (1.3%) and a wide group of small investors (6.5%). These companies, through a shareholders’ agreement, constitute, through representatives, the Board of Directors, which is responsible, among other duties, for this company’s overall strategic direction, for the decision on most significant investments and for the health and longevity of the organization.

MRS Logística stated in its unaudited annual accounts, prepared in accordance with IFRS Accounting Standards (International Financial Reporting Standards), as of December 31, 2023, that non-current assets to $2,779 million, current assets to $954 million, non-current liabilities to $1,709 million, current liabilities to $704 million and shareholders’ equity to $1,320 million. Revenues amounted to $727 million and net profit from continuing operations to $148 million for the six-month period ended December 31, 2023.
v3.24.1
RECEIVABLES, NET - NON CURRENT AND CURRENT
 12 Months Ended
Dec. 31, 2023
Receivables, net [Abstract]  
RECEIVABLES, NET - NON CURRENT AND CURRENT RECEIVABLES, NET – NON CURRENT AND CURRENT
As of December 31,
20232022
Receivables with related parties (Notes 26 and 14 (a))135,124127,008 
Employee advances and loans28,812 21,729 
Advances to suppliers for the purchase of property, plant and equipment (1)181,96244,067 
Advances to suppliers for the purchase of property, plant and equipment with related parties (Note 26) (1)123,599 2,444 
Other tax credits (2)356,687 117,111 
Judicial deposits and other receivables (2)178,602 — 
Others68,459 6,331 
Receivables, net – Non-current1,073,245 318,690 
As of December 31,
20232022
Value added tax (2)508,318 133,860 
Income tax credits486,470 400,949 
Other tax credits41,909 37,461 
Employee advances and loans12,592 6,782 
Advances to suppliers39,288 22,257 
Advances to suppliers with related parties (Note 26)3,166 6,089 
Expenses paid in advance28,207 17,850 
Government tax refunds on exports4,120 1,677 
Receivables with related parties (Note 26)11,387 17,154 
Others37,407 18,683 
Receivables, net – Current1,172,864 662,762 
(1) The increase in the year 2023 is related to the ongoing investment plan in the Pesquería plant in Mexico.
(2) The increase in the year 2023 is related to the increase of participation in Usiminas.
v3.24.1
TRADE RECEIVABLES, NET - NON CURRENT AND CURRENT
 12 Months Ended
Dec. 31, 2023
Trade and other receivables [abstract]  
TRADE RECEIVABLES, NET - NON CURRENT AND CURRENT TRADE RECEIVABLES, NET – NON CURRENT AND CURRENT
As of December 31,
20232022
Trade receivables6,430— 
Allowance for doubtful accounts (Note 19)(6,430)— 
Trade receivables, net – Non-current— — 
Current accounts2,092,3611,110,481 
Trade receivables with related parties (Note 26)26,18380,078 
Allowance for doubtful accounts (Note 19)(53,045)(9,870)
Trade receivables, net  - Current2,065,4991,180,689 
Trade receivables, net as of December 31, 2023
TotalFully performingPast due
Guaranteed697,001 664,698 32,303 
Not guaranteed1,427,973 1,246,206 181,767 
Trade receivables2,124,974 1,910,904 214,070 
Allowance for doubtful accounts (Note 19)(59,475)— (59,475)
Trade receivables, net2,065,499 1,910,904 154,595 
Trade receivables, net as of December 31, 2022
TotalFully performingPast due
Guaranteed527,700 498,962 28,738 
Not guaranteed662,859 590,093 72,766 
Trade receivables1,190,559 1,089,055 101,504 
Allowance for doubtful accounts (Note 19)(9,870)— (9,870)
Trade receivables, net1,180,689 1,089,055 91,634 
v3.24.1
INVENTORIES, NET
 12 Months Ended
Dec. 31, 2023
Subclassifications of assets, liabilities and equities [abstract]  
INVENTORIES, NET INVENTORIES, NET
As of December 31,
20232022
Raw materials, materials and spare parts1,409,316 963,732 
Goods in process2,312,068 1,681,239 
Finished goods947,768 553,965 
Goods in transit479,248 365,675 
Obsolescence allowance (Note 19)(200,024)(79,063)
Valuation allowance— (15,333)
Inventories, net 4,948,376 3,470,215 
v3.24.1
CASH, CASH EQUIVALENTS AND OTHER INVESTMENTS - NON CURRENT AND CURRENT
 12 Months Ended
Dec. 31, 2023
Cash, cash equivalents and other investments [Abstract]  
CASH, CASH EQUIVALENTS AND OTHER INVESTMENTS - NON CURRENT AND CURRENT CASH, CASH EQUIVALENTS AND OTHER INVESTMENTS – NON CURRENT AND CURRENT
As of December 31,
20232022
Investments in debt instruments and other210,774 100,464 
Other investments156 252 
Other investments, net – Non-current210,930 100,716 
As of December 31,
20232022
(i) Other investments
Other deposits with maturity of more than three months1,975,646 1,875,026 
Other investments - Current1,975,646 1,875,026 
(ii) Cash and cash equivalents
Cash and banks492,684 371,797 
Restricted cash3,129 30 
Short-term bank deposits478,778 772,953 
Other deposits with maturity of less than three months871,422 508,575 
Cash and cash equivalents 1,846,013 1,653,355 
v3.24.1
ALLOWANCES AND PROVISIONS - NON CURRENT AND CURRENT
 12 Months Ended
Dec. 31, 2023
Provisions [abstract]  
ALLOWANCES AND PROVISIONS - NON CURRENT AND CURRENT ALLOWANCES AND PROVISIONS – NON CURRENT AND CURRENT
Provisions and allowances - Non currentDeducted from assetsLiabilitiesLiabilities
Allowance for doubtful accountsLegal claims and other mattersAsset retirement obligation
Year ended December 31, 2023
Values at the beginning of the year — 81,422 38,104 
Translation differences75 (4,108)7,558 
Acquisition of business (note 3)6,663 856,153 58,127 
Additions— 37,112 828 
Reversals (308)(96,761)(162)
Uses— (33,897)— 
As of December 31, 20236,430 839,921 104,455 
Year ended December 31, 2022
Values at the beginning of the year — 83,299 32,098 
Translation differences— 2,999 2,735 
Additions— 5,889 3,271 
Reversals — (6,959)— 
Uses— (3,806)— 
As of December 31, 2022— 81,422 38,104 
19.    ALLOWANCES AND PROVISIONS – NON CURRENT AND CURRENT (continued)
Provisions and allowances - CurrentDeducted from assetsLiabilities
Allowance for doubtful accountsObsolescence allowanceAsset retirement obligation
Year ended December 31, 2023
Values at the beginning of the year 9,870 79,063 3,304 
Translation differences(771)(1,521)(217)
Acquisition of business (note 3)37,963 77,895 1,428 
Additions15,639 35,215 6,946 
Reversals (2,803)(30,508)— 
Uses(6,853)39,880 (4,129)
As of December 31, 202353,045 200,024 7,332 
Year ended December 31, 2022
Values at the beginning of the year 9,472 61,476 3,610 
Translation differences544 — (465)
Additions1,786 36,666 3,558 
Reversals (1,672)(15,862)— 
Uses(260)(3,217)(3,399)
As of December 31, 20229,870 79,063 3,304 
v3.24.1
DEFERRED INCOME TAX
 12 Months Ended
Dec. 31, 2023
Deferred income tax [Abstract]  
DEFERRED INCOME TAX INCOME TAX EXPENSE
Income tax expense for each of the years presented is as follows:
Year ended December 31,
202320222021
Current tax
Current tax(578,902)(671,016)(1,650,281)
Recovery of income tax13,429 — — 
Deferred tax (Note 19)
Deferred tax102,431 80,692 185,655 
Effect of changes in tax law (1)— — (9,117)
Recognition of previously unrecognized deferred tax assets (2)128,634 — — 
Recovery of income tax— 16,596 76,604 
Income tax expense(334,408)(573,728)(1,397,139)
(1) For 2021, it includes the modification of the tax rate in Argentina enacted in 2017 and modified in 2019 and 2021, setting the corporate income tax rate to 35% for the year 2021 going forward.
(2) It includes the recovery of unrecognized tax losses and temporary differences in Ternium Brasil Ltda.
11.    INCOME TAX EXPENSE (continued)
Income tax expense for the years ended December 31, 2023, 2022 and 2021 differed from the amount computed by applying the statutory income tax rate in force in each country in which the company operates to pre-tax income as a result of the following:
Year ended December 31,
202320222021
Income before income tax1,320,782 2,666,500 5,764,330 
Income tax expense at statutory tax rate(643,686)(785,888)(1,633,556)
Non taxable income 39,755 — 37,815 
Non deductible expenses— (45,862)— 
Effect of currency translation on tax base (1)180,582 241,426 131,115 
Recognition of previously unrecognized deferred tax assets128,634 — — 
Provision for tax losses(53,122)— — 
Recovery of income tax13,429 16,596 76,604 
Effect of changes in tax law— — (9,117)
Income tax expense(334,408)(573,728)(1,397,139)
(1) Ternium applies the liability method to recognize deferred income tax on temporary differences between the tax bases of assets and their carrying amounts in the financial statements. By application of this method, Ternium recognizes gains and losses on deferred income tax due to the effect of the change in the value on the tax basis in subsidiaries, which have a functional currency different to their local currency, mainly Mexico and Argentina.
Tax rates used to perform the reconciliation between tax expense (income) and accounting profit are those in effect at each relevant date or period in each applicable jurisdiction.
In December 2021, the Organization for Economic Co-operation and Development (“OECD”) released the Pillar Two model rules (the Global Anti-Base Erosion rules, or “GloBE”) to reform international corporate taxation. Following Pillar Two OECD’s initiative, the European Union adopted in December 2022 a directive to impose a global minimum taxation for multinational companies in the Union, to be effective as from 2024.
In May 2023, the IASB made narrow-scope amendments to IAS 12 setting an exception that provides relief from the requirement to recognize and disclose deferred taxes arising from enacted or substantively enacted tax laws that implement the Pillar Two model rules, including tax laws that implement qualified domestic minimum top-up taxes as per described in those rules.

On December 20, 2023, the Luxembourg Parliament approved the Pillar Two law transposing the EU Pillar Two Directive into domestic legislation. The law enters into force as from fiscal years starting on or after 31 December 2023.

The Company is within the scope of the rules, and therefore will be required to calculate its GloBE effective tax rate for each jurisdiction where it operates and will be liable to pay a top-up tax for the difference between its GloBE effective tax rate per jurisdiction and the 15% minimum rate, as from 2024.

No current tax impacts have arisen in the current Consolidated Financial Statements as of December 31, 2023, due to the application of Pillar Two rules, as they will be applicable as from 2024 in jurisdictions relevant for the Company.
11.    INCOME TAX EXPENSE (continued)
In addition, the Company has applied the exception prescribed by the amendments to IAS 12, and therefore it has not recognized any deferred tax impact from the Pillar Two application.

The Company is in the process of assessing its exposure to the Pillar Two legislation and testing its situation under the OECD transitional safe harbor rules and expects no major impacts in relation to top-up tax due to the application of one or more of the transitional safe harbor rules.

Due to the complexities in applying the legislation and calculating GloBE income, the quantitative impact of the enacted legislation is not yet reasonably estimable.
DEFERRED INCOME TAX
Deferred income taxes are calculated in full on temporary differences under the liability method using the tax rate of the applicable country.
Changes in deferred income tax are as follows:
As of December 31,
20232022
At the beginning of the year37,495 (25,471)
Acquisition of business (note 3)1,327,232 — 
Translation differences(4,373)330 
Recognition of previously unrecognized tax losses128,634 — 
Charges directly to other comprehensive income(48,854)(18,056)
Deferred tax credit (note 11)102,431 80,692 
At the end of the year1,542,565 37,495 
20.    DEFERRED INCOME TAX (continued)

The changes in deferred tax assets and liabilities (prior to offsetting the balances within the same tax jurisdiction) during the year are as follows:

Deferred tax assets (liabilities)At the beginning of the yearTranslation differencesAcquisition of businessCredits (Charges) directly to OCIRecognition of previously unrecognized tax lossesIncome statement credit (charge)Total as of
December 31, 2023
Property, plant and equipment(200,556)(2,360)412,320 — — 114,134 323,538 
Inventories(69,594)(903)116,290 — — (27,962)17,831 
Intangible assets(22,923)(683)143,033 — — 14,901 134,328 
Provisions98,999 (698)255,529 — — 267 354,097 
Trade receivables15,515 — 28,510 — — (1,351)42,674 
Tax losses (1)17,400 4,901 304,237 — — 56,433 382,971 
Other (2)198,654 (4,630)67,313 (48,854)128,634 (53,991)287,126 
At the end of the year37,495 (4,373)1,327,232 (48,854)128,634 102,431 1,542,565 
(1) As of December 31, 2023, the recognized deferred tax assets on tax losses amount to $383.0 million mainly connected to Ternium Brasil Ltda. and Usinas Siderúrgicas de Minas Gerais S.A. Additionally, there are net unrecognized deferred tax assets of $14.2 million, connected to Usinas Siderúrgicas de Minas Gerais S.A., and unrecognized tax losses amounting to $357.4 million from Usinas Siderúrgicas de Minas Gerais S.A. and $889.4 million from Ternium Brasil Ltda. Under the Luxembourg tax law, tax losses generated before 2017 can be carried forward indefinitely and are not subject to any yearly consumption limitation, while losses incurred as from 2017 may be carried forward for a maximum of 17 years. Unrecognized tax losses of Ternium SA as of December 31, 2022 amounted to $2.1 billion and the estimated tax loss for the fiscal year 2023 amounted to $30.1 million, with approximately 92% of the referred tax losses generated before 2017. Unrecognized tax losses of Ternium Investments S.à r.l. as of December 31, 2022 amounted to $2.6 billion and the estimated tax result for fiscal year 2023 amounted to $0.9 million, with approximately 98% of the referred tax losses generated before 2017.
(2) It corresponds mainly to the deferred tax assets related to post-employment benefits and asset retirement obligations.

Deferred tax assets (liabilities)At the beginning of the yearTranslation differencesAcquisition of businessCredits (Charges) directly to OCIRecognition of previously unrecognized tax lossesIncome statement credit (charge)Total as of
December 31, 2022
Property, plant and equipment(353,420)— — — — 152,864 (200,556)
Inventories49,437 — — — — (119,031)(69,594)
Intangible assets(26,323)— — — — 3,400 (22,923)
Provisions82,139 — — — — 16,860 98,999 
Trade receivables35,144 — — — — (19,629)15,515 
Tax losses (1)3,578 — — — — 13,822 17,400 
Other (2)183,975 330 — (18,056)— 32,406 198,654 
At the end of the year(25,471)330 — (18,056)— 80,692 37,495 
(3) As of December 31, 2022, the recognized deferred tax assets on tax losses amount to $17.4 million and there are net unrecognized deferred tax assets of $202.0 million and unrecognized tax losses amounting to $879.0 million. These two last effects are connected to the acquisition of Ternium Brasil Ltda.
(4) It corresponds mainly to the deferred tax assets related to post-employment benefits and asset retirement obligations.

Deferred tax assets and liabilities are offset when the entity a) has a legally enforceable right to set off the recognized amounts; and b) intends to settle the tax on a net basis or to realize the asset and settle the liability simultaneously.
v3.24.1
OTHER LIABILITIES - NON CURRENT AND CURRENT
 12 Months Ended
Dec. 31, 2023
Disclosure of other liabilities [Abstract]  
OTHER LIABILITIES - NON CURRENT AND CURRENT OTHER LIABILITIES – NON CURRENT AND CURRENT
As of December 31,
20232022
(i) Other liabilities - Non current
Post-employment benefits673,453 405,018 
Other employee benefits93,194 84,028 
Asset retirement obligation (note 19) (1)104,455 38,104 
Put option liability (note 3 (e))249,264 — 
Other28,632 11,064 
Other liabilities – Non-current1,148,998 538,214 
(1) The asset in connection with this liability is included in Property, plant and equipment.

Post-employment benefits

The amounts recognized in the consolidated statement of financial position are determined as follows:
Post-employment benefits
As of December 31,
20232022
Present value of obligations1,975,462 405,018 
Fair value of plan assets(1,525,330)— 
Asset ceiling223,321 — 
Net liability (asset) in the statement of financial position673,453 405,018 

The amounts recognized in the consolidated income statement are as follows:
Post-employment benefits
Year ended December 31,
20232022
Current service cost14,876 13,721 
Interest cost (income), net30,686 32,660 
Interest on Asset ceiling/ Onerous liability20,973 — 
Reversal of prior service cost - Saúde Usiminas healthcare plan(108,696)— 
Net (income) loss included in income statement(42,161)46,381 

The amounts recognized in other comprehensive income are as follows:
Post-employment benefits
Year ended December 31,
20232022
Remeasurements
Effect of changes in demographic assumptions(31,024)3,990 
Effect of changes in financial assumptions26,509 (36,927)
Effect of experience adjustments66,817 8,370 
Change in asset ceiling32,707 — 
Expected return on assets(42,882)— 
Net loss (income) included in other comprehensive income52,127 (24,567)
21.    OTHER LIABILITIES – NON CURRENT AND CURRENT (continued)
Changes in the liability recognized in the consolidated statement of financial position are as follows:
Post-employment benefits
As of December 31,
20232022
At the beginning of the year405,018 390,942 
Acquisition of business (note 3)1,529,949 — 
Transfers, new participants and funding of the plan30,116 (508)
Total expense79,396 46,381 
Remeasurements62,302 (24,567)
Translation differences40,168 21,088 
Contributions paid(171,487)(28,318)
At the end of the year1,975,462 405,018 

Changes in fair value of the plan assets are as follows:
Fair value of plan assets
As of December 31,
20232022
At the beginning of the year— — 
Acquisition of business (Note 3) (1)1,462,147 — 
Expected return on assets42,882 — 
Interest income142,529 — 
Translation differences(5,933)— 
Funding of the plan14,848 — 
Contributions paid(131,143)— 
At the end of the year1,525,330 — 
(1) The asset ceiling at the acquisition date amounted to $169.7 million.
The major categories of plan assets are as follows:
Fair value of plan assets
As of December 31,
20232022
Usiminas shares64,819 — 
Non-US government securities1,054,671 — 
Fixed income99,602 — 
Investments funds241,481 — 
Others64,757 — 
At the end of the year1,525,330 — 
As of December 31, 2023, the pension plan assets included 34,109,762 common shares of Usiminas (34,109,762 common shares of the Usiminas as of December 2022).
21.    OTHER LIABILITIES – NON CURRENT AND CURRENT (continued)
The principal actuarial assumptions used were as follows:
Year ended December 31,
Mexico20232022
Discount rate9.00%9.00%
Compensation growth rate
6.00% - 7.00%
6.00% - 7.00%
Year ended December 31,
Argentina20232022
Discount rate
6.00% - 7.00%
6.00% - 7.00%
Compensation growth rate
2.00% - 3.00%
2.00% - 3.00%
Year ended December 31,
Brazil20232022
Discount rate
5.23% -5.40%
— 
Compensation growth rate
0.50%- 2.90%
— 
Long-term increase in medical service costs4.75%— 
Expected return on plan assets
9.28% - 9.46%
— 
The sensitivity of the defined benefit obligation to changes in the weighted principal assumptions is as follows:
Impact on defined benefit obligation
Change in assumptionIncrease in assumptionDecrease in assumption
Discount rate1.00%-7.6%9.1%
Compensation growth rate1.00%0.4%-1.0%
Pension growth rate1.00%-1.0%-0.5%
Life expectancy1 year1.4%-1.4%
The estimated future payments for the next five years will be between $178.9 million and $197.3 million per year.
The post-retirement benefits related to Usiminas are guaranteed with property, plant and equipment up to the amount of $275 million.
As of December 31,
20232022
(ii) Other liabilities - Current
Payroll and social security payable174,188 150,378 
VAT liabilities68,178 113,842 
Other tax liabilities70,815 55,622 
Termination benefits100 761 
Related Parties (Note 26)3,588 515 
Asset retirement obligation (Note 19)7,332 3,303 
Dividends payable51,249 — 
Others54,263 20,422 
Other liabilities – Current429,713 344,843 
v3.24.1
DERIVATIVE FINANCIAL INSTRUMENTS
 12 Months Ended
Dec. 31, 2023
Disclosure of detailed information about financial instruments [abstract]  
DERIVATIVE FINANCIAL INSTRUMENTS DERIVATIVE FINANCIAL INSTRUMENTS
Net fair values of derivative financial instruments
The net fair values of derivative financial instruments as of December 31, 2023 and 2022 were as follows:
As of December 31,
20232022
Contracts with positive fair value
Commodities contracts247 — 
Foreign exchange contracts15,159 227 
15,406 227 
Contracts with negative fair value
Interest rate swap contracts— (1)
Commodities contracts(6,190)(504)
Foreign exchange contracts(2,030)— 
(8,220)(505)
Derivative financial instruments breakdown is as follows:
(a) Interest rate contracts
Fluctuations in market interest rates create a degree of risk by affecting the amount of the Company’s interest payments and the value of its floating-rate debt. As of December 31, 2023, most of the Company’s long-term borrowings were at variable rates, except for the debentures issued by Usiminas.

During 2012 and 2013, Tenigal entered into several forward starting interest rate swap agreements in order to fix the interest rate to be paid over an aggregate amount of $100 million, at an average rate of 1.92%. These agreements became effective during July 2014, were due in July 2022 and were accounted for as cash flow hedges. As of December 31, 2023 and 2022, there were no outstanding cash flow hedge reserve related to these agreements.

Changes in fair value of derivative instruments designated as cash flow hedges for each of the years presented are included below:
Cash flow hedges - Interest rate derivatives
Gross amountIncome taxTotal
As of December 31, 2021(60)20 (40)
(Decrease) / Increase1 (1)— 
Reclassification to income statement59 (19)40 
As of December 31, 2022— — — 
(Decrease) / Increase— — — 
Reclassification to income statement— — — 
As of December 31, 2023— — — 
22.    DERIVATIVE FINANCIAL INSTRUMENTS (continued)

(b) Foreign exchange contracts
From time to time, Ternium’s subsidiaries enter into derivative agreements to manage their exposure to currencies other than the $, in accordance with the Company’s policy for derivative instruments.
During 2023, 2022 and 2021, Ternium Colombia S.A.S. has entered into non-deliverable forward agreements to manage the aggregate exposure arising from its balance sheet position in conjunction with expected future trade receivables denominated in its local currency. As of December 31, 2023, the notional amount on these agreements amounted to $81.2 million, out of which $37.6 million will be settling on January 2, 2024.
During 2023, 2022 and 2021, Ternium Mexico entered into several forward agreements mainly to manage the exchange rate exposure generated by future payables in EUR related to the investment plan in Pesquería among other standard liabilities in EUR. The notional amount hedged as of December 31, 2023, was EUR556.9 million. These agreements will be due up to September 2025 and have been accounted for as cash flow hedges. As of December 31, 2023, the aggregate notional amount on these agreements amounted to $605.3 million.
Changes in fair value of derivative instruments designated as cash flow hedges for each of the years presented are included below:
Cash flow hedges - Foreign exchange derivatives
Gross amountIncome taxTotal
As of December 31, 2022— — — 
(Decrease) / Increase22,721 (6,824)15,897 
Reclassification to income statement— — — 
As of December 31, 202322,721 (6,824)15,897 
Furthermore, during 2023 and 2022, Ternium Mexico has entered into non-deliverable forward agreements to manage the exposure of certain tax credits denominated in its local currency. As of December 31, 2023, there is no notional amount outstanding on these agreements.

During 2023, Ternium Guatemala entered into several non-deliverable forward agreements in order to manage the exchange rate exposure generated by trade receivables denominated in Guatemalan quetzals. As of December 31, 2023, the notional amount on these agreements amounted to $2.0 million.

During 2023, Ternium del Atlántico entered into several non-deliverable forward agreements to manage the aggregate exposure arising from its balance sheet position in conjunction with expected future trade receivables denominated in Colombian pesos. As of December 31, 2023, the notional amount on these agreements amounted to $94.7 million, out of which $40.0 million will be settling on January 2, 2024.

During 2023, Ternium Procurement entered into specific forward agreements in order to manage the exchange rate exposure generated by purchases of semi-finished steel products. As of December 31, 2023, the notional amount on these agreements amounted to $1.0 million.
22.    DERIVATIVE FINANCIAL INSTRUMENTS (continued)
The net fair values of the exchange rate derivative contracts as of December 31, 2023 and 2022 were as follows:
Fair value at December 31,
CurrenciesContractNotional amount20232022
EUR/$Forward - Buy EUR
556.9 million EUR
15,159 258 
COP/$ND Forward - Sell COP
697.9 billion COP
(2,024)227 
GTQ/$ND Forward - Sell GTQ
15.7 million GTQ
(6)— 
MXN/$ND Forward - Sell MXN— (258)
13,129 227 
COP: Colombian pesos; EUR: Euros; $: US dollars; GTQ: Guatemalan quetzales; MXN: Mexican pesos.

(c) Commodities contracts
During 2023 and 2022, Ternium Mexico entered into swap agreements to mitigate the specific impact of the fluctuation of zinc price fluctuations affecting the manufacturing of galvanized products to be sold with a fixed zinc price. As of December 31, 2023, Ternium Mexico has several agreements outstanding with an aggregate notional amount of $8.4 million.

During 2023 and 2022, Mineraçao Usiminas, one of Usiminas’ subsidiaries, entered into forward agreements to manage the impact of the fluctuation of iron ore prices affecting its sales in the foreign market. As of December 31, 2023, Mineraçao Usiminas has several agreements outstanding with an aggregate notional amount of $57.8 million.
v3.24.1
LEASE LIABILITIES
 12 Months Ended
Dec. 31, 2023
Disclosure of leases [Abstract]  
LEASE LIABILITIES LEASE LIABILITIES
Lease liabilities
CurrentNon CurrentTotal
Year ended December 31, 2023
Values at the beginning of the year 49,015 190,134 239,149 
Translation differences(750)4,799 4,049 
Acquisition of business (Note 3)8,009 17,668 25,677 
Net proceeds2,746 11,810 14,556 
Indexation5,755 5,384 11,139 
Repayments(58,900)— (58,900)
Interest accrued16,200 — 16,200 
Interest paid(10,783)— (10,783)
Reclassifications40,882 (40,882)— 
As of December 31, 202352,174 188,913 241,087 
Year ended December 31, 2022
Values at the beginning of the year 44,371 215,250 259,621 
Translation differences(1,506)(4,180)(5,686)
Net proceeds3,903 9,763 13,666 
Indexation3,107 14,988 18,095 
Repayments(49,404)(6)(49,410)
Interest accrued14,468 — 14,468 
Interest paid(11,605)— (11,605)
Reclassifications45,681 (45,681)— 
As of December 31, 202249,015 190,134 239,149 
        

As of December 31, 2023As of December 31, 2022
Commitments in relation to finance leases are payable as follows:
Within one year57,002 60,233 
Later than one year but not later than five years159,888 151,255 
Later than five years87,557 108,191 
Minimum lease payments304,447 319,679 
Future finance charges(63,360)(80,530)
Total Financial lease liabilities241,087 239,149 
The present value of finance lease liabilities is as follows:
Within one year52,174 49,015 
Later than one year but not later than five years140,330 117,654 
Later than five years48,583 72,480 
Total minimum lease payments241,087 239,149 
v3.24.1
BORROWINGS
 12 Months Ended
Dec. 31, 2023
Borrowings [abstract]  
BORROWINGS BORROWINGS
As of December 31,
20232022
(i) Non-current
Bank borrowings9,353 534,352 
Bonds747,260 — 
Debentures454,136 — 
Less: debt issue costs(4,788)(1,651)
1,205,961 532,701 
(ii) Current
Bank borrowings915,989 500,091 
Bonds23,485 — 
Debentures4,220 — 
Less: debt issue costs(3,241)(927)
940,453 499,164 
Total Financial Debt2,146,414 1,031,865 
        
The maturity of borrowings is as follows:
Expected Maturity Date
202420252026 and thereafterAt December 31, (1)
20232022
Borrowings - Fixed Rate315,696 — — 315,696 295,033 
Borrowings - Floating Rate599,727 9,335 — 609,062 736,832 
Bonds21,111 — 743,699 764,810 — 
Debentures3,920 — 452,926 456,846 — 
Total940,454 9,335 1,196,625 2,146,414 1,031,865 
(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.
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,
20232022
Bank borrowings7.28 %6.21 %
Bonds5.88 %— 
Debentures12.52 %— 
The nominal average interest rates shown above were calculated using the rates set for each instrument in its corresponding currency and weighted using the dollar-equivalent outstanding principal amount of said instruments as of December 31, 2023 and 2022, respectively.
24.    BORROWINGS (continued)
Breakdown of borrowings by currency is as follows:
As of December 31,
CurrenciesContract20232022
$Floating609,062 684,554 
$Fixed1,021,909 197,259 
BRLFloating456,846 — 
BRLFixed352 — 
COPFixed53,135 92,680 
GTQFixed5,110 5,094 
COPFloating— 38,934 
MXNFloating— 13,339 
ARSFloating— 5 
2,146,414 1,031,865 
$: U.S. dollars; ARS: Argentine pesos; BRL: Brazilian reais; COP: Colombian pesos; GTQ: Guatemalan quetzales; MXN: Mexican pesos.
Ternium’s most significant current borrowings as of December 31, 2023, were those incurred under Ternium Brasil's syndicated loan facility, 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, 2023Maturity
August 2019Ternium BrasilSyndicated loan500 500 August 2024
July 2019UsiminasBonds750 750 July 2026
May 2022UsiminasDebentures - 8th emission145 134 May 2029
December 2022UsiminasDebentures - 9th emission310 287 December 2032
The main covenants on these loan agreements, bonds and debentures are limitations on liens and encumbrances, limitations on the sale of certain assets and compliance with financial ratios (i.e. leverage ratio). As of December 31, 2023, Ternium was in compliance with all of its covenants.
v3.24.1
CONTINGENCIES, COMMITMENTS AND RESTRICTIONS ON THE DISTRIBUTION OF PROFITS
 12 Months Ended
Dec. 31, 2023
Disclosure of commitments and contingencies [Abstract]  
CONTINGENCIES, COMMITMENTS AND RESTRICTIONS ON THE DISTRIBUTION OF PROFITS CONTINGENCIES, COMMITMENTS AND RESTRICTIONS ON THE DISTRIBUTION OF PROFITS
Ternium is from time to time subject to various claims, lawsuits and other legal proceedings, including customer, employee, tax and environmental-related claims, in which third parties are seeking payment for alleged damages, reimbursement for losses, or indemnity. Management with the assistance of legal counsel periodically reviews the status of each significant matter and assesses potential financial exposure.
Some of these claims, lawsuits and other legal proceedings involve highly complex issues, and often these issues are subject to substantial uncertainties and, therefore, the probability of loss and an estimation of damages are difficult to ascertain. Accordingly, with respect to a large portion of such claims, lawsuits and other legal proceedings, Ternium is unable to make a reliable estimate of the expected financial effect that will result from ultimate resolution of the proceeding. In those cases, Ternium has not accrued a provision for the potential outcome of these cases.
If a potential loss from a claim, lawsuit or other proceeding is considered probable and the amount can be reasonably estimated, a provision is recorded. Accruals for loss contingencies reflect a reasonable estimate of the losses to be incurred based on information available to management as of the date of preparation of the financial statements and take into consideration litigation and settlement strategies. In a limited number of ongoing cases, Ternium was able to make a reliable estimate of the expected loss or range of probable loss and has accrued a provision for such loss but believes that publication of this information on a case-by-case basis would seriously prejudice Ternium’s position in the ongoing legal proceedings or in any related settlement discussions. Accordingly, in these cases, the Company has disclosed information with respect to the nature of the contingency but has not disclosed its estimate of the range of potential loss.
The Company believes that the aggregate provisions recorded for potential losses in its consolidated financial statements are adequate based upon currently available information. However, if management’s estimates prove incorrect, current reserves could be inadequate and Ternium could incur a charge to earnings which could have a material adverse effect on Ternium’s results of operations, financial condition, net worth and cash flows.

(i) Tax claims and other contingencies
The tax claims and other contingencies recognized at the increase of the participation of Usiminas are included in note 3.
(a) Companhia Siderúrgica Nacional (CSN) – Tender offer litigation

In 2013, the Company was notified of a lawsuit filed in Brazil by Companhia Siderúrgica Nacional, or CSN, and various entities affiliated with CSN against Ternium Investments, its subsidiary Ternium Argentina, and Tenaris’s subsidiary Confab, all of which compose the T/T Group under the Usiminas shareholders agreement. The entities named in the CSN lawsuit had acquired a participation in Usiminas in January 2012. The CSN lawsuit alleges that, under applicable Brazilian laws and rules, the acquirers were required to launch a tag-along tender offer to all non-controlling holders of Usiminas ordinary shares for a price per share equal to 80% of the price per share paid in such acquisition, or BRL 28.8, and seeks an order to compel the acquirers to launch an offer at that price plus interest. If so ordered, the offer would need to be made to 182,609,851 ordinary shares of Usiminas not belonging to Usiminas’ control group; Ternium Investments and Ternium Argentina’s respective shares in the offer would be 60.6% and 21.5%.
25.    CONTINGENCIES, COMMITMENTS AND RESTRICTIONS ON THE DISTRIBUTION OF PROFITS (continued)

On September 23, 2013, the first instance court dismissed the CSN lawsuit, and on February 8, 2017, the court of appeals maintained the understanding of the first instance court. On August 18, 2017, CSN filed an appeal to the Superior Court of Justice (SCJ) seeking the review and reversal of the decision issued by the Court of Appeals. On September 10, 2019, the SCJ declared CSN’s appeal admissible. On March 7, 2023, the SCJ, by majority vote, rejected CSN’s appeal. CSN made several submissions in connection with the SCJ decision, including a motion for clarification that challenged the merits of the SCJ decision. Decisions at the SCJ are adopted by majority vote and, at the date of these consolidated financial statements, voting at the SCJ with respect to the motion for clarification is ongoing. At an October 17, 2023 session, two justices voted in favor of remanding the case to the first instance for it to be retried following production and assessment of the new evidence, and two justices voted, without requiring any further evidence, in favor of granting CSN’s motion for clarification and reversing the March 7, 2023 decision that rejected CSN’s appeal; because the fifth member of SCJ excused himself from voting, a justice from another panel at the SCJ will be summoned to produce the tie-breaking vote. There are no specified deadlines for voting to be resumed or the SCJ decision to be issued. In any event, either party may appeal against a SCJ decision.

According to the views of the two justices that voted in favor of CSN's motion, Ternium Investments and the other members of the T/T Group should be ordered to pay to CSN an indemnification amount equal to the difference between the price paid by the T/T Group in its acquisition and the market value of the Usiminas shares at signing, plus monetary adjustment and interest (at a rate of 1% per month) through the date of payment, plus legal costs equal to 10% of the compensation payable to CSN, with CSN retaining ownership of the Usiminas ordinary shares it currently owns. If that unprecedented view were to prevail, and depending on how the indemnification is calculated by other courts, as of December 31, 2023, the potential aggregate indemnification payable by Ternium Investments and Ternium Argentina could reach up to BRL3.1 billion (approximately $0.6 billion at the BRL/$ rate as of such date) and BRL1.1 billion (approximately $0.2 billion), respectively.

The Company continues to believe that all of CSN's claims and allegations are groundless and without merit, as confirmed by several opinions of Brazilian legal counsel, two decisions issued by the Brazilian securities regulator in February 2012 and December 2016, the first and second instance court decisions and the March 7, 2023 SCJ decision referred to above. Notwithstanding the foregoing, in light of the votes already issued by two members of the SCJ on CSN's motion for clarification, the Company cannot predict the ultimate resolution on the matter.

(b) Potential Mexican income tax adjustment
In March 2015, as part of a tax audit with respect to fiscal year 2008, the Mexican tax authority ("SAT") challenged the deduction by Ternium Mexico of a tax loss arising from an intercompany sale of shares in December 2008. In addition, in September 2018, as part of a tax audit for fiscal year 2011, the SAT objected to the deduction by Ternium Mexico of the remainder of the 2008 tax loss. Ternium Mexico requested an injunction from the Mexican courts against the SAT claims and filed its defense and supporting documents with the SAT. After Ternium Mexico obtained an injunction in August 2020, in November 2020, the SAT issued a new preliminary audit report in which it reiterated its objections to the deduction of the 2008 tax loss. In June 2021, the SAT determined income tax adjustments with respect to 2008 and 2011 for amounts currently estimated at approximately $72.8 million and $35.6 million, respectively. Ternium Mexico appealed the SAT determinations.
25.    CONTINGENCIES, COMMITMENTS AND RESTRICTIONS ON THE DISTRIBUTION OF PROFITS (continued)
More recently, however, Ternium Mexico withdrew its appeals and agreed to provide further information and documentation to the SAT. With all of the above-mentioned information and documentation, the SAT reduced the 2008 and 2011 tax adjustments downwards to approximately $17.5 million and $35.8 million, respectively. The Company had a tax provision of $53.3 million already included in its consolidated financial statements as of September 30, 2023. The payment to the SAT was done on October 9, 2023, and the Company received formal documentation issued by the SAT with the closure of both audits.
(c) Fishermen associations’ claims
Civil contingencies include lawsuits brought by a number of fishermen associations on behalf of their associates, alleging that the dredge of Ternium Brasil’s deep-water port has had a negative impact on fish farming and exploitation activities in the Sepetiba Bay area in Rio de Janeiro and that, as a result, fishermen in that area had suffered damages. A provision in the amount of $24.5 million was recorded at the acquisition date in connection with this matter (nil and $4.5 million as of December 31, 2023 and 2022, respectively; the decrease in the provision was mainly due to the favorable outcome for a part of the lawsuits).
(d) Tax assessments relating to the use of certain ICMS tax credits
The Imposto Sobre Operações Relativas à Circulação de Mercadorias e Serviços, or ICMS, is a Brazilian value-added tax on the services (inter-states) and the transfer of goods in Brazil. Payment of ICMS generates tax credits that, subject to applicable law, rules and regulations, may be either used to offset ICMS payment obligations generated in connection with domestic sales of products and services, or sold and transferred to third parties.
The Rio de Janeiro State Treasury Office is challenging the use by Ternium Brasil of ICMS tax credits generated in connection with purchases of refractory materials in the period from December 2010 through December 2016, and intends to assess taxes and impose fines on Ternium Brasil on the argument that such materials may not be qualified as “raw materials” or “intermediary products” but as “goods for consumption” and, accordingly, ICMS tax credits generated in connection with their purchase are not available and may not be used to offset ICMS payment obligations generated in connection with Ternium Brasil’s domestic sales of carbon steel slabs. Ternium Brasil has appealed against the Rio de Janeiro State Treasury Office tax assessments and fines. A provision in the amount of $57.7 million was recorded as of the acquisition date in connection with this matter ($37.5 million and $34.8 million as of December 31, 2023 and 2022, respectively).
25.    CONTINGENCIES, COMMITMENTS AND RESTRICTIONS ON THE DISTRIBUTION OF PROFITS (continued)
(ii) Commitments
The following are Ternium’s main off-balance sheet commitments:
(a) Ternium Argentina signed agreements, mainly with Vale S.A. and Mineração Corumbaense Reunida S.A., to cover 80% of its required iron ore, pellets and iron ore fines volumes until December 31, 2024, for an estimated total amount of $304.9 million. Although they do not set a minimum amount or a minimum commitment to purchase a fixed volume, under certain circumstances a penalty is established for the party that fails of:
- 7% in case the annual operated volume is between 70% and 75% of the total volume of purchases of the Company; such percentage is applied over the difference between the actual purchased volume and the 80% of the total volume of purchases.
- 15% in case the annual operated volume is lower than 70% of the total volume of purchases of the Company; such percentage is applied over the difference between the actual purchased volume and the 80% of the total volume of purchases.

(b) Ternium Argentina also signed various contracts for the provision and transportation of natural gas, including Tecpetrol and Energy Consulting Services S.A., both related companies of Ternium, assuming firm commitments for a total of $48.6 million payable until April 2025. Additionally, Ternium Argentina signed contracts for gas transportation with Transportadora de Gas del Norte S.A., a related company of Ternium, assuming firm commitments for a total of $5.3 million payable until April 2028.
(c) Ternium Argentina signed an agreement with Air Liquide Argentina S.A. for the supply of oxygen, nitrogen and argon, for an aggregate amount of $167.1 million, which is due to terminate in 2037.
(d) Ternium Argentina signed various contracts within its investment plan for the future acquisition of Property, plant and equipment for a total of $175.5 million. Also, Vientos de Olavarría, a subsidiary controlled by Ternium Argentina, subscribed various contracts for the maintenance and the operation of the wind farm for a total of $62.0 million payable until the year 2054.
(e) On April 24, 2017, Ternium Mexico entered into a 25-year contract (effective as of December 1, 2016, through December 1, 2041) with Techgen, S.A. de C.V. for the supply of 699 MW (which represents 78% of Techgen’s capacity) and covers most of Ternium Mexico’s facilities electricity needs. Monthly payments are determined on the basis of capacity charges, operation costs, back-up power charges, and transmission charges. As of the seventh contract year (as long as Techgen’s existing or replacing bank facility has been repaid in full), Ternium Mexico has the right to suspend or early terminate the contract if the rate payable under the agreement is higher than the rate charged by Comisión Federal de Electricidad (“CFE”) or its successors. Ternium Mexico may instruct Techgen to sell to any affiliate of Ternium Mexico, to CFE, or to any other third party all or any part of unused contracted energy under the agreement and Ternium Mexico will benefit from the proceeds of such sale.
25.    CONTINGENCIES, COMMITMENTS AND RESTRICTIONS ON THE DISTRIBUTION OF PROFITS (continued)
(f) Ternium México issued a guarantee letter covering up to approximately $28.8 million of the obligations of Gas Industrial de Monterrey, S.A. de C.V. (“GIMSA”), under the natural gas trading agreement between GIMSA and NEG Natural S.A. de C.V. “NEG”). The credit line granted by NEG in connection with this natural gas trading agreement amounted to approximately $19.8 million. As of December 31, 2023, the outstanding amount under the natural gas trading agreement was $6.5 million, which is below the amount included in the guarantee letter issued by Ternium México. The contract with NEG was renewed in June 28, 2022, and the guarantee letter covering up to the above-mentioned amount was issued in January 2023.
(g) In June 2018, Ternium Mexico entered into a loan agreement with a syndicate of banks for a $1,000 million syndicated loan facility for the purpose of financing capital expenditures, the repayment or prepayment of existing debt, and other general corporate purposes. The Company entered the Facility on June 12, 2018, and the final maturity date is on June 12, 2023, being payable in eight consecutive and equal semi-annual installments commencing on December 13, 2019. The main financial covenant that the Facility requires to meet is the consolidated net senior leverage ratio to be not greater than 3.5 to 1.00. During 2019, the facility was fully disbursed ($400 million was disbursed during 2018 and $600 million by the end of June 2019). On January 12, 2023, Ternium Mexico made a pre-payment of the remaining balance, leaving the loan fully amortized.
(h) Ternium Mexico issued a guarantee letter covering up to approximately $59.9 million of the obligations of Techgen, S.A. de C.V. (“Techgen”), under the Clean Energy Certificates trading agreement between Techgen and Enel Green Power (“ENEL”). The amount equals the remnant balance if Techgen decides to terminate the agreement prior to the expiration date (and decreases as time of the contract passes). The contract was signed on May 25, 2018, and terminates on June 30, 2041.
(i) In June 2008, Ternium Mexico entered into an industrial gas supply agreement with Praxair Mexico for the Guerrero and Juventud facilities until December 2024, for a total amount of $421 million. In 2011, an amendment agreement added the purchase of hydrogen for the Juventud and Universidad facilities, valid until April 2025. As of December 31, 2023, the agreement considers a minimum annual oxygen consumption of 96 million cubic meters, valued at approximately $4.5 million per year. The Company is in compliance with the minimum annual quotas established, which represent less than half of the average annual consumption.

(j) On May 9, 2018, Ternium Mexico entered into a 10-year contract (effective as of July 1, 2018) with Kinder Morgan Texas Pipeline L.L.C., Kinder Morgan Tejas Pipeline L.L.C. and Kinder Morgan Border Pipeline L.L.C. for the transportation of natural gas in the United States of America (Texas). The contracted capacity is 60,000 MMBTU/day and the annual cost is approximately $3.7 million.

(k) On December 30, 2019, Ternium Mexico entered into a 15-year contract (effective as of July 1, 2021) with Kinder Morgan Texas Pipeline L.L.C., Kinder Morgan Tejas Pipeline L.L.C. and Kinder Morgan Gas Natural de México S. de R.L. de C.V. for the transportation of natural gas in the United States of America (Texas) and in Mexico. The contracted capacity is 31,000 MMBTU/day and the annual cost is approximately $4.8 million.
25.    CONTINGENCIES, COMMITMENTS AND RESTRICTIONS ON THE DISTRIBUTION OF PROFITS (continued)
(l) Techgen is a party to gas transportation capacity agreements with Kinder Morgan Gas Natural de Mexico, S. de R.L. de C.V., Kinder Morgan Texas Pipeline LLC and Kinder Morgan Tejas Pipeline LLC for the whole transportation capacity starting on August 1, 2016 and ending during the second half of 2036. As of December 31, 2023, the outstanding value of this commitment was approximately $179.0 million. Ternium’s exposure under the guarantee in connection with these agreements amounts to $85.9 million, corresponding to the 48% of the agreements’ outstanding value as of December 31, 2023.

(m) Ternium issued two stand-by letters of credit covering 48% of the funding of a debt service reserve account under a syndicated loan agreement between Techgen and several banks led by Citigroup Global Markets Inc., Credit Agricole Corporate and Investment Bank, and Natixis, New York Branch acting as joint bookrunners. The loan agreement dated as of February 13, 2019, amounted to $640 million and the proceeds were used by Techgen to refinance in full all amounts owed under a previous syndicated loan between Techgen and several banks, which funds were used in the construction of the facility. As of December 31, 2023, the outstanding aggregated amount under the stand-by letters of credit was $49.6 million, as a result the amount guaranteed by Ternium was approximately $23.8 million.

(n) During 2006, CSA, the predecessor of Ternium Brasil, has entered into a 15-year contract denominated “Contrato de comercialização de energia elétrica no ambiente regulado - CCEAR por disponibilidade” to provide electric energy to 24 distributors starting on 2011. Under this contract, Ternium Brasil has to provide 200 MW average per year and the price is adjusted by the Brazilian inflation index. The penalty for not delivering the volume of energy of the contract is the difference between the spot price and the unit variable cost (calculated and published by the Agéncia Nacional de Energía Elétrica), calculated per hour.
(o) Ternium Brasil signed an exclusivity agreement with Vale S.A. for the purchase of iron ore (pellets, sinter feed and lump ore), which is due to terminate in 2029. The total purchased volume, in accordance with the actual production capacity, is of approximately 8.0 million tons per year. Ternium Brasil has not the obligation to take or pay the mentioned volume and only should pay logistic costs in case of not purchasing the contracted volume.
(p) Ternium Brasil also signed on November 2007 a contract with Primetals Technologies Brazil Ltda. for the provision of maintenance services at a central workshop for the entire steel mill complex, including caster maintenance for the steel plant. As of December 31, 2023, the outstanding amount of the mentioned services was approximately $21.3 million and is due to terminate in November 2024. Ternium Brasil is currently using more hours than the minimum quantity of contracted hours.
(q) Ternium Brasil is a party to a long-term contract with the Consortium formed by Air Liquide Brasil Ltda., AirSteel Ltda., White Martins Gases Industriais Ltda., White Martins Steel Ltda. and ThyssenKrupp MinEnergy GmbH for the supply of air, oxygen, nitrogen and argon to satisfy the requirements up to January 2029. The outstanding amount was approximately $170.2 million as of December 31, 2023. The contract has minimum daily-required volumes.
(r) Ternium Brasil, for its activity of energy generation through gas and steam turbines, signed on March 2017 a contract with GE Global Parts and Products GMBH, General Electric International Inc. and Alstom Energia Térmica e Indústria Ltda. for the maintenance services of such turbines (including the supply of spare parts) for a period of 20 years. This agreement was extended for an additional period of 4 years. As of December 31, 2023, the outstanding amount of this commitment was $ 176.9 million.
25.    CONTINGENCIES, COMMITMENTS AND RESTRICTIONS ON THE DISTRIBUTION OF PROFITS (continued)
(s) Ternium Brasil signed on January 2015 a contract with Naturgy (formerly Companhia Distribuidora de Gás do Rio de Janeiro) for the supply of natural gas, which was due to terminate in December 2019. This agreement was automatically renewed for another two years, is due to terminate in December 2024 and can be interrupted by common agreement due to free market conditions’ changes. The outstanding amount was of $38.6 million (or 61.3 million m3) as of December 31, 2023. Ternium Brasil is currently purchasing more than the minimum volume required by the contract, which is 85% of the volume mentioned before.

(t) Ternium Brasil signed on May 2019 a contract with LSI Logistica S.A. for mobile equipment rental. This agreement is due to terminate in May 2024 and the outstanding amount was $1.4 million as of December 31, 2023. The contract only has a penalty in case of anticipated termination.

(u) Ternium Brasil signed in December 2023 a contract with Vix Logística S.A. for logistics supply chain operations. The start of the activities is scheduled to begin in May 2024. This agreement is due to terminate in May 2029 and the outstanding amount was $49.6 million as of December 31, 2023. The contract has minimum required volumes and a penalty for early termination.

(v) As of December 31, 2023, Usiminas’ commitments for the acquisition of immobilized assets totaled $139.7 million and are intended, mainly, for adaptation, reforms, and improvements in the primary areas of Ipatinga, increase in quality, reduction of costs, maintenance, technological updating of equipment and environmental protection.

(w) In July 2011, Usiminas Mineração S.A. subscribed an agreement with MBL Materiais Básicos Ltda, related to the mining rights adjacent to its mining reserves. On October 15, 2012, the agreement was authorized by the National Mining Agency (ANM). It has a duration of 30 years, or until the complete depletion of these mineral reserves. The monthly payments are linked to the volume of iron ore extracted from the areas covered by the agreement. Since 2015, a minimum annual volume of 3.6 million metric tons was established. If the annual volume of iron ore extracted is below the minimum volume, a payment under a take-or-pay arrangement will be due, calculated as the difference between the minimum volume and the volume effectively extracted. The outstanding amount was approximately $336.9 million as of December 31, 2023.

(x) In June 2016, Usiminas S.A. entered into electricity purchase agreement with Cemig S.A. for the Cubatão steel plant facilities until December 2030. The contract has two ranges: the first range up to 32 MW and the second range up to 65.4 MW. The entire volume of the first range represents a take-or-pay arrangement, and if consumption reaches the second band, a lower tariff will be applied. The outstanding amount was approximately $199.2 million as of December 31, 2023.

(y) In February 2021, Usiminas S.A. entered into an electricity purchase agreement with Engie S.A. for the Ipatinga steel plant facilities until December 2026. The contract is fully take-or-pay; however, Usiminas can sell this electricity in the market at any time, and even if consumption is lower than contracted, the energy is automatically sold by the Electric Energy Commercialization Chamber (CCEE). The outstanding amount was approximately $55.1 million as of December 31, 2023.
25.    CONTINGENCIES, COMMITMENTS AND RESTRICTIONS ON THE DISTRIBUTION OF PROFITS (continued)
(z) In November 2022, Usiminas S.A. entered into an electricity purchase agreement with Enel S.A. for the Ipatinga steel plant facilities until December 2026. The contract is fully take-or-pay; however, Usiminas can sell this electricity in the market at any time, and even if consumption is lower than contracted, the energy is automatically sold by the Electric Energy Commercialization Chamber (CCEE). The outstanding amount was approximately $58.6 million as of December 31, 2023.

(aa) In December 2021, Usiminas S.A. entered into a solar energy purchase agreement with Canadian Solar S.A. for the supply to the Ipatinga steel plant facilities until December 2039. As of December 31, 2023, the total outstanding amounted to approximately $149.5 million.

(ab) In December 2023, Usiminas S.A. entered into an agreement with Comgas S.A. for the supply of natural gas to the Cubatão Steel Plant facilities until December 2024. The contracted capacity is 240 thousand cubic meters per day with a flexibility of plus or minus 5%. Daily, Usiminas S.A. can schedule any volume as needed, with acceptance conditioned on the availability in the Comgas S.A. pipeline. The flexibility calculation is done on a daily basis, while the take-or-pay volume is 80% annually. The outstanding amount was approximately $53.8 million as of December 31, 2023.

(ac) In December 2023, Usiminas S.A. entered into an agreement with Gasmig S.A. for the supply of natural gas to the Ipatinga steel plant facilities until December 2024. The contracted capacity is 850 thousand cubic meters per day with a flexibility of plus or minus 10%. Daily, Usiminas S.A. can schedule any volume as needed, with acceptance conditioned on the availability in the Gasmig S.A. pipeline. The flexibility calculation is done on a daily basis, while the take-or-pay volume is 80% annually. The outstanding amount was approximately $197.9 million as of December 31, 2023.

(iii) Restrictions on the distribution of profits
In accordance with Luxembourg Law, the Company is required to transfer a minimum of 5% of its net profit for each financial year to a legal reserve until such reserve equals 10% of the issued share capital.
As of December 31, 2023, this reserve is fully allocated and additional allocations to the reserve are not required under Luxembourg law. Dividends may not be paid out of the legal reserve.
The Company may pay dividends to the extent, among other conditions, that it has distributable retained earnings calculated in accordance with Luxembourg law and regulations.
v3.24.1
RELATED PARTY TRANSACTIONS
 12 Months Ended
Dec. 31, 2023
Disclosure of related party [Abstract]  
RELATED PARTY TRANSACTIONS RELATED PARTY TRANSACTIONS
As of December 31, 2023, Techint Holdings S.à r.l. (“Techint”) indirectly owned 65.03% of the Company’s share capital and Tenaris Investments S.à r.l. (“Tenaris”) held 11.46% of the Company’s share capital and voting rights. Each of Techint and Tenaris were controlled by San Faustin S.A., a Luxembourg company (“San Faustin”). Rocca & Partners Stichting Administratiekantoor Aandelen San Faustin (“RP STAK”), a private foundation (Stichting) located in the Netherlands, held voting shares in San Faustin sufficient in number to control San Faustin. No person or group of persons controls RP STAK.

For commitments with Related parties, see note 25.

The following transactions were carried out with related parties:
Year ended December 31,
202320222021
(i) Transactions
(a) Sales of goods and services
Sales of goods to non-consolidated parties163,591 720,137 950,792 
Sales of goods to other related parties174,869 224,698 195,636 
Sales of services and others to non-consolidated parties168 177 178 
Sales of services and others to other related parties3,932 4,213 1,496 
342,560 949,225 1,148,102 
(b) Purchases of goods and services
Purchases of goods from non-consolidated parties491,011 643,494 508,784 
Purchases of goods from other related parties81,404 70,951 65,964 
Purchases of services and others from non-consolidated parties23,574 13,735 10,279 
Purchases of services and others from other related parties103,334 78,899 98,065 
699,323 807,079 683,092 
(c) Financial results
Income with non-consolidated parties12,263 8,298 6,256 
Expenses in connection with lease contracts from other related parties (757)(976)(1,013)
11,506 7,322 5,243 
(d) Dividends received
Dividends from non-consolidated parties34,841 15,493 82,122 
34,841 15,493 82,122 
(e) Other income and expenses
Income (expenses), net with non-consolidated parties1,396 3,300 1,029 
Income (expenses), net with other related parties1,753 682 879 
3,149 3,982 1,908 
As of December 31,
20232022
(ii) Year-end balances
(a) Arising from sales/purchases of goods/services and other transactions
Receivables from non-consolidated parties143,292 180,476 
Receivables from other related parties29,402 43,765 
Advances from non-consolidated parties2,843 4,851 
Advances to suppliers with other related parties123,921 3,683 
Payables to non-consolidated parties(149,562)(91,172)
Payables to other related parties(27,963)(20,163)
Lease liabilities with other related parties(1,379)(2,287)
120,554 119,153 
26.    RELATED PARTY TRANSACTIONS (continued)
(iii) Officers and Directors’ compensation
During the year ended December 31, 2023, the cash compensation of Officers and Directors amounted to $26,608 (2022: $22,899). In addition, Officers received 1,064,000 Units for a total amount of $6,591 (2022: $7,220) in connection with the incentive retention program mentioned in note 4 (o)(3).
v3.24.1
OTHER REQUIRED DISCLOSURES
 12 Months Ended
Dec. 31, 2023
Disclosure of additional information [Abstract]  
OTHER REQUIRED DISCLOSURES OTHER REQUIRED DISCLOSURES
(a) Statement of comprehensive income
Cash flow hedgesCurrency translation adjustment
Gross amountIncome taxTotal
As of December 31, 2021(60)20 (40)(3,918,344)
(Decrease) / Increase1 (1)— 42,708 
Reclassification to income statement59 (19)40 — 
As of December 31, 2022— — — (3,875,636)
(Decrease) / Increase22,721 (6,824)15,897 132,339 
Reclassification to income statement— — — 839,437 
As of December 31, 202322,721 (6,824)15,897 (2,903,860)

(b) Statement of cash flows
Year ended December 31,
202320222021
(i) Changes in working capital (1)
Inventories202,470 438,090 (1,906,524)
Receivables and others6,342 10,888 (41,535)
Trade receivables(104,280)573,811 (885,200)
Other liabilities(64,022)46,403 106,223 
Trade payables280,571 83,306 109,247 
321,081 1,152,498 (2,617,789)
(ii) Income tax accrual less payments
Tax accrued (Note 11)334,408 573,728 1,397,139 
Taxes paid(495,348)(1,769,289)(818,854)
(160,940)(1,195,561)578,285 
(iii) Interest accruals less payments
Interest accrued (Note 10 and 23)(113,433)(13,940)(20,948)
Interest received202,000 31,880 62,912 
Interest paid(133,706)(42,735)(36,063)
(45,139)(24,795)5,901 
(1)    Changes in working capital are shown net of the effect of exchange rate changes.
27.    OTHER REQUIRED DISCLOSURES (continued)

(c) Financial debt reconciliation
Financial debt
Finance lease liabilitiesShort term borrowingsLong term borrowingsTotal
As of December 31, 2021(259,621)(822,573)(656,465)(1,738,659)
Cash flows61,015 467,014 625 528,654 
Reclassifications— (124,140)124,140 — 
Acquisitions - finance leases(13,666)— — (13,666)
Foreign exchange adjustments5,686 26,093 58 31,837 
Other non cash movements(32,563)(45,558)(1,059)(79,180)
As of December 31, 2022(239,149)(499,164)(532,701)(1,271,014)
Cash flows69,683 248,587 12,500 330,770 
Reclassifications— (511,723)511,723 — 
Acquisitions - finance leases(14,556)— — (14,556)
Acquisition of business (note 3)(25,677)(26,558)(1,197,841)(1,250,076)
Foreign exchange adjustments(4,049)(30,199)2,267 (31,981)
Other non cash movements(27,339)(121,396)(1,909)(150,644)
As of December 31, 2023(241,087)(940,453)(1,205,961)(2,387,501)
v3.24.1
RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS
 12 Months Ended
Dec. 31, 2023
Disclosure of significant accounting policies [Abstract]  
RECENTLY ISSUED ACCOUNTING PRONOUCNEMENTS RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS
The following amendments, standards and interpretations have been applied on the year starting January 1, 2023:

Deferred Tax related to Assets and Liabilities arising from a Single Transaction – Amendments to IAS 12

The amendments to IAS 12 Income Taxes require companies to recognize deferred tax on transactions that, on initial recognition, give rise to equal amounts of taxable and deductible temporary differences, and will require the recognition of additional deferred tax assets and liabilities. The amendment should be applied to transactions that occur on or after the beginning of the earliest comparative period presented. In addition, entities should recognize deferred tax assets (to the extent that it is probable that they can be utilized) and deferred tax liabilities at the beginning of the earliest comparative period for all deductible and taxable temporary differences associated with right-of-use assets and lease liabilities, and decommissioning, restoration and similar liabilities, and the corresponding amounts recognized as part of the cost of the related assets.

As of December 31, 2023, the Company's management had already assessed the effects of applying these amendments on the Company’s financial statements and had not identified any material impact in the application of these amendments.

OECD Pillar Two Rules – Amendments to IAS 12

In December 2021, the Organization for Economic Co-operation and Development (“OECD”) released the Pillar Two model rules (the Global Anti-Base Erosion rules, or “GloBE”) to reform international corporate taxation. Following Pillar Two OECD’s initiative, the European Union adopted in December 2022 a directive to impose a global minimum taxation for multinational companies in the Union, to be effective as from 2024. In May 2023, the IASB made narrow-scope amendments to IAS 12 setting an exception that provides relief from the requirement to recognize and disclose deferred taxes arising from enacted or substantively enacted tax laws that implement the Pillar Two model rules, including tax laws that implement qualified domestic minimum top-up taxes as per described in those rules.

No current tax impacts have arisen in the current Consolidated Financial Statements as of December 31, 2023, due to the application of Pillar Two rules, as they will be applicable as from 2024 in jurisdictions relevant for the Company. In addition, the Company has applied the exception prescribed by the amendments to IAS 12, and therefore it has not recognized any deferred tax impact from the Pillar Two application.

The following standards, amendments to standards and interpretations are not mandatory for the financial year beginning January 1, 2023, and have not been early adopted:

Classification of Liabilities as Current or Non-current – Amendments to IAS 1 Non-current Liabilities with Covenants – Amendments to IAS 1

Amendments made to IAS 1 Presentation of Financial Statements in 2020 and 2022 clarified that liabilities are classified as either current or non-current, depending on the rights that exist at the end of the reporting period. Classification is unaffected by the entity’s expectations or events after the reporting date (e.g. the receipt of a waiver or a breach of covenant). The amendments require disclosures if an entity classifies a liability as non-current and that liability is subject to covenants that the entity must comply with within 12 months of the reporting date. The disclosures include the carrying amount of the liability, information about the covenants, and facts and circumstances, if any, that indicate that the entity may have difficulty complying with the covenants.
28.    RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS (continued)

Lease Liability in a Sale and Leaseback – Amendments to IFRS 16

In September 2022, the IASB finalized narrow-scope amendments to the requirements for sale and leaseback transactions in IFRS 16 Leases which explain how an entity accounts for a sale and leaseback after the date of the transaction.

IFRS S1, ‘General requirements for disclosure of sustainability-related financial information

IFRS S1 was issued in June 2023. It sets out overall requirements with the objective to require an entity to disclose information about its sustainability-related risks and opportunities that is useful to the primary users of general purpose financial reports in making decisions relating to providing resources to the entity and that could reasonably be expected to affect the entity’s cash flows, its access to finance or cost of capital over the short, medium or long term. It sets out general requirements for the content and presentation of those disclosures so that the information disclosed is useful to primary users in making decisions about providing resources to the entity.

Amendments to IAS 21 - Lack of Exchangeability.

On August 15, 2023, the IASB published Lack of Exchangeability (Amendments to IAS 21), which that contains guidance to specify when a currency is exchangeable and how to determine the exchange rate when it is not.

Other standards and interpretations non-significant for the Company’s financial statements:
– Amendments to IAS 1 and IFRS Practice Statement 2 – Disclosure of accounting policies
– Amendments to IAS 8 – Definition of accounting estimates
– Amendments to IAS 7 and IFRS 7 - Supplier finance arrangements
– IFRS 17 Insurance Contracts
v3.24.1
FINANCIAL RISK MANAGEMENT
 12 Months Ended
Dec. 31, 2023
Disclosure of notes and other explanatory information [Abstract]  
FINANCIAL RISK MANAGEMENT FINANCIAL RISK MANAGEMENT
1) Financial risk factors
Ternium’s activities expose the Company to a variety of risks: market risk (including the effects of changes in foreign currency exchange rates, interest rates and commodities prices), credit risk and liquidity risk.
Ternium’s overall risk management program focuses on the unpredictability of financial markets and seeks to minimize potential adverse effects on the financial performance. Ternium’s subsidiaries may use derivative financial instruments to hedge certain risk exposures
1.1) Market Risk
(i) Foreign exchange rate risk
Ternium operates and sells its products in different countries, and as a result is exposed to foreign exchange rate volatility. Ternium’s subsidiaries may use derivative contracts in order to hedge their exposure to exchange rate risk derived from their trade and financial operations.
Ternium’s foreign exchange policy seeks to minimize the impact of fluctuations in the value of other currencies with respect to the U.S. dollar. Ternium’s subsidiaries monitor their actual and expected short-term net cash flows in currencies other than the U.S. dollar and analyze potential hedging according to its needs in line with its derivative policy. This hedging can be carried out either by netting positions or by financial derivatives. However, regulatory or legal restrictions in the countries in which Ternium’s subsidiaries operate, could limit the possibility of the Company carrying out its hedging policy.
The following table shows a breakdown of Ternium’s assessed financial position exposure to currency risk as of December 31, 2023.
Exposure to
functional currency		$ millionBRL million
US dollar ($)— (469)
EU euro (EUR)97 — 
Argentine peso (ARS)(135)— 
Mexican peso (MXN)(313)— 
Brazilian real (BRL)59 — 
Colombian peso (COP)(20)— 
Yenes (JPY)115 — 
Other currencies(2)— 
    
The main relevant exposures correspond to:
(a)Argentine peso vs. U.S. dollar
If the Argentine peso had weakened by 1% against the U.S. dollar, it would have generated a pre tax gain of $1.3 million and a pre tax gain of $0.2 million as of December 31, 2023 and 2022, respectively.
(b)Mexican peso vs. U.S. dollar
If the Mexican peso had weakened by 1% against the U.S. dollar, it would have generated a pre-tax gain of $3.1 million and $2.6 million as of December 31, 2023 and 2022, respectively.
29.    FINANCIAL RISK MANAGEMENT (continued)

(c)Colombian peso vs. U.S. dollar
If the Colombian peso had weakened by 1% against the U.S. dollar, it would have generated a pre-tax gain of $0.2 million and $0.9 million as of December 31, 2023 and 2022, respectively.

(d) Brazilian real vs. U.S. dollar
If the Brazilian real had weakened by 1% against the U.S. dollar, it would have generated a pre-tax loss of $5.3 million and a pre-tax loss of $0.4 million as of December 31, 2023 and 2022, respectively.

We estimate that if the Argentine peso, Mexican peso, Colombian peso and Brazilian real had weakened simultaneously by 1% against the U.S. dollar with all other variables held constant, total pre-tax loss for the year would have been $0.6 million higher (a pre-tax income of $3.3 million higher as of December 31, 2022), as a result of foreign exchange gains/losses on translation of U.S. dollar-denominated financial position, mainly local currency cash, trade receivables, trade payables, tax credits and liabilities, lease liabilities, borrowings and other liabilities.
Considering the same variation of the currencies against the U.S. dollar of all net investments in foreign operations amounting to $2.7 billion, the currency translation adjustment included in total equity would have been $6.1 million lower, arising mainly from the adjustment on translation of the equity related to the Brazilian real during the year 2023.
(ii) Interest rate risk
Ternium manages its exposure to interest rate volatility through its financing alternatives and hedging instruments. Borrowings issued at variable rates expose the Company to the risk of increased interest expense in the event of a raise in market interest rates, while borrowings issued at fixed rates expose the Company to a variation in its fair value. The Company’s interest-rate risk mainly arises from long-term borrowings that bear variable-rate interest that could be partially fixed through different derivative transactions, such as interest rate swaps.
Ternium’s nominal weighted average interest rate for its debt instruments, which do not include neither the effect of derivative financial instruments, nor the devaluation of the local currencies, was 8.46% and 6.21% as of December 31, 2023 and 2022, respectively. These rates were calculated using the rates set for each instrument in its corresponding currency and weighted using the dollar-equivalent outstanding principal amount of each instrument.
Ternium’s total variable interest rate debt amounted to $1,065.9 million (49.7% of total borrowings) as of December 31, 2023, and $736.8 million (71.4% of total borrowings) as of December 31, 2022.
If interest rates on the aggregate average notional of U.S. dollar denominated borrowings held during 2023, excluding borrowings with derivatives contracts mentioned in Note 22 (a), had been 100 basis points higher with all other variables held constant, total pre-tax income for the year ended December 31, 2023 would have been $18.3 million lower ($12.1 million lower as of December 31, 2022).
Effect of IBOR reform
Reform and replacement of various inter-bank offered rates (‘IBORs’) became a priority for regulators. Most IBOR rates stopped being published by December 31, 2022, while certain and most used U.S. dollar LIBOR rates stopped being published by June 30, 2023.
During 2023, Ternium finished the transition to the alternative interest rates benchmark (mostly SOFR based) for the remaining outstanding loans that continued to be based in U.S. dollar LIBOR rates as of December 31, 2022. All newly transacted U.S. dollar floating rate financial liabilities will be linked to an alternative benchmark rate (e.g. SOFR + spread adjustments).
29.    FINANCIAL RISK MANAGEMENT (continued)
The Company prepared a sensitivity analysis considering this situation and concluded that no material impacts derived from this change. The Company also enhanced its systems and internal processes to ensure smooth transition from IBOR to alternative benchmark interest rates.
1.2) Credit risk
Credit risk arises from cash and cash equivalents, deposits with banks and financial institutions, as well as credit exposures to customers, including outstanding receivables and committed transactions. Ternium’s subsidiaries have credit guidelines in place to ensure that derivative and treasury counterparties are limited to high credit quality financial institutions.
Ternium invests in financial assets with a minimum credit rating of investment grade established by an international qualification agency renowned in the financial market, in line with corporate investment portfolio policies. Approximately 34.8% of the Company’s liquid financial assets correspond to investment grade rated instruments as of December 31, 2023, in comparison with approximately 59.9% as of December 31, 2022. The investments in financial assets are as follows:
As of December 31, 2023As of December 31, 2022
Cash and cash equivalents1,846,0131,653,355
Other Investments - Current and Non-Current2,186,4201,975,490
Fixed Income (time-deposit, zero-coupon bonds, commercial papers)1,025,207576,784
Deposit certificates and investment funds844,428204,802
Commercial papers129,798323,386
Other50,98148,596
Bonds and other fixed income1,160,2301,395,853
Non - U.S. government securities928,419651,633
U.S. government and corporate securities231,811744,220
Other notes9832,853
    

Ternium has no significant concentrations of credit risk from customers. No single customer accounts for more than ten percent of Ternium’s sales. Ternium’s subsidiaries have policies in place to ensure that sales are made to customers with an appropriate credit history, and that credit insurances, letters of credit or other instruments are requested to reduce credit risk whenever deemed necessary. The subsidiaries maintain allowances for potential credit losses. The utilization of credit limits is regularly monitored.
Trade and other receivables are carried at face value less allowance for doubtful accounts, if applicable. This amount does not differ significantly from fair value. The other receivables do not contain significant impaired assets.
29.    FINANCIAL RISK MANAGEMENT (continued)
As of December 31, 2023, trade receivables total $2,065.5 million ($1,180.7 million as of December 31, 2022). These trade receivables are collateralized by guarantees under letter of credit and other bank guarantees of $1.4 million ($0.1 million as of December 31, 2022), credit insurance of $686.2 million ($520.6 million as of December 31, 2022) and other guarantees of $9.4 million ($7.0 million as of December 31, 2022).
As of December 31, 2023, trade receivables of $1,910.9 million ($1,089.1 million as of December 31, 2022) were fully performing.
As of December 31, 2023, trade receivables of $214.1 million ($101.5 million as of December 31, 2022) were past due (mainly up to 180 days).
The amount of the allowance for doubtful accounts was $59.5 million as of December 31, 2023 ($9.9 million as of December 31, 2022).
The carrying amounts of the Company’s trade and other receivables as of December 31, 2023, are denominated in the following currencies:
Currency$ million
US dollar ($)1,691 
EU euro (EUR)160 
Argentine peso (ARS)34 
Mexican peso (MXN)679 
Brazilian real (BRL)1,667 
Colombian peso (COP)79 
Other currencies1 
4,311 
1.4)    Capital risk
Ternium seeks to maintain an adequate debt/equity ratio considering the industry and the markets where it operates. The year-end ratio debt over debt plus equity is 0.11 and 0.07 as of December 31, 2023 and 2022, respectively. The Company does not have to comply with regulatory capital adequacy requirements as known in the financial services industry.

2)    Financial instruments by category and fair value hierarchy level
The accounting policies for financial instruments have been applied to the line items below. According to the scope and definitions set out in IFRS 7 and IAS 32, employers’ rights and obligations under employee benefit plans, and non-financial assets and liabilities such as advanced payments and income tax payables, are not included.
As of December 31, 2023 (in $ thousands)Amortized
cost		Assets at fair value through profit or lossAssets at fair value through OCITotal
(i) Assets as per statement of financial position
Receivables472,384 — — 472,384 
Derivative financial instruments— 15,406 — 15,406 
Trade receivables2,065,499 — — 2,065,499 
Other investments883,513 142,677 1,160,230 2,186,420 
Cash and cash equivalents1,367,235 478,778 — 1,846,013 
Total4,788,631 636,861 1,160,230 6,585,722 
As of December 31, 2023 (in $ thousands)Liabilities at fair value through profit or lossAmortized
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 instruments8,220 — 8,220 
Finance lease liabilities— 241,087 241,087 
Borrowings— 2,146,414 2,146,414 
Total8,220 5,034,940 5,043,160 
As of December 31, 2022 (in $ thousands)Amortized
cost		Assets at fair value through profit or lossAssets at fair value through OCITotal
(i) Assets as per statement of financial position
Receivables197,686 — — 197,686 
Derivative financial instruments— 227 — 227 
Trade receivables1,180,689 — — 1,180,689 
Other investments483,209 96,428 1,395,853 1,975,490 
Cash and cash equivalents880,402 772,953 — 1,653,355 
Total2,741,986 869,608 1,395,853 5,007,447 
As of December 31, 2022 (in $ thousands)Liabilities at fair value through profit or lossAmortized
cost		Total
(ii) Liabilities as per statement of financial position
Other liabilities— 64,968 64,968 
Trade payables— 1,102,264 1,102,264 
Derivative financial instruments505 — 505 
Finance lease liabilities— 239,149 239,149 
Borrowings— 1,031,865 1,031,865 
Total505 2,438,246 2,438,751 
29.    FINANCIAL RISK MANAGEMENT (continued)
Fair Value by Hierarchy
Following the requirements contained in IFRS 13, Ternium categorizes each class of financial instrument measured at fair value in the statement of financial position into three levels, depending on the significance of the judgment associated with the inputs used in making the fair value measurements:
–Level 1 comprises financial assets and financial liabilities whose fair values have been determined on the basis of quoted prices (unadjusted) in active markets for identical assets or liabilities.
–Level 2 includes financial assets and financial liabilities for which fair values have been estimated using inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices).
–Level 3 comprises financial instruments for which inputs to estimate fair value of the assets or liabilities are not based on observable market data (unobservable inputs).
The following table presents the assets and liabilities that are measured at fair value as of December 31, 2023 and 2022:
Fair value measurement as of December 31, 2023
(in $ thousands):
DescriptionTotalLevel 1Level 2Level 3 (*)
Financial assets at fair value through profit or loss / OCI
Cash and cash equivalents478,778 478,778 — — 
Other investments1,302,907 1,086,319 197,743 18,845 
Derivative financial instruments15,406 — 15,406 — 
Total assets1,797,091 1,565,097 213,149 18,845 
Financial liabilities at fair value through profit or loss / OCI
Derivative financial instruments8,220 — 8,220 — 
Total liabilities8,220 — 8,220 — 
Fair value measurement as of December 31, 2022
(in $ thousands):
DescriptionTotalLevel 1Level 2Level 3 (*)
Financial assets at fair value through profit or loss / OCI
Cash and cash equivalents772,953 772,953 — — 
Other investments1,492,281 1,283,284 164,980 44,017 
Derivative financial instruments227 — 227 — 
Total assets2,265,461 2,056,237 165,207 44,017 
Financial liabilities at fair value through profit or loss / OCI
Derivative financial instruments505 — 505 — 
Total liabilities505 — 505 — 
(*) 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, 2023 and 2022, corresponds to the initial investment and to the changes in its fair value, as follows:.
Guarantee fund companiesNon - U.S. government securities
As of December 31, 20222,854 41,163 
Disinvestment(2,169)(5,801)
Interest accrued— (4,137)
Changes in fair value2,441 (3,657)
Reclassifications— (9,706)
Net foreign exchange gain(2,143)— 
At December 31, 2023983 17,862 
29.    FINANCIAL RISK MANAGEMENT (continued)
There were no significant transfers between Level 1 and Level 2 of the fair value hierarchy, there were no transfers from Level 1 to Level 3 and there were transfers of Non-U.S. Government securities from Level 2 to Level 3.
The fair value of financial instruments traded in active markets is based on quoted market prices at the reporting date. A market is regarded as active if quoted prices are readily and regularly available from an exchange, dealer, broker, industry group, pricing service, or regulatory agency, and those prices represent actual and regularly occurring market transactions on an arm’s length basis. The quoted market price used for financial assets held by Ternium is the current mid price. These instruments are included in Level 1 and comprise primarily corporate and sovereign debt securities.
The fair value of financial instruments that are not traded in an active market (such as certain debt securities, certificates of deposits with original maturity of more than three months, forward and interest rate derivative instruments) is determined by using valuation techniques which maximize the use of observable market data when available and rely as little as possible on entity specific estimates. If all significant inputs required to value an instrument are observable, the instrument is included in Level 2. Ternium values its assets and liabilities included in this level using mid prices, interest rate curves, broker quotations, current exchange rates and forward rates volatilities obtained from market contributors as of the valuation date.
If one or more of the significant inputs are not based on observable market data, the instruments are included in Level 3. Ternium values its assets and liabilities in this level using observable market inputs, information provided by fund managers and management assumptions which reflect the Company’s best estimate on how market participants would price the asset or liability at measurement date.
3)    Accounting for derivative financial instruments and hedging activities
Depending on the nature of the hedged item, Ternium either recognizes its derivative financial instruments’ transactions in the statement of financial position at cost and subsequently measures changes on a monthly basis at fair value, or undertakes hedge accounting, classifying these transactions as cash flow hedges. While changes in fair value are disclosed under “Other financial income (expenses), net” line item in the income statement, changes in transactions classified as cash flow hedges are disclosed as an equity reserve in the statement of comprehensive income. Ternium does not hedge its net investments in foreign entities.
Ternium designates certain derivatives as hedges of a particular risk associated with a recognized asset or liability or a highly probable forecast transaction. These transactions are classified as cash flow hedges (mainly capital expenditures). The effective portion of the fair value of derivatives that are designated and qualify as cash flow hedges is recognized within other comprehensive income. Amounts accumulated in other comprehensive income are recognized in the income statement in the same period than any offsetting losses and gains on the hedged item. Once the hedged item gets settled, the gain or loss relating to the ineffective portion is recognized immediately in the income statement. The fair value of Ternium derivative financial instruments (asset or liability) continues to be reflected on the statement of financial position
29.    FINANCIAL RISK MANAGEMENT (continued)
For transactions designated and qualifying for hedge accounting, Ternium documents the relationship between hedging instruments and hedged items, as well as its risk management objectives and strategy for undertaking various hedge transactions. The Company also documents its assessment, on an ongoing basis, of whether the derivatives that are used in hedging transactions are highly effective in offsetting changes in fair values or cash flows of hedged items. As of December 31, 2023 and 2022, the effective portion of designated cash flow hedges (net of taxes) amounted to $15.9 million and nil, respectively, and were included under "changes in the fair value of derivatives classified as cash flow hedges" line item in the statement of comprehensive income (see Note 27 (a)).

The fair values of various derivative instruments used for hedging purposes are disclosed in Note 22. The full fair value of a hedging derivative is classified as a non-current asset or liability when the remaining maturity of the hedged item is more than 12 months and as a current asset or liability when the remaining maturity of the hedged item is less than 12 months.

Changes in the fair value of any derivative instruments that do not qualify for hedge accounting under IAS 39 are recognized immediately in the income statement.

4)    Fair value estimation

The estimated fair value of a financial instrument is the amount at which the instrument could be exchanged in a current transaction between willing parties, other than in a forced or liquidation sale.

For the purpose of estimating the fair value of financial assets and liabilities with maturities of less than one year, the Company uses the market value less any estimated credit adjustments. For other investments, the Company uses quoted market prices.

As most borrowings incorporate floating rates that approximate market rates and the contractual repricing occurs mostly every one month, the fair value of the borrowings approximates their carrying amount and it is not disclosed separately.

In assessing the fair value of derivatives and other financial instruments, Ternium uses a variety of methods, including, but not limited to, estimated discounted value of future cash flows using assumptions based on market conditions existing at each year-end.
v3.24.1
FOREIGN EXCHANGE RESTRICTIONS IN ARGENTINA
 12 Months Ended
Dec. 31, 2023
All Currencies [Abstract]  
FOREIGN EXCHANGE RESTRICTIONS IN ARGENTINA FOREIGN EXCHANGE RESTRICTIONS IN ARGENTINA
Ternium’s Argentine subsidiary, Ternium Argentina S.A., is currently operating in a complex and volatile economic environment.

Between September 2019 and December 13, 2023, the Argentine government imposed significant restrictions on foreign exchange transactions. Although after a new administration took office in Argentina in December 2023 certain restrictions were eased and other changes to such regulations are expected, at the date of these Consolidated Financial Statements the application of existing foreign exchange regulations remains uncertain and the scope and timing of upcoming changes remain unknown. The main currently applicable measures are described below:

• Access to the Argentine foreign exchange market (“MULC”) to pay for imports of services rendered by related and non-related parties (including royalties) on or before December 12, 2023, is subject to Argentine Central Bank approval. Currently, these approvals are rarely, if ever, granted. Access to the MULC to pay for imports of services that were rendered or accrued as from December 13, 2023, does not require government approval, but payment is deferred 30 calendar days as from the date of supply or accrual of the service (if the service was rendered by a non-related party) or 180 calendar days (if rendered by a related party).

• The Argentine Central Bank is issuing newly created Bonds (“BOPREAL”) with a maturity of 4 years (2027) that can only be purchased in Argentine Pesos in the primary offerings by debtors under any such import debts and, then, such bonds can be sold for a price payable in foreign currency that can be used to pay suppliers under such debts, without having the importer any restriction to enter into any other foreign exchange transaction in the MULC. The secondary market of the BOPREAL is still in formation. In addition, from April 1, 2024 any such importer who purchased the bonds in the primary offerings may enter into the securities transactions described below to obtain foreign currency (for an amount that does not exceed in USD of the difference between the nominal value of the bonds and market prices when they are sold) to be able to pay the above-mentioned import debts, without having the importer any restriction to enter into any other foreign exchange transaction in the MULC. Access to the MULC to pay for imports that have obtained customs clearance as from December 13, 2023, does not require government approval but, it requires that the price is paid in four equal instalments payable on the 30th, 60th, 90th and 120th day counted from the customs clearance of the good imported.

• Foreign currency proceeds from exports of services must be sold into the MULC and converted into Argentine pesos within five business days of collection. As from December 13, 2023, up to 20% of export proceeds can be sold for Argentine pesos through securities transactions resulting in a higher implicit exchange rate, as described further below. This percentage has changed over time.

• Access to the MULC to make dividend payments requires prior Argentine Central Bank approval. When required, Argentine Central Bank approvals are rarely, if ever, granted.

Ternium Argentina carries out all of its import and export transactions through MULC. Therefore, assets and liabilities in foreign currency as of December 31, 2023, have been valued considering the official exchange rates at the end of the period.

Under Ternium Argentina’s annual accounts as of December 31, 2023, and for the year then ended, revenues amounted to $3,419 million (2022: $3,830 million), net profit from continuing operations to $686 million (2022: $756 million), total assets to $5,083 million (2022: $5,258 million), total liabilities to $759 million (2022: $511 million) and shareholders’ equity to $4,324 million (2022: $4,747 million).
30.    FOREIGN EXCHANGE RESTRICTIONS IN ARGENTINA (continued)

Ternium Argentina’s cash and cash equivalents and other investments amounted to $1,094 million as of December 31, 2023, broken down as follows:
- $902 million in U.S. dollars-denominated instruments, in sovereign bonds issued by the Argentine Government and payable in U.S. dollars, and Argentine Treasury bonds related to the official exchange rate. The U.S. dollar value of these instruments recorded in Ternium’s consolidated financial statements is based on their Argentine peso local market price, converted to the U.S. dollar at the ARS/$ official exchange rate. Therefore, the valuation of such investments is subject to the volatility of the Argentine financial market and currency exchange rates, leading to a potential significant reduction of such value in the consolidated financial statements.
- $136 million in negotiable obligations and promissory notes issued by Argentine export driven companies in U.S. dollars and mainly payable in Argentine pesos.
- $56 million in Argentine pesos-denominated instruments, mainly mutual funds.

Ternium Argentina’s financial position in ARS as of December 31, 2023, amounted to $103 million in monetary assets and $220 million in monetary liabilities. All of Ternium Argentina’s ARS-denominated assets and liabilities are valued at the prevailing official exchange rate. The Argentine peso devaluated by approximately 55% upon the change of government. In the event of an additional devaluation, Ternium Argentina may be adversely affected, and will also suffer a loss on deferred tax charge as a result of a deterioration on the tax value of their fixed assets. At this time, the Company is unable to estimate all impacts of a new devaluation of the Argentine peso against the U.S. dollar.

On April 24, 2023, Ternium Argentina’s board of directors approved the payment of a dividend in kind in US dollar-denominated Argentine bonds for a total amount of up to $624 million. On May 4, 2023, Ternium received its share of the dividend in kind. Considering the impact of foreign exchange restrictions in Argentina and based on the value of the bonds in the international market, Ternium recorded in its equity a negative reserve as of the collection date. With the disposal of a portion of these instruments, the Company partially reclassified such reserve to financial results. The equity reserve amounted to approximately $113 million as of December 31, 2023, and will be reclassified to financial results upon disposal of the remaining bonds.

This context of volatility and uncertainty remains in place as of the issue date of these Consolidated Financial Statements. Management continues to monitor closely the evolution of the main variables affecting its business, identifying the potential impact thereof on its financial and economic situation and determining the appropriate course of action in each case. The Company’s Consolidated Financial Statements should be read taking into account these circumstances.
v3.24.1
TERNIUM TO INTEGRATE OPERATIONS IN THE USMCA
 12 Months Ended
Dec. 31, 2023
Disclosure of operating segments [abstract]  
TERNIUM TO INTEGRATE OPERATIONS IN THE USMCA
Year ended December 31, 2023
SteelMiningUsiminasInter-segment eliminationsTotal
Operating income - Management view2,404,189 (58,037)64,423 (6,401)2,404,174 
Reconciliation:
Differences in Cost of sales(206,160)
Operating income - Under IFRS2,198,014 
Financial income (expense), net123,454 
Equity in earnings (losses) of non-consolidated companies105,305 
Effect related to the increase of the participation in Usiminas(171,045)
Recycling of other comprehensive income related to Usiminas(934,946)
Income before income tax expense - IFRS1,320,782 
Net sales from external customers14,909,209 96 2,700,787 — 17,610,092 
Net sales from transactions with other operating segments of the same entity285,025 500,401 31,620 (817,046)— 
Depreciation and amortization(520,328)(107,546)(29,819)— (657,693)
Year ended December 31, 2022
SteelMiningUsiminasInter-segment eliminationsTotal
Operating income - Management view2,556,949 3,716 — 10,500 2,571,165 
Reconciliation:
Differences in Cost of sales128,354 
Operating income - Under IFRS2,699,519 
Financial income (expense), net(70,133)
Equity in earnings (losses) of non-consolidated companies37,114 
Income before income tax expense - IFRS2,666,500 
Net sales from external customers16,414,334 132 — — 16,414,466 
Net sales from transactions with other operating segments of the same entity— 410,636 — (410,636)— 
Depreciation and amortization(523,818)(92,674)— — (616,492)
Year ended December 31, 2021
SteelMiningUsiminasInter-segment eliminationsTotal
Operating income - Management view4,210,135 204,070 — 1,586 4,415,791 
Reconciliation:
Differences in Cost of sales855,345 
Operating income - Under IFRS5,271,136 
Financial income (expense), net92,462 
Equity in earnings (losses) of non-consolidated companies400,732 
Income before income tax expense - IFRS5,764,330 
Net sales from external customers16,043,033 47,711 — — 16,090,744 
Net sales from transactions with other operating segments of the same entity— 478,559 — (478,559)— 
Depreciation and amortization(528,144)(63,646)— — (591,790)
Information on segment assets is not disclosed as it is not reviewed by the CEO.
5.    SEGMENT INFORMATION (continued)
TERNIUM TO INTEGRATE OPERATIONS IN THE USMCA
On February 14, 2023, Ternium's Board of Directors approved the construction of a new upstream production capacity project into the company’s existing downstream facility in Pesquería, Nuevo León, Mexico. The increased slab production capacity will complement and support the company’s new state-of-the-art hot rolling mill, which began operations in mid-2021, as well as the previously announced downstream project in Mexico. Ternium expects to invest approximately $2.4 billion toward the construction of an electric arc furnace (EAF)-based steel shop with annual capacity of 2.6 million tons, as well as a direct reduced iron (DRI) module with annual capacity of 2.1 million tons. The slab production capacity program will also include the construction of a port facility for raw material handling. Start of operations is anticipated to occur during the first half of 2026.
v3.24.1
ACCOUNTING POLICIES (Policies)
 12 Months Ended
Dec. 31, 2023
Disclosure of significant accounting policies [Abstract]  
Group accounting Group accounting
(1)    Subsidiary companies and transactions with non-controlling interests
Subsidiaries are all entities over which the Company has control. The Company controls an entity when the Company is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. Subsidiaries are fully consolidated from the date on which control is transferred to the Company. They are deconsolidated from the date that control ceases.

The Company uses the acquisition method of accounting to account for business combinations. The consideration transferred for the acquisition of a subsidiary is the fair values of the assets transferred, the liabilities incurred and the equity interests issued by the Company. The consideration transferred includes the fair value of any asset or liability resulting from a contingent consideration arrangement. Acquisition-related costs are expensed as incurred. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at the fair values at the acquisition date. Indemnification assets are recognized at the same time that the Company recognizes the indemnified item and measures them on the same basis as the indemnified item, subject to the need for a valuation allowance for uncollectible amounts. The Company measures the value of a reacquired right recognized as an intangible asset on the basis of the remaining contractual term of the related contract regardless of whether market participants would consider potential contractual renewals in determining its fair value.

The Company recognizes any non-controlling interest in the acquiree at the non-controlling interest's proportionate share of the acquiree's net identifiable assets. The recognition of business combinations requires the acquirer to measure at the acquisition date components of non‑controlling interests in the acquiree that are present ownership interests and entitle their holders to a proportionate share of the entity’s net assets in the event of liquidation at either (a) fair value; or (b) the present ownership instruments’ proportionate share in the recognized amounts of the acquiree’s identifiable net assets. The Company opted for the proportional share in the recognized amounts of the identifiable net assets for the recognition described in note 3 related to Usiminas.

The excess of the consideration transferred, the amount of any non-controlling interest in the acquiree and the acquisition-date fair value of any previous equity interest in the acquiree over the fair value of the Company's share of the identifiable net assets acquired is recorded as goodwill. If this is less than the fair value of the net assets of the subsidiary acquired in the case of a bargain purchase, the difference is recognized directly in the income statement.

The measurement period is the earlier of the date that the acquirer receives the information that it is looking for or cannot obtain the information and one year after the acquisition date. Where the accounting for a business combination is not complete by the end of the reporting period in which the business combination occurred provisional amounts are reported.

The Company treats transactions with non-controlling interests as transactions with equity owners of the Company. For purchases from non-controlling interests, the difference between any consideration paid and the relevant share acquired of the carrying value of net assets of the subsidiary is recorded in equity. Gains or losses on disposals to non-controlling interests are also recorded in equity.
4.    ACCOUNTING POLICIES (continued)
When the Company ceases to have control or significant influence, any retained interest in the entity is remeasured to its fair value, with the change in carrying amount recognized in profit or loss. The fair value is the initial carrying amount for the purposes of subsequently accounting for the retained interest as an associate, joint venture or financial asset. In addition, any amounts previously recognized in other comprehensive income in respect of that entity are accounted for as if the group had directly disposed of the related assets or liabilities. This may mean that amounts previously recognized in other comprehensive income are reclassified to profit or loss.

Inter-company transactions, balances and unrealized gains on transactions between group companies are eliminated. Unrealized losses are also eliminated unless the transaction provides evidence of an impairment of the transferred asset. Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the group. However, the fact that the functional currency of some subsidiaries is their respective local currency, generates some financial gains (losses) arising from intercompany transactions, that are included in the consolidated income statement under Other financial expenses, net.    

(2) Investments in non-consolidated companies

Associated companies are those entities in which Ternium has significant influence, but which it does not control.

Joint arrangements are understood as combinations in which there are contractual agreements by virtue of which two or more companies hold an interest in companies that undertake operations or hold assets in such a way that any financial or operating decision is subject to the unanimous consent of the partners. A joint arrangement is classed as a joint operation if the parties hold rights to its assets and have obligations in respect of its liabilities or as a joint venture if the venturers hold rights only to the investee's net assets.

Investments in non-consolidated companies (associated companies and joint ventures) are accounted for using the equity method of accounting. Under this method, interests in joint ventures and associates are initially recognized in the consolidated statement of financial position at cost and adjusted thereafter to recognize the Company’s share of the post-acquisition profits or losses in the income statement, and its share of post-acquisition changes in reserves recognized in reserves and in other comprehensive income in the income statement. Unrealized gains on transactions among the Company and its non-consolidated companies are eliminated to the extent of the Company’s interest in such non-consolidated companies; unrealized losses are also eliminated unless the transaction provides evidence of an impairment of the transferred asset. When the Company’s share of losses in a non-consolidated company equals or exceeds its interest in such non-consolidated company, the Company does not recognize further losses unless it has incurred obligations or made payments on behalf of such non-consolidated company. Accounting policies of non-consolidated companies have been changed where necessary to ensure consistency with the policies adopted by the Company.

The Company’s investment in associates and joint ventures includes notional goodwill identified on acquisition.

The Company determines at each reporting date whether there is any objective evidence that the investment is impaired. If this is the case, the group calculates the amount of impairment as the difference between the recoverable amount of the investment and its carrying value and recognizes the amount within “Equity on earnings (losses) of non-consolidated companies”.
Foreign currency translation Foreign currency translation
(1)Functional and presentation currency

Items included in the financial statements of each of the Company's subsidiaries and associated companies are measured using the currency of the primary economic environment in which the entity operates (the "functional currency"). Except for Usiminas and the non-consolidated companies whose functional currencies are their local currencies, Ternium determined that the functional currency of its subsidiaries is the U.S. dollar. Although Ternium is located in Luxembourg, it operates in several countries with different currencies. The $ is the currency that best reflects the economic substance of the underlying events and circumstances relevant to Ternium as a whole.

(2)    Subsidiary companies

The results and financial position of all the group entities (except for the ones which operated in a hyperinflationary economy, if any) that have a functional currency different from the presentation currency, are translated into the presentation currency as follows:

(i) assets and liabilities are translated at the closing rate of each statement of financial position;
(ii) income and expenses for each income statement are translated at average exchange rates (unless this average is not a reasonable approximation of the cumulative effect of the rates prevailing on the transaction dates, in which case income and expenses are translated at the rate on the dates of the transactions); and
(iii) all resulting translation differences are recognized within other comprehensive income.

In the case of a sale or other disposition of any such subsidiary, any accumulated translation differences would be recognized in the income statement as part of the gain or loss on sale.

(3)    Transactions in currencies other than the functional currency

Transactions in currencies other than the functional currency are translated into the functional currency using the exchange rates prevailing at the date of the transactions or valuation where items are re-measured.

At the end of each reporting period: (i) monetary items denominated in currencies other than the functional currency are translated using the closing rates, (ii) non-monetary items that are measured in terms of historical cost in a currency other than the functional currency are translated using the exchange rates prevailing at the date of the transactions; and (iii) non-monetary items that are measured at fair value in a currency other than the functional currency are translated using the exchange rates prevailing at the date when the fair value was determined.

Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at year-end exchange rates of monetary assets and liabilities denominated in currencies other than the functional currency are recorded as gains and losses from foreign exchange and included in "Other financial income (expenses), net" in the consolidated income statement, except when deferred in equity as qualifying cash flow hedges and qualifying net investment hedges. Translation differences on non-monetary financial assets and liabilities such as equities held at fair value through profit or loss are recognized in profit or loss as part of the "fair value gain or loss," while translation differences on non-monetary financial assets such as equities classified as fair value through other comprehensive income are included in other gains/(losses).
Financial instruments Financial instruments
Non derivative financial instruments
Non derivative financial instruments comprise investments in equity and debt securities, trade and other receivables, cash and cash equivalents, loans and borrowings, and trade and other payables.
The Company classifies its financial instruments in the following measurement categories:
–Amortized cost: instruments that are held for collection or repayment of contractual cash flows where those cash flows represent solely payments of principal and interest are measured at amortized cost. Interest income and expenses from these financial instruments are included in finance income or expense using the effective interest rate method. Any gain or loss arising on derecognition is recognized directly in profit or loss and presented in finance income or expense, together with foreign exchange gains and losses. Impairment losses are presented as separate line items in the statement of profit or loss.
– Fair value through other comprehensive income (“FVOCI”): financial instruments that are held for collection of contractual cash flows and for selling the financial instruments, where the instruments’ cash flows represent solely payments of principal and interest, are measured at FVOCI. Movements in the carrying amount are taken through OCI, except for the recognition of impairment gains or losses, interest revenue or expense and foreign exchange gains and losses which are recognized in profit or loss. When the financial instrument is derecognized, the cumulative gain or loss previously recognized in OCI is reclassified from equity to profit or loss and recognized in other gains/(losses), except for equity instruments, for which there is no reclassification from OCI to profit or loss. Interest income or expense from these financial instruments is included in finance income using the effective interest rate method. Foreign exchange gains and losses are presented in other gains/(losses) and impairment expenses are presented as separate line item in the statement of profit or loss.
–Fair value through profit or loss (“FVPL”): financial instruments that do not meet the criteria for amortized cost or FVOCI are measured at FVPL. A gain or loss on a debt investment that is subsequently measured at FVPL is recognized in profit or loss and presented net within other gains/(losses) in the period in which it arises.
The classification depends on the Company’s business model for managing the financial instruments and the contractual terms of the cash flows.
For financial instruments measured at fair value, gains and losses will either be recorded in profit or loss or OCI. For investments in equity instruments that are not held for trading, this will depend on whether the group has made an irrevocable election at the time of initial recognition to account for the equity investment at FVOCI.
At initial recognition, the Company measures a financial instrument at its fair value plus, in the case of a financial instrument not at FVPL, transaction costs that are directly attributable to the acquisition of the financial instrument. Transaction costs of financial instruments carried at FVPL are expensed in profit or loss. Subsequent measurement of debt instruments depends on the Company’s business model for managing the asset and the cash flow characteristics of the asset.
4.    ACCOUNTING POLICIES (continued)
The classification depended on the nature and purpose of the financial assets and was determined at the time of initial recognition.
Financial assets and liabilities were recognized and derecognized on the settlement date.
Financial assets were initially measured at fair value, net of transaction costs, except for those financial assets classified as financial assets at fair value through profit or loss.
Financial liabilities, including borrowings, were initially measured at fair value, net of transaction costs and subsequently measured at amortized cost using the effective interest method, with interest expense recognized on an effective yield basis.
Impairment of financial assets
The Company assesses on a forward-looking basis the expected credit losses associated with its debt instruments carried at amortized cost and FVOCI. The impairment methodology applied depends on whether there has been a significant increase in credit risk.
For trade receivables, the Company applies the simplified approach permitted by IFRS 9, which requires expected lifetime losses to be recognized from initial recognition of the receivables, see note 4 (i) for further details.
For loans and receivables category and for held-to-maturity investments, the amount of the loss was measured as the difference between the asset's carrying amount and the present value of estimated future cash flows (excluding future credit losses that have not been incurred) discounted at the financial asset's original effective interest rate. The carrying amount of the asset was reduced and the amount of the loss was recognized in the consolidated income statement.
If, in a subsequent period, the amount of the impairment loss decreased and the decrease could be related objectively to an event occurring after the impairment was recognized, the reversal of the previously recognized impairment loss was recognized in the consolidated income statement.
Derivative financial instruments
Information about accounting for derivative financial instruments and hedging activities is included in Note 29 "Financial Risk management" and Note 4 (y).
Put option valuation method
IFRS presents the following options to recognize the value of a put option:
- Under IFRS 10, the terms of the forward and option contracts should be analyzed to assess whether they provide the parent or the non-controlling interest with access to the risks and rewards associated with the actual ownership of the shares. The non-controlling interest should be recognized if risks and rewards associated with ownership have been retained by the non-controlling interest. A financial liability (recognized at the present value of the redemption amount) is recorded to reflect the forward or put option.
4.    ACCOUNTING POLICIES (continued)

- Under IAS 32, a liability is recognized for written puts over non-controlling interests. The liability reflects the entity’s obligation to deliver cash or a financial asset. The financial liability is recognized at present value of the redemption amount and accreted through finance charges in the income statement over the contract period up to the final redemption amount.
Property, plant and equipment Property, plant and equipment
(1) Property, plant and equipment
Land and buildings comprise mainly factories and offices. All property, plant and equipment are recognized at historical acquisition or construction cost less accumulated depreciation and accumulated impairment (if applicable), except for land, which is carried at acquisition cost less accumulated impairment (if applicable). There are no material residual values for property, plant and equipment items.
Major overhaul and rebuilding expenditures are recognized as a separate asset when future economic benefits are expected from the item, and the cost can be measured reliably.
Ordinary maintenance expenses on manufacturing properties are recorded as cost of products sold in the period in which they are incurred.
Where a tangible fixed asset comprises major components having different useful lives, these components are accounted for as separate items. Spare parts are included in property, plant and equipment.
Depreciation method is reviewed at each year end. Depreciation is calculated using the straight-line method to amortize the cost of each asset to its residual value over its estimated useful life as follows:
LandNo depreciation
Buildings and improvements
10-50 years
Production equipment
5-50 years
Vehicles, furniture and fixtures and other equipment
3-20 years
Property, plant and equipment used in mining activities are depreciated over its useful life or over the remaining life of the mine if shorter and there is no alternative use possible.
The assets' useful lives are reviewed, and adjusted if appropriate, at each year end. The re-estimation of assets useful lives by the Company did not materially affect depreciation charges in 2023, 2022 and 2021.
Gains and losses on disposals are determined by comparing the proceeds with the corresponding carrying amounts and are included in the income statement.
If the carrying amount of an asset were greater than its estimated recoverable amount, it would be written down to its recoverable amount (see Note 4 (f) "Impairment").
Amortization charges are included in cost of sales, selling, general and administrative expenses.
4.    ACCOUNTING POLICIES (continued)
(2) Right-of-use assets
The Company is a party to lease contracts for:
–Land
–Plants and equipment for the production of industrial gases and other production materials.
–Transportation and maintenance equipment.
–Warehouses and office spaces.

These leases are recognized, measured and presented in accordance to IFRS 16 “Leases”, following the guidelines described below.
Accounting by the lessee
The Company recognizes a right-of-use asset and a lease liability at the commencement date of each lease contract that grants the right to control the use of an identified asset during a period of time. The commencement date is the date in which the lessor makes an underlying asset available for use by the lessee.
The Company applied exemptions for leases with a duration lower than 12 months, with a value lower than thirty thousand U.S. dollars and/or with clauses related to variable payments. These leases have been considered as short-term leases and, accordingly, no right-of-use asset or lease liability have been recognized.
At initial recognition, the right-of-use asset is measured considering:
– The value of the initial measurement of the lease liability;
– Any lease payments made at or before the commencement date, less any lease incentives; and
– Any initial direct costs incurred by the lessee.

After initial recognition, the right-of-use assets are measured at cost, less any accumulated depreciation and/or impairment losses, and adjusted for any re-measurement of the lease liability.

Depreciation of the right-of-use asset is calculated using the straight-line method over the estimated duration of the lease contract, as follows:
Land                            1-31 years
Buildings and facilities                    1-26 years
Machinery                        1-14 years

If the lease transfers ownership of the underlying asset to the Company by the end of the lease term, or if the cost of the right-of-use asset reflects that the Company will exercise a purchase option, the Company depreciates the right-of-use asset from the commencement date to the end of the useful life of the underlying asset. Otherwise, the Company depreciates the right-of-use asset from the commencement date to the earlier of the end of the useful life of the right-of-use asset or the end of the lease term.
Accounting by the lessor
When the Company is acting as a lessor, each of its leases is classified as either operating or finance lease:
– Leases where a significant portion of the risks and rewards of ownership are retained by the lessor are classified as operating leases.
– Leases where all substantial risks and rewards of ownership are transferred by the lessor to the lessee are classified as finance leases.
Intangible assets Intangible assets
(1)    Information system projects
Generally, costs associated with developing or maintaining computer software programs are recognized as an expense as incurred. However, costs directly related to the acquisition and implementation of information systems are recognized as intangible assets if they have a probable economic benefit exceeding the cost beyond one year and comply with the recognition criteria of IAS 38.
Information system projects recognized as assets are amortized using the straight-line method over their useful lives, not exceeding a period of 3 years. Amortization charges are included in cost of sales, selling, general and administrative expenses.
(2)    Mining assets
Mining assets include:
(a)Mining licenses acquired;
(b)Capitalized exploration and evaluation costs, reclassified from exploration and evaluation costs (see note 4 (e) 3); and
(c)Capitalized developmental stripping costs (see note 4 (u)).
Mining licenses were recognized as separate intangible assets upon the acquisition of the investment in Mexico and in Usiminas and comprise the right to exploit the mines and are recognized at its fair value at acquisition date less accumulated amortization.
Mexico’s mining concessions were granted for a 50-year period; following the expiration of the initial concession term, the concessions are renewable for an additional 50-year term in accordance with, and subject to the procedures set forth in, applicable Mexican mining law.
Usiminas’ mining concessions were granted for an indefinite period and until complete depletion of mineral reserves and are subject to the procedures set forth in applicable Brazilian mining law.
Amortization charge is calculated by using the unit-of-production method, on the basis of actual mineral extracted in each period compared to the estimated mineral reserves, and is included in cost of sales. Any change in the estimation of reserves is accounted for prospectively. The resulting amortization rate for the years ended December 31, 2023, 2022 and 2021, is approximately 13%, 12% and 7% per year, respectively.
Considering that there are no concrete development plans in the short term and for production feasibility in certain areas of the mining concessions held by Las Encinas S.A. de C.V., the Company decided to recognize an impairment charge over these assets of $42.3 million.
4.    ACCOUNTING POLICIES (continued)
(3)Exploration and evaluation costs
Exploration and evaluation activities involve the search for iron ore resources, the determination of technical feasibility and the assessment of commercial viability of an identified resource.
Exploration and evaluation costs are measured at cost. Costs directly associated with exploration and evaluation activities are capitalized as intangible assets until the determination of reserves is evaluated. The costs associated to the acquisition of machinery and equipment are recognized as property, plant and equipment. If it is determined that commercial discovery has been achieved, costs incurred are reclassified into Mining assets and amortization starts once production begins.
Exploration costs are tested for impairment whenever there are indicators that impairment exists. Indicators of impairment include, but are not limited to:
–Rights to explore in an area have expired or will expire in the near future without renewal;
–No further exploration and evaluation is planned or budgeted;
–A decision to discontinue exploration and evaluation in an area because of the absence of commercial reserves; and
–Sufficient data exists to indicate that the book value will not be fully recovered from future development and production.

When analyzing the existence of impairment indicators, the exploration and evaluation areas from the mining units will be evaluated.
(4)    Goodwill
Goodwill represents the excess of the acquisition cost over the fair value of Ternium's participation in acquired companies' net assets at the acquisition date. Under IAS 36, goodwill is considered to have an indefinite life and not amortized, but is subject to annual impairment testing.
Goodwill is allocated to Cash-generating units ("CGU") for the purpose of impairment testing. The allocation is made to those cash-generating units expected to benefit from the business combination which generated the goodwill being tested. The impairment losses on goodwill cannot be reversed.
As of December 31, 2023 and 2022, the carrying amount of goodwill allocated to the Mexico CGUs was $662.3 million, of which $619.8 million corresponds to Steel Mexico CGU and $42.5 million to Mining Mexico CGU.
(5)    Research and development
Research expenditures are recognized as expenses as incurred. Development costs are recorded as cost of sales in the income statement as incurred because they do not fulfill the criteria for capitalization. Research and development expenditures for the years ended December 31, 2023, 2022 and 2021 totaled $19.0 million, $16.3 million and $9.8 million, respectively.
4.    ACCOUNTING POLICIES (continued)
(6)    Customer relationships acquired in a business combination
In accordance with IFRS 3 and IAS 38, Ternium has recognized the value of customer relationships in connection with the acquisition of Ternium Staal B.V. as of September 7, 2017. The value of the slab commitment agreement by which Ternium Investments S.à r.l. was entitled to invoice, under certain conditions, the price difference between slabs and hot rolled coils has been amortized using the units of slabs sold method. As of December 31, 2021, the asset related to this slab commitment agreement was fully amortized.
(7)    Trademarks acquired in a business combination
Trademarks are amortized using the straight-line method over a useful life of between 5 to 10 years.
Impairment Impairment
Assets that have an indefinite useful life (including goodwill) are not subject to amortization and are tested annually for impairment or whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. Assets that are subject to amortization and investments in affiliates are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognized for the amount by which the asset's carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset's fair value less cost to sell and the value in use.
To carry out these tests, assets are grouped at the lowest levels for which there are separately identifiable cash flows (each, a CGU). When evaluating long-lived assets for potential impairment, the Company estimates the recoverable amount based on the higher of the CGU’s fair value less costs to sell and its value in use. The value in use of each CGU is determined on the basis of the present value of net future cash flows which will be generated by the assets tested.
Determining the present value of future cash flows involves highly sensitive estimates and assumptions specific to the nature of each CGU's activities, including estimates and assumptions relating to amount and timing of projected future cash flows. Application of the discounted cash flow (DCF) method to determine the value in use of a CGU begins with a forecast of all expected future net cash flows. Significant assumptions considered in forecasts include the gross domestic product (GDP) growth rates of the country under study and their correlation with steel demand, changes in the growth rate for the perpetuity rate, changes in steel prices, changes in certain significant raw material costs and changes in discount rates.
Ternium uses, for the steel segment impairment tests, cash flow projections over a five-year period based on past performance and expectations of market development; for the subsequent years beyond the five-year period, a terminal value was calculated based on perpetuity. The growth rate used for the perpetuity rate is of 2.18%. This rate does not exceed the average long-term growth rate for the relevant markets. In the case of the mining segment and the mining activity developed by Usiminas, cash flow projections are prepared until the mines are fully depleted and are based on past performance and expectations of market development.
Cash flows are discounted at rates that reflect specific country and currency risks associated with the cash flow projections. The discount rates used are based on the weighted average cost of capital (WACC), which is considered to be a good indicator of cost of capital.
4.    ACCOUNTING POLICIES (continued)
Considering the macroeconomic situation in Argentina, the increase in the inflation rates, the devaluation of the Argentine peso and a weaker industrial environment as of December 31, 2023, the Company decided to assess the recoverability of its investments in Argentina, resulting in no impairment charges to be recognized. As of December 31, 2023, the post-tax discount rate used to test the investment in Argentine subsidiaries for impairment was 17.3%.
In the case of the Steel Mexico CGU, considering that there is a value registered for goodwill, the Company performed the mandatory impairment test over goodwill, resulting in no impairment charges to be recognized. Also, in the case of the Mining Mexico CGU and considering the registered goodwill, the Company performed the mandatory impairment test over goodwill, resulting in no impairment charges to be recognized. As of December 31, 2023, the post-tax discount rate used to test the recoverability of the goodwill in the Steel and Mining Mexico CGUs for impairment was 12.10% (as of December 31, 2022, 11.28%).
As of December 31, 2022, the Company recognized an impairment charge of $99.0 million over the property, plant and equipment in the Brazil CGU. As of December 31, 2023, Management assessed the business situation as of such date and concluded that the recovery of impairment indicators was not significantly enough and that there were no significant positive events to proceed with a reversal of previously recognized impairment charges.
During the years 2023, 2022 and 2021, no impairment provisions were recorded in connection with assets that have an indefinite useful life (including goodwill) in the Company’s CGUs.
As of September 30, 2022, the Company recognized an impairment charge of $120.4 million over the investment in Usiminas. On July 3, 2023, the Company acquired an additional participation in Usiminas and started the full consolidation of assets and liabilities of Usiminas (see note 3). As of December 31, 2023, no impairment triggers were detected and, consequently, no impairment test was prepared.
Other investments Other investments
Other investments consist primarily of investments in financial debt instruments and equity investments where the Company holds a minor equity interest and does not exert significant influence.
All purchases and sales of investments are recognized on the settlement date, which is not significantly different from the trade date, which is the date that Ternium commits to purchase or sell the investment.
Income from financial instruments at fair value through profit or loss is recognized in Other financial income (expenses), net in the consolidated income statement. The fair value of quoted investments is based on current bid prices. If the market for a financial investment is not active or the securities are not listed, the Company estimates the fair value by using standard valuation techniques. Dividends from investments in equity instruments are recognized in the income statement when the Company's right to receive payments is established.
4.    ACCOUNTING POLICIES (continued)
Certain fixed income financial instruments purchased by the Company have been categorized as at fair value through other comprehensive income. The results of these financial investments are recognized in Finance Income in the Consolidated Income Statement using the effective interest method. Unrealized gains and losses other than impairment and foreign exchange results are recognized in Other comprehensive income. On maturity or disposal, net gain and losses previously deferred in Other comprehensive income are recognized in Finance Income in the Consolidated Income Statement.
Inventories Inventories
Inventories are stated at the lower of cost (calculated using the first-in-first-out "FIFO" method) or net realizable value. The cost of finished goods and goods in process comprises raw materials, direct labor, depreciation, other direct costs and related production overhead costs. It excludes borrowing costs. Goods acquired in transit at year end are valued at supplier's invoice cost.
The cost of iron ore produced in our mines comprises all direct costs necessary to extract and convert stockpiled inventories into raw materials, including production stripping costs, depreciation of fixed assets related to the mining activity and amortization of mining assets for those mines under production.
The Company assesses the recoverability of its inventories considering their selling prices, if the inventories are damaged, or if they have become wholly or partially obsolete.
Trade receivables and other receivables Trade receivables and other receivables
Trade and other receivables are recognized initially at fair value, generally the original invoice amount. The Company applies the IFRS 9 simplified approach to measuring expected credit losses which uses a lifetime expected loss allowance for all trade receivables. To measure the expected credit losses, trade receivables are grouped based on shared credit risk characteristics and the days past due. The Company keeps an allowance for trade receivables, recorded in an asset account to offset the trade receivables in an amount estimated sufficient to cover the losses resulting from the impossibility for the debtors to cancel the amounts owed. This allowance for trade receivables is recorded with a charge to selling expenses.
Judicial deposits are those made in a bank account, in connection with legal proceedings, in Brazilian currency and monetarily restated to ensure the settlement of potential future liabilities. Some judicial deposits that are linked to taxes payable in installments are presented at their net amount.
Cash and cash equivalents Cash and cash equivalents
Cash and cash equivalents and highly liquid short-term securities are carried at fair market value or at a historical cost which approximates fair market value.

For purposes of the cash flow statement, cash and cash equivalents comprise cash, bank current accounts and short-term highly liquid investments (original maturity of three months or less at date of acquisition) and overdrafts.

In the consolidated statement of financial position, bank overdrafts are included in borrowings within current liabilities.
Assets (disposal groups) classified as held for sale Assets (disposal groups) classified as held for sale
Assets (disposal groups) are classified as assets held for sale, complying with the recognition criteria of IFRS 5, and stated at the lower of carrying amount and fair value less cost to sell if their carrying amount is recovered principally through a sale transaction rather than through continuing use.

The carrying value of assets classified as held for sale, as of December 31, 2023 and 2022 totals $6.7 million and $1.8 million, respectively, which corresponds principally to land and other real estate items. Sale is expected to be completed within a one-year period.
Borrowings BorrowingsBorrowings, including bonds and debentures issued by Usiminas, are recognized initially for an amount equal to the net proceeds received. In subsequent periods, borrowings, including bonds and debentures, are stated at amortized cost following the effective interest method
Lease liabilities Lease liabilities
The lease liability is initially measured at the present value of the lease payments that are not paid at such date, including the following concepts:
–Fixed payments, less any lease incentives receivable;
– Variable lease payments that depend on an index or rate, initially measured using the index or rate as of the commencement date;
– Amounts expected to be payable by the lessee under residual value guarantees;
– The exercise price of a purchase option if the lessee is reasonably certain to exercise that option; and
– Payments of penalties for terminating the lease, if the lease term reflects the lessee exercising an option to terminate the lease.

Variable lease liabilities with payments dependent on external factors, such as minimum volumes sold or used, are not included in the initial measurement of the lease liabilities and such payments are recognized directly in profit and loss.
Lease payments are discounted using incremental borrowing rates for the location and currency of each lease contract or, if available, the rate implicit in the lease contract.
The finance cost is charged to profit or loss over the lease period to produce a constant periodic rate of interest on the remaining balance of the liability for each period.
The lease term determined by the Company comprises:
– Non-cancelable period of lease contracts;
– Periods covered by an option to extend the lease if the lessee is reasonably certain to exercise that option; and
– Periods covered by an option to terminate the lease if the lessee is reasonably certain not to exercise that option.

After the commencement date, the Company measures the lease liability by:
– Increasing the carrying amount to reflect interest on the lease liability;
– Reducing the carrying amount to reflect lease payments made; and
– Re-measuring the carrying amount to reflect any reassessment or lease modifications.
Income taxes - current and deferred Income taxes - current and deferred
The current income tax charge is calculated on the basis of the tax laws in force in the countries in which Ternium and its subsidiaries operate. Management evaluates positions taken in tax returns with respect to situations in which applicable tax regulation could be subject to interpretation. A liability is recorded for tax benefits that were taken in the applicable tax return but have not been recognized for financial reporting.
Deferred income taxes are calculated using the liability method on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements. Deferred income tax is not accounted for if it arises from initial recognition of an asset or liability in a transaction other than a business combination that at the time of the transaction affects neither accounting, nor taxable profit or loss. The principal temporary differences arise on fixed assets, intangible assets, inventories valuation and provisions for pensions. Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period when the asset is realized or the liability is settled, based on tax rates and tax laws that have been enacted or substantially enacted at year end. Under IFRS, deferred income tax assets (liabilities) are classified as non-current assets (liabilities).
Deferred tax assets are recognized to the extent it is probable that future taxable income will be available to offset temporary differences.
Deferred income tax is provided on temporary differences arising on investments in subsidiaries and associated companies, except where the timing of the reversal of the temporary difference is controlled by the Company and it is probable that the temporary difference will not reverse in the foreseeable future.
Deferred tax assets and liabilities are re-estimated if tax rates change. These amounts are charged or credited to the consolidated income statement or to the item “Other comprehensive income for the year” in the consolidated statement of comprehensive income, depending on the account to which the original amount was charged or credited.
Employee liabilities Employee liabilities
(1)    Post-employment obligations
The Company has defined benefit and defined contribution plans.
A defined benefit plan is a pension plan that defines an amount of pension benefit that an employee will receive on retirement, usually dependent on one or more factors such as age, years of service and compensation.
The liability recognized in the statement of financial position in respect of defined benefit pension plans is the present value of the defined benefit obligation at the end of the reporting period less the fair value of plan assets. The defined benefit obligation is calculated annually (at year end) by independent actuaries using the projected unit credit method. The present value of the defined benefit obligation is determined by discounting the estimated future cash outflows using interest rates of high-quality corporate bonds that are denominated in the currency in which the benefits will be paid, and that have terms to maturity approximating to the terms of the related pension obligation. In countries where there is no deep market in such bonds, the market rates on government bonds are used.
4.    ACCOUNTING POLICIES (continued)
Actuarial gains and losses arising from experience adjustments and changes in actuarial assumptions are charged or credited to equity in other comprehensive income in the period in which they arise. Past-service costs are recognized immediately in income. For defined benefit plans, net defined benefit liability/asset is calculated based on the surplus or deficit derived by the difference between the defined benefit obligations less plan assets.

For defined contribution plans, the Company pays contributions to publicly or privately administered pension insurance plans on a mandatory, contractual or voluntary basis. The Company has no further payment obligations once the contributions have been paid. The contributions are recognized as employee benefit expense when they are due. Prepaid contributions are recognized as an asset to the extent that a cash refund or a reduction in the future payments is available.

Mexico
Ternium Mexico has defined benefit and defined contribution plans.
The valuation of the liabilities for the defined benefit employee retirement plans (pensions and seniority premiums) covers all employees and is based primarily on their years of service, their present age and their remuneration at the date of retirement. The cost of the employee retirement plans (pension, health-care expenses and seniority premiums) is recognized as an expense in the year in which services are rendered in accordance with actuarial studies made by independent actuaries. The formal retirement plans are congruent with and complementary to the retirement benefits established by the Mexican Institute of Social Security. Additionally, the Company has established a plan to cover health-care expenses of retired employees. The Company has established a commitment for the payment of pensions and seniority premiums, as well as for health-care expenses.
The defined contribution plans provide a benefit equivalent to the capital accumulated with the company's contributions, which are provided as a match of employees' contributions to the plan. The plan provides vested rights according to the years of service and the cause of retirement.
Argentina
Ternium Argentina implemented an unfunded defined benefit employee retirement plan for certain senior officers. The plan is designed to provide certain benefits to those officers (additional to those contemplated under applicable Argentine labor laws) in case of termination of the employment relationship due to certain specified events, including retirement. This unfunded plan provides defined benefits based on years of service and final average salary.
Brazil
Usiminas operates various post-employment schemes, including defined benefit pension plans, defined/variable contribution pension plans and a post-retirement healthcare plan. The retirement plans offer to employees’ supplementary retirement and pension benefits and are managed by Previdência Usiminas, which in line with the applicable legislation, has as its main purpose the management and running of private pension plans.
4.    ACCOUNTING POLICIES (continued)
Usiminas has different defined benefit pension plans:
1) Benefit plan 1 (PB1), defined benefit plan, closed for new enrolments since November 1996.
2) Defined benefit plan (PBD), defined benefit plan, closed for new enrolments since December 2000; the beneficiaries of this plan are also entitled to self-funded retirement plan, vesting, redemption, and portability.

The liability recognized in the balance sheet in respect of defined benefit pension plans is the present value of the defined benefit obligation at the balance sheet date minus the market value of plan assets, adjusted for: (i) actuarial gains and losses; (ii) rules to determine the asset ceiling; and (iii) minimum funding requirements.

Usiminas has taken out debts in connection with the minimum requirements for payment of contributions, for the purpose of covering the gap in relation to the services already received. In the event of non-recoverable surplus, the debts taken are recognized as an additional liability in the computation of net actuarial liabilities.

The PBD plan debit balance is determined at the end of each year, based on a direct actuarial revaluation. During the subsequent year, the liability is adjusted by the monthly surplus or deficit determined in the PBD plan and by the amount of payments falling due in the period. The debt balance should be repaid in 148 installments.

Also, Usiminas has different defined contribution pension plans:

3) Benefit plan 2 (USIPREV), variable contribution benefit plan, operating since August 1998, provides post-employment benefits to the employees of the sponsor companies. Currently, this is the only plan accepting new enrolments.

4) COSIPREV, defined contribution plan has been closed for new enrolments since April 30, 2009. For this defined contribution plan (COSIPREV), Usiminas pays contributions to a private pension entity on compulsory, contractual or voluntary bases. The contributions are recognized as finance costs in the period in which they are due. The entity has no further payment obligations once the contributions have been paid.

USIPREV and COSIPREV plans have a Pension Fund formed from members’ account balances not used in benefit payouts. As provided for in the plans’ regulations, this Fund may be used to cover the cost of these plans in the future.

In addition, Usiminas has in place a post-retirement healthcare plan:

(a) CoSaúde, post-retirement healthcare benefits discontinued on November 30, 2021, with the subsequent restructuring of group plans to be offered to former beneficiaries, in compliance with the legal clauses and conditions.
(b) Saúde Usiminas, healthcare plan, which opened for enrolments to all employees and retirees in 2010 and was extinguished as of December 31, 2023, being replaced with two new plans: Usiexato and Usiflex. These two new plans provide with two different methods of payment to the members of the plans: a mixed method, with the Company offering the option of bearing 100% of the monthly fee for active employees until the termination of the labor contracts, or a contributory method, which allows the continuation of the healthcare services after resignation or retirement of the employees.
4.    ACCOUNTING POLICIES (continued)
(2)Termination benefits
Termination benefits are payable when employment is terminated before the normal retirement date, or whenever an employee accepts voluntary redundancy in exchange for these benefits. The Company recognizes termination benefits when it is demonstrably committed to either: (i) terminating the employment of current employees according to a detailed formal plan without possibility of withdrawal or (ii) providing termination benefits as a result of an offer made to encourage voluntary redundancy.
(3)    Other compensation obligations
Employee entitlements to annual leave and long-service leave are accrued as earned.
During 2007, Ternium launched an incentive retention program (the "Program") applicable to certain senior officers and employees of the Company, who will be granted a number of Units throughout the duration of the Program. The value of each of these Units is based on Ternium's shareholders' equity (excluding non-controlling interest). Also, the beneficiaries of the Program are entitled to receive cash amounts based on (i) the amount of dividend payments made by Ternium to its shareholders, and (ii) the number of Units held by each beneficiary to the Program. Units vest ratably over a period of four years and will be redeemed by the Company ten years after grant date, with the option of an early redemption at seven years after grant date. From 2018 units were vest ratably over the same period and will be mandatorily redeemed by the Company seven years after grant date. As the cash payment of the benefit is tied to the book value of the shares, and not to their market value, Ternium valued this long-term incentive program as a long term benefit plan as classified in IAS 19.
As of December 31, 2023 and 2022, the outstanding liability corresponding to the Program amounts to $90.1 million and $79.8 million, respectively. The total value of the units granted to date under the program, considering the number of units and the book value per share as of December 31, 2023 and 2022, is $94.5 million and $88.6 million, respectively.
Under Mexican law, Ternium's subsidiaries are required to pay their employees an annual benefit which is determined as a percentage of taxable profit for the year.
(4)    Social security contributions
Social security laws in force in the countries in which the Company operates provide for pension benefits to be paid to retired employees from government pension plans and/or private fund managed plans to which employees may elect to contribute. As stipulated by the respective laws, Ternium Argentina and Ternium Mexico make monthly contributions calculated based on each employee's salary to fund such plans. The related amounts are expensed as incurred. No additional liabilities exist once the contributions are paid.
Provisions Provisions
Ternium has certain contingencies with respect to existing or potential claims, lawsuits and other proceedings. Unless otherwise specified, Ternium accrues a provision for a present legal or constructive obligation as a result of a past event, when it is probable that future cost could be incurred and that cost can be reasonably estimated. Generally, accruals are based on developments to date, Ternium's estimates of the outcomes of these matters and the advice of Ternium's legal advisors.
Trade payables Trade payables
Trade payables are recognized initially at fair value and subsequently measured at amortized cost using the effective interest method.
Revenue recognition and other income Revenue recognition and other income
Revenue is recognized at a point of time from sales to direct customers upon the satisfaction of performance obligations, which occurs when control of the goods transfers to the customer and the customer obtains the benefits from the goods, the potential cash flows and the transaction price can be measured reliably, and it is probable that the Company will collect the consideration in connection with the exchange of the goods. The control over the goods is obtained by the customer depending on when the goods are made available to the shipper or the customer takes possession of the goods, depending on the delivery terms. The Company considers that it has completed its performance obligations when the goods are delivered to its customers or to a shipper who will transport the goods to its customers. The revenue recognized by the Company is measured at the transaction price of the consideration received or receivable to which the Company is entitled to, reduced by estimated returns and other customer credits, such as discounts and volume rebates, based on the expected value to be realized and after eliminating sales within the group.
Usiminas Mecánica S.A., one of Usiminas’ subsidiaries, uses the percentage-of-completion (POC) method to account for the revenue from orders in progress sold at fixed prices. The use of the POC method requires Management to estimate the services performed up to the balance sheet date as a proportion of the total services to be performed.
Interest income is recognized on an effective yield basis.
Borrowing Costs Borrowing Costs
General and specific borrowing costs that are directly attributable to the acquisition, construction or production of a qualifying asset are capitalized during the period of time that is required to complete and prepare the asset for its intended use or sale. Qualifying assets are assets that necessarily take a substantial period of time to get ready for their intended use or sale.
Investment income earned on the temporary investment of specific borrowings pending their expenditure on qualifying assets is deducted from the borrowing costs eligible for capitalization.
Other borrowing costs are expensed in the period in which they are incurred.
Cost of sales, selling, general and administrative expenses Cost of sales, selling, general and administrative expenses
Cost of sales and expenses are recognized in the income statement on the accrual basis of accounting.
Commissions, freight and other selling expenses, including shipping and handling costs, are recorded in Selling, general and administrative expenses in the Consolidated Income Statement.
Stripping costs Stripping costs
Stripping costs are the costs associated with the removal of overburden and other waste materials and can be incurred before the mining production commences (“development stripping”) or during the production stage (“production stripping”).
Development stripping costs that contribute to the future economic benefits of mining operations are capitalized as intangible assets (Mining assets). Production stripping costs which are part of on-going activities are included in the cost of the inventory produced (that is extracted) at each mine during the period in which they are incurred.
Capitalization of development stripping costs finishes when the commercial production of the mine commences. At that time, all development stripping costs are presented within Mining assets and depreciated on a unit-of-production basis. It is considered that commercial production begins when the production stage of mining operations begins and continues throughout the life of a mine.
Mining development costs Mining development costs
Mining development costs are the costs associated to the activities related to the establishment of access to the mineral reserve and other preparations for commercial production. These activities often continue during production.
Development expenditures are capitalized and classified as Work in progress. On completion of development, all assets included in Work in progress are individually reclassified to the appropriate category of property, plant and equipment and depreciated accordingly.
Asset retirement obligations Asset retirement obligations
Ternium records asset retirement obligations (“ARO”) initially at the fair value of the legal or constructive obligation in the period in which it is incurred and capitalizes the ARO by increasing the carrying amount of property, plant and equipment. The fair value of the obligation is determined as the discounted value of the expected future cash flows and is included in Provisions. The liability is accreted to its present value through net financing cost and the capitalized cost is depreciated based in the unit of production method.
Earnings per share Earnings per share
Earnings per share are calculated by dividing the net income attributable to shareholders by the daily weighted average number of ordinary shares issued during the year, excluding the average number of shares of the parent Company held by the Group. There are no dilutive securities for the periods presented.
Derivative financial instruments and hedging activities Derivative financial instruments and hedging activities
Ternium designates certain derivatives as hedges of a particular risk associated with a recognized asset or liability or a highly probable forecast transaction. These transactions are classified as cash flow hedges (mainly interest rate swaps, collars, currency forward contracts on highly probable forecast transactions and commodities contracts). The effective portion of the fair value of derivatives that are designated and qualify as cash flow hedges is recognized in OCI. Amounts accumulated in OCI are recognized in the income statement in the same period as any offsetting losses and gains on the hedged item. The gain or loss relating to the ineffective portion is recognized immediately in the income statement. The fair value of Ternium derivative financial instruments (asset or liability) continues to be reflected in the statement of financial position.
4.    ACCOUNTING POLICIES (continued)
For transactions designated and qualifying for hedge accounting, Ternium documents the relationship between hedging instruments and hedged items, as well as its risk management objectives and strategy for undertaking various hedge transactions. As of December 31, 2023 and 2022, the effective portion of designated cash flow hedges (net of taxes) amounted to $15.9 million and nil, respectively, and were included under "changes in the fair value of derivatives classified as cash flow hedges" line item in the statement of comprehensive income (see Note 27 (a)).
Treasury shares Treasury shares
Acquisitions of treasury shares are recorded at acquisition cost, deducted from equity until disposal. The gains and losses on disposal of treasury shares are recognized under "Reserves" in the consolidated statement of financial position.
Cash flow Cash flow
The consolidated statements of cash flows have been prepared using the indirect method and contain the use of the following expressions and their respective meanings:
a)    Operating activities: activities that constitute ordinary Group revenues, as well as other activities that cannot be qualified as investing or financing.
b)    Investing activities: acquisition, sale or disposal by other means of assets in the long-term and other investments not included in cash and cash equivalents.
c)    Financing activities: activities that generate changes in the size and composition of net equity and liabilities that do not form part of operating activities.
Critical accounting estimates Critical Accounting Estimates
The preparation of financial statements requires management to make estimates and judgments that affect the reported amounts of assets, liabilities, revenues and expenses, and the related disclosure of contingent assets and liabilities. Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Management makes estimates and assumptions concerning the future. Actual results may differ significantly from these estimates under different assumptions or conditions.
The principal estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below.
(1) Goodwill impairment test
Assessment of the recoverability of the carrying value of goodwill requires significant judgment. Management evaluates goodwill allocated to the operating units for impairment on an annual basis or whenever there is an impairment indicator.
Goodwill is tested at the level of the CGUs. Impairment testing of the CGUs is carried out and the value in use determined in accordance with the accounting policy stated in Note 4(f). The discount rates used for these tests are based on Ternium's weighted average cost of capital adjusted for specific country and currency risks associated with the cash flow projections. The post tax discount rate used as of December 31, 2023 was 12.10% and no impairment charge resulted from the impairment test performed. See notes 4(f) and 4(e)(4).
4.    ACCOUNTING POLICIES (continued)
(2)Income taxes
Management calculates current and deferred income taxes according to the tax laws applicable to each subsidiary in the countries in which such subsidiaries operate. However, due to uncertain tax positions, certain adjustments necessary to determine the income tax provision are finalized only after the balance sheet is issued. In cases in which the final tax outcome is different from the amounts that were initially recorded, such differences will impact the income tax and deferred tax provisions in the period in which such determination is made.
Also, when assessing the recoverability of tax assets, management considers the scheduled reversal of deferred tax liabilities, projected future taxable income and tax planning strategies.
(3)    Loss contingencies
Ternium is subject to various claims, lawsuits and other legal proceedings that arise in the ordinary course of business, including customer claims in which a third party is seeking reimbursement or indemnity. The Company's liability with respect to such claims, uncertain tax positions, lawsuits and other legal proceedings cannot be estimated with certainty. Periodically, management reviews the status of each significant matter and assesses potential financial exposure. If the potential loss from the claim or proceeding is considered probable and the amount can be reasonably estimated, a liability is recorded. Management estimates the amount of such liability based on the information available and the assumptions and methods it has concluded are appropriate, in accordance with the provisions of IFRS. Accruals for such contingencies reflect a reasonable estimate of the losses to be incurred based on information available, including the relevant litigation or settlement strategy, as of the date of preparation of these financial statements. As additional information becomes available, management will reassess its evaluation of the pending claims, lawsuits and other proceedings and revise its estimates. The loss contingencies provision amounts to $839.9 million and $81.4 million as of December 31, 2023 and 2022, respectively.

(4)    Useful Lives and Impairment of Property, Plant and Equipment and Other Long-lived Assets
In determining useful lives, management considered, among others, the following factors: age, operating condition and level of usage and maintenance. Management conducted visual inspections for the purpose of (i) determining whether the current conditions of such assets are consistent with normal conditions of assets of similar age; (ii) confirming that the operating conditions and levels of usage of such assets are adequate and consistent with their design; (iii) establishing obsolescence levels and (iv) estimating life expectancy, all of which were used in determining useful lives. Management believes, however, that it is possible that the periods of economic utilization of property, plant and equipment may be different than the useful lives so determined. Furthermore, management believes that this accounting policy involves a critical accounting estimate because it is subject to change from period to period as a result of variations in economic conditions and business performance.
4.    ACCOUNTING POLICIES (continued)
When assessing whether an impairment indicator may exist, the Company evaluates both internal and external sources of information, such as the following:
–whether significant changes with an adverse effect on the entity have taken place during the period, or will take place in the near future, in the technological, market, economic or legal environment in which the entity operates or in the market to which an asset is dedicated;
–whether market interest rates or other market rates of return on investments have increased during the period, and those increases are likely to affect the discount rate used in calculating an asset's value in use and decrease the asset's recoverable amount materially;
–whether the carrying amount of the net assets of the entity is more than its market capitalization;
–whether evidence is available of obsolescence or physical damage of an asset.
–whether significant changes with an adverse effect on the entity have taken place during the period, or are expected to take place in the near future, in the extent to which, or manner in which, an asset is used or is expected to be used. These changes include the asset becoming idle, plans to discontinue or restructure the operation to which an asset belongs, plans to dispose of an asset before the previously expected date, and reassessing the useful life of an asset as finite rather than indefinite; and
–whether evidence is available from internal reporting that indicates that the economic performance of an asset is, or will be, worse than expected.

(5)    Post-employment obligation estimates
The Company estimates at each year-end the provision necessary to meet its post-employment obligations in accordance with the advice from independent actuaries. The calculation of post-employment and other employee obligations requires the application of various assumptions. The main assumptions for post-employment and other employee obligations include discount rates, compensation growth rates, pension growth rates and life expectancy.  Changes in the assumptions could give rise to adjustments in the results and liabilities recorded and might have an impact on the post-employment and other employee obligations recognized in the future.
(6)    Business combinations
The recognition of business combinations requires the excess of the purchase price of acquisitions over the net book value of assets acquired to be allocated to the assets and liabilities of the acquired entity. The Company makes judgments and estimates in relation to the fair value of assets acquired and liabilities assumed, including estimation of cash flow projections with significant assumptions related to revenue forecasts, EBITDA margins, capital expenditures, discount rate and estimation of loss probability for the contingencies assumed. If any unallocated portion is positive, it is recognized as goodwill, and if negative, it is recognized in the income statement. See further information in note 3.

(7)    Taxation

At year end, the Company assesses the sufficiency of future taxable income to utilize the recognized deferred tax assets. The Company uses projections of future taxable income to assess the probability that the deferred tax assets will be realized. Management applied significant judgment in assessing the recoverability of deferred tax assets predicting historical profitability, projected future taxable profit, including assumptions related to revenue forecast and EBITDA margins.
Climate Change Climate Change
Ternium is committed to the UN Global Compact Initiative, its sustainable development goals, and the world's efforts to address Climate Change.

The Company is determined to find ways to reduce the carbon footprint of its operations and the steel value chain. In February 2021, Ternium announced a medium-term target to reduce its carbon dioxide emissions intensity rate by 20% in 2030, compared to its 2018 base rate of 1.7 tons of carbon dioxide per ton of steel. The Company’s strategy to achieve this 2030 reduction target consists of a multi-faceted approach that includes increasing the use of renewable energy and the development of energy efficiency strategies, increasing the participation of scrap in the metallic mix, improving the carbon capture capacity at its Direct Reduction Iron (“DRI”) facilities, replacing coking coal with charcoal and prioritizing lower specific-emission steelmaking technologies. The Company anticipates a change in its emission intensity rate starting in 2025 once the projects are operational.

In addition, Ternium is also exploring business opportunities such as selling the captured CO2 from its facilities in Mexico, marketing by-products of the process, and utilizing steel in solutions that promote energy efficiency and lower emissions in the supply chain. These sales currently represent a relatively small proportion of overall sales but are expected to increase in the coming years.

The Company intends to continue analyzing and developing measures to decarbonize its operations over the longer term with the ambition of achieving carbon neutrality. This endeavor will require significant long-term investments, conditioned by technology innovation, cooperation within the value chain, government regulations, and capital availability for decarbonization projects. Factors like access to abundant and affordable clean energy, appropriate energy infrastructure, local and global regulation that guarantee fair trade and carbon capture storage, access to sustainable finance for low emissions steel-making technologies, and changes in consumer behavior will be key in the development of solutions and the outcomes in the next decades.

Given that Ternium’s climate-change-related decarbonization plans span over many years and are subject to significant uncertainty as described above, they have not been included as part of the assumptions used to calculate future cash flows of the recoverable amount of the company’s CGUs, except for those plans that are already approved or in process. Estimates and assumptions related to the impairment test over long-lived assets and goodwill, useful lives of assets, capital and research and development expenditures, inventory valuation, recovery of deferred tax assets and provisions, and contingent liabilities are based on available information and government regulations in place as of December 31, 2023, as well as on the company’s already approved or in process investment plans.
Recently issued accounting pronouncements RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS
The following amendments, standards and interpretations have been applied on the year starting January 1, 2023:

Deferred Tax related to Assets and Liabilities arising from a Single Transaction – Amendments to IAS 12

The amendments to IAS 12 Income Taxes require companies to recognize deferred tax on transactions that, on initial recognition, give rise to equal amounts of taxable and deductible temporary differences, and will require the recognition of additional deferred tax assets and liabilities. The amendment should be applied to transactions that occur on or after the beginning of the earliest comparative period presented. In addition, entities should recognize deferred tax assets (to the extent that it is probable that they can be utilized) and deferred tax liabilities at the beginning of the earliest comparative period for all deductible and taxable temporary differences associated with right-of-use assets and lease liabilities, and decommissioning, restoration and similar liabilities, and the corresponding amounts recognized as part of the cost of the related assets.

As of December 31, 2023, the Company's management had already assessed the effects of applying these amendments on the Company’s financial statements and had not identified any material impact in the application of these amendments.

OECD Pillar Two Rules – Amendments to IAS 12

In December 2021, the Organization for Economic Co-operation and Development (“OECD”) released the Pillar Two model rules (the Global Anti-Base Erosion rules, or “GloBE”) to reform international corporate taxation. Following Pillar Two OECD’s initiative, the European Union adopted in December 2022 a directive to impose a global minimum taxation for multinational companies in the Union, to be effective as from 2024. In May 2023, the IASB made narrow-scope amendments to IAS 12 setting an exception that provides relief from the requirement to recognize and disclose deferred taxes arising from enacted or substantively enacted tax laws that implement the Pillar Two model rules, including tax laws that implement qualified domestic minimum top-up taxes as per described in those rules.

No current tax impacts have arisen in the current Consolidated Financial Statements as of December 31, 2023, due to the application of Pillar Two rules, as they will be applicable as from 2024 in jurisdictions relevant for the Company. In addition, the Company has applied the exception prescribed by the amendments to IAS 12, and therefore it has not recognized any deferred tax impact from the Pillar Two application.

The following standards, amendments to standards and interpretations are not mandatory for the financial year beginning January 1, 2023, and have not been early adopted:

Classification of Liabilities as Current or Non-current – Amendments to IAS 1 Non-current Liabilities with Covenants – Amendments to IAS 1

Amendments made to IAS 1 Presentation of Financial Statements in 2020 and 2022 clarified that liabilities are classified as either current or non-current, depending on the rights that exist at the end of the reporting period. Classification is unaffected by the entity’s expectations or events after the reporting date (e.g. the receipt of a waiver or a breach of covenant). The amendments require disclosures if an entity classifies a liability as non-current and that liability is subject to covenants that the entity must comply with within 12 months of the reporting date. The disclosures include the carrying amount of the liability, information about the covenants, and facts and circumstances, if any, that indicate that the entity may have difficulty complying with the covenants.
28.    RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS (continued)

Lease Liability in a Sale and Leaseback – Amendments to IFRS 16

In September 2022, the IASB finalized narrow-scope amendments to the requirements for sale and leaseback transactions in IFRS 16 Leases which explain how an entity accounts for a sale and leaseback after the date of the transaction.

IFRS S1, ‘General requirements for disclosure of sustainability-related financial information

IFRS S1 was issued in June 2023. It sets out overall requirements with the objective to require an entity to disclose information about its sustainability-related risks and opportunities that is useful to the primary users of general purpose financial reports in making decisions relating to providing resources to the entity and that could reasonably be expected to affect the entity’s cash flows, its access to finance or cost of capital over the short, medium or long term. It sets out general requirements for the content and presentation of those disclosures so that the information disclosed is useful to primary users in making decisions about providing resources to the entity.

Amendments to IAS 21 - Lack of Exchangeability.

On August 15, 2023, the IASB published Lack of Exchangeability (Amendments to IAS 21), which that contains guidance to specify when a currency is exchangeable and how to determine the exchange rate when it is not.

Other standards and interpretations non-significant for the Company’s financial statements:
– Amendments to IAS 1 and IFRS Practice Statement 2 – Disclosure of accounting policies
– Amendments to IAS 8 – Definition of accounting estimates
– Amendments to IAS 7 and IFRS 7 - Supplier finance arrangements
– IFRS 17 Insurance Contracts
v3.24.1
BASIS OF PRESENTATION (Tables)
 12 Months Ended
Dec. 31, 2023
Disclosure of notes and other explanatory information [Abstract]  
Disclosure of interests in subsidiaries
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)
.
CompanyCountry of OrganizationMain activityPercentage of ownership
at December 31,
202320222021
Ternium S.A.LuxembourgHolding100.00 %100.00 %100.00 %
Ternium Investments S.à.r.l.LuxembourgHolding100.00 %100.00 %100.00 %
Ternium Internacional España S.L. (1)SpainHolding and marketing of steel products100.00 %100.00 %100.00 %
Ternium Solutions S.A. (1)UruguayOther services100.00 %100.00 %100.00 %
Ternium Internationaal B.V. (1)NetherlandsMarketing of steel products100.00 %100.00 %100.00 %
Ternium USA Inc. (2) USAManufacturing and selling of steel products100.00 %100.00 %100.00 %
Ternium Argentina S.A. (3)ArgentinaManufacturing and selling of flat steel products 62.57 %62.57 %62.49 %
Prosid Investments S.A. (4)UruguayHolding62.58 %62.58 %62.49 %
Ternium Mexico S.A. de C.V. (5)MexicoManufacturing and selling of steel products89.25 %89.25 %89.22 %
Las Encinas S.A. de C.V. (6)MexicoExploration, exploitation and pelletizing of iron ore89.25 %89.25 %89.22 %
Ferropak Comercial S.A. de C.V. (6)MexicoScrap services company89.25 %89.25 %89.22 %
Transamerica E. & I. Trading Corp. (6)USAScrap services company89.25 %89.25 %89.22 %
Galvacer Chile S.A. (6)ChileDistributing company89.25 %89.25 %89.22 %
Ternium Gas México S.A. de C.V. (7)MexicoEnergy services company89.25 %89.25 %89.22 %
Consorcio Minero Benito Juarez Peña Colorada S.A.de C.V. (8)MexicoExploration, exploitation and pelletizing of iron ore44.62 %44.62 %44.61 %
Exiros B.V. (8)NetherlandsProcurement and trading services50.00 %50.00 %50.00 %
Servicios Integrales Nova de Monterrey S.A. de C.V. (9)MexicoMedical and Social Services66.49 %66.49 %66.47 %
Ternium Internacional Nicaragua S.A. NicaraguaManufacturing and selling of steel products99.38 %99.38 %99.38 %
Ternium Internacional Honduras S.A. de C.V. HondurasManufacturing and selling of steel products99.18 %99.18 %99.18 %
Ternium Internacional El Salvador S.A. de C.V.El SalvadorManufacturing and selling of steel products99.92 %99.92 %99.92 %
Ternium Internacional Costa Rica S.A. Costa RicaManufacturing and selling of steel products99.98 %99.98 %99.98 %
Ternium Internacional Guatemala S.A. (10)GuatemalaManufacturing and selling of steel products99.98 %99.98 %99.98 %
Ternium Colombia S.A.S. (11)ColombiaManufacturing and selling of steel products100.00 %100.00 %100.00 %
Ternium del Cauca S.A.S. (11)ColombiaManufacturing and selling of steel products100.00 %100.00 %100.00 %
Ternium del Atlántico S.A.S (11)ColombiaManufacturing and selling of steel products100.00 %100.00 %100.00 %
Ternium Procurement S.A. (11)UruguayMarketing of steel products and procurement services100.00 %100.00 %100.00 %
Technology & Engineering Services S.A. (11)UruguayEngineering and other services100.00 %100.00 %100.00 %
Ternium Brasil Ltda. (12)BrazilManufacturing and selling of steel products100.00 %100.00 %100.00 %
Tenigal S. de R.L. de C.V. (13)MexicoManufacturing and selling of steel products51.00 %51.00 %51.00 %
Soluciones Integrales de Gestión S.A. (14)ArgentinaOther services100.00 %100.00 %100.00 %
Vientos de Olavarría S.A. (15)ArgentinaRenewable energy projects.62.57 %62.57 %— 
Usinas Siderúrgicas de Minas Gerais S.A. (16)BrazilManufacturing and selling of steel products23.30 %— — 
Mineração Usiminas S.A. (17)BrazilExploration, exploitation and pelletizing of iron ore16.31 %— — 
Soluções Em Aço Usiminas S.A. (18)BrazilManufacturing and selling of steel products16.05 %— — 
2.    BASIS OF PRESENTATION (continued)
Company Country of OrganizationMain activityPercentage of ownership
at December 31,
202320222021
Usiminas Mecânica S.A. (19)BrazilEngineering and other services23.30 %— — 
Rios Unidos logistica e transporte de açõ Ltda. (19)BrazilLogistics and distribution of steel-derived products23.30 %— — 
Usiminas Internatioonal S.À R.L. (20)LuxembourgHolding23.30 %— — 
Usiminas Participações E Logística S.A. (21)BrazilLogistics and distribution of steel-derived products17.48 %— — 
Metalcentro Ltda. (22)BrazilOther services23.30 %— — 
Ternium Participaçoes S.A.em liquidaçao (23)BrazilHolding— 100.00 %100.00 %
Ternium Siderúrgica de Caldas S.A.S.(24)ColombiaManufacturing and selling of steel products— — 100.00 %
Impeco S.A. (25)ArgentinaManufacturing 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.
v3.24.1
ACQUISITION OF BUSINESS – INCREASE OF THE PARTICIPATION IN USIMINAS CONTROL GROUP AND NEW GOVERNANCE STRUCTURE OF USIMINAS - (Tables)
 12 Months Ended
Dec. 31, 2023
Detailed Information Of Business Combinations [Abstract]  
Disclosure of Detailed Information About Business Combination
The fair values determined for the assets acquired and liabilities assumed arising from the acquisition are as follows:

Fair value of acquired assets and assumed liabilities:in $ thousands
Property, plant and equipment (note 12)904,780 
Investments in non-consolidated companies400,037 
Inventories1,707,311 
Cash and cash equivalents781,072 
Other investments247,005 
Trade receivables764,257 
Allowance for doubtful accounts(44,626)
Other receivables854,917 
Deferred tax assets1,327,232 
Borrowings(1,224,399)
Provisions(856,153)
Trade payables(758,687)
Other assets and liabilities, net(509,486)
Net assets acquired3,593,260 
Non-controlling interest(2,818,358)
Remeasurement of previously held interest in Usiminas(385,851)
Total Purchase consideration(118,686)
Bargain purchase gain270,365 
Loss on the remeasurement of previously held interest in Usiminas(441,410)
Net loss effect related to the increase of the participation in Usiminas(171,045)
Contrary to the recognition principles in IAS 37 Provisions, Contingent Liabilities and Contingent Assets, IFRS 3 Business Combinations requires an acquirer of a business to recognize contingent liabilities assumed in a business acquisition at the acquisition date even if it is not probable that an outflow of resources will be required to settle the obligation.

in $ thousands
Provisions for contingencies recognized by Usiminas before business combination(199,677)
Provisions for contingencies recognized as part of the business combination:
Tax related contingencies(432,488)
Civil and other related contingencies(174,333)
Labour related contingencies(49,655)
Total Provision for contingencies(856,153)
The main contingencies recognized in the consolidated financial statements pursuant to IFRS 3 Business Combinations in connection with the acquisition of the additional participation in Usiminas and the full consolidation of Usiminas include the following:

DescriptionStatusAs of the acquisition date (in $ thousands)As of December 31, 2023
(in $ thousands)
Labor lawsuits filed by employees, former employees and outsourced personnel of the Cubatão Plant, claiming severance pay and social security rights.Pending judgment by the Labor Court and administrative bodies, at different levels.57,343 55,643 
Tax proceeding in which the tax authorities seek the reversal of ICMS/SP credits on materials considered as consumables (refractory items and others).Awaiting final outcome of the Appeal to the Superior Court of Justice (STJ).29,772 30,440 
Labor lawsuits filed by employees, former employees and outsourced personnel of the Ipatinga Plant, claiming severance pay and social security rights.Pending judgment by the Labor Court and administrative bodies, at different levels.15,112 13,722 
Labor lawsuits filed by former employees challenging the amount of compensation paid on dismissals.Pending judgment.10,837 9,809 
Other contingencies86,613 99,880 
Provisions for contingencies recognized by Usiminas before business combination199,677 209,494 
3.    ACQUISITION OF BUSINESS – INCREASE OF THE PARTICIPATION IN USIMINAS CONTROL GROUP AND NEW GOVERNANCE STRUCTURE OF USIMINAS (continued)

DescriptionStatusAs of the acquisition date (in $ thousands)As of December 31, 2023
(in $ thousands)
Objection filed against the decision that recognized only partially the credit rights established in a final and unappealable court decision that determined the exclusion of ICMS amounts from the calculation basis of PIS/COFINS-Imports.Pending judgment at administrative level.94,792 94,359 
Tax collection proceedings related to the collection of ICMS/SP on goods shipped to other countries without effective proof of export.Pending judgment by the trial court.51,546 51,311 
Tax proceedings seeking the reversal of ICMS/SP credits on materials considered as consumables (refractory items and others).Several case records, declaratory actions and tax collection proceedings, suspended or pending decision by higher courts.38,640 38,464 
ICMS – Action for annulment of the tax debt claimed by the State of Rio Grande do Sul due to failure to make the advance payment of the tax at the entry of goods coming from other States (rate differential ).Pending judgment by the trial court.28,789 28,658 
Tax assessment notice issued by the State of Minas Gerais concerning alleged reversal of ICMS credits on sale of electrical energy.Pending judgment at administrative level.12,386 12,330 
Other tax contingencies206,335 199,692 
Provisions for tax contingencies recognized as part of the business combination432,488 424,814 
Public Civil Action seeking the reimbursement of the amounts increased by means of a term of amendment to the Contractor's Agreement, due to alleged overbilling in the construction of a bridge in Brasília/DF.As of July 3, 2023, the claim was deemed groundless and was pending judgment of appeal. As of December 31, 2023, the action was dismissed as unfounded and the case was archived.64,315 — 
Public Civil Action seeking compensation for alleged damages caused to the State of Santa Catarina's Treasury related to improper expenditures incurred in the construction of a bridge.Pending conclusion of the expert evidence21,113 21,016 
Other civil and other contingencies (1)88,905 59,374 
Provisions for civil and other contingencies recognized as part of the business combination174,333 80,390 
Labor lawsuits filed by employees, former employees and outsourced personnel of the Cubatão Plant, claiming severance pay and social security rights.Pending judgment by the Labor Court and administrative bodies, at different levels.27,123 24,814 
Other labour contingencies (1)22,532 20,499 
Provisions for labour contingencies recognized as part of the business combination49,655 45,313 
(1) Composed of individually non-significative contingencies.
v3.24.1
ACCOUNTING POLICIES (Tables)
 12 Months Ended
Dec. 31, 2023
Disclosure of significant accounting policies [Abstract]  
Disclosure of Detailed Information About Property, Plant and Equipment Depreciation is calculated using the straight-line method to amortize the cost of each asset to its residual value over its estimated useful life as follows:
LandNo depreciation
Buildings and improvements
10-50 years
Production equipment
5-50 years
Vehicles, furniture and fixtures and other equipment
3-20 years
Property, plant and equipment, net
Year ended December 31, 2023
LandBuildings
and
improvements		Production equipmentVehicles, furniture and fixturesWork in progressSpare partsRight-of-use
assets		Total
Values at the beginning of the year
Cost607,971 4,091,108 7,744,607 309,469 547,102 173,731 395,620 13,869,608 
Accumulated depreciation— (2,012,992)(5,123,790)(254,599)— (30,864)(185,476)(7,607,721)
Net book value as of January 1, 2023607,971 2,078,116 2,620,817 54,870 547,102 142,867 210,144 6,261,887 
Opening net book value607,971 2,078,116 2,620,817 54,870 547,102 142,867 210,144 6,261,887 
Acquisition of business (note 3)93,842 170,609 407,931 10,880 173,100 27,986 20,432 904,780 
Translation differences(41)358 1,810 53 (790)(183)(869)338 
Additions70,415 5,333 24,861 2,903 921,175 37,437 16,061 1,078,185 
Disposals / Consumptions(2,314)(409)(388)(952)(1,861)(35,792)(104)(41,820)
Indexation— — — — — — 10,626 10,626 
Transfers4,179 139,552 343,301 27,825 (517,722)(252)— (3,117)
Depreciation charge— (148,406)(346,531)(21,674)— (411)(56,170)(573,192)
Closing net book value774,052 2,245,153 3,051,801 73,905 1,121,004 171,652 200,120 7,637,687 
Values at the end of the year
Cost774,052 4,407,345 8,514,780 344,859 1,121,004 202,923 438,596 15,803,559 
Accumulated depreciation— (2,162,192)(5,462,979)(270,954)— (31,271)(238,476)(8,165,872)
Net book value as of December 31, 2023774,052 2,245,153 3,051,801 73,905 1,121,004 171,652 200,120 7,637,687 

Year ended December 31, 2022
LandBuildings
and
improvements		Production equipmentVehicles, furniture and fixturesWork in progressSpare partsRight-of-use
assets		Total
Values at the beginning of the year
Cost594,744 4,023,271 7,707,052 294,356 563,082 166,959 364,971 13,714,435 
Accumulated depreciation— (1,890,186)(4,986,161)(240,250)— (29,792)(136,468)(7,282,857)
Net book value as of January 1, 2022594,744 2,133,085 2,720,891 54,106 563,082 137,167 228,503 6,431,578 
Opening net book value594,744 2,133,085 2,720,891 54,106 563,082 137,167 228,503 6,431,578 
Translation differences139 325 123 23 9 — — 619 
Impairment charge (note 4 (f))— (53,635)(45,365)— — — — (99,000)
Additions5,342 2,423 913 2,337 433,269 28,983 13,961 487,228 
Capitalized borrowing costs— — — — 403 — — 403 
Disposals / Consumptions(953)(1,133)(1,056)(842)(1,162)(22,210)(1,039)(28,395)
Indexation— — — — — — 17,945 17,945 
Transfers8,699 144,914 273,885 18,660 (448,499)— — (2,341)
Depreciation charge— (147,863)(328,574)(19,414)— (1,073)(49,226)(546,150)
Closing net book value607,971 2,078,116 2,620,817 54,870 547,102 142,867 210,144 6,261,887 
Values at the end of the year
Cost607,971 4,091,108 7,744,607 309,469 547,102 173,731 395,620 13,869,608 
Accumulated depreciation— (2,012,992)(5,123,790)(254,599)— (30,864)(185,476)(7,607,721)
Net book value as of December 31, 2022607,971 2,078,116 2,620,817 54,870 547,102 142,867 210,144 6,261,887 
v3.24.1
SEGMENT INFORMATION (Tables)
 12 Months Ended
Dec. 31, 2023
Disclosure of entity's operating segments [Abstract]  
TERNIUM TO INTEGRATE OPERATIONS IN THE USMCA
Year ended December 31, 2023
SteelMiningUsiminasInter-segment eliminationsTotal
Operating income - Management view2,404,189 (58,037)64,423 (6,401)2,404,174 
Reconciliation:
Differences in Cost of sales(206,160)
Operating income - Under IFRS2,198,014 
Financial income (expense), net123,454 
Equity in earnings (losses) of non-consolidated companies105,305 
Effect related to the increase of the participation in Usiminas(171,045)
Recycling of other comprehensive income related to Usiminas(934,946)
Income before income tax expense - IFRS1,320,782 
Net sales from external customers14,909,209 96 2,700,787 — 17,610,092 
Net sales from transactions with other operating segments of the same entity285,025 500,401 31,620 (817,046)— 
Depreciation and amortization(520,328)(107,546)(29,819)— (657,693)
Year ended December 31, 2022
SteelMiningUsiminasInter-segment eliminationsTotal
Operating income - Management view2,556,949 3,716 — 10,500 2,571,165 
Reconciliation:
Differences in Cost of sales128,354 
Operating income - Under IFRS2,699,519 
Financial income (expense), net(70,133)
Equity in earnings (losses) of non-consolidated companies37,114 
Income before income tax expense - IFRS2,666,500 
Net sales from external customers16,414,334 132 — — 16,414,466 
Net sales from transactions with other operating segments of the same entity— 410,636 — (410,636)— 
Depreciation and amortization(523,818)(92,674)— — (616,492)
Year ended December 31, 2021
SteelMiningUsiminasInter-segment eliminationsTotal
Operating income - Management view4,210,135 204,070 — 1,586 4,415,791 
Reconciliation:
Differences in Cost of sales855,345 
Operating income - Under IFRS5,271,136 
Financial income (expense), net92,462 
Equity in earnings (losses) of non-consolidated companies400,732 
Income before income tax expense - IFRS5,764,330 
Net sales from external customers16,043,033 47,711 — — 16,090,744 
Net sales from transactions with other operating segments of the same entity— 478,559 — (478,559)— 
Depreciation and amortization(528,144)(63,646)— — (591,790)
Information on segment assets is not disclosed as it is not reviewed by the CEO.
5.    SEGMENT INFORMATION (continued)
TERNIUM TO INTEGRATE OPERATIONS IN THE USMCA
On February 14, 2023, Ternium's Board of Directors approved the construction of a new upstream production capacity project into the company’s existing downstream facility in Pesquería, Nuevo León, Mexico. The increased slab production capacity will complement and support the company’s new state-of-the-art hot rolling mill, which began operations in mid-2021, as well as the previously announced downstream project in Mexico. Ternium expects to invest approximately $2.4 billion toward the construction of an electric arc furnace (EAF)-based steel shop with annual capacity of 2.6 million tons, as well as a direct reduced iron (DRI) module with annual capacity of 2.1 million tons. The slab production capacity program will also include the construction of a port facility for raw material handling. Start of operations is anticipated to occur during the first half of 2026.
Disclosure of Geographical Areas
Year ended December 31, 2023
MexicoSouthern regionBrazilOther marketsTotal
Net sales 9,419,873 3,588,651 2,518,764 2,082,804 17,610,092 
Non-current assets (2)4,965,628 878,642 2,474,178 315,287 8,633,735 
Year ended December 31, 2022
MexicoSouthern regionBrazil (1)Other marketsTotal
Net sales 8,949,104 3,853,390 743,713 2,868,259 16,414,466 
Non-current assets (2)4,769,161 859,351 1,265,013 312,771 7,206,296 
Year ended December 31, 2021
MexicoSouthern regionBrazilOther marketsTotal
Net sales 8,990,868 3,377,596 1,122,518 2,599,762 16,090,744 
Non-current assets (2)4,789,273 861,149 1,373,377 310,035 7,333,834 
(1) The non-current assets value includes the impact of the impairment charge of $99.0 million recognized in the Brazil CGU.
(2) Includes Property, plant and equipment and Intangible assets
Disclosure of Products and Services
REVENUES BY PRODUCT

Year ended December 31,
202320222021
Slabs177,240 640,231 1,304,437 
Hot rolled (1)7,913,232 6,991,466 6,356,576 
Cold rolled2,379,499 1,951,702 1,990,143 
Coated (2)5,708,328 5,704,765 5,303,394 
Roll-formed and tubular (3)789,255 660,830 659,609 
Billets, round bars and others45,351 142,511 167,138 
Other products (4)597,187 322,961 309,447 
TOTAL SALES 17,610,092 16,414,466 16,090,744 
(1) Hot rolled includes hot rolled flat products, merchant bars, reinforcing bars, stirrups and rods.
(2) Coated includes tin plate and galvanized products.
(3) Roll-formed and tubular includes pre-engineered metal building systems, tubes, beams, insulated panels, roofing and cladding, roof tiles and steel decks.
(4) Other products include mainly sales of energy and pig iron.
v3.24.1
COST OF SALES (Tables)
 12 Months Ended
Dec. 31, 2023
Analysis of income and expense [abstract]  
Schedule of Cost of Sales
Year ended December 31,
202320222021
Inventories at the beginning of the year3,470,215 3,908,305 2,001,781 
Acquisition of business (Note 3)1,707,311 — — 
Translation differences(22,514)— — 
Plus: Charges for the year
Raw materials and consumables used and other movements11,193,050 9,773,523 9,835,504 
Services and fees250,333 183,003 151,251 
Labor cost940,411 862,593 689,614 
Depreciation of property, plant and equipment556,630 532,160 514,746 
Amortization of intangible assets47,374 43,947 23,519 
Maintenance expenses825,809 612,928 582,633 
Office expenses14,873 10,295 7,741 
Insurance24,867 15,184 12,309 
Change of obsolescence allowance4,707 20,804 3,965 
Valuation allowance(15,333)15,333 — 
Recovery from sales of scrap and by-products(37,186)(42,000)(37,597)
Others38,567 21,422 17,909 
Less: Inventories at the end of the year(4,948,376)(3,470,215)(3,908,305)
Cost of Sales14,050,737 12,487,282 9,895,070 
v3.24.1
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES (Tables)
 12 Months Ended
Dec. 31, 2023
Analysis of income and expense [abstract]  
Schedule of Selling, General and Administrative Expense
Year ended December 31,
202320222021
Services and fees (1)91,853 73,401 60,216 
Labor cost355,967 299,139 250,697 
Depreciation of property, plant and equipment16,562 13,990 14,153 
Amortization of intangible assets37,126 26,395 39,372 
Maintenance and expenses10,340 8,311 6,977 
Taxes164,935 170,216 160,254 
Office expenses72,426 41,921 34,968 
Freight and transportation681,416 499,127 365,455 
Increase (decrease) of allowance for doubtful accounts12,528 114 350 
Others28,525 11,032 17,682 
Selling, general and administrative expenses  1,471,678 1,143,646 950,124 
(1) For the year ended December 31, 2023, it includes fees accrued for professional services rendered by PwC to Ternium S.A. and its subsidiaries that amounted to $5,340, including $4,783 for audit services, $268 for audit-related services, $8 for tax services and $281 for all other services.
For the year ended December 31, 2022, it includes fees accrued for professional services rendered by PwC to Ternium S.A. and its subsidiaries that amounted to $3,991, including $3,681 for audit services, $272 for audit-related services and $38 for all other services.
For the year ended December 31, 2021, it includes fees accrued for professional services rendered by PwC to Ternium S.A. and its subsidiaries that amounted to $3,241, including $3,157 for audit services, $78 for audit-related services and $6 for all other services.
v3.24.1
LABOR COSTS (Included Cost of sales and Selling, General and Administrative expenses) (Tables)
 12 Months Ended
Dec. 31, 2023
Labor Costs [Abstract]  
Schedule of Labor Costs
Year ended December 31,
202320222021
Wages, salaries and social security costs1,216,566 1,093,105 878,347 
Termination benefits 23,189 22,246 18,677 
Post-employment benefits (Note 21 (i))56,623 46,381 43,287 
 Labor costs1,296,378 1,161,732 940,311 
As of December 31, 2023, 2022 and 2021, the number of employees was 34,458, 20,510 and 20,142, respectively.
v3.24.1
OTHER OPERATING INCOME (EXPENSES), NET (Tables)
 12 Months Ended
Dec. 31, 2023
Other operating income (expenses), net [Abstract]  
Schedule of Other Operating Income (Expenses), Net
Year ended December 31,
202320222021
Results of sundry assets8,165 8,177 8,558 
Gain from the agreement related to the post-retirement benefits from Usiminas108,696 — — 
Provision for legal claims and other matters (Note 19 and 25 (i) and (ii))59,649 1,069 — 
Other operating income (1)— 5,735 40,587 
Other operating income176,510 14,981 49,145 
Provision for legal claims and other matters (Note 19 and 25 (i) and (ii))— — (11,761)
Impairment charge (2)(42,316)(99,000)— 
Reversal of the asset in connection with the slab commitment agreement (Note 4 (e) (6))— — (11,798)
Other operating expense (1)(23,857)— — 
Other operating expense(66,173)(99,000)(23,559)
Other operating income (expenses), net110,337 (84,019)25,586 
(1) For the year ended December 31, 2023, it includes the value update of certain tax liabilities in Usiminas of $10,000. For the year ended December 31, 2021, it includes the recovery of certain tax credits in Brazil of $27,200.
(2) For the year ended December 31, 2023, see note 4(e)(2). For the year ended December 31, 2022, see note 4(f).
v3.24.1
OTHER FINANCIAL INCOME (EXPENSES), NET (Tables)
 12 Months Ended
Dec. 31, 2023
Other financial income (expenses), net [Abstract]  
Schedule of Other Financial Income (Expenses), Net
Year ended December 31,
202320222021
Interest expense(125,376)(46,737)(26,997)
Finance expense(125,376)(46,737)(26,997)
Interest income255,009 75,145 62,912 
Finance income255,009 75,145 62,912 
Net foreign exchange gain (loss)98,037 (163,740)(36,761)
Change in fair value of financial assets1,899 78,309 75,801 
Derivative contract results(60,183)(2,132)1,485 
Others(45,932)(10,978)16,022 
Other financial income (expenses), net (6,179)(98,541)56,547 
v3.24.1
INCOME TAX EXPENSE (Tables)
 12 Months Ended
Dec. 31, 2023
Disclosure of income tax [Abstract]  
Disclosure of Major Components of Tax Expense
Income tax expense for each of the years presented is as follows:
Year ended December 31,
202320222021
Current tax
Current tax(578,902)(671,016)(1,650,281)
Recovery of income tax13,429 — — 
Deferred tax (Note 19)
Deferred tax102,431 80,692 185,655 
Effect of changes in tax law (1)— — (9,117)
Recognition of previously unrecognized deferred tax assets (2)128,634 — — 
Recovery of income tax— 16,596 76,604 
Income tax expense(334,408)(573,728)(1,397,139)
(1) For 2021, it includes the modification of the tax rate in Argentina enacted in 2017 and modified in 2019 and 2021, setting the corporate income tax rate to 35% for the year 2021 going forward.
(2) It includes the recovery of unrecognized tax losses and temporary differences in Ternium Brasil Ltda.
Schedule of Effective Income Tax Rate Reconciliation
Income tax expense for the years ended December 31, 2023, 2022 and 2021 differed from the amount computed by applying the statutory income tax rate in force in each country in which the company operates to pre-tax income as a result of the following:
Year ended December 31,
202320222021
Income before income tax1,320,782 2,666,500 5,764,330 
Income tax expense at statutory tax rate(643,686)(785,888)(1,633,556)
Non taxable income 39,755 — 37,815 
Non deductible expenses— (45,862)— 
Effect of currency translation on tax base (1)180,582 241,426 131,115 
Recognition of previously unrecognized deferred tax assets128,634 — — 
Provision for tax losses(53,122)— — 
Recovery of income tax13,429 16,596 76,604 
Effect of changes in tax law— — (9,117)
Income tax expense(334,408)(573,728)(1,397,139)
(1) Ternium applies the liability method to recognize deferred income tax on temporary differences between the tax bases of assets and their carrying amounts in the financial statements. By application of this method, Ternium recognizes gains and losses on deferred income tax due to the effect of the change in the value on the tax basis in subsidiaries, which have a functional currency different to their local currency, mainly Mexico and Argentina.
v3.24.1
PROPERTY, PLANT AND EQUIPMENT, NET (Tables)
 12 Months Ended
Dec. 31, 2023
Disclosure of detailed information about property, plant and equipment [abstract]  
Disclosure of Detailed Information About Property, Plant and Equipment Depreciation is calculated using the straight-line method to amortize the cost of each asset to its residual value over its estimated useful life as follows:
LandNo depreciation
Buildings and improvements
10-50 years
Production equipment
5-50 years
Vehicles, furniture and fixtures and other equipment
3-20 years
Property, plant and equipment, net
Year ended December 31, 2023
LandBuildings
and
improvements		Production equipmentVehicles, furniture and fixturesWork in progressSpare partsRight-of-use
assets		Total
Values at the beginning of the year
Cost607,971 4,091,108 7,744,607 309,469 547,102 173,731 395,620 13,869,608 
Accumulated depreciation— (2,012,992)(5,123,790)(254,599)— (30,864)(185,476)(7,607,721)
Net book value as of January 1, 2023607,971 2,078,116 2,620,817 54,870 547,102 142,867 210,144 6,261,887 
Opening net book value607,971 2,078,116 2,620,817 54,870 547,102 142,867 210,144 6,261,887 
Acquisition of business (note 3)93,842 170,609 407,931 10,880 173,100 27,986 20,432 904,780 
Translation differences(41)358 1,810 53 (790)(183)(869)338 
Additions70,415 5,333 24,861 2,903 921,175 37,437 16,061 1,078,185 
Disposals / Consumptions(2,314)(409)(388)(952)(1,861)(35,792)(104)(41,820)
Indexation— — — — — — 10,626 10,626 
Transfers4,179 139,552 343,301 27,825 (517,722)(252)— (3,117)
Depreciation charge— (148,406)(346,531)(21,674)— (411)(56,170)(573,192)
Closing net book value774,052 2,245,153 3,051,801 73,905 1,121,004 171,652 200,120 7,637,687 
Values at the end of the year
Cost774,052 4,407,345 8,514,780 344,859 1,121,004 202,923 438,596 15,803,559 
Accumulated depreciation— (2,162,192)(5,462,979)(270,954)— (31,271)(238,476)(8,165,872)
Net book value as of December 31, 2023774,052 2,245,153 3,051,801 73,905 1,121,004 171,652 200,120 7,637,687 

Year ended December 31, 2022
LandBuildings
and
improvements		Production equipmentVehicles, furniture and fixturesWork in progressSpare partsRight-of-use
assets		Total
Values at the beginning of the year
Cost594,744 4,023,271 7,707,052 294,356 563,082 166,959 364,971 13,714,435 
Accumulated depreciation— (1,890,186)(4,986,161)(240,250)— (29,792)(136,468)(7,282,857)
Net book value as of January 1, 2022594,744 2,133,085 2,720,891 54,106 563,082 137,167 228,503 6,431,578 
Opening net book value594,744 2,133,085 2,720,891 54,106 563,082 137,167 228,503 6,431,578 
Translation differences139 325 123 23 9 — — 619 
Impairment charge (note 4 (f))— (53,635)(45,365)— — — — (99,000)
Additions5,342 2,423 913 2,337 433,269 28,983 13,961 487,228 
Capitalized borrowing costs— — — — 403 — — 403 
Disposals / Consumptions(953)(1,133)(1,056)(842)(1,162)(22,210)(1,039)(28,395)
Indexation— — — — — — 17,945 17,945 
Transfers8,699 144,914 273,885 18,660 (448,499)— — (2,341)
Depreciation charge— (147,863)(328,574)(19,414)— (1,073)(49,226)(546,150)
Closing net book value607,971 2,078,116 2,620,817 54,870 547,102 142,867 210,144 6,261,887 
Values at the end of the year
Cost607,971 4,091,108 7,744,607 309,469 547,102 173,731 395,620 13,869,608 
Accumulated depreciation— (2,012,992)(5,123,790)(254,599)— (30,864)(185,476)(7,607,721)
Net book value as of December 31, 2022607,971 2,078,116 2,620,817 54,870 547,102 142,867 210,144 6,261,887 
Disclosure of Quantitative Information About Right-Of-Use Assets Right-of-use assets
Right-of-use assets
LandBuildings
and
improvements		Production equipmentVehicles, furniture and fixturesTotal
Values at the beginning of the year
Cost1,339 266,330 127,765 187 395,621 
Accumulated depreciation(4)(118,709)(66,639)(125)(185,477)
Net book value as of January 1, 20231,335 147,621 61,126 62 210,144 
Opening net book value1,335 147,621 61,126 62 210,144 
Translation differences— (790)(79)— (869)
Acquisition of business (note 3)— 3,894 16,433 105 20,432 
Additions— 3,716 12,304 41 16,061 
Disposal/Derecognition— (85)(19)— (104)
Indexation(962)9,784 1,704 100 10,626 
Depreciation charge(26)(35,178)(20,854)(112)(56,170)
Closing net book value347 128,962 70,615 196 200,120 
Values at the end of the year
Cost376 281,250 156,614 355 438,595 
Accumulated depreciation(29)(152,288)(85,999)(159)(238,475)
Net book value as of December 31, 2023347 128,962 70,615 196 200,120 
Right-of-use assets
LandBuildings
and
improvements		Production equipmentVehicles, furniture and fixturesTotal
Values at the beginning of the year
Cost— 245,300 119,497 174 364,971 
Accumulated depreciation— (87,103)(49,321)(44)(136,468)
Net book value as of January 1, 2022— 158,197 70,176 130 228,503 
Opening net book value— 158,197 70,176 130 228,503 
Additions1,339 6,445 6,163 14 13,961 
Disposal/Derecognition— — (1,039)— (1,039)
Indexation— 14,585 3,360 — 17,945 
Depreciation charge(4)(31,606)(17,534)(82)(49,226)
Closing net book value1,335 147,621 61,126 62 210,144 
Values at the end of the year
Cost1,339 266,330 127,765 187 395,621 
Accumulated depreciation(4)(118,709)(66,639)(125)(185,477)
Net book value as of December 31, 20221,335 147,621 61,126 62 210,144 
v3.24.1
INTANGIBLE ASSETS, NET (Tables)
 12 Months Ended
Dec. 31, 2023
Disclosure of detailed information about intangible assets [abstract]  
Schedule of Changes in Intangible Assets, Net
Year ended December 31, 2023
Information system projectsMining assetsExploration and evaluation costsCustomer relationships and other contractual rightsTrademarksGoodwillTotal
Values at the beginning of the year
Cost460,434 358,767 29,360 297,427 73,935 662,307 1,882,230 
Accumulated depreciation(348,260)(227,098)— (288,528)(73,935)— (937,821)
Net book value as of January 1, 2023112,174 131,669 29,360 8,899 — 662,307 944,409 
Opening net book value112,174 131,669 29,360 8,899 — 662,307 944,409 
Translation differences(227)— — — — — (227)
Acquisition of business (note 3)34,451 — — — — — 34,451 
Additions67,754 32,407 40,333 726 — — 141,220 
Disposals / Consumptions(113)— — (19)— — (132)
Impairment charge (note 4 (e)(2))— (42,316)— — — — (42,316)
Transfers3,181 55,016 (55,054)— — — 3,143 
Depreciation charge(35,722)(48,434)— (344)— — (84,500)
Closing net book value181,498 128,342 14,639 9,262 — 662,307 996,048 
Values at the end of the year
Cost563,120 403,875 14,639 298,134 73,935 662,307 2,016,010 
Accumulated depreciation(381,622)(275,533)— (288,872)(73,935)— (1,019,962)
Net book value as of December 31, 2023181,498 128,342 14,639 9,262 — 662,307 996,048 
Year ended December 31, 2022
Information system projectsMining assetsExploration and evaluation costsCustomer relationships and other contractual rightsTrademarksGoodwillTotal
Values at the beginning of the year
Cost402,387 326,269 11,231 295,597 73,935 662,307 1,771,726 
Accumulated depreciation(322,595)(184,766)— (288,174)(73,935)— (869,470)
Net book value as of January 1, 202279,792 141,503 11,231 7,423 — 662,307 902,256 
Opening net book value79,792 141,503 11,231 7,423 — 662,307 902,256 
Additions57,689 — 50,627 1,831 — — 110,147 
Transfers2,348 32,498 (32,498)— — — 2,348 
Depreciation charge(27,655)(42,332)— (355)— — (70,342)
Closing net book value112,174 131,669 29,360 8,899 — 662,307 944,409 
Values at the end of the year
Cost460,434 358,767 29,360 297,427 73,935 662,307 1,882,230 
Accumulated depreciation(348,260)(227,098)— (288,528)(73,935)— (937,821)
Net book value as of December 31, 2022112,174 131,669 29,360 8,899 — 662,307 944,409 
v3.24.1
INVESTMENTS IN NON-CONSOLIDATED COMPANIES (Tables)
 12 Months Ended
Dec. 31, 2023
Disclosure of interests in other entities [Abstract]  
Disclosure of Interest in Non-Consolidated Companies
As of December 31,
20232022
At the beginning of the year821,571 751,475 
Acquisition of business (note 3)400,037 — 
Derecognition related to the increase of the participation in Usiminas(771,995)— 
Equity in earnings of non-consolidated companies105,305 37,114 
Other comprehensive income and other effects(2,812)48,475 
Dividends from non-consolidated companies (1)(34,841)(15,493)
At the end of the year517,265 821,571 
(1) Mainly related to dividends from Unigal Usiminas Ltda. and MRS Logística S.A.

The principal investments in non-consolidated companies, all of which are unlisted, except for Usiminas, are:
Country of incorporationMain activityVoting rights atValue at
December 31, 2023December 31, 2022December 31, 2023December 31, 2022
Usinas Siderurgicas de Minas Gerais S.A. - USIMINASBrazilManufacturing and selling of steel products— 34.39 %— 725,705 
Techgen S.A. de C.V.MexicoProvision of electric power48.00 %48.00 %116,849 90,559 
Unigal Usiminas Ltda.BrazilManufacturing and selling of steel products70.00 %— 124,064 — 
MRS Logística S.ABrazilLogistical services11.41 %— 235,268 — 
Other non-consolidated companies (1)41,084 5,307 
517,265 821,571 
(1) It includes the investments held in Finma S.A.I.F., Recrotek S.R.L. de C.V., Gas Industrial de Monterrey S.A. de C.V., Modal Terminal de Graneis Ltda., Usiroll – Usiminas Court Tecnologia em Acabamento Superficial Ltda, Codeme Engenharia S.A, Terminal de Cargas Paraopeba Ltda., Terminal de Cargas Sarzedo Ltda., and Metalcentro Ltda.
v3.24.1
RECEIVABLES, NET - NON CURRENT AND CURRENT (Tables)
 12 Months Ended
Dec. 31, 2023
Receivables, net [Abstract]  
Schedule of Non-Current Receivables
As of December 31,
20232022
Receivables with related parties (Notes 26 and 14 (a))135,124127,008 
Employee advances and loans28,812 21,729 
Advances to suppliers for the purchase of property, plant and equipment (1)181,96244,067 
Advances to suppliers for the purchase of property, plant and equipment with related parties (Note 26) (1)123,599 2,444 
Other tax credits (2)356,687 117,111 
Judicial deposits and other receivables (2)178,602 — 
Others68,459 6,331 
Receivables, net – Non-current1,073,245 318,690 
Schedule of Current Receivables
(1) The increase in the year 2023 is related to the ongoing investment plan in the Pesquería plant in Mexico.
(2) The increase in the year 2023 is related to the increase of participation in Usiminas.
v3.24.1
TRADE RECEIVABLES, NET - NON CURRENT AND CURRENT (Tables)
 12 Months Ended
Dec. 31, 2023
Trade and other receivables [abstract]  
Schedule of Trade Receivables
As of December 31,
20232022
Trade receivables6,430— 
Allowance for doubtful accounts (Note 19)(6,430)— 
Trade receivables, net – Non-current— — 
Current accounts2,092,3611,110,481 
Trade receivables with related parties (Note 26)26,18380,078 
Allowance for doubtful accounts (Note 19)(53,045)(9,870)
Trade receivables, net  - Current2,065,4991,180,689 
Trade receivables, net as of December 31, 2023
TotalFully performingPast due
Guaranteed697,001 664,698 32,303 
Not guaranteed1,427,973 1,246,206 181,767 
Trade receivables2,124,974 1,910,904 214,070 
Allowance for doubtful accounts (Note 19)(59,475)— (59,475)
Trade receivables, net2,065,499 1,910,904 154,595 
Trade receivables, net as of December 31, 2022
TotalFully performingPast due
Guaranteed527,700 498,962 28,738 
Not guaranteed662,859 590,093 72,766 
Trade receivables1,190,559 1,089,055 101,504 
Allowance for doubtful accounts (Note 19)(9,870)— (9,870)
Trade receivables, net1,180,689 1,089,055 91,634 
v3.24.1
INVENTORIES, NET (Tables)
 12 Months Ended
Dec. 31, 2023
Subclassifications of assets, liabilities and equities [abstract]  
Schedule of Inventory
As of December 31,
20232022
Raw materials, materials and spare parts1,409,316 963,732 
Goods in process2,312,068 1,681,239 
Finished goods947,768 553,965 
Goods in transit479,248 365,675 
Obsolescence allowance (Note 19)(200,024)(79,063)
Valuation allowance— (15,333)
Inventories, net 4,948,376 3,470,215 
v3.24.1
CASH, CASH EQUIVALENTS AND OTHER INVESTMENTS - NON CURRENT AND CURRENT (Tables)
 12 Months Ended
Dec. 31, 2023
Cash, cash equivalents and other investments [Abstract]  
Schedule of Other Investments
As of December 31,
20232022
Investments in debt instruments and other210,774 100,464 
Other investments156 252 
Other investments, net – Non-current210,930 100,716 
Schedule of Cash and Cash Equivalents
As of December 31,
20232022
(i) Other investments
Other deposits with maturity of more than three months1,975,646 1,875,026 
Other investments - Current1,975,646 1,875,026 
(ii) Cash and cash equivalents
Cash and banks492,684 371,797 
Restricted cash3,129 30 
Short-term bank deposits478,778 772,953 
Other deposits with maturity of less than three months871,422 508,575 
Cash and cash equivalents 1,846,013 1,653,355 
v3.24.1
ALLOWANCES AND PROVISIONS - NON CURRENT AND CURRENT (Tables)
 12 Months Ended
Dec. 31, 2023
Provisions [abstract]  
Schedule of provisions
Provisions and allowances - Non currentDeducted from assetsLiabilitiesLiabilities
Allowance for doubtful accountsLegal claims and other mattersAsset retirement obligation
Year ended December 31, 2023
Values at the beginning of the year — 81,422 38,104 
Translation differences75 (4,108)7,558 
Acquisition of business (note 3)6,663 856,153 58,127 
Additions— 37,112 828 
Reversals (308)(96,761)(162)
Uses— (33,897)— 
As of December 31, 20236,430 839,921 104,455 
Year ended December 31, 2022
Values at the beginning of the year — 83,299 32,098 
Translation differences— 2,999 2,735 
Additions— 5,889 3,271 
Reversals — (6,959)— 
Uses— (3,806)— 
As of December 31, 2022— 81,422 38,104 
19.    ALLOWANCES AND PROVISIONS – NON CURRENT AND CURRENT (continued)
Provisions and allowances - CurrentDeducted from assetsLiabilities
Allowance for doubtful accountsObsolescence allowanceAsset retirement obligation
Year ended December 31, 2023
Values at the beginning of the year 9,870 79,063 3,304 
Translation differences(771)(1,521)(217)
Acquisition of business (note 3)37,963 77,895 1,428 
Additions15,639 35,215 6,946 
Reversals (2,803)(30,508)— 
Uses(6,853)39,880 (4,129)
As of December 31, 202353,045 200,024 7,332 
Year ended December 31, 2022
Values at the beginning of the year 9,472 61,476 3,610 
Translation differences544 — (465)
Additions1,786 36,666 3,558 
Reversals (1,672)(15,862)— 
Uses(260)(3,217)(3,399)
As of December 31, 20229,870 79,063 3,304 
v3.24.1
DEFERRED INCOME TAX (Tables)
 12 Months Ended
Dec. 31, 2023
Deferred income tax [Abstract]  
Schedule of Changes in Deferred Income Tax
Changes in deferred income tax are as follows:
As of December 31,
20232022
At the beginning of the year37,495 (25,471)
Acquisition of business (note 3)1,327,232 — 
Translation differences(4,373)330 
Recognition of previously unrecognized tax losses128,634 — 
Charges directly to other comprehensive income(48,854)(18,056)
Deferred tax credit (note 11)102,431 80,692 
At the end of the year1,542,565 37,495 
Changes in Deferred Tax Assets and Liabilities
The changes in deferred tax assets and liabilities (prior to offsetting the balances within the same tax jurisdiction) during the year are as follows:

Deferred tax assets (liabilities)At the beginning of the yearTranslation differencesAcquisition of businessCredits (Charges) directly to OCIRecognition of previously unrecognized tax lossesIncome statement credit (charge)Total as of
December 31, 2023
Property, plant and equipment(200,556)(2,360)412,320 — — 114,134 323,538 
Inventories(69,594)(903)116,290 — — (27,962)17,831 
Intangible assets(22,923)(683)143,033 — — 14,901 134,328 
Provisions98,999 (698)255,529 — — 267 354,097 
Trade receivables15,515 — 28,510 — — (1,351)42,674 
Tax losses (1)17,400 4,901 304,237 — — 56,433 382,971 
Other (2)198,654 (4,630)67,313 (48,854)128,634 (53,991)287,126 
At the end of the year37,495 (4,373)1,327,232 (48,854)128,634 102,431 1,542,565 
(1) As of December 31, 2023, the recognized deferred tax assets on tax losses amount to $383.0 million mainly connected to Ternium Brasil Ltda. and Usinas Siderúrgicas de Minas Gerais S.A. Additionally, there are net unrecognized deferred tax assets of $14.2 million, connected to Usinas Siderúrgicas de Minas Gerais S.A., and unrecognized tax losses amounting to $357.4 million from Usinas Siderúrgicas de Minas Gerais S.A. and $889.4 million from Ternium Brasil Ltda. Under the Luxembourg tax law, tax losses generated before 2017 can be carried forward indefinitely and are not subject to any yearly consumption limitation, while losses incurred as from 2017 may be carried forward for a maximum of 17 years. Unrecognized tax losses of Ternium SA as of December 31, 2022 amounted to $2.1 billion and the estimated tax loss for the fiscal year 2023 amounted to $30.1 million, with approximately 92% of the referred tax losses generated before 2017. Unrecognized tax losses of Ternium Investments S.à r.l. as of December 31, 2022 amounted to $2.6 billion and the estimated tax result for fiscal year 2023 amounted to $0.9 million, with approximately 98% of the referred tax losses generated before 2017.
(2) It corresponds mainly to the deferred tax assets related to post-employment benefits and asset retirement obligations.

Deferred tax assets (liabilities)At the beginning of the yearTranslation differencesAcquisition of businessCredits (Charges) directly to OCIRecognition of previously unrecognized tax lossesIncome statement credit (charge)Total as of
December 31, 2022
Property, plant and equipment(353,420)— — — — 152,864 (200,556)
Inventories49,437 — — — — (119,031)(69,594)
Intangible assets(26,323)— — — — 3,400 (22,923)
Provisions82,139 — — — — 16,860 98,999 
Trade receivables35,144 — — — — (19,629)15,515 
Tax losses (1)3,578 — — — — 13,822 17,400 
Other (2)183,975 330 — (18,056)— 32,406 198,654 
At the end of the year(25,471)330 — (18,056)— 80,692 37,495 
(3) As of December 31, 2022, the recognized deferred tax assets on tax losses amount to $17.4 million and there are net unrecognized deferred tax assets of $202.0 million and unrecognized tax losses amounting to $879.0 million. These two last effects are connected to the acquisition of Ternium Brasil Ltda.
(4) It corresponds mainly to the deferred tax assets related to post-employment benefits and asset retirement obligations.
v3.24.1
OTHER LIABILITIES - NON CURRENT AND CURRENT (Tables)
 12 Months Ended
Dec. 31, 2023
Disclosure of other liabilities [Abstract]  
Schedule of Other Non-Current Liabilities
As of December 31,
20232022
(i) Other liabilities - Non current
Post-employment benefits673,453 405,018 
Other employee benefits93,194 84,028 
Asset retirement obligation (note 19) (1)104,455 38,104 
Put option liability (note 3 (e))249,264 — 
Other28,632 11,064 
Other liabilities – Non-current1,148,998 538,214 
(1) The asset in connection with this liability is included in Property, plant and equipment.
Schedule of Other Liabilities Recognized in Statement of Financial Position
The amounts recognized in the consolidated statement of financial position are determined as follows:
Post-employment benefits
As of December 31,
20232022
Present value of obligations1,975,462 405,018 
Fair value of plan assets(1,525,330)— 
Asset ceiling223,321 — 
Net liability (asset) in the statement of financial position673,453 405,018 
Changes in the liability recognized in the consolidated statement of financial position are as follows:
Post-employment benefits
As of December 31,
20232022
At the beginning of the year405,018 390,942 
Acquisition of business (note 3)1,529,949 — 
Transfers, new participants and funding of the plan30,116 (508)
Total expense79,396 46,381 
Remeasurements62,302 (24,567)
Translation differences40,168 21,088 
Contributions paid(171,487)(28,318)
At the end of the year1,975,462 405,018 

Changes in fair value of the plan assets are as follows:
Fair value of plan assets
As of December 31,
20232022
At the beginning of the year— — 
Acquisition of business (Note 3) (1)1,462,147 — 
Expected return on assets42,882 — 
Interest income142,529 — 
Translation differences(5,933)— 
Funding of the plan14,848 — 
Contributions paid(131,143)— 
At the end of the year1,525,330 — 
(1) The asset ceiling at the acquisition date amounted to $169.7 million.
The major categories of plan assets are as follows:
Fair value of plan assets
As of December 31,
20232022
Usiminas shares64,819 — 
Non-US government securities1,054,671 — 
Fixed income99,602 — 
Investments funds241,481 — 
Others64,757 — 
At the end of the year1,525,330 — 
Schedule of Amounts Recognized in Income Statement
The amounts recognized in the consolidated income statement are as follows:
Post-employment benefits
Year ended December 31,
20232022
Current service cost14,876 13,721 
Interest cost (income), net30,686 32,660 
Interest on Asset ceiling/ Onerous liability20,973 — 
Reversal of prior service cost - Saúde Usiminas healthcare plan(108,696)— 
Net (income) loss included in income statement(42,161)46,381 

The amounts recognized in other comprehensive income are as follows:
Post-employment benefits
Year ended December 31,
20232022
Remeasurements
Effect of changes in demographic assumptions(31,024)3,990 
Effect of changes in financial assumptions26,509 (36,927)
Effect of experience adjustments66,817 8,370 
Change in asset ceiling32,707 — 
Expected return on assets(42,882)— 
Net loss (income) included in other comprehensive income52,127 (24,567)
21.    OTHER LIABILITIES – NON CURRENT AND CURRENT (continued)
Schedule of Principal Actuarial Assumptions
The principal actuarial assumptions used were as follows:
Year ended December 31,
Mexico20232022
Discount rate9.00%9.00%
Compensation growth rate
6.00% - 7.00%
6.00% - 7.00%
Year ended December 31,
Argentina20232022
Discount rate
6.00% - 7.00%
6.00% - 7.00%
Compensation growth rate
2.00% - 3.00%
2.00% - 3.00%
Year ended December 31,
Brazil20232022
Discount rate
5.23% -5.40%
— 
Compensation growth rate
0.50%- 2.90%
— 
Long-term increase in medical service costs4.75%— 
Expected return on plan assets
9.28% - 9.46%
— 
Schedule of Sensitivity of the Defined Benefit Obligation to Changes in the Weighted Principal Assumptions
The sensitivity of the defined benefit obligation to changes in the weighted principal assumptions is as follows:
Impact on defined benefit obligation
Change in assumptionIncrease in assumptionDecrease in assumption
Discount rate1.00%-7.6%9.1%
Compensation growth rate1.00%0.4%-1.0%
Pension growth rate1.00%-1.0%-0.5%
Life expectancy1 year1.4%-1.4%
Schedule of Other Current Liabilities
As of December 31,
20232022
(ii) Other liabilities - Current
Payroll and social security payable174,188 150,378 
VAT liabilities68,178 113,842 
Other tax liabilities70,815 55,622 
Termination benefits100 761 
Related Parties (Note 26)3,588 515 
Asset retirement obligation (Note 19)7,332 3,303 
Dividends payable51,249 — 
Others54,263 20,422 
Other liabilities – Current429,713 344,843 
v3.24.1
DERIVATIVE FINANCIAL INSTRUMENTS (Tables)
 12 Months Ended
Dec. 31, 2023
Disclosure of detailed information about financial instruments [abstract]  
Disclosure of Detailed Information About Hedging Instruments
The net fair values of derivative financial instruments as of December 31, 2023 and 2022 were as follows:
As of December 31,
20232022
Contracts with positive fair value
Commodities contracts247 — 
Foreign exchange contracts15,159 227 
15,406 227 
Contracts with negative fair value
Interest rate swap contracts— (1)
Commodities contracts(6,190)(504)
Foreign exchange contracts(2,030)— 
(8,220)(505)
Changes in fair value of derivative instruments designated as cash flow hedges for each of the years presented are included below:
Cash flow hedges - Interest rate derivatives
Gross amountIncome taxTotal
As of December 31, 2021(60)20 (40)
(Decrease) / Increase1 (1)— 
Reclassification to income statement59 (19)40 
As of December 31, 2022— — — 
(Decrease) / Increase— — — 
Reclassification to income statement— — — 
As of December 31, 2023— — — 
Changes in fair value of derivative instruments designated as cash flow hedges for each of the years presented are included below:
Cash flow hedges - Foreign exchange derivatives
Gross amountIncome taxTotal
As of December 31, 2022— — — 
(Decrease) / Increase22,721 (6,824)15,897 
Reclassification to income statement— — — 
As of December 31, 202322,721 (6,824)15,897 
The net fair values of the exchange rate derivative contracts as of December 31, 2023 and 2022 were as follows:
Fair value at December 31,
CurrenciesContractNotional amount20232022
EUR/$Forward - Buy EUR
556.9 million EUR
15,159 258 
COP/$ND Forward - Sell COP
697.9 billion COP
(2,024)227 
GTQ/$ND Forward - Sell GTQ
15.7 million GTQ
(6)— 
MXN/$ND Forward - Sell MXN— (258)
13,129 227 
COP: Colombian pesos; EUR: Euros; $: US dollars; GTQ: Guatemalan quetzales; MXN: Mexican pesos.
v3.24.1
LEASE LIABILITIES (Tables)
 12 Months Ended
Dec. 31, 2023
Disclosure of leases [Abstract]  
Disclosure of Quantitative Information About Leases for Lessee
Lease liabilities
CurrentNon CurrentTotal
Year ended December 31, 2023
Values at the beginning of the year 49,015 190,134 239,149 
Translation differences(750)4,799 4,049 
Acquisition of business (Note 3)8,009 17,668 25,677 
Net proceeds2,746 11,810 14,556 
Indexation5,755 5,384 11,139 
Repayments(58,900)— (58,900)
Interest accrued16,200 — 16,200 
Interest paid(10,783)— (10,783)
Reclassifications40,882 (40,882)— 
As of December 31, 202352,174 188,913 241,087 
Year ended December 31, 2022
Values at the beginning of the year 44,371 215,250 259,621 
Translation differences(1,506)(4,180)(5,686)
Net proceeds3,903 9,763 13,666 
Indexation3,107 14,988 18,095 
Repayments(49,404)(6)(49,410)
Interest accrued14,468 — 14,468 
Interest paid(11,605)— (11,605)
Reclassifications45,681 (45,681)— 
As of December 31, 202249,015 190,134 239,149 
Disclosure of Maturity Analysis of Lease Payments
As of December 31, 2023As of December 31, 2022
Commitments in relation to finance leases are payable as follows:
Within one year57,002 60,233 
Later than one year but not later than five years159,888 151,255 
Later than five years87,557 108,191 
Minimum lease payments304,447 319,679 
Future finance charges(63,360)(80,530)
Total Financial lease liabilities241,087 239,149 
The present value of finance lease liabilities is as follows:
Within one year52,174 49,015 
Later than one year but not later than five years140,330 117,654 
Later than five years48,583 72,480 
Total minimum lease payments241,087 239,149 
v3.24.1
BORROWINGS (Tables)
 12 Months Ended
Dec. 31, 2023
Borrowings [abstract]  
Disclosure of Detailed Information About Borrowings
As of December 31,
20232022
(i) Non-current
Bank borrowings9,353 534,352 
Bonds747,260 — 
Debentures454,136 — 
Less: debt issue costs(4,788)(1,651)
1,205,961 532,701 
(ii) Current
Bank borrowings915,989 500,091 
Bonds23,485 — 
Debentures4,220 — 
Less: debt issue costs(3,241)(927)
940,453 499,164 
Total Financial Debt2,146,414 1,031,865 
        
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,
20232022
Bank borrowings7.28 %6.21 %
Bonds5.88 %— 
Debentures12.52 %— 
24.    BORROWINGS (continued)
Breakdown of borrowings by currency is as follows:
As of December 31,
CurrenciesContract20232022
$Floating609,062 684,554 
$Fixed1,021,909 197,259 
BRLFloating456,846 — 
BRLFixed352 — 
COPFixed53,135 92,680 
GTQFixed5,110 5,094 
COPFloating— 38,934 
MXNFloating— 13,339 
ARSFloating— 5 
2,146,414 1,031,865 
$: U.S. dollars; ARS: Argentine pesos; BRL: Brazilian reais; COP: Colombian pesos; GTQ: Guatemalan quetzales; MXN: Mexican pesos.
Ternium’s most significant current borrowings as of December 31, 2023, were those incurred under Ternium Brasil's syndicated loan facility, 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, 2023Maturity
August 2019Ternium BrasilSyndicated loan500 500 August 2024
July 2019UsiminasBonds750 750 July 2026
May 2022UsiminasDebentures - 8th emission145 134 May 2029
December 2022UsiminasDebentures - 9th emission310 287 December 2032
Disclosure of Maturities of Borrowings
The maturity of borrowings is as follows:
Expected Maturity Date
202420252026 and thereafterAt December 31, (1)
20232022
Borrowings - Fixed Rate315,696 — — 315,696 295,033 
Borrowings - Floating Rate599,727 9,335 — 609,062 736,832 
Bonds21,111 — 743,699 764,810 — 
Debentures3,920 — 452,926 456,846 — 
Total940,454 9,335 1,196,625 2,146,414 1,031,865 
(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.
v3.24.1
RELATED PARTY TRANSACTIONS (Tables)
 12 Months Ended
Dec. 31, 2023
Disclosure of related party [Abstract]  
Disclosure of Transactions Between Related Parties
The following transactions were carried out with related parties:
Year ended December 31,
202320222021
(i) Transactions
(a) Sales of goods and services
Sales of goods to non-consolidated parties163,591 720,137 950,792 
Sales of goods to other related parties174,869 224,698 195,636 
Sales of services and others to non-consolidated parties168 177 178 
Sales of services and others to other related parties3,932 4,213 1,496 
342,560 949,225 1,148,102 
(b) Purchases of goods and services
Purchases of goods from non-consolidated parties491,011 643,494 508,784 
Purchases of goods from other related parties81,404 70,951 65,964 
Purchases of services and others from non-consolidated parties23,574 13,735 10,279 
Purchases of services and others from other related parties103,334 78,899 98,065 
699,323 807,079 683,092 
(c) Financial results
Income with non-consolidated parties12,263 8,298 6,256 
Expenses in connection with lease contracts from other related parties (757)(976)(1,013)
11,506 7,322 5,243 
(d) Dividends received
Dividends from non-consolidated parties34,841 15,493 82,122 
34,841 15,493 82,122 
(e) Other income and expenses
Income (expenses), net with non-consolidated parties1,396 3,300 1,029 
Income (expenses), net with other related parties1,753 682 879 
3,149 3,982 1,908 
As of December 31,
20232022
(ii) Year-end balances
(a) Arising from sales/purchases of goods/services and other transactions
Receivables from non-consolidated parties143,292 180,476 
Receivables from other related parties29,402 43,765 
Advances from non-consolidated parties2,843 4,851 
Advances to suppliers with other related parties123,921 3,683 
Payables to non-consolidated parties(149,562)(91,172)
Payables to other related parties(27,963)(20,163)
Lease liabilities with other related parties(1,379)(2,287)
120,554 119,153 
v3.24.1
OTHER REQUIRED DISCLOSURES (Tables)
 12 Months Ended
Dec. 31, 2023
Disclosure of additional information [Abstract]  
Schedule of Condensed Statement of Comprehensive Income Statement of comprehensive income
Cash flow hedgesCurrency translation adjustment
Gross amountIncome taxTotal
As of December 31, 2021(60)20 (40)(3,918,344)
(Decrease) / Increase1 (1)— 42,708 
Reclassification to income statement59 (19)40 — 
As of December 31, 2022— — — (3,875,636)
(Decrease) / Increase22,721 (6,824)15,897 132,339 
Reclassification to income statement— — — 839,437 
As of December 31, 202322,721 (6,824)15,897 (2,903,860)
Schedule of Condensed Statement of Cash Flows Statement of cash flows
Year ended December 31,
202320222021
(i) Changes in working capital (1)
Inventories202,470 438,090 (1,906,524)
Receivables and others6,342 10,888 (41,535)
Trade receivables(104,280)573,811 (885,200)
Other liabilities(64,022)46,403 106,223 
Trade payables280,571 83,306 109,247 
321,081 1,152,498 (2,617,789)
(ii) Income tax accrual less payments
Tax accrued (Note 11)334,408 573,728 1,397,139 
Taxes paid(495,348)(1,769,289)(818,854)
(160,940)(1,195,561)578,285 
(iii) Interest accruals less payments
Interest accrued (Note 10 and 23)(113,433)(13,940)(20,948)
Interest received202,000 31,880 62,912 
Interest paid(133,706)(42,735)(36,063)
(45,139)(24,795)5,901 
(1)    Changes in working capital are shown net of the effect of exchange rate changes.
Schedule of Reconciliation of Changes in Financial Debt Financial debt reconciliation
Financial debt
Finance lease liabilitiesShort term borrowingsLong term borrowingsTotal
As of December 31, 2021(259,621)(822,573)(656,465)(1,738,659)
Cash flows61,015 467,014 625 528,654 
Reclassifications— (124,140)124,140 — 
Acquisitions - finance leases(13,666)— — (13,666)
Foreign exchange adjustments5,686 26,093 58 31,837 
Other non cash movements(32,563)(45,558)(1,059)(79,180)
As of December 31, 2022(239,149)(499,164)(532,701)(1,271,014)
Cash flows69,683 248,587 12,500 330,770 
Reclassifications— (511,723)511,723 — 
Acquisitions - finance leases(14,556)— — (14,556)
Acquisition of business (note 3)(25,677)(26,558)(1,197,841)(1,250,076)
Foreign exchange adjustments(4,049)(30,199)2,267 (31,981)
Other non cash movements(27,339)(121,396)(1,909)(150,644)
As of December 31, 2023(241,087)(940,453)(1,205,961)(2,387,501)
v3.24.1
FINANCIAL RISK MANAGEMENT (Tables)
 12 Months Ended
Dec. 31, 2023
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, 2023.
Exposure to
functional currency		$ millionBRL million
US dollar ($)— (469)
EU euro (EUR)97 — 
Argentine peso (ARS)(135)— 
Mexican peso (MXN)(313)— 
Brazilian real (BRL)59 — 
Colombian peso (COP)(20)— 
Yenes (JPY)115 — 
Other currencies(2)— 
Disclosure of Credit Risk Exposure Approximately 34.8% of the Company’s liquid financial assets correspond to investment grade rated instruments as of December 31, 2023, in comparison with approximately 59.9% as of December 31, 2022. The investments in financial assets are as follows:
As of December 31, 2023As of December 31, 2022
Cash and cash equivalents1,846,0131,653,355
Other Investments - Current and Non-Current2,186,4201,975,490
Fixed Income (time-deposit, zero-coupon bonds, commercial papers)1,025,207576,784
Deposit certificates and investment funds844,428204,802
Commercial papers129,798323,386
Other50,98148,596
Bonds and other fixed income1,160,2301,395,853
Non - U.S. government securities928,419651,633
U.S. government and corporate securities231,811744,220
Other notes9832,853
Disclosure of How the Entity Manages Liquidity Risk The amounts disclosed in the table are the contractual undiscounted cash flows.
$ million2024202520262027Thereafter
Borrowings940 9 744 94 359 
Interests to be accrued (1)189 164 134 96 153 
Trade payables and other liabilities2,253 46 18 17 65 
Lease liabilities52 47 33 31 78 
Total3,434 266 929 238 655 
(1) These amounts do not include the effect of derivative financial instruments.
Disclosure of Financial Assets
As of December 31, 2023 (in $ thousands)Amortized
cost		Assets at fair value through profit or lossAssets at fair value through OCITotal
(i) Assets as per statement of financial position
Receivables472,384 — — 472,384 
Derivative financial instruments— 15,406 — 15,406 
Trade receivables2,065,499 — — 2,065,499 
Other investments883,513 142,677 1,160,230 2,186,420 
Cash and cash equivalents1,367,235 478,778 — 1,846,013 
Total4,788,631 636,861 1,160,230 6,585,722 
As of December 31, 2022 (in $ thousands)Amortized
cost		Assets at fair value through profit or lossAssets at fair value through OCITotal
(i) Assets as per statement of financial position
Receivables197,686 — — 197,686 
Derivative financial instruments— 227 — 227 
Trade receivables1,180,689 — — 1,180,689 
Other investments483,209 96,428 1,395,853 1,975,490 
Cash and cash equivalents880,402 772,953 — 1,653,355 
Total2,741,986 869,608 1,395,853 5,007,447 
Disclosure of Financial Liabilities
As of December 31, 2023 (in $ thousands)Liabilities at fair value through profit or lossAmortized
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 instruments8,220 — 8,220 
Finance lease liabilities— 241,087 241,087 
Borrowings— 2,146,414 2,146,414 
Total8,220 5,034,940 5,043,160 
As of December 31, 2022 (in $ thousands)Liabilities at fair value through profit or lossAmortized
cost		Total
(ii) Liabilities as per statement of financial position
Other liabilities— 64,968 64,968 
Trade payables— 1,102,264 1,102,264 
Derivative financial instruments505 — 505 
Finance lease liabilities— 239,149 239,149 
Borrowings— 1,031,865 1,031,865 
Total505 2,438,246 2,438,751 
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, 2023 and 2022:
Fair value measurement as of December 31, 2023
(in $ thousands):
DescriptionTotalLevel 1Level 2Level 3 (*)
Financial assets at fair value through profit or loss / OCI
Cash and cash equivalents478,778 478,778 — — 
Other investments1,302,907 1,086,319 197,743 18,845 
Derivative financial instruments15,406 — 15,406 — 
Total assets1,797,091 1,565,097 213,149 18,845 
Financial liabilities at fair value through profit or loss / OCI
Derivative financial instruments8,220 — 8,220 — 
Total liabilities8,220 — 8,220 — 
Fair value measurement as of December 31, 2022
(in $ thousands):
DescriptionTotalLevel 1Level 2Level 3 (*)
Financial assets at fair value through profit or loss / OCI
Cash and cash equivalents772,953 772,953 — — 
Other investments1,492,281 1,283,284 164,980 44,017 
Derivative financial instruments227 — 227 — 
Total assets2,265,461 2,056,237 165,207 44,017 
Financial liabilities at fair value through profit or loss / OCI
Derivative financial instruments505 — 505 — 
Total liabilities505 — 505 — 
(*) 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, 2023 and 2022, corresponds to the initial investment and to the changes in its fair value, as follows:.
Guarantee fund companiesNon - U.S. government securities
As of December 31, 20222,854 41,163 
Disinvestment(2,169)(5,801)
Interest accrued— (4,137)
Changes in fair value2,441 (3,657)
Reclassifications— (9,706)
Net foreign exchange gain(2,143)— 
At December 31, 2023983 17,862 
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation The evolution of such instruments during the years ended December 31, 2023 and 2022, corresponds to the initial investment and to the changes in its fair value, as follows:.
Guarantee fund companiesNon - U.S. government securities
As of December 31, 20222,854 41,163 
Disinvestment(2,169)(5,801)
Interest accrued— (4,137)
Changes in fair value2,441 (3,657)
Reclassifications— (9,706)
Net foreign exchange gain(2,143)— 
At December 31, 2023983 17,862 
v3.24.1
GENERAL INFORMATION - Narrative (Details) - USD ($)
$ / shares in Units, $ in Billions
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Dec. 06, 2010
Disclosure of general information about financial statements [Abstract]        
Number of shares authorised (in shares) 3,500,000,000 3,500,000,000 3,500,000,000  
Par value per share (in dollars per share) $ 1.00 $ 1.00 $ 1.00  
Number of shares issued (in shares) 2,004,743,442 2,004,743,442 2,004,743,442  
Difference between historical carrying amounts of assets and value at which assets were contributed       $ 4.0
Tax reserve $ 4.7 $ 5.2    
v3.24.1
BASIS OF PRESENTATION (Disclosure of Interest in Subsidiaries) (Details)
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Ternium S.A.      
Disclosure of subsidiaries [line items]      
Proportion of ownership interest in subsidiary 100.00% 100.00% 100.00%
Ternium Investments S.à.r.l.      
Disclosure of subsidiaries [line items]      
Proportion of ownership interest in subsidiary 100.00% 100.00% 100.00%
Ternium Internacional Espana S.L.      
Disclosure of subsidiaries [line items]      
Proportion of ownership interest in subsidiary 100.00% 100.00% 100.00%
Ternium Solutions S.A.      
Disclosure of subsidiaries [line items]      
Proportion of ownership interest in subsidiary 100.00% 100.00% 100.00%
Ternium Internationaal B.V.      
Disclosure of subsidiaries [line items]      
Proportion of ownership interest in subsidiary 100.00% 100.00% 100.00%
Ternium USA Inc.      
Disclosure of subsidiaries [line items]      
Proportion of ownership interest in subsidiary 100.00% 100.00% 100.00%
Ternium USA Inc. | Ternium Investments S.à.r.l.      
Disclosure of subsidiaries [line items]      
Proportion of voting rights held in subsidiary   100.00%  
Ternium USA Inc. | Ternium Internacional Espana S.L.      
Disclosure of subsidiaries [line items]      
Proportion of voting rights held in subsidiary 100.00%    
Ternium Argentina S.A.      
Disclosure of subsidiaries [line items]      
Proportion of ownership interest in subsidiary 62.57% 62.57% 62.49%
Ternium Argentina S.A. | Ternium Internacional Espana S.L.      
Disclosure of subsidiaries [line items]      
Proportion of voting rights held in subsidiary 62.57%    
Prosid Investments S.A.      
Disclosure of subsidiaries [line items]      
Proportion of ownership interest in subsidiary 62.58% 62.58% 62.49%
Prosid Investments S.A. | Ternium Argentina S.A. and Ternium Procurement S.A.      
Disclosure of subsidiaries [line items]      
Proportion of voting rights held in subsidiary 100.00%    
Ternium Mexico S.A. de C.V.      
Disclosure of subsidiaries [line items]      
Proportion of ownership interest in subsidiary 89.25% 89.25% 89.22%
Ternium Mexico S.A. de C.V. | Ternium Argentina S.A. and Ternium Internacional Espana S.L.U.      
Disclosure of subsidiaries [line items]      
Proportion of voting rights held in subsidiary 100.00%    
Las Encinas S.A. de C.V.      
Disclosure of subsidiaries [line items]      
Proportion of ownership interest in subsidiary 89.25% 89.25% 89.22%
Ferropak Comercial S.A. de C.V.      
Disclosure of subsidiaries [line items]      
Proportion of ownership interest in subsidiary 89.25% 89.25% 89.22%
Transamerica E. & I. Trading Corp.      
Disclosure of subsidiaries [line items]      
Proportion of ownership interest in subsidiary 89.25% 89.25% 89.22%
Galvacer Chile S.A.      
Disclosure of subsidiaries [line items]      
Proportion of ownership interest in subsidiary 89.25% 89.25% 89.22%
Ternium Gas México S.A. de C.V.      
Disclosure of subsidiaries [line items]      
Proportion of ownership interest in subsidiary 89.25% 89.25% 89.22%
Consorcio Minero Benito Juarez Peña Colorada S.A.de C.V.      
Disclosure of subsidiaries [line items]      
Proportion of ownership interest in subsidiary 44.62% 44.62% 44.61%
Exiros B.V.      
Disclosure of subsidiaries [line items]      
Proportion of ownership interest in subsidiary 50.00% 50.00% 50.00%
Servicios Integrales Nova de Monterrey S.A. de C.V.      
Disclosure of subsidiaries [line items]      
Proportion of ownership interest in subsidiary 66.49% 66.49% 66.47%
Servicios Integrales Nova de Monterrey S.A. de C.V. | Ternium Mexico S.A. de C.V.      
Disclosure of subsidiaries [line items]      
Proportion of voting rights held in subsidiary 74.50%    
Ternium Internacional Nicaragua S.A.      
Disclosure of subsidiaries [line items]      
Proportion of ownership interest in subsidiary 99.38% 99.38% 99.38%
Ternium Internacional Honduras S.A. de C.V.      
Disclosure of subsidiaries [line items]      
Proportion of ownership interest in subsidiary 99.18% 99.18% 99.18%
Ternium Internacional El Salvador S.A. de C.V.      
Disclosure of subsidiaries [line items]      
Proportion of ownership interest in subsidiary 99.92% 99.92% 99.92%
Ternium Internacional Costa Rica S.A.      
Disclosure of subsidiaries [line items]      
Proportion of ownership interest in subsidiary 99.98% 99.98% 99.98%
Ternium Internacional Guatemala S.A.      
Disclosure of subsidiaries [line items]      
Proportion of ownership interest in subsidiary 99.98% 99.98% 99.98%
Ternium Internacional Guatemala S.A. | Ternium Internacional España S.L. and Ternium Mexico S.A. de C.V.      
Disclosure of subsidiaries [line items]      
Proportion of voting rights held in subsidiary 100.00%    
Ternium Colombia S.A.S      
Disclosure of subsidiaries [line items]      
Proportion of ownership interest in subsidiary 100.00% 100.00% 100.00%
Ternium del Cauca S.A.S.      
Disclosure of subsidiaries [line items]      
Proportion of ownership interest in subsidiary 100.00% 100.00% 100.00%
Ternium del Atlántico S.A.S      
Disclosure of subsidiaries [line items]      
Proportion of ownership interest in subsidiary 100.00% 100.00% 100.00%
Ternium Procurement S.A.      
Disclosure of subsidiaries [line items]      
Proportion of ownership interest in subsidiary 100.00% 100.00% 100.00%
Technology & Engineering Services S.A.      
Disclosure of subsidiaries [line items]      
Proportion of ownership interest in subsidiary 100.00% 100.00% 100.00%
Ternium Brasil Ltda.      
Disclosure of subsidiaries [line items]      
Proportion of ownership interest in subsidiary 100.00% 100.00% 100.00%
Ternium Brasil Ltda. | Ternium Internacional Espana S.L.      
Disclosure of subsidiaries [line items]      
Proportion of voting rights held in subsidiary 100.00%    
Tenigal S. de R.L. de C.V.      
Disclosure of subsidiaries [line items]      
Proportion of ownership interest in subsidiary 51.00% 51.00% 51.00%
Tenigal S. de R.L. de C.V. | Ternium Internacional Espana S.L.      
Disclosure of subsidiaries [line items]      
Proportion of voting rights held in subsidiary 51.00%    
Soluciones Integrales de Gestión S.A.      
Disclosure of subsidiaries [line items]      
Proportion of ownership interest in subsidiary 100.00% 100.00% 100.00%
Vientos de Olavarría S.A.      
Disclosure of subsidiaries [line items]      
Proportion of ownership interest in subsidiary 62.57% 62.57% 0.00%
Vientos de Olavarría S.A. | Ternium Argentina S.A.      
Disclosure of subsidiaries [line items]      
Proportion of voting rights held in subsidiary 100.00%    
Usinas Siderúrgicas de Minas Gerais S.A.      
Disclosure of subsidiaries [line items]      
Proportion of ownership interest in subsidiary 23.30% 0.00% 0.00%
Usinas Siderúrgicas de Minas Gerais S.A. | Ternium Investments S.à r.l., Prosid Investments S.A. And Ternium Argentina S.A.      
Disclosure of subsidiaries [line items]      
Proportion of voting rights held in subsidiary 42.57%    
Mineração Usiminas S.A.      
Disclosure of subsidiaries [line items]      
Proportion of ownership interest in subsidiary 16.31% 0.00% 0.00%
Mineração Usiminas S.A. | Usinas Siderúrgicas de Minas Gerais S.A.      
Disclosure of subsidiaries [line items]      
Proportion of voting rights held in subsidiary 29.80%    
Soluções Em Aço Usiminas S.A.      
Disclosure of subsidiaries [line items]      
Proportion of ownership interest in subsidiary 16.05% 0.00% 0.00%
Soluções Em Aço Usiminas S.A. | Usinas Siderúrgicas de Minas Gerais S.A.      
Disclosure of subsidiaries [line items]      
Proportion of voting rights held in subsidiary 29.32%    
Usiminas Mecânica S.A.      
Disclosure of subsidiaries [line items]      
Proportion of ownership interest in subsidiary 23.30% 0.00% 0.00%
Rios Unidos logistica e transporte de açõ Ltda.      
Disclosure of subsidiaries [line items]      
Proportion of ownership interest in subsidiary 23.30% 0.00% 0.00%
Usiminas Internatioonal S.À R.L.      
Disclosure of subsidiaries [line items]      
Proportion of ownership interest in subsidiary 23.30% 0.00% 0.00%
Usiminas Internatioonal S.À R.L. | Usinas Siderúrgicas de Minas Gerais S.A.      
Disclosure of subsidiaries [line items]      
Proportion of voting rights held in subsidiary 42.57%    
Usiminas Participações E Logística S.A.      
Disclosure of subsidiaries [line items]      
Proportion of ownership interest in subsidiary 17.48% 0.00% 0.00%
Usiminas Participações E Logística S.A. | Usinas Siderúrgicas de Minas Gerais S.A. And Mineração Usiminas S.A.      
Disclosure of subsidiaries [line items]      
Proportion of voting rights held in subsidiary 31.97%    
Metalcentro Ltda.      
Disclosure of subsidiaries [line items]      
Proportion of ownership interest in subsidiary 23.30% 0.00% 0.00%
Metalcentro Ltda. | Usinas Siderúrgicas de Minas Gerais S.A. And Usiminas Mecânica S.A.      
Disclosure of subsidiaries [line items]      
Proportion of voting rights held in subsidiary 42.53%    
Ternium Participaçoes S.A. em liquidaçao      
Disclosure of subsidiaries [line items]      
Proportion of ownership interest in subsidiary 0.00% 100.00% 100.00%
Ternium Siderurgica de Caldas S.A.S.      
Disclosure of subsidiaries [line items]      
Proportion of ownership interest in subsidiary 0.00% 0.00% 100.00%
Impeco S.A.      
Disclosure of subsidiaries [line items]      
Proportion of ownership interest in subsidiary 0.00% 0.00% 62.49%
Ternium Internacional Espana S.L., Ternium Solutions S.A. and Ternium Internationaal B.V. | Ternium Investments S.à.r.l.      
Disclosure of subsidiaries [line items]      
Proportion of voting rights held in subsidiary 100.00%    
Las Encinas S.A. de C.V., Ferropak Comercial S.A. de C.V., Transamerica E. & I. Trading Corp. & Galvacer Chile S.A. | Ternium Mexico S.A. de C.V.      
Disclosure of subsidiaries [line items]      
Proportion of voting rights held in subsidiary 100.00%    
Ternium Gas Mexico S.A. de C.V. | Ternium Mexico S.A. de C.V and Tenigal S. de R.L. de C.V.      
Disclosure of subsidiaries [line items]      
Proportion of voting rights held in subsidiary 100.00%    
Consorcio Minero Benito Juarez Peña Colorada S.A.de C.V. & Exiros B.V. (9)      
Disclosure of subsidiaries [line items]      
Proportion of voting rights held in subsidiary 50.00%    
Ternium Colombia S.A.S., Ternium del Cauca S.A.S., Ternium del Atlántico S.A.S, Ternium Procurement S.A. , & Technology & Engineering Services S.A. | Ternium Internacional Espana S.L.      
Disclosure of subsidiaries [line items]      
Proportion of voting rights held in subsidiary 100.00%    
Soluciones Integrales de Gestión S.A. and Ternium Participaçoes S.A. | Ternium Investments S.a.r.l & Ternium Internacional Espana S.L.      
Disclosure of subsidiaries [line items]      
Proportion of voting rights held in subsidiary 100.00%    
Usiminas Mecânica S.A. And Rios Unidos logistica e transporte de açõ Ltda. | Usinas Siderúrgicas de Minas Gerais S.A.      
Disclosure of subsidiaries [line items]      
Proportion of voting rights held in subsidiary 42.53%    
v3.24.1
BASIS OF PRESENTATION (Narrative) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Disclosure of subsidiaries [line items]      
Net sales $ 17,610,092 $ 16,414,466 $ 16,090,744
Assets 24,179,104 17,491,548  
Liabilities 7,367,245 3,723,155  
Capital and reserves attributable to the owners of the parent 12,418,595 11,845,959  
Usiminas      
Disclosure of subsidiaries [line items]      
Net sales 5,534,000 6,287,000  
Profit (loss) from continuing operations attributable to non-controlling interests 328,000 405,000  
Assets 8,296,000 7,666,000  
Liabilities 2,812,000 2,705,000  
Capital and reserves attributable to the owners of the parent $ 5,484,000 $ 4,962,000  
v3.24.1
ACQUISITION OF BUSINESS – INCREASE OF THE PARTICIPATION IN USIMINAS CONTROL GROUP AND NEW GOVERNANCE STRUCTURE OF USIMINAS - Narrative (Details)
$ in Thousands, shares in Millions
 6 Months Ended 12 Months Ended
Jul. 03, 2023
USD ($)
d
officer
shares
Jul. 02, 2023
Jun. 30, 2023
group
member
vicePresident
shares
Mar. 30, 2023
R$ / shares
shares
Dec. 31, 2023
USD ($)
Jun. 30, 2023
group
member
vicePresident
shares
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
Dec. 31, 2021
USD ($)
Jul. 03, 2023
R$ / shares
Jul. 19, 2016
shares
Apr. 20, 2016
shares
Oct. 30, 2014
shares
Jan. 16, 2012
shares
Disclosure of detailed information about business combination [line items]                            
Proportion of control group shares required for decision 0.55                          
Quoted price (in BRL per share) | R$ / shares                   R$ 7.36        
Pro forma revenue as if combination occurred at beginning of the period             $ 5,517,000              
Profit of combined entity as if combination occurred at beginning of period             237,000              
Financial liabilities         $ 5,043,160   5,043,160 $ 2,438,751            
Non-controlling interest         4,393,264   4,393,264 1,922,434            
Written put options                            
Disclosure of detailed information about business combination [line items]                            
Financial liabilities $ 242,500       249,300   249,300              
T/T Group                            
Disclosure of detailed information about business combination [line items]                            
Number of other board officers | officer 4                          
Usiminas                            
Disclosure of detailed information about business combination [line items]                            
Number of shares acquired through business combination (in shares) | shares 57.7                          
Cash transferred $ 118,686                          
Remeasurement of previously held interest in Usiminas 385,851                          
Loss on the remeasurement of previously held interest in Usiminas 441,410                          
Bargain purchase gain 270,365                          
Effect Related To The Increase Of The Participation In Subsidiary 171,045           171,045 $ 0 $ 0          
Other comprehensive income that will be reclassified to profit or loss, before tax 934,900                          
Non-controlling interest 2,818,358                          
Non-controlling interest $ 2,575,900                          
Usiminas | NSC Group                            
Disclosure of detailed information about business combination [line items]                            
Number of executive board members | member     3     3                
Nomination right for chief executive officer, alternation term     4 years     4 years                
Nomination right for board of directors, alternation term     4 years     4 years                
Usiminas | Ternium                            
Disclosure of detailed information about business combination [line items]                            
Number of executive board members | member     3     3                
Nomination right for chief executive officer, alternation term     4 years     4 years                
Nomination right for board of directors, alternation term     4 years     4 years                
Usiminas | T/T Group | Put And Call Option                            
Disclosure of detailed information about business combination [line items]                            
Trading average price period | d 40                          
Derivative financial assets, share price (in BRL per share) | R$ / shares                   R$ 10        
Usiminas | Ordinary shares                            
Disclosure of detailed information about business combination [line items]                            
Number of shares to be acquired as per share purchase agreement (in shares) | shares       68.7                    
Price per share as per share purchase agreement (in BRL per share) | R$ / shares       R$ 10                    
Ternium Investments | Usiminas                            
Disclosure of detailed information about business combination [line items]                            
Number of shares acquired through business combination (in shares) | shares                           84.7
Ternium Argentina S.A. | Usiminas                            
Disclosure of detailed information about business combination [line items]                            
Number of shares acquired through business combination (in shares) | shares                           30.0
Confab Industrial S.A. | Usiminas                            
Disclosure of detailed information about business combination [line items]                            
Number of shares acquired through business combination (in shares) | shares                           25.0
Ternium Investments S.à.r.l. | Usiminas | Ordinary shares                            
Disclosure of detailed information about business combination [line items]                            
Number of shares acquired through business combination (in shares) | shares                     62.6   51.4  
Ternium Investments S.à.r.l. | Usiminas | Preferred shares                            
Disclosure of detailed information about business combination [line items]                            
Number of shares acquired through business combination (in shares) | shares                       7.0    
Usiminas Control Group | Usiminas                            
Disclosure of detailed information about business combination [line items]                            
Number of shares held | shares     483.6     483.6                
Usiminas Control Group | Usiminas                            
Disclosure of detailed information about business combination [line items]                            
Proportion of voting rights held in associate     68.60%                      
The T/T Group, The NSC Group, And Previdência Usiminas                            
Disclosure of detailed information about business combination [line items]                            
Number of sub groups | group     3     3                
T/T Group | Usiminas Control Group                            
Disclosure of detailed information about business combination [line items]                            
Proportion of shares held     0.471                      
T/T Group | Usiminas | Usiminas Control Group                            
Disclosure of detailed information about business combination [line items]                            
Proportion of shares held 0.613                          
Ternium | Usiminas                            
Disclosure of detailed information about business combination [line items]                            
Proportion of ownership interest in associate (percent)   20.40%                        
Ternium | Usiminas Control Group                            
Disclosure of detailed information about business combination [line items]                            
Proportion of shares held     0.395                      
Ternium | Usiminas                            
Disclosure of detailed information about business combination [line items]                            
Proportion of ownership interest in associate (percent)     20.40%                      
Effect Related To The Increase Of The Participation In Subsidiary             $ 171,045              
Ternium | Usiminas | Usiminas Control Group                            
Disclosure of detailed information about business combination [line items]                            
Proportion of shares held 0.515                          
Ternium | Usiminas | Ordinary shares                            
Disclosure of detailed information about business combination [line items]                            
Number of shares held | shares     242.6     242.6                
Proportion of shares held           0.344                
Ternium | Usiminas | Preferred shares                            
Disclosure of detailed information about business combination [line items]                            
Number of shares held | shares     8.5     8.5                
Proportion of shares held           0.016                
TenarisConfab | Usiminas Control Group                            
Disclosure of detailed information about business combination [line items]                            
Proportion of shares held     0.076                      
NSC Group | Usiminas Control Group                            
Disclosure of detailed information about business combination [line items]                            
Proportion of shares held     0.459                      
NSC Group | Usiminas | Usiminas Control Group                            
Disclosure of detailed information about business combination [line items]                            
Proportion of shares held 0.317                          
NSC Group | Usiminas | T/T Group | Put And Call Option                            
Disclosure of detailed information about business combination [line items]                            
Number of shares held | shares 153.1                          
Previdência Usiminas | Usiminas Control Group                            
Disclosure of detailed information about business combination [line items]                            
Proportion of shares held     0.07                      
Previdência Usiminas | Usiminas | Usiminas Control Group                            
Disclosure of detailed information about business combination [line items]                            
Proportion of shares held 0.071                          
Usiminas                            
Disclosure of detailed information about business combination [line items]                            
Revenue of acquiree since acquisition date         2,737,000                  
Loss on the remeasurement of previously held interest in Usiminas         $ 129,000                  
Usiminas | Usiminas                            
Disclosure of detailed information about business combination [line items]                            
Number of executive board members | member     6     6                
Number of vice-presidents | vicePresident     5     5                
Ternium Investments S.a.r.l. And Prosid | Usiminas | Ordinary shares                            
Disclosure of detailed information about business combination [line items]                            
Number of shares acquired through business combination (in shares) | shares                     13.8      
Ternium Investments S.a.r.l. And Prosid | Usiminas | Preferred shares                            
Disclosure of detailed information about business combination [line items]                            
Number of shares acquired through business combination (in shares) | shares                       1.5    
v3.24.1
ACQUISITION OF BUSINESS – INCREASE OF THE PARTICIPATION IN USIMINAS CONTROL GROUP AND NEW GOVERNANCE STRUCTURE OF USIMINAS - Disclosure of Detailed Information About Business Combination (Details) - USD ($)
$ in Thousands
 12 Months Ended
Jul. 03, 2023
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Disclosure of detailed information about business combination [line items]        
Inventories   $ 1,707,311 $ 0 $ 0
Usiminas        
Disclosure of detailed information about business combination [line items]        
Property, plant and equipment (note 12) $ 904,780      
Investments in non-consolidated companies 400,037      
Inventories 1,707,311      
Cash and cash equivalents 781,072      
Other investments 247,005      
Trade receivables 764,257      
Allowance for doubtful accounts (44,626)      
Other receivables 854,917      
Deferred tax assets 1,327,232      
Borrowings (1,224,399)      
Provisions (856,153)      
Trade and other payables recognised as of acquisition date (758,687)      
Other assets and liabilities, net (509,486)      
Net loss effect related to the increase of the participation in Usiminas 3,593,260      
Non-controlling interest (2,818,358)      
Remeasurement of previously held interest in Usiminas 385,851      
Total Purchase consideration (118,686)      
Bargain purchase gain 270,365      
Loss on the remeasurement of previously held interest in Usiminas (441,410)      
Effect related to the increase of the participation in Usiminas $ (171,045) $ (171,045) $ 0 $ 0
v3.24.1
ACQUISITION OF BUSINESS – INCREASE OF THE PARTICIPATION IN USIMINAS CONTROL GROUP AND NEW GOVERNANCE STRUCTURE OF USIMINAS -Provisions For Contingencies (Details) - USD ($)
$ in Thousands
Dec. 31, 2023
Jul. 03, 2023
Tax Contingencies Recognized As Part Of The Business Combination    
Disclosure of detailed information about business combination [line items]    
Contingent liabilities recognised in business combination at beginning of period $ (432,488)  
Contingent liabilities recognised in business combination at end of period (424,814) $ (432,488)
Civil And Other Contingencies Recognized As Part Of The Business Combination    
Disclosure of detailed information about business combination [line items]    
Contingent liabilities recognised in business combination at beginning of period (174,333)  
Contingent liabilities recognised in business combination at end of period (80,390) (174,333)
Labour Contingencies Recognized As Part Of The Business Combination    
Disclosure of detailed information about business combination [line items]    
Contingent liabilities recognised in business combination at beginning of period (49,655)  
Contingent liabilities recognised in business combination at end of period (45,313) (49,655)
Contingencies Recognized By Usiminas Before Business Combination    
Disclosure of detailed information about business combination [line items]    
Contingent liabilities recognised in business combination at beginning of period (199,677)  
Contingent liabilities recognised in business combination at end of period (209,494) (199,677)
Usiminas    
Disclosure of detailed information about business combination [line items]    
Contingent liabilities recognised in business combination at beginning of period (856,153)  
Contingent liabilities recognised in business combination at end of period   (856,153)
Usiminas | Tax Contingencies Recognized As Part Of The Business Combination    
Disclosure of detailed information about business combination [line items]    
Contingent liabilities recognised in business combination at beginning of period (432,488)  
Contingent liabilities recognised in business combination at end of period   (432,488)
Usiminas | Civil And Other Contingencies Recognized As Part Of The Business Combination    
Disclosure of detailed information about business combination [line items]    
Contingent liabilities recognised in business combination at beginning of period (174,333)  
Contingent liabilities recognised in business combination at end of period   (174,333)
Usiminas | Labour Contingencies Recognized As Part Of The Business Combination    
Disclosure of detailed information about business combination [line items]    
Contingent liabilities recognised in business combination at beginning of period $ (49,655)  
Contingent liabilities recognised in business combination at end of period   (49,655)
Usiminas | Contingencies Recognized By Usiminas Before Business Combination    
Disclosure of detailed information about business combination [line items]    
Contingent liabilities recognised in business combination at beginning of period   $ (199,677)
v3.24.1
ACQUISITION OF BUSINESS – INCREASE OF THE PARTICIPATION IN USIMINAS CONTROL GROUP AND NEW GOVERNANCE STRUCTURE OF USIMINAS -Provisions For Contingencies Before Business Combination (Details)
$ in Thousands
 1 Months Ended
Jun. 30, 2016
MW
Dec. 31, 2023
USD ($)
Jul. 03, 2023
USD ($)
Cemig S.A. | Top of range | Usiminas      
Disclosure of detailed information about business combination [line items]      
Long-term contract for purchase of electric power, electrical demand | MW 65.4    
Contingencies Recognized By Usiminas Before Business Combination      
Disclosure of detailed information about business combination [line items]      
Contingent liabilities recognised in business combination   $ 209,494 $ 199,677
Contingencies Recognized By Usiminas Before Business Combination | Labor lawsuits filed by employees, former employees and outsourced personnel of the Cubatão Plant, claiming severance pay and social security rights.      
Disclosure of detailed information about business combination [line items]      
Contingent liabilities recognised in business combination   55,643 57,343
Contingencies Recognized By Usiminas Before Business Combination | Tax proceeding in which the tax authorities seek the reversal of ICMS/SP credits on materials considered as consumables (refractory items and others).      
Disclosure of detailed information about business combination [line items]      
Contingent liabilities recognised in business combination   30,440 29,772
Contingencies Recognized By Usiminas Before Business Combination | Labor lawsuits filed by employees, former employees and outsourced personnel of the Ipatinga Plant, claiming severance pay and social security rights.      
Disclosure of detailed information about business combination [line items]      
Contingent liabilities recognised in business combination   13,722 15,112
Contingencies Recognized By Usiminas Before Business Combination | Labor lawsuits filed by former employees challenging the amount of compensation paid on dismissals.      
Disclosure of detailed information about business combination [line items]      
Contingent liabilities recognised in business combination   9,809 10,837
Contingencies Recognized By Usiminas Before Business Combination | Other contingencies      
Disclosure of detailed information about business combination [line items]      
Contingent liabilities recognised in business combination   99,880 86,613
Tax Contingencies Recognized As Part Of The Business Combination      
Disclosure of detailed information about business combination [line items]      
Contingent liabilities recognised in business combination   424,814 432,488
Tax Contingencies Recognized As Part Of The Business Combination | Tax collection proceedings related to the collection of ICMS/SP on goods shipped to other countries without effective proof of export.      
Disclosure of detailed information about business combination [line items]      
Contingent liabilities recognised in business combination   51,311 51,546
Tax Contingencies Recognized As Part Of The Business Combination | Tax proceedings seeking the reversal of ICMS/SP credits on materials considered as consumables (refractory items and others).      
Disclosure of detailed information about business combination [line items]      
Contingent liabilities recognised in business combination   38,464 38,640
Tax Contingencies Recognized As Part Of The Business Combination | ICMS – Action for annulment of the tax debt claimed by the State of Rio Grande do Sul due to failure to make the advance payment of the tax at the entry of goods coming from other States (rate differential ).      
Disclosure of detailed information about business combination [line items]      
Contingent liabilities recognised in business combination   28,658 28,789
Tax Contingencies Recognized As Part Of The Business Combination | Tax assessment notice issued by the State of Minas Gerais concerning alleged reversal of ICMS credits on sale of electrical energy.      
Disclosure of detailed information about business combination [line items]      
Contingent liabilities recognised in business combination   12,330 12,386
Tax Contingencies Recognized As Part Of The Business Combination | Other contingencies      
Disclosure of detailed information about business combination [line items]      
Contingent liabilities recognised in business combination   199,692 206,335
Tax Contingencies Recognized As Part Of The Business Combination | Calculation Basis PIS/COFINS-Imports      
Disclosure of detailed information about business combination [line items]      
Contingent liabilities recognised in business combination   94,359 94,792
Civil And Other Contingencies Recognized As Part Of The Business Combination      
Disclosure of detailed information about business combination [line items]      
Contingent liabilities recognised in business combination   80,390 174,333
Civil And Other Contingencies Recognized As Part Of The Business Combination | Public Civil Action seeking the reimbursement of the amounts increased by means of a term of amendment to the Contractor's Agreement, due to alleged overbilling in the construction of a bridge in Brasília/DF.      
Disclosure of detailed information about business combination [line items]      
Contingent liabilities recognised in business combination   0 64,315
Civil And Other Contingencies Recognized As Part Of The Business Combination | Public Civil Action seeking compensation for alleged damages caused to the State of Santa Catarina's Treasury related to improper expenditures incurred in the construction of a bridge.      
Disclosure of detailed information about business combination [line items]      
Contingent liabilities recognised in business combination   21,016 21,113
Civil And Other Contingencies Recognized As Part Of The Business Combination | Other Civil and Other Contingencies      
Disclosure of detailed information about business combination [line items]      
Contingent liabilities recognised in business combination   59,374 88,905
Labour Contingencies Recognized As Part Of The Business Combination      
Disclosure of detailed information about business combination [line items]      
Contingent liabilities recognised in business combination   45,313 49,655
Labour Contingencies Recognized As Part Of The Business Combination | Labor lawsuits filed by employees, former employees and outsourced personnel of the Cubatão Plant, claiming severance pay and social security rights.      
Disclosure of detailed information about business combination [line items]      
Contingent liabilities recognised in business combination   24,814 27,123
Labour Contingencies Recognized As Part Of The Business Combination | Other Labour Contingencies      
Disclosure of detailed information about business combination [line items]      
Contingent liabilities recognised in business combination   $ 20,499 $ 22,532
v3.24.1
ACCOUNTING POLICIES (Useful Life of Property, Plant & Equipment) (Details)
 12 Months Ended
Dec. 31, 2023
Buildings and improvements | Bottom of range  
Disclosure of detailed information about property, plant and equipment [line items]  
Useful life, property, plant and equipment 10 years
Buildings and improvements | Top of range  
Disclosure of detailed information about property, plant and equipment [line items]  
Useful life, property, plant and equipment 50 years
Production equipment | Bottom of range  
Disclosure of detailed information about property, plant and equipment [line items]  
Useful life, property, plant and equipment 5 years
Production equipment | Top of range  
Disclosure of detailed information about property, plant and equipment [line items]  
Useful life, property, plant and equipment 50 years
Vehicles, furniture and fixtures | Bottom of range  
Disclosure of detailed information about property, plant and equipment [line items]  
Useful life, property, plant and equipment 3 years
Vehicles, furniture and fixtures | Top of range  
Disclosure of detailed information about property, plant and equipment [line items]  
Useful life, property, plant and equipment 20 years
Land | Bottom of range  
Disclosure of detailed information about property, plant and equipment [line items]  
Useful life, right-of-use assets 1 year
Land | Top of range  
Disclosure of detailed information about property, plant and equipment [line items]  
Useful life, right-of-use assets 31 years
Buildings and facilities | Bottom of range  
Disclosure of detailed information about property, plant and equipment [line items]  
Useful life, right-of-use assets 1 year
Buildings and facilities | Top of range  
Disclosure of detailed information about property, plant and equipment [line items]  
Useful life, right-of-use assets 26 years
Production equipment | Bottom of range  
Disclosure of detailed information about property, plant and equipment [line items]  
Useful life, right-of-use assets 1 year
Production equipment | Top of range  
Disclosure of detailed information about property, plant and equipment [line items]  
Useful life, right-of-use assets 14 years
v3.24.1
ACCOUNTING POLICIES (Intangible Assets) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Disclosure of detailed information about intangible assets [line items]      
Mining concession, period 50 years    
Mining concession, additional term 50 years    
Research and development expense $ 19.0 $ 16.3 $ 9.8
Aggregate cash-generating units for which amount of goodwill or intangible assets with indefinite useful lives is not significant      
Disclosure of detailed information about intangible assets [line items]      
Goodwill $ 662.3 662.3  
Information system projects      
Disclosure of detailed information about intangible assets [line items]      
Amortisation period (not exceeding) 3 years    
Mining assets      
Disclosure of detailed information about intangible assets [line items]      
Impairment loss recognised in profit or loss, property, plant and equipment $ 42.3    
Steel | Aggregate cash-generating units for which amount of goodwill or intangible assets with indefinite useful lives is not significant      
Disclosure of detailed information about intangible assets [line items]      
Goodwill $ 619.8 $ 619.8  
Mining      
Disclosure of detailed information about intangible assets [line items]      
Amortisation rates, intangible assets other than goodwill 13.00% 12.00% 7.00%
Mining | Aggregate cash-generating units for which amount of goodwill or intangible assets with indefinite useful lives is not significant      
Disclosure of detailed information about intangible assets [line items]      
Goodwill $ 42.5 $ 42.5  
Bottom of range | Trademarks      
Disclosure of detailed information about intangible assets [line items]      
Useful lives or amortisation rates, intangible assets other than goodwill 5 years    
Top of range | Trademarks      
Disclosure of detailed information about intangible assets [line items]      
Useful lives or amortisation rates, intangible assets other than goodwill 10 years    
v3.24.1
ACCOUNTING POLICIES (Impairment) (Details) - USD ($)
$ in Thousands
 9 Months Ended 12 Months Ended
Sep. 30, 2022
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Disclosure of impairment loss and reversal of impairment loss [line items]        
Discount rate used in current estimate of value in use   12.10%    
Impairment charge (note 4 (f))   $ 42,316 $ 99,000 $ 0
Usiminas Control Group        
Disclosure of impairment loss and reversal of impairment loss [line items]        
Write Down Of Equity Method Investment $ 120,400      
Cash-generating units        
Disclosure of impairment loss and reversal of impairment loss [line items]        
Growth rate used to extrapolate cash flow projections   2.18%    
Discount rate used in current estimate of value in use   12.10% 11.28%  
Argentina | Subsidiaries        
Disclosure of impairment loss and reversal of impairment loss [line items]        
Discount rate used in current estimate of value in use   17.30%    
Brazil | Subsidiaries        
Disclosure of impairment loss and reversal of impairment loss [line items]        
Impairment charge (note 4 (f))     $ 99,000  
v3.24.1
ACCOUNTING POLICIES (Non-Current Assets (Disposal Groups) Classified as Held for Sale) (Details) - USD ($)
$ in Millions
Dec. 31, 2023
Dec. 31, 2022
Disclosure of significant accounting policies [Abstract]    
Non-current assets or disposal groups classified as held for sale $ 6.7 $ 1.8
v3.24.1
ACCOUNTING POLICIES (Employee Liabilities) (Details)
$ in Millions
 12 Months Ended
Dec. 31, 2023
USD ($)
plan
method
installment
Dec. 31, 2022
USD ($)
Disclosure of terms and conditions of share-based payment arrangement [line items]    
Number of installments, repayment | installment 148  
Monthly fee burden 1  
Deferred compensation share-based arrangements, liability $ 90.1 $ 79.8
Stock granted, value $ 94.5 $ 88.6
Usiminas    
Disclosure of terms and conditions of share-based payment arrangement [line items]    
Number of post retirement plans | plan 2  
Number of payment methods for post retirement plans | method 2  
Incentive Retention Program | Capital Units    
Disclosure of terms and conditions of share-based payment arrangement [line items]    
Vesting period (years) 4 years  
Redemption, period (years) 10 years  
Early redemption, period (years) 7 years  
Mandatory redemption period (years) 7 years  
v3.24.1
ACCOUNTING POLICIES (Borrowing Costs) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2023
Dec. 31, 2022
Disclosure of significant accounting policies [Abstract]        
Borrowing costs capitalised $ 400 $ 6,300 $ 0 $ 403
v3.24.1
ACCOUTNING POLICIES (Derivative Financial Instruments and Hedging Activities) (Details) - USD ($)
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Cash flow hedges    
Derivative instruments, gain (loss) [Line Items]    
Effective portion of hedge $ 15,900,000 $ 0
v3.24.1
ACCOUNTING POLICIES (Critical Accounting Estimates) (Details) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Disclosure of changes in accounting estimates [line items]      
Discount rate used to test investment for impairment 12.10%    
Provisions $ 839,921 $ 81,422  
Legal claims and other matters      
Disclosure of changes in accounting estimates [line items]      
Provisions $ 839,921 $ 81,422 $ 83,299
v3.24.1
ACCOUNTING POLICIES (Climate Change) (Details) - T
 1 Months Ended 12 Months Ended
Feb. 28, 2021
Dec. 31, 2018
Disclosure of changes in accounting estimates [line items]    
Base rate of carbon dioxide (tons)   1.7
Reduction Of Carbon Emissions By 2030    
Disclosure of changes in accounting estimates [line items]    
Threshold percentage to reduce carbon dioxide emissions in 2030 20.00%  
v3.24.1
SEGMENT INFORMATION (Narrative) (Details)
 12 Months Ended
Dec. 31, 2023
segment
Disclosure of operating segments [line items]  
Number of reportable segments 3
Las Encinas  
Disclosure of operating segments [line items]  
Percentage of equity interest 100.00%
Peña Colorada  
Disclosure of operating segments [line items]  
Proportion of ownership interest in subsidiary 50.00%
v3.24.1
SEGMENT INFORMATION (Segment Reporting Information, by Segment) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Jul. 03, 2023
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Disclosure of operating segments [line items]        
Operating income   $ 2,198,014 $ 2,699,519 $ 5,271,136
Cost of sales   14,050,737 12,487,282 9,895,070
Financial income (expense), net   (6,179) (98,541) 56,547
Equity in earnings of non-consolidated companies   105,305 37,114 400,732
Recycling of other comprehensive income related to Usiminas   1,320,782 2,666,500 5,764,330
Net sales   17,610,092 16,414,466 16,090,744
Usiminas        
Disclosure of operating segments [line items]        
Effect related to the increase of the participation in Usiminas $ (171,045) (171,045) 0 0
Recycling of other comprehensive income related to Usiminas   (934,946) 0 0
Ternium        
Disclosure of operating segments [line items]        
Operating income   2,404,174 2,571,165 4,415,791
Financial income (expense), net   123,454 (70,133) 92,462
Equity in earnings of non-consolidated companies   105,305 37,114 400,732
Recycling of other comprehensive income related to Usiminas   1,320,782 2,666,500 5,764,330
Net sales from transactions with other operating segments of the same entity   (657,693) (616,492) (591,790)
Ternium | Usiminas        
Disclosure of operating segments [line items]        
Effect related to the increase of the participation in Usiminas   (171,045)    
Ternium | External Customers        
Disclosure of operating segments [line items]        
Net sales   17,610,092 16,414,466 16,090,744
Ternium | Other Operating Segments Of The Same Entity        
Disclosure of operating segments [line items]        
Net sales   0 0 0
Ternium | Inter-segment eliminations        
Disclosure of operating segments [line items]        
Operating income   (6,401) 10,500 1,586
Net sales from transactions with other operating segments of the same entity   0 0 0
Ternium | Inter-segment eliminations | External Customers        
Disclosure of operating segments [line items]        
Net sales   0 0 0
Ternium | Inter-segment eliminations | Other Operating Segments Of The Same Entity        
Disclosure of operating segments [line items]        
Net sales   (817,046) (410,636) (478,559)
Ternium | Reconciling items        
Disclosure of operating segments [line items]        
Cost of sales   (206,160) 128,354 855,345
Ternium | Steel | Operating segments        
Disclosure of operating segments [line items]        
Operating income   2,404,189 2,556,949 4,210,135
Net sales from transactions with other operating segments of the same entity   (520,328) (523,818) (528,144)
Ternium | Steel | Operating segments | External Customers        
Disclosure of operating segments [line items]        
Net sales   14,909,209 16,414,334 16,043,033
Ternium | Steel | Operating segments | Other Operating Segments Of The Same Entity        
Disclosure of operating segments [line items]        
Net sales   285,025 0 0
Ternium | Mining | Operating segments        
Disclosure of operating segments [line items]        
Operating income   (58,037) 3,716 204,070
Net sales from transactions with other operating segments of the same entity   (107,546) (92,674) (63,646)
Ternium | Mining | Operating segments | External Customers        
Disclosure of operating segments [line items]        
Net sales   96 132 47,711
Ternium | Mining | Operating segments | Other Operating Segments Of The Same Entity        
Disclosure of operating segments [line items]        
Net sales   500,401 410,636 478,559
Ternium | Usiminas | Operating segments        
Disclosure of operating segments [line items]        
Operating income   64,423 0 0
Net sales from transactions with other operating segments of the same entity   (29,819) 0 0
Ternium | Usiminas | Operating segments | External Customers        
Disclosure of operating segments [line items]        
Net sales   2,700,787 0 0
Ternium | Usiminas | Operating segments | Other Operating Segments Of The Same Entity        
Disclosure of operating segments [line items]        
Net sales   $ 31,620 $ 0 $ 0
v3.24.1
SEGMENT INFORMATION (Net Sales and Long Lived Assets by Geographic Areas) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Disclosure of geographical areas [line items]      
Net sales $ 17,610,092 $ 16,414,466 $ 16,090,744
Non-current assets 8,633,735 7,206,296 7,333,834
Impairment charge (note 4 (f)) 42,316 99,000 0
Mexico      
Disclosure of geographical areas [line items]      
Net sales 9,419,873 8,949,104 8,990,868
Non-current assets 4,965,628 4,769,161 4,789,273
Southern region      
Disclosure of geographical areas [line items]      
Net sales 3,588,651 3,853,390 3,377,596
Non-current assets 878,642 859,351 861,149
Other markets      
Disclosure of geographical areas [line items]      
Net sales 2,082,804 2,868,259 2,599,762
Non-current assets 315,287 312,771 310,035
Brazil      
Disclosure of geographical areas [line items]      
Net sales 2,518,764 743,713 1,122,518
Non-current assets $ 2,474,178 1,265,013 $ 1,373,377
Brazil | Subsidiaries      
Disclosure of geographical areas [line items]      
Impairment charge (note 4 (f))   $ 99,000  
v3.24.1
SEGMENT INFORMATION (Revenue by Product) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Disclosure of products and services [line items]      
Net sales $ 17,610,092 $ 16,414,466 $ 16,090,744
Slabs      
Disclosure of products and services [line items]      
Net sales 177,240 640,231 1,304,437
Hot rolled      
Disclosure of products and services [line items]      
Net sales 7,913,232 6,991,466 6,356,576
Cold rolled      
Disclosure of products and services [line items]      
Net sales 2,379,499 1,951,702 1,990,143
Coated      
Disclosure of products and services [line items]      
Net sales 5,708,328 5,704,765 5,303,394
Roll-formed and tubular      
Disclosure of products and services [line items]      
Net sales 789,255 660,830 659,609
Billets, round bars and others      
Disclosure of products and services [line items]      
Net sales 45,351 142,511 167,138
Other products      
Disclosure of products and services [line items]      
Net sales $ 597,187 $ 322,961 $ 309,447
v3.24.1
COST OF SALES (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Analysis of income and expense [abstract]      
Inventories at the beginning of year $ 3,470,215 $ 3,908,305 $ 2,001,781
Inventories 1,707,311 0 0
Translation differences (22,514) 0 0
Raw materials and consumables used and other movements 11,193,050 9,773,523 9,835,504
Services and fees 250,333 183,003 151,251
Labor cost 940,411 862,593 689,614
Depreciation of property, plant and equipment 556,630 532,160 514,746
Amortization of intangible assets 47,374 43,947 23,519
Maintenance expenses 825,809 612,928 582,633
Office expenses 14,873 10,295 7,741
Insurance 24,867 15,184 12,309
Change of obsolescence allowance 4,707 20,804 3,965
Valuation allowance (15,333) 15,333 0
Recovery from sales of scrap and by-products (37,186) (42,000) (37,597)
Others 38,567 21,422 17,909
Inventories at the beginning of year (4,948,376) (3,470,215) (3,908,305)
Cost of sales $ 14,050,737 $ 12,487,282 $ 9,895,070
v3.24.1
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Selling, general and administrative expense [Line Items]      
Services and fees $ 91,853 $ 73,401 $ 60,216
Labor cost 355,967 299,139 250,697
Depreciation of property, plant and equipment 16,562 13,990 14,153
Amortization of intangible assets 37,126 26,395 39,372
Maintenance and expenses 10,340 8,311 6,977
Taxes 164,935 170,216 160,254
Office expenses 72,426 41,921 34,968
Freight and transportation 681,416 499,127 365,455
Increase (decrease) of allowance for doubtful accounts 12,528 114 350
Others 28,525 11,032 17,682
Selling, general and administrative expenses   1,471,678 1,143,646 950,124
PwC      
Selling, general and administrative expense [Line Items]      
Auditor's remuneration 5,340 3,991 3,241
Auditor's remuneration for audit services 4,783 3,681 3,157
Auditor's remuneration for audit-related services 268 272 78
Auditor's remuneration for tax services 8    
Auditor's remuneration for other services $ 281 $ 38 $ 6
v3.24.1
LABOR COSTS (Included Cost of sales and Selling, General and Administrative expenses) (Details)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
USD ($)
employee
Dec. 31, 2022
USD ($)
employee
Dec. 31, 2021
USD ($)
employee
Labor Costs [Abstract]      
Wages, salaries and social security costs $ 1,216,566 $ 1,093,105 $ 878,347
Termination benefits 23,189 22,246 18,677
Post-employment benefits (Note 21 (i)) 56,623 46,381 43,287
 Labor costs $ 1,296,378 $ 1,161,732 $ 940,311
Number of employees | employee 34,458 20,510 20,142
v3.24.1
OTHER OPERATING INCOME (EXPENSES), NET (Details) - USD ($)
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Other operating income (expenses), net [Abstract]      
Results of sundry assets $ 8,165,000 $ 8,177,000 $ 8,558,000
Gain from the agreement related to the post-retirement benefits from Usiminas 108,696,000 0 0
Provision for legal claims and other matters (Note 19 and 25 (i) and (ii)) 59,649,000 1,069,000 0
Other operating income 0 5,735,000 40,587,000
Other Operating Income, Net 176,510,000 14,981,000 49,145,000
Provision for legal claims and other matters (Note 19 and 25 (i) and (ii)) 0 0 (11,761,000)
Impairment charge (2) (42,316,000) (99,000,000) 0
Reversal of the asset in connection with the slab commitment agreement (Note 4 (e) (6)) 0 0 (11,798,000)
Other operating expense (23,857,000) 0 0
Other operating expense (66,173,000) (99,000,000) (23,559,000)
Other operating (expense) income, net 110,337,000 $ (84,019,000) 25,586,000
Update of certain tax liabilities $ 10,000    
Recovery of tax credits     $ 27,200,000
v3.24.1
OTHER FINANCIAL INCOME (EXPENSES), NET (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Other financial income (expenses), net [Abstract]      
Interest expense $ (125,376) $ (46,737) $ (26,997)
Finance expense (125,376) (46,737) (26,997)
Interest income 255,009 75,145 62,912
Finance income 255,009 75,145 62,912
Net foreign exchange gain (loss) 98,037 (163,740) (36,761)
Change in fair value of financial assets 1,899 78,309 75,801
Derivative contract results (60,183) (2,132) 1,485
Others (45,932) (10,978) 16,022
Other financial income (expenses), net $ (6,179) $ (98,541) $ 56,547
v3.24.1
INCOME TAX EXPENSE (Income Tax Expense) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Disclosure of income tax [Abstract]      
Current tax $ (578,902) $ (671,016) $ (1,650,281)
Recovery of income tax 13,429 0 0
Deferred tax 102,431 80,692 185,655
Effect of changes in tax law 0 0 (9,117)
Recognition of previously unrecognized deferred tax assets 128,634 0 0
Recovery of income tax 0 16,596 76,604
Income tax expense $ (334,408) $ (573,728) $ (1,397,139)
v3.24.1
INCOME TAX EXPENSE (Reconciliation of effective income tax) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Disclosure of income tax [Abstract]      
Income before income tax $ 1,320,782 $ 2,666,500 $ 5,764,330
Income tax expense at statutory tax rate (643,686) (785,888) (1,633,556)
Non taxable income 39,755 0 37,815
Non deductible expenses 0 (45,862) 0
Effect of currency translation on tax base 180,582 241,426 131,115
Recognition of previously unrecognized deferred tax assets 128,634 0 0
Provision for tax losses (53,122) 0 0
Recovery of income tax 13,429 16,596 76,604
Effect of changes in tax law 0 0 (9,117)
Income tax expense $ (334,408) $ (573,728) $ (1,397,139)
v3.24.1
PROPERTY, PLANT AND EQUIPMENT, NET - Property, Plant and Equipment, Net (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Property, plant and equipment          
Property, plant and equipment, beginning balance     $ 6,261,887 $ 6,431,578  
Acquisition of business (note 3)     904,780    
Translation differences     338 619  
Impairment charge (2)     (42,316) (99,000) $ 0
Additions     1,078,185 487,228  
Capitalized borrowing costs $ 400 $ 6,300 0 403  
Disposals / Consumptions     (41,820) (28,395)  
Indexation     10,626 17,945  
Transfers     (3,117) (2,341)  
Depreciation charge     (573,192) (546,150)  
Property, plant and equipment, ending balance 6,261,887 6,431,578 7,637,687 6,261,887 6,431,578
Cost          
Property, plant and equipment          
Property, plant and equipment, beginning balance     13,869,608 13,714,435  
Property, plant and equipment, ending balance 13,869,608 13,714,435 15,803,559 13,869,608 13,714,435
Accumulated depreciation          
Property, plant and equipment          
Property, plant and equipment, beginning balance     (7,607,721) (7,282,857)  
Property, plant and equipment, ending balance (7,607,721) (7,282,857) (8,165,872) (7,607,721) (7,282,857)
Land          
Property, plant and equipment          
Property, plant and equipment, beginning balance     607,971 594,744  
Acquisition of business (note 3)     93,842    
Translation differences     (41) 139  
Impairment charge (2)       0  
Additions     70,415 5,342  
Capitalized borrowing costs       0  
Disposals / Consumptions     (2,314) (953)  
Indexation     0 0  
Transfers     4,179 8,699  
Depreciation charge     0 0  
Property, plant and equipment, ending balance 607,971 594,744 774,052 607,971 594,744
Land | Cost          
Property, plant and equipment          
Property, plant and equipment, beginning balance     607,971 594,744  
Property, plant and equipment, ending balance 607,971 594,744 774,052 607,971 594,744
Land | Accumulated depreciation          
Property, plant and equipment          
Property, plant and equipment, beginning balance     0 0  
Property, plant and equipment, ending balance 0 0 0 0 0
Buildings and improvements          
Property, plant and equipment          
Property, plant and equipment, beginning balance     2,078,116 2,133,085  
Acquisition of business (note 3)     170,609    
Translation differences     358 325  
Impairment charge (2)       (53,635)  
Additions     5,333 2,423  
Capitalized borrowing costs       0  
Disposals / Consumptions     (409) (1,133)  
Indexation     0 0  
Transfers     139,552 144,914  
Depreciation charge     (148,406) (147,863)  
Property, plant and equipment, ending balance 2,078,116 2,133,085 2,245,153 2,078,116 2,133,085
Buildings and improvements | Cost          
Property, plant and equipment          
Property, plant and equipment, beginning balance     4,091,108 4,023,271  
Property, plant and equipment, ending balance 4,091,108 4,023,271 4,407,345 4,091,108 4,023,271
Buildings and improvements | Accumulated depreciation          
Property, plant and equipment          
Property, plant and equipment, beginning balance     (2,012,992) (1,890,186)  
Property, plant and equipment, ending balance (2,012,992) (1,890,186) (2,162,192) (2,012,992) (1,890,186)
Production equipment          
Property, plant and equipment          
Property, plant and equipment, beginning balance     2,620,817 2,720,891  
Acquisition of business (note 3)     407,931    
Translation differences     1,810 123  
Impairment charge (2)       (45,365)  
Additions     24,861 913  
Capitalized borrowing costs       0  
Disposals / Consumptions     (388) (1,056)  
Indexation     0 0  
Transfers     343,301 273,885  
Depreciation charge     (346,531) (328,574)  
Property, plant and equipment, ending balance 2,620,817 2,720,891 3,051,801 2,620,817 2,720,891
Production equipment | Cost          
Property, plant and equipment          
Property, plant and equipment, beginning balance     7,744,607 7,707,052  
Property, plant and equipment, ending balance 7,744,607 7,707,052 8,514,780 7,744,607 7,707,052
Production equipment | Accumulated depreciation          
Property, plant and equipment          
Property, plant and equipment, beginning balance     (5,123,790) (4,986,161)  
Property, plant and equipment, ending balance (5,123,790) (4,986,161) (5,462,979) (5,123,790) (4,986,161)
Vehicles, furniture and fixtures          
Property, plant and equipment          
Property, plant and equipment, beginning balance     54,870 54,106  
Acquisition of business (note 3)     10,880    
Translation differences     53 23  
Impairment charge (2)       0  
Additions     2,903 2,337  
Capitalized borrowing costs       0  
Disposals / Consumptions     (952) (842)  
Indexation     0 0  
Transfers     27,825 18,660  
Depreciation charge     (21,674) (19,414)  
Property, plant and equipment, ending balance 54,870 54,106 73,905 54,870 54,106
Vehicles, furniture and fixtures | Cost          
Property, plant and equipment          
Property, plant and equipment, beginning balance     309,469 294,356  
Property, plant and equipment, ending balance 309,469 294,356 344,859 309,469 294,356
Vehicles, furniture and fixtures | Accumulated depreciation          
Property, plant and equipment          
Property, plant and equipment, beginning balance     (254,599) (240,250)  
Property, plant and equipment, ending balance (254,599) (240,250) (270,954) (254,599) (240,250)
Work in progress          
Property, plant and equipment          
Property, plant and equipment, beginning balance     547,102 563,082  
Acquisition of business (note 3)     173,100    
Translation differences     (790) 9  
Impairment charge (2)       0  
Additions     921,175 433,269  
Capitalized borrowing costs       403  
Disposals / Consumptions     (1,861) (1,162)  
Indexation     0 0  
Transfers     (517,722) (448,499)  
Depreciation charge     0 0  
Property, plant and equipment, ending balance 547,102 563,082 1,121,004 547,102 563,082
Work in progress | Cost          
Property, plant and equipment          
Property, plant and equipment, beginning balance     547,102 563,082  
Property, plant and equipment, ending balance 547,102 563,082 1,121,004 547,102 563,082
Work in progress | Accumulated depreciation          
Property, plant and equipment          
Property, plant and equipment, beginning balance     0 0  
Property, plant and equipment, ending balance 0 0 0 0 0
Spare parts          
Property, plant and equipment          
Property, plant and equipment, beginning balance     142,867 137,167  
Acquisition of business (note 3)     27,986    
Translation differences     (183) 0  
Impairment charge (2)       0  
Additions     37,437 28,983  
Capitalized borrowing costs       0  
Disposals / Consumptions     (35,792) (22,210)  
Indexation     0 0  
Transfers     (252) 0  
Depreciation charge     (411) (1,073)  
Property, plant and equipment, ending balance 142,867 137,167 171,652 142,867 137,167
Spare parts | Cost          
Property, plant and equipment          
Property, plant and equipment, beginning balance     173,731 166,959  
Property, plant and equipment, ending balance 173,731 166,959 202,923 173,731 166,959
Spare parts | Accumulated depreciation          
Property, plant and equipment          
Property, plant and equipment, beginning balance     (30,864) (29,792)  
Property, plant and equipment, ending balance (30,864) (29,792) (31,271) (30,864) (29,792)
Right-of-use assets          
Property, plant and equipment          
Property, plant and equipment, beginning balance     210,144 228,503  
Acquisition of business (note 3)     20,432    
Translation differences     (869) 0  
Impairment charge (2)       0  
Additions     16,061 13,961  
Capitalized borrowing costs       0  
Disposals / Consumptions     (104) (1,039)  
Indexation     10,626 17,945  
Transfers     0 0  
Depreciation charge     (56,170) (49,226)  
Property, plant and equipment, ending balance 210,144 228,503 200,120 210,144 228,503
Right-of-use assets | Cost          
Property, plant and equipment          
Property, plant and equipment, beginning balance     395,620 364,971  
Property, plant and equipment, ending balance 395,620 364,971 438,596 395,620 364,971
Right-of-use assets | Accumulated depreciation          
Property, plant and equipment          
Property, plant and equipment, beginning balance     (185,476) (136,468)  
Property, plant and equipment, ending balance $ (185,476) $ (136,468) $ (238,476) $ (185,476) $ (136,468)
v3.24.1
PROPERTY, PLANT AND EQUIPMENT, NET - Schedule of Right-of-Use Assets (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Disclosure of detailed information about property, plant and equipment [line items]    
Right-of-use assets, beginning balance $ 210,144 $ 228,503
Translation differences (869)  
Acquisition of business (note 3) 20,432  
Additions 16,061 13,961
Disposals / Consumptions (104) (1,039)
Indexation 10,626 17,945
Depreciation charge (56,170) (49,226)
Right-of-use assets, ending balance 200,120 210,144
Cost    
Disclosure of detailed information about property, plant and equipment [line items]    
Right-of-use assets, beginning balance 395,621 364,971
Right-of-use assets, ending balance 438,595 395,621
Accumulated depreciation    
Disclosure of detailed information about property, plant and equipment [line items]    
Right-of-use assets, beginning balance (185,477) (136,468)
Right-of-use assets, ending balance (238,475) (185,477)
Land    
Disclosure of detailed information about property, plant and equipment [line items]    
Right-of-use assets, beginning balance 1,335 0
Translation differences 0  
Acquisition of business (note 3) 0  
Additions 0 1,339
Disposals / Consumptions 0 0
Indexation (962) 0
Depreciation charge (26) (4)
Right-of-use assets, ending balance 347 1,335
Land | Cost    
Disclosure of detailed information about property, plant and equipment [line items]    
Right-of-use assets, beginning balance 1,339 0
Right-of-use assets, ending balance 376 1,339
Land | Accumulated depreciation    
Disclosure of detailed information about property, plant and equipment [line items]    
Right-of-use assets, beginning balance (4) 0
Right-of-use assets, ending balance (29) (4)
Buildings and improvements    
Disclosure of detailed information about property, plant and equipment [line items]    
Right-of-use assets, beginning balance 147,621 158,197
Translation differences (790)  
Acquisition of business (note 3) 3,894  
Additions 3,716 6,445
Disposals / Consumptions (85) 0
Indexation 9,784 14,585
Depreciation charge (35,178) (31,606)
Right-of-use assets, ending balance 128,962 147,621
Buildings and improvements | Cost    
Disclosure of detailed information about property, plant and equipment [line items]    
Right-of-use assets, beginning balance 266,330 245,300
Right-of-use assets, ending balance 281,250 266,330
Buildings and improvements | Accumulated depreciation    
Disclosure of detailed information about property, plant and equipment [line items]    
Right-of-use assets, beginning balance (118,709) (87,103)
Right-of-use assets, ending balance (152,288) (118,709)
Production equipment    
Disclosure of detailed information about property, plant and equipment [line items]    
Right-of-use assets, beginning balance 61,126 70,176
Translation differences (79)  
Acquisition of business (note 3) 16,433  
Additions 12,304 6,163
Disposals / Consumptions (19) (1,039)
Indexation 1,704 3,360
Depreciation charge (20,854) (17,534)
Right-of-use assets, ending balance 70,615 61,126
Production equipment | Cost    
Disclosure of detailed information about property, plant and equipment [line items]    
Right-of-use assets, beginning balance 127,765 119,497
Right-of-use assets, ending balance 156,614 127,765
Production equipment | Accumulated depreciation    
Disclosure of detailed information about property, plant and equipment [line items]    
Right-of-use assets, beginning balance (66,639) (49,321)
Right-of-use assets, ending balance (85,999) (66,639)
Vehicles, furniture and fixtures    
Disclosure of detailed information about property, plant and equipment [line items]    
Right-of-use assets, beginning balance 62 130
Translation differences 0  
Acquisition of business (note 3) 105  
Additions 41 14
Disposals / Consumptions 0 0
Indexation 100 0
Depreciation charge (112) (82)
Right-of-use assets, ending balance 196 62
Vehicles, furniture and fixtures | Cost    
Disclosure of detailed information about property, plant and equipment [line items]    
Right-of-use assets, beginning balance 187 174
Right-of-use assets, ending balance 355 187
Vehicles, furniture and fixtures | Accumulated depreciation    
Disclosure of detailed information about property, plant and equipment [line items]    
Right-of-use assets, beginning balance (125) (44)
Right-of-use assets, ending balance $ (159) $ (125)
v3.24.1
PROPERTY, PLANT AND EQUIPMENT, NET - Narrative (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Disclosure of detailed information about property, plant and equipment [abstract]      
Expense relating to variable lease payments not included in measurement of lease liabilities $ 19.1 $ 14.5 $ 20.0
Expense relating to short-term leases for which recognition exemption has been used $ 2.8 $ 1.9 $ 2.0
v3.24.1
INTANGIBLE ASSETS, NET (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Disclosure of detailed information about intangible assets [line items]    
Intangible assets and goodwill, beginning balance $ 944,409 $ 902,256
Translation differences (227)  
Acquisition of business (note 3) 34,451  
Additions 141,220 110,147
Disposals / Consumptions (132)  
Impairment charge (note 4 (e)(2)) (42,316)  
Transfers 3,143 2,348
Depreciation charge (84,500) (70,342)
Intangible assets and goodwill, ending balance 996,048 944,409
Cost    
Disclosure of detailed information about intangible assets [line items]    
Intangible assets and goodwill, beginning balance 1,882,230 1,771,726
Intangible assets and goodwill, ending balance 2,016,010 1,882,230
Accumulated depreciation    
Disclosure of detailed information about intangible assets [line items]    
Intangible assets and goodwill, beginning balance (937,821) (869,470)
Intangible assets and goodwill, ending balance (1,019,962) (937,821)
Information system projects    
Disclosure of detailed information about intangible assets [line items]    
Intangible assets and goodwill, beginning balance 112,174 79,792
Translation differences (227)  
Acquisition of business (note 3) 34,451  
Additions 67,754 57,689
Disposals / Consumptions (113)  
Impairment charge (note 4 (e)(2)) 0  
Transfers 3,181 2,348
Depreciation charge (35,722) (27,655)
Intangible assets and goodwill, ending balance 181,498 112,174
Information system projects | Cost    
Disclosure of detailed information about intangible assets [line items]    
Intangible assets and goodwill, beginning balance 460,434 402,387
Intangible assets and goodwill, ending balance 563,120 460,434
Information system projects | Accumulated depreciation    
Disclosure of detailed information about intangible assets [line items]    
Intangible assets and goodwill, beginning balance (348,260) (322,595)
Intangible assets and goodwill, ending balance (381,622) (348,260)
Mining assets    
Disclosure of detailed information about intangible assets [line items]    
Intangible assets and goodwill, beginning balance 131,669 141,503
Translation differences 0  
Acquisition of business (note 3) 0  
Additions 32,407 0
Disposals / Consumptions 0  
Impairment charge (note 4 (e)(2)) (42,316)  
Transfers 55,016 32,498
Depreciation charge (48,434) (42,332)
Intangible assets and goodwill, ending balance 128,342 131,669
Mining assets | Cost    
Disclosure of detailed information about intangible assets [line items]    
Intangible assets and goodwill, beginning balance 358,767 326,269
Intangible assets and goodwill, ending balance 403,875 358,767
Mining assets | Accumulated depreciation    
Disclosure of detailed information about intangible assets [line items]    
Intangible assets and goodwill, beginning balance (227,098) (184,766)
Intangible assets and goodwill, ending balance (275,533) (227,098)
Exploration and evaluation costs    
Disclosure of detailed information about intangible assets [line items]    
Intangible assets and goodwill, beginning balance 29,360 11,231
Translation differences 0  
Acquisition of business (note 3) 0  
Additions 40,333 50,627
Disposals / Consumptions 0  
Impairment charge (note 4 (e)(2)) 0  
Transfers (55,054) (32,498)
Depreciation charge 0 0
Intangible assets and goodwill, ending balance 14,639 29,360
Exploration and evaluation costs | Cost    
Disclosure of detailed information about intangible assets [line items]    
Intangible assets and goodwill, beginning balance 29,360 11,231
Intangible assets and goodwill, ending balance 14,639 29,360
Exploration and evaluation costs | Accumulated depreciation    
Disclosure of detailed information about intangible assets [line items]    
Intangible assets and goodwill, beginning balance 0 0
Intangible assets and goodwill, ending balance 0 0
Customer relationships and other contractual rights    
Disclosure of detailed information about intangible assets [line items]    
Intangible assets and goodwill, beginning balance 8,899 7,423
Translation differences 0  
Acquisition of business (note 3) 0  
Additions 726 1,831
Disposals / Consumptions (19)  
Impairment charge (note 4 (e)(2)) 0  
Transfers 0 0
Depreciation charge (344) (355)
Intangible assets and goodwill, ending balance 9,262 8,899
Customer relationships and other contractual rights | Cost    
Disclosure of detailed information about intangible assets [line items]    
Intangible assets and goodwill, beginning balance 297,427 295,597
Intangible assets and goodwill, ending balance 298,134 297,427
Customer relationships and other contractual rights | Accumulated depreciation    
Disclosure of detailed information about intangible assets [line items]    
Intangible assets and goodwill, beginning balance (288,528) (288,174)
Intangible assets and goodwill, ending balance (288,872) (288,528)
Trademarks    
Disclosure of detailed information about intangible assets [line items]    
Intangible assets and goodwill, beginning balance 0 0
Translation differences 0  
Acquisition of business (note 3) 0  
Additions 0 0
Disposals / Consumptions 0  
Impairment charge (note 4 (e)(2)) 0  
Transfers 0 0
Depreciation charge 0 0
Intangible assets and goodwill, ending balance 0 0
Trademarks | Cost    
Disclosure of detailed information about intangible assets [line items]    
Intangible assets and goodwill, beginning balance 73,935 73,935
Intangible assets and goodwill, ending balance 73,935 73,935
Trademarks | Accumulated depreciation    
Disclosure of detailed information about intangible assets [line items]    
Intangible assets and goodwill, beginning balance (73,935) (73,935)
Intangible assets and goodwill, ending balance (73,935) (73,935)
Goodwill    
Disclosure of detailed information about intangible assets [line items]    
Intangible assets and goodwill, beginning balance 662,307 662,307
Translation differences 0  
Acquisition of business (note 3) 0  
Additions 0 0
Disposals / Consumptions 0  
Impairment charge (note 4 (e)(2)) 0  
Transfers 0 0
Depreciation charge 0 0
Intangible assets and goodwill, ending balance 662,307 662,307
Goodwill | Cost    
Disclosure of detailed information about intangible assets [line items]    
Intangible assets and goodwill, beginning balance 662,307 662,307
Intangible assets and goodwill, ending balance 662,307 662,307
Goodwill | Accumulated depreciation    
Disclosure of detailed information about intangible assets [line items]    
Intangible assets and goodwill, beginning balance 0 0
Intangible assets and goodwill, ending balance $ 0 $ 0
v3.24.1
INVESTMENTS IN NON-CONSOLIDATED COMPANIES (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Disclosure of unconsolidated structured entities [line items]    
Investments in non-consolidated companies, beginning balance $ 821,571 $ 751,475
Acquisition of business (note 3) 400,037 0
Equity in earnings of non-consolidated companies 105,305 37,114
Other comprehensive income and other effects (2,812) 48,475
Dividends from non-consolidated companies (34,841) (15,493)
Investments in non-consolidated companies, ending balance 517,265 821,571
Usiminas    
Disclosure of unconsolidated structured entities [line items]    
Derecognition related to the increase of the participation in Usiminas $ (771,995) $ 0
v3.24.1
INVESTMENTS IN NON-CONSOLIDATED COMPANIES (Schedule of Principal in Non-Consolidated Companies) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Disclosure of unconsolidated structured entities [line items]      
Investments in non-consolidated companies $ 517,265 $ 821,571 $ 751,475
Usinas Siderurgicas de Minas Gerais S.A. - USIMINAS | Brazil      
Disclosure of unconsolidated structured entities [line items]      
Proportion of voting rights held by non-consolidated companies 0.00% 34.39%  
Investments in non-consolidated companies $ 0 $ 725,705  
Techgen S.A. de C.V. | Mexico      
Disclosure of unconsolidated structured entities [line items]      
Proportion of voting rights held by non-consolidated companies 48.00% 48.00%  
Investments in non-consolidated companies $ 116,849 $ 90,559  
Unigal Usiminas Ltda. | Brazil      
Disclosure of unconsolidated structured entities [line items]      
Proportion of voting rights held by non-consolidated companies 70.00% 0.00%  
Investments in non-consolidated companies $ 124,064 $ 0  
MRS Logística S.A | Brazil      
Disclosure of unconsolidated structured entities [line items]      
Proportion of voting rights held by non-consolidated companies 11.41% 0.00%  
Investments in non-consolidated companies $ 235,268 $ 0  
Other non-consolidated companies      
Disclosure of unconsolidated structured entities [line items]      
Investments in non-consolidated companies $ 41,084 $ 5,307  
v3.24.1
INVESTMENTS IN NON-CONSOLIDATED COMPANIES (Narrative) (Details)
$ in Thousands, T in Millions
 6 Months Ended 12 Months Ended
Dec. 31, 2023
USD ($)
T
km
Dec. 31, 2023
USD ($)
T
km
MW
Dec. 31, 2022
USD ($)
Dec. 31, 2021
USD ($)
Aug. 05, 2021
USD ($)
Dec. 31, 2020
USD ($)
Feb. 28, 2019
Disclosure of unconsolidated structured entities [line items]              
Net sales   $ 17,610,092 $ 16,414,466 $ 16,090,744      
Non-current assets $ 12,148,560 12,148,560 8,647,510        
Current assets 12,030,544 12,030,544 8,844,038        
Non-current liabilities 3,566,643 3,566,643 1,506,325        
Current liabilities 3,800,602 3,800,602 2,216,830        
Equity 16,811,859 16,811,859 13,768,393 $ 12,235,038   $ 8,443,153  
Borrowings 2,146,414 2,146,414 1,031,865        
Unigal Usiminas Ltda.              
Disclosure of unconsolidated structured entities [line items]              
Net sales 37,000            
Profit (loss) from continuing operations 17,000            
Non-current assets 163,000 163,000          
Current assets 40,000 40,000          
Non-current liabilities 48,000 48,000          
Current liabilities 11,000 11,000          
Equity $ 143,000 $ 143,000          
Number of tons | T 1,030 1,030          
MRS Logística S.A.              
Disclosure of unconsolidated structured entities [line items]              
Number of networks managed | km 1,634 1,634          
Usiminas | MRS Logística S.A.              
Disclosure of unconsolidated structured entities [line items]              
Proportion of ownership interest in associate (percent)   11.41%          
Net sales $ 727,000            
Profit (loss) from continuing operations 148,000            
Non-current assets 2,779,000 $ 2,779,000          
Current assets 954,000 954,000          
Non-current liabilities 1,709,000 1,709,000          
Current liabilities 704,000 704,000          
Equity 1,320,000 $ 1,320,000          
Usiminas | Unigal Usiminas Ltda.              
Disclosure of unconsolidated structured entities [line items]              
Proportion of ownership interest in associate (percent)   70.00%          
CSN | MRS Logística S.A.              
Disclosure of unconsolidated structured entities [line items]              
Proportion of ownership interest in associate (percent)   18.60%          
Congonhas Minérios | MRS Logística S.A.              
Disclosure of unconsolidated structured entities [line items]              
Proportion of ownership interest in associate (percent)   18.60%          
Vale S.A. | MRS Logística S.A.              
Disclosure of unconsolidated structured entities [line items]              
Proportion of ownership interest in associate (percent)   10.90%          
Gerdau              
Disclosure of unconsolidated structured entities [line items]              
Proportion of ownership interest in associate (percent)   1.30%          
Wide Group of Small Investors | MRS Logística S.A.              
Disclosure of unconsolidated structured entities [line items]              
Proportion of ownership interest in associate (percent)   6.50%          
Nippon Steel Corporation | Unigal Usiminas Ltda.              
Disclosure of unconsolidated structured entities [line items]              
Proportion of ownership interest in associate (percent)   30.00%          
Techgen S.A. de C.V. Syndicated Loan Due February 2026 | Ternium Investments              
Disclosure of unconsolidated structured entities [line items]              
Payment for purchase of participation in borrowing arrangement         $ 68,000    
Techgen S.A. de C.V.              
Disclosure of unconsolidated structured entities [line items]              
Number of megawatts (per year) | MW   900          
Net sales   $ 444,000 580,000        
Profit (loss) from continuing operations   55,000 55,000        
Non-current assets 766,000 766,000 766,000        
Current assets 175,000 175,000 131,000        
Non-current liabilities 466,000 466,000 527,000        
Current liabilities 232,000 232,000 181,000        
Equity 243,000 243,000 $ 189,000        
Subordinated liabilities 136,300 $ 136,300          
Techgen S.A. de C.V. | Ternium S.A.              
Disclosure of unconsolidated structured entities [line items]              
Proportion of ownership interest in associate (percent)   48.00%          
Proportion of ownership interest in associate's power supply (percent)   78.00%          
Techgen S.A. de C.V. | Tecpetrol International S.A.              
Disclosure of unconsolidated structured entities [line items]              
Proportion of ownership interest in associate (percent)   30.00%          
Techgen S.A. de C.V. | Ternium Investments S.à.r.l.              
Disclosure of unconsolidated structured entities [line items]              
Proportion of ownership interest in associate (percent)   22.00%          
Proportion of ownership interest in associate's power supply (percent)   22.00%          
Techgen S.A. de C.V. | HSBC Mexico, Natixis, Credit Agricole, BNP, Santander, Intesa SP and Norinchukin | Techgen S.A. de C.V. Syndicated Loan Due February 2026              
Disclosure of unconsolidated structured entities [line items]              
Debt instrument, average life             4 years 3 months 18 days
Debt instrument, percentage of debt service reserve account             10.00%
Borrowings 267,000 $ 267,000          
Techgen S.A. de C.V. | HSBC Mexico, Natixis, Credit Agricole, BNP, Santander, Intesa SP and Norinchukin | Techgen S.A. de C.V. Syndicated Loan Due February 2026 | Ternium Investments              
Disclosure of unconsolidated structured entities [line items]              
Payment for purchase of participation in borrowing arrangement $ 55,000 $ 55,000          
Techgen S.A. de C.V. | HSBC Mexico, Natixis, Credit Agricole, BNP, Santander, Intesa SP and Norinchukin | London Interbank Offered Rate (LIBOR) | Techgen S.A. de C.V. Syndicated Loan Due February 2026              
Disclosure of unconsolidated structured entities [line items]              
Borrowings, adjustment to interest rate basis             1.70%
v3.24.1
RECEIVABLES, NET - NON CURRENT AND CURRENT (Non-Current Receivables) (Details) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Receivables, net [Abstract]    
Receivables with related parties (Notes 26 and 14 (a)) $ 135,124 $ 127,008
Employee advances and loans 28,812 21,729
Advances to suppliers for the purchase of property, plant and equipment (1) 181,962 44,067
Advances to suppliers for the purchase of property, plant and equipment with related parties (Note 26) (1) 123,599 2,444
Other tax credits 356,687 117,111
Judicial deposits and other receivables 178,602 0
Others 68,459 6,331
Receivables, net – Non-current $ 1,073,245 $ 318,690
v3.24.1
RECEIVABLES, NET - NON CURRENT AND CURRENT (Current receivables) (Details) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Receivables, net [Abstract]    
Value added tax $ 508,318 $ 133,860
Current income tax assets 486,470 400,949
Other tax credits 41,909 37,461
Employee advances and loans 12,592 6,782
Advances to suppliers 39,288 22,257
Advances to suppliers with related parties (Note 26) 3,166 6,089
Expenses paid in advance 28,207 17,850
Government tax refunds on exports 4,120 1,677
Receivables with related parties (Note 26) 11,387 17,154
Others 37,407 18,683
Receivables, net – Current $ 1,172,864 $ 662,762
v3.24.1
TRADE RECEIVABLES, NET - NON CURRENT AND CURRENT (Details) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Trade and other receivables [abstract]    
Trade receivables, net $ 6,430 $ 0
Allowance for doubtful accounts (Note 19) (6,430) 0
Trade receivables, net – Non-current 0 0
Current accounts 2,092,361 1,110,481
Trade receivables with related parties (Note 26) 26,183 80,078
Allowance for doubtful accounts (Note 19) (53,045) (9,870)
Trade receivables, net  - Current $ 2,065,499 $ 1,180,689
v3.24.1
TRADE RECEIVABLES, NET - NON CURRENT AND CURRENT (Schedule of Trade Receivables, Net) (Details) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Disclosure of trade receivables [Line Items]    
Financial assets $ 6,585,722 $ 5,007,447
Trade receivables    
Disclosure of trade receivables [Line Items]    
Financial assets 2,065,499 1,180,689
Trade receivables | Fully performing    
Disclosure of trade receivables [Line Items]    
Financial assets 1,910,904 1,089,055
Trade receivables | Past due    
Disclosure of trade receivables [Line Items]    
Financial assets 154,595 91,634
Gross carrying amount | Guaranteed    
Disclosure of trade receivables [Line Items]    
Financial assets 697,001 527,700
Gross carrying amount | Guaranteed | Fully performing    
Disclosure of trade receivables [Line Items]    
Financial assets 664,698 498,962
Gross carrying amount | Guaranteed | Past due    
Disclosure of trade receivables [Line Items]    
Financial assets 32,303 28,738
Gross carrying amount | Not guaranteed    
Disclosure of trade receivables [Line Items]    
Financial assets 1,427,973 662,859
Gross carrying amount | Not guaranteed | Fully performing    
Disclosure of trade receivables [Line Items]    
Financial assets 1,246,206 590,093
Gross carrying amount | Not guaranteed | Past due    
Disclosure of trade receivables [Line Items]    
Financial assets 181,767 72,766
Gross carrying amount | Trade receivables    
Disclosure of trade receivables [Line Items]    
Financial assets 2,124,974 1,190,559
Gross carrying amount | Trade receivables | Fully performing    
Disclosure of trade receivables [Line Items]    
Financial assets 1,910,904 1,089,055
Gross carrying amount | Trade receivables | Past due    
Disclosure of trade receivables [Line Items]    
Financial assets 214,070 101,504
Accumulated impairment | Trade receivables    
Disclosure of trade receivables [Line Items]    
Financial assets (59,475) (9,870)
Accumulated impairment | Trade receivables | Fully performing    
Disclosure of trade receivables [Line Items]    
Financial assets 0 0
Accumulated impairment | Trade receivables | Past due    
Disclosure of trade receivables [Line Items]    
Financial assets $ (59,475) $ (9,870)
v3.24.1
INVENTORIES, NET (Details) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Subclassifications of assets, liabilities and equities [abstract]        
Raw materials, materials and spare parts $ 1,409,316 $ 963,732    
Goods in process 2,312,068 1,681,239    
Finished goods 947,768 553,965    
Goods in transit 479,248 365,675    
Obsolescence allowance (Note 19) (200,024) (79,063)    
Valuation allowance 0 (15,333)    
Inventories, net  $ 4,948,376 $ 3,470,215 $ 3,908,305 $ 2,001,781
v3.24.1
CASH, CASH EQUIVALENTS AND OTHER INVESTMENTS - NON CURRENT AND CURRENT (Other Investments) (Details) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Cash, cash equivalents and other investments [Abstract]    
Investments in debt instruments and other $ 210,774 $ 100,464
Other investments 156 252
Other investments, net – Non-current $ 210,930 $ 100,716
v3.24.1
CASH, CASH EQUIVALENTS AND OTHER INVESTMENTS - NON CURRENT AND CURRENT (Cash and cash equivalents) (Details) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
(i) Other investments        
Other deposits with maturity of more than three months $ 1,975,646 $ 1,875,026    
Other investments - Current 1,975,646 1,875,026    
(ii) Cash and cash equivalents        
Cash and banks 492,684 371,797    
Restricted cash 3,129 30 $ 58  
Short-term bank deposits 478,778 772,953    
Other deposits with maturity of less than three months 871,422 508,575    
Cash and cash equivalents $ 1,846,013 [1] $ 1,653,355 [1] $ 1,276,605 [1] $ 537,882
[1] It includes restricted cash of $3,129, $30 and $58 as of December 31, 2023, 2022 and 2021, respectively. In addition, the Company had other investments with a maturity of more than three months for $2,186,420, $1,975,490 and $1,357,484 as of December 31, 2023, 2022 and 2021, respectively.
v3.24.1
ALLOWANCES AND PROVISIONS - NON CURRENT AND CURRENT (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Provisions and allowances - Non current    
Non-current provisions, beginning of the year $ 81,422  
Non-current provisions, end of the year 839,921 $ 81,422
Allowance for doubtful accounts    
Provisions and allowances - Non current    
Non-current provisions, beginning of the year 0 0
Translation differences 75 0
Acquisition of business (note 3) 6,663  
Additions 0 0
Reversals (308) 0
Uses 0 0
Non-current provisions, end of the year 6,430 0
Provisions and allowances - Current    
Current provisions, beginning of the year 9,870 9,472
Translation differences (771) 544
Acquisition of business (note 3) 37,963  
Additions 15,639 1,786
Reversals (2,803) (1,672)
Uses (6,853) (260)
Current provisions, end of the year 53,045 9,870
Legal claims and other matters    
Provisions and allowances - Non current    
Non-current provisions, beginning of the year 81,422 83,299
Translation differences (4,108) 2,999
Acquisition of business (note 3) 856,153  
Additions 37,112 5,889
Reversals (96,761) (6,959)
Uses (33,897) (3,806)
Non-current provisions, end of the year 839,921 81,422
Asset retirement obligation    
Provisions and allowances - Non current    
Non-current provisions, beginning of the year 38,104 32,098
Translation differences 7,558 2,735
Acquisition of business (note 3) 58,127  
Additions 828 3,271
Reversals (162) 0
Uses 0 0
Non-current provisions, end of the year 104,455 38,104
Provisions and allowances - Current    
Current provisions, beginning of the year 3,304 3,610
Translation differences (217) (465)
Acquisition of business (note 3) 1,428  
Additions 6,946 3,558
Reversals 0 0
Uses (4,129) (3,399)
Current provisions, end of the year 7,332 3,304
Obsolescence allowance    
Provisions and allowances - Current    
Current provisions, beginning of the year 79,063 61,476
Translation differences (1,521) 0
Acquisition of business (note 3) 77,895  
Additions 35,215 36,666
Reversals (30,508) (15,862)
Uses 39,880 (3,217)
Current provisions, end of the year $ 200,024 $ 79,063
v3.24.1
DEFERRED INCOME TAX (Changes in Deferred Income Tax) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Deferred income tax [Abstract]      
Deferred tax liability, beginning balance   $ (25,471)  
Deferred tax assets, beginning balance $ 37,495    
Acquisition of business (note 3) 1,327,232 0  
Translation differences (4,373) 330  
Recognition of previously unrecognized tax losses 128,634 0  
Credits (Charges) directly to OCI (48,854) (18,056)  
Deferred tax credit (note 11) 102,431 80,692 $ 185,655
Deferred tax assets, ending balance $ 1,542,565 $ 37,495  
v3.24.1
DEFERRED INCOME TAX (Changes in Deferred Tax Assets and Liabilities) (Details)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]    
Deferred tax liability, beginning balance   $ (25,471)
Deferred tax assets, beginning balance $ 37,495  
Translation differences (4,373) 330
Acquisition of business (note 3) 1,327,232 0
Credits (Charges) directly to OCI (48,854) (18,056)
Recognition of previously unrecognized tax losses 128,634 0
Income statement credit (charge) 102,431 80,692
Deferred tax assets, ending balance 1,542,565 37,495
Deferred tax assets recognized on unused tax losses   17,400
Unused tax credits for which no deferred tax asset recognised   202,000
Unused tax losses for which no deferred tax asset recognised   879,000
Deferred tax assets recognized on unused tax losses   17,400
Unused tax credits for which no deferred tax asset recognised   202,000
Unused tax losses for which no deferred tax asset recognised   879,000
Usinas Siderúrgicas de Minas Gerais S.A.    
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]    
Unused tax credits for which no deferred tax asset recognised 14,200  
Unused tax losses for which no deferred tax asset recognised 357,400  
Unused tax credits for which no deferred tax asset recognised 14,200  
Unused tax losses for which no deferred tax asset recognised 357,400  
Ternium Brasil Ltda.    
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]    
Unused tax losses for which no deferred tax asset recognised 889,400  
Unused tax losses for which no deferred tax asset recognised 889,400  
Ternium Brasil Ltda. And Usinas Siderúrgicas de Minas Gerais S.A.    
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]    
Deferred tax assets recognized on unused tax losses 383,000  
Deferred tax assets recognized on unused tax losses 383,000  
Ternium S.A.    
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]    
Unused tax losses for which no deferred tax asset recognised $ 30,100 2,100,000
Unused tax losses generated from prior period 0.92  
Unused tax losses for which no deferred tax asset recognised $ 30,100 2,100,000
Ternium Investments S.à r.l.    
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]    
Unused tax losses for which no deferred tax asset recognised $ 900 2,600,000
Unused tax losses generated from prior period 0.98  
Unused tax losses for which no deferred tax asset recognised $ 900 2,600,000
Property, plant and equipment    
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]    
Deferred tax liability, beginning balance (200,556) (353,420)
Translation differences (2,360) 0
Acquisition of business (note 3) 412,320 0
Credits (Charges) directly to OCI 0 0
Recognition of previously unrecognized tax losses 0 0
Income statement credit (charge) 114,134 152,864
Deferred tax liability, ending balance   (200,556)
Deferred tax assets, ending balance 323,538  
Inventories    
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]    
Deferred tax liability, beginning balance (69,594)  
Deferred tax assets, beginning balance   49,437
Translation differences (903) 0
Acquisition of business (note 3) 116,290 0
Credits (Charges) directly to OCI 0 0
Recognition of previously unrecognized tax losses 0 0
Income statement credit (charge) (27,962) (119,031)
Deferred tax liability, ending balance   (69,594)
Deferred tax assets, ending balance 17,831  
Intangible assets    
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]    
Deferred tax liability, beginning balance (22,923) (26,323)
Translation differences (683) 0
Acquisition of business (note 3) 143,033 0
Credits (Charges) directly to OCI 0 0
Recognition of previously unrecognized tax losses 0 0
Income statement credit (charge) 14,901 3,400
Deferred tax liability, ending balance   (22,923)
Deferred tax assets, ending balance 134,328  
Provisions    
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]    
Deferred tax assets, beginning balance 98,999 82,139
Translation differences (698) 0
Acquisition of business (note 3) 255,529 0
Credits (Charges) directly to OCI 0 0
Recognition of previously unrecognized tax losses 0 0
Income statement credit (charge) 267 16,860
Deferred tax assets, ending balance 354,097 98,999
Trade receivables    
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]    
Deferred tax assets, beginning balance 15,515 35,144
Translation differences 0 0
Acquisition of business (note 3) 28,510 0
Credits (Charges) directly to OCI 0 0
Recognition of previously unrecognized tax losses 0 0
Income statement credit (charge) (1,351) (19,629)
Deferred tax assets, ending balance 42,674 15,515
Tax losses    
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]    
Deferred tax assets, beginning balance 17,400 3,578
Translation differences 4,901 0
Acquisition of business (note 3) 304,237 0
Credits (Charges) directly to OCI 0 0
Recognition of previously unrecognized tax losses 0 0
Income statement credit (charge) 56,433 13,822
Deferred tax assets, ending balance 382,971 17,400
Other    
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]    
Deferred tax assets, beginning balance 198,654 183,975
Translation differences (4,630) 330
Acquisition of business (note 3) 67,313 0
Credits (Charges) directly to OCI (48,854) (18,056)
Recognition of previously unrecognized tax losses 128,634 0
Income statement credit (charge) (53,991) 32,406
Deferred tax assets, ending balance $ 287,126 $ 198,654
v3.24.1
OTHER LIABILITIES - NON CURRENT AND CURRENT (Other Liabilities - Non-Current) (Details) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Disclosure of financial liabilities [line items]    
Post-employment benefits $ 673,453 $ 405,018
Other employee benefits 93,194 84,028
Asset retirement obligation (note 19) (1) 104,455 38,104
Other 28,632 11,064
Other liabilities – Non-current 1,148,998 538,214
Written put options    
Disclosure of financial liabilities [line items]    
Derivative financial instruments $ 249,264 $ 0
v3.24.1
OTHER LIABILITIES - NON CURRENT AND CURRENT (Schedule of Other Liabilities in Statement of Financial Position) (Details) - USD ($)
$ in Thousands
Dec. 31, 2023
Jul. 03, 2023
Dec. 31, 2022
Dec. 31, 2021
Disclosure of net defined benefit liability (asset) [line items]        
Net liability (asset) in the statement of financial position $ 673,453   $ 405,018  
Present value of obligations        
Disclosure of net defined benefit liability (asset) [line items]        
Net liability (asset) in the statement of financial position 1,975,462   405,018 $ 390,942
Fair value of plan assets        
Disclosure of net defined benefit liability (asset) [line items]        
Net liability (asset) in the statement of financial position (1,525,330)   0 $ 0
Asset ceiling        
Disclosure of net defined benefit liability (asset) [line items]        
Net liability (asset) in the statement of financial position $ 223,321 $ 169,700 $ 0  
v3.24.1
OTHER LIABILITIES - NON CURRENT AND CURRENT (Schedule of Amounts Recognized in Income Statement) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Disclosure of other liabilities [Abstract]    
Current service cost $ 14,876 $ 13,721
Interest cost (income), net 30,686 32,660
Interest on Asset ceiling/ Onerous liability 20,973 0
Reversal of prior service cost - Saúde Usiminas healthcare plan (108,696) 0
Net (income) loss included in income statement $ (42,161) $ 46,381
v3.24.1
OTHER LIABILITIES - NON CURRENT AND CURRENT (Schedule of Amounts Recognized in Other Comprehensive Income) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Disclosure of other liabilities [Abstract]      
Effect of changes in demographic assumptions $ (31,024) $ 3,990  
Effect of changes in financial assumptions 26,509 (36,927)  
Effect of experience adjustments 66,817 8,370  
Change in asset ceiling 32,707 0  
Expected return on assets (42,882) 0  
Total other comprehensive income, before tax, gains (losses) on remeasurements of defined benefit plans $ 52,127 $ (24,567) $ (46,777)
v3.24.1
OTHER LIABILITIES - NON CURRENT AND CURRENT (Schedule of Amounts Recognized in Statement of Financial Position) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Disclosure of net defined benefit liability (asset) [line items]    
Net defined benefit liability (asset) - beginning balance $ 405,018  
Net defined benefit liability (asset) - ending balance 673,453 $ 405,018
Present value of obligations    
Disclosure of net defined benefit liability (asset) [line items]    
Net defined benefit liability (asset) - beginning balance 405,018 390,942
Acquisition of business (note 3) 1,529,949 0
Transfers, new participants and funding of the plan 30,116 (508)
Total expense 79,396 46,381
Remeasurements 62,302 (24,567)
Translation differences 40,168 21,088
Funding of the plan (171,487) (28,318)
Net defined benefit liability (asset) - ending balance $ 1,975,462 $ 405,018
v3.24.1
OTHER LIABILITIES - NON CURRENT AND CURRENT (Schedule of Fair Value of Plan Assets) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Disclosure of net defined benefit liability (asset) [line items]    
Net defined benefit liability (asset) - beginning balance $ 405,018  
Expected return on assets (42,882) $ 0
Net defined benefit liability (asset) - ending balance 673,453 405,018
Non-US government securities 1,054,671 0
Fixed income 99,602 0
Investments funds 241,481 0
Others 64,757 0
At the end of the year 1,525,330 0
Usiminas    
Disclosure of net defined benefit liability (asset) [line items]    
Usiminas shares 64,819 0
Fair value of plan assets    
Disclosure of net defined benefit liability (asset) [line items]    
Net defined benefit liability (asset) - beginning balance 0 0
Acquisition of business (note 3) 1,462,147 0
Expected return on assets 42,882 0
Interest income 142,529 0
Translation differences (5,933) 0
Contributions paid 14,848 0
Funding of the plan (131,143) 0
Net defined benefit liability (asset) - ending balance $ (1,525,330) $ 0
v3.24.1
OTHER LIABILITIES - NON CURRENT AND CURRENT (Narrative) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Disclosure of defined benefit plans [line items]    
Net Defined Benefit Liability (Asset) Guaranteed With Property, Plant And Equipment $ 275.0  
Bottom of range    
Disclosure of defined benefit plans [line items]    
Estimate of contributions expected to be paid to plan for next five years 178.9  
Top of range    
Disclosure of defined benefit plans [line items]    
Estimate of contributions expected to be paid to plan for next five years $ 197.3  
Fair value of plan assets | Usiminas    
Disclosure of defined benefit plans [line items]    
Number of shares outstanding (shares) 34,109,762 34,109,762
v3.24.1
OTHER LIABILITIES - NON CURRENT AND CURRENT (Actuarial Assumptions of Defined Benefit Obligation) (Details)
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Mexico | Bottom of range    
Disclosure of defined benefit plans [line items]    
Compensation growth rate 6.00% 6.00%
Mexico | Top of range    
Disclosure of defined benefit plans [line items]    
Compensation growth rate 7.00% 7.00%
Argentina | Bottom of range    
Disclosure of defined benefit plans [line items]    
Discount rate 6.00% 6.00%
Compensation growth rate 2.00% 2.00%
Argentina | Top of range    
Disclosure of defined benefit plans [line items]    
Discount rate 7.00% 7.00%
Compensation growth rate 3.00% 3.00%
Brazil    
Disclosure of defined benefit plans [line items]    
Discount rate   0.00%
Compensation growth rate   0.00%
Long-term increase in medical service costs 4.75% 0.00%
Expected return on plan assets   0
Brazil | Bottom of range    
Disclosure of defined benefit plans [line items]    
Discount rate 5.23%  
Compensation growth rate 0.50%  
Expected return on plan assets 9.28  
Brazil | Top of range    
Disclosure of defined benefit plans [line items]    
Discount rate 5.40%  
Compensation growth rate 2.90%  
Expected return on plan assets 9.46  
Discount rate    
Disclosure of defined benefit plans [line items]    
Percentage of reasonably possible increase in actuarial assumption 1.00%  
Percentage of reasonably possible decrease in actuarial assumption 1.00%  
Increase in assumption, Impact on defined benefit obligation (7.60%)  
Decrease in assumption, Impact on defined benefit obligation 9.10%  
Discount rate | Mexico    
Disclosure of defined benefit plans [line items]    
Discount rate 9.00% 9.00%
Compensation growth rate    
Disclosure of defined benefit plans [line items]    
Percentage of reasonably possible increase in actuarial assumption 1.00%  
Percentage of reasonably possible decrease in actuarial assumption 1.00%  
Increase in assumption, Impact on defined benefit obligation 0.40%  
Decrease in assumption, Impact on defined benefit obligation (1.00%)  
Pension growth rate    
Disclosure of defined benefit plans [line items]    
Percentage of reasonably possible increase in actuarial assumption 1.00%  
Percentage of reasonably possible decrease in actuarial assumption 1.00%  
Increase in assumption, Impact on defined benefit obligation (1.00%)  
Decrease in assumption, Impact on defined benefit obligation (0.50%)  
Life expectancy    
Disclosure of defined benefit plans [line items]    
Reasonably possible decrease in actuarial assumption, Life expectancy 1 year  
Increase in assumption, Impact on defined benefit obligation 1.40%  
Decrease in assumption, Impact on defined benefit obligation (1.40%)  
v3.24.1
OTHER LIABILITIES - NON CURRENT AND CURRENT (Other Liabilities - Current) (Details) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Disclosure of other liabilities [Abstract]    
Payroll and social security payable $ 174,188 $ 150,378
VAT liabilities 68,178 113,842
Other tax liabilities 70,815 55,622
Termination benefits 100 761
Related Parties (Note 26) 3,588 515
Asset retirement obligation (Note 19) 7,332 3,303
Current dividend payables 51,249 0
Others 54,263 20,422
Other liabilities – Current $ 429,713 $ 344,843
v3.24.1
DERIVATIVE FINANCIAL INSTRUMENTS (Net Fair Value) (Details) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Disclosure of detailed information about hedging instruments [line items]    
Contracts with positive fair value $ 1,797,091 $ 2,265,461
Contracts with negative fair value (8,220) (505)
Derivative financial instruments    
Disclosure of detailed information about hedging instruments [line items]    
Contracts with positive fair value 15,406 227
Derivative financial instruments    
Disclosure of detailed information about hedging instruments [line items]    
Contracts with negative fair value (8,220) (505)
Commodities contracts | Derivative financial instruments    
Disclosure of detailed information about hedging instruments [line items]    
Contracts with positive fair value 247 0
Commodities contracts | Derivative financial instruments    
Disclosure of detailed information about hedging instruments [line items]    
Contracts with negative fair value (6,190) (504)
Foreign exchange contracts | Derivative financial instruments    
Disclosure of detailed information about hedging instruments [line items]    
Contracts with positive fair value 15,159 227
Foreign exchange contracts | Derivative financial instruments    
Disclosure of detailed information about hedging instruments [line items]    
Contracts with negative fair value (2,030) 0
Interest rate swap contracts | Derivative financial instruments    
Disclosure of detailed information about hedging instruments [line items]    
Contracts with negative fair value $ 0 $ (1)
v3.24.1
DERIVATIVE FINANCIAL INSTRUMENTS (Narrative) (Details)
€ in Millions
Jan. 02, 2024
USD ($)
Dec. 31, 2023
USD ($)
Dec. 31, 2023
EUR (€)
Dec. 31, 2013
USD ($)
Interest rate swap contracts | Tenigal S. de R.L. de C.V.        
Disclosure of detailed information about financial instruments [line items]        
Notional amount       $ 100,000,000
Derivative, average fixed interest rate       1.92%
Non-deliverable forward contract | Ternium Colombia S.A.S        
Disclosure of detailed information about financial instruments [line items]        
Notional amount   $ 81,200,000    
Non-deliverable forward contract | Ternium Colombia S.A.S | Classification of Derivative Instrument        
Disclosure of detailed information about financial instruments [line items]        
Settlement amount $ 37,600,000      
Non-deliverable forward contract | Ternium Mexico S.A. de C.V.        
Disclosure of detailed information about financial instruments [line items]        
Notional amount   0    
Non-deliverable forward contract | Ternium Guatemala        
Disclosure of detailed information about financial instruments [line items]        
Notional amount   2,000,000    
Non-deliverable forward contract | Ternium del Atlántico S.A.S        
Disclosure of detailed information about financial instruments [line items]        
Notional amount   94,700,000    
Non-deliverable forward contract | Ternium del Atlántico S.A.S | Classification of Derivative Instrument        
Disclosure of detailed information about financial instruments [line items]        
Settlement amount $ 40,000,000      
Forward contract | Ternium Mexico S.A. de C.V.        
Disclosure of detailed information about financial instruments [line items]        
Notional amount   605,300,000 € 556.9  
Forward contract | Ternium Procurement S.A.        
Disclosure of detailed information about financial instruments [line items]        
Notional amount   1,000,000    
Forward contract | Mineraçao Usiminas        
Disclosure of detailed information about financial instruments [line items]        
Notional amount   57,800,000    
Swap contract | Ternium Mexico S.A. de C.V.        
Disclosure of detailed information about financial instruments [line items]        
Notional amount   $ 8,400,000    
v3.24.1
DERIVATIVE FINANCIAL INSTRUMENTS (Changes in Fair Value) (Details) - Cash flow hedges - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Disclosure of analysis of other comprehensive income by item [line items]    
Other comprehensive income, before tax, cash flow hedges, beginning balance $ 0 $ (60)
(Decrease)/increase on cash flow hedges, before tax 22,721 1
Reclassification adjustments on cash flow hedges, before tax 0 59
Other comprehensive income, before tax, cash flow hedges, ending balance 22,721 0
Accumulated other comprehensive income, tax, beginning balance 0 20
Gains (losses) on cash flow hedges, tax (6,824) (1)
Reclassification adjustments on exchange differences on translation, tax 0 (19)
Accumulated other comprehensive income, tax, ending balance (6,824) 0
Other comprehensive income, net of tax, cash flow hedges, beginning balance 0 (40)
Gains (losses) on cash flow hedges, net of tax 15,897 0
Reclassification adjustments on cash flow hedges, net of tax 0 40
Other comprehensive income, net of tax, cash flow hedges, ending balance 15,897 0
Interest Rate Derivatives    
Disclosure of analysis of other comprehensive income by item [line items]    
Other comprehensive income, before tax, cash flow hedges, beginning balance 0 (60)
(Decrease)/increase on cash flow hedges, before tax 0 1
Reclassification adjustments on cash flow hedges, before tax 0 59
Other comprehensive income, before tax, cash flow hedges, ending balance 0 0
Accumulated other comprehensive income, tax, beginning balance 0 20
Gains (losses) on cash flow hedges, tax 0 (1)
Reclassification adjustments on exchange differences on translation, tax 0 (19)
Accumulated other comprehensive income, tax, ending balance 0 0
Other comprehensive income, net of tax, cash flow hedges, beginning balance 0 (40)
Gains (losses) on cash flow hedges, net of tax 0 0
Reclassification adjustments on cash flow hedges, net of tax 0 40
Other comprehensive income, net of tax, cash flow hedges, ending balance 0 0
Foreign Exchange Derivatives    
Disclosure of analysis of other comprehensive income by item [line items]    
Other comprehensive income, before tax, cash flow hedges, beginning balance 0  
(Decrease)/increase on cash flow hedges, before tax 22,721  
Reclassification adjustments on cash flow hedges, before tax 0  
Other comprehensive income, before tax, cash flow hedges, ending balance 22,721 0
Accumulated other comprehensive income, tax, beginning balance 0  
Gains (losses) on cash flow hedges, tax (6,824)  
Reclassification adjustments on exchange differences on translation, tax 0  
Accumulated other comprehensive income, tax, ending balance (6,824) 0
Other comprehensive income, net of tax, cash flow hedges, beginning balance 0  
Gains (losses) on cash flow hedges, net of tax 15,897  
Reclassification adjustments on cash flow hedges, net of tax 0  
Other comprehensive income, net of tax, cash flow hedges, ending balance $ 15,897 $ 0
v3.24.1
DERIVATIVE FINANCIAL INSTRUMENTS (Exchange Rate Derivative Contract) (Details)
$ in Thousands, € in Millions, Q in Millions, $ in Billions
Dec. 31, 2023
USD ($)
Dec. 31, 2023
EUR (€)
Dec. 31, 2023
COP ($)
Dec. 31, 2023
GTQ (Q)
Dec. 31, 2022
USD ($)
Disclosure of detailed information about financial instruments [line items]          
Contracts with positive fair value $ 1,797,091       $ 2,265,461
Contracts with negative fair value (8,220)       (505)
Forward contract          
Disclosure of detailed information about financial instruments [line items]          
Contracts with positive fair value 13,129       227
Long | Forward contract          
Disclosure of detailed information about financial instruments [line items]          
Notional amount | €   € 556.9      
Long | EU euro (EUR) | Forward contract          
Disclosure of detailed information about financial instruments [line items]          
Contracts with positive fair value 15,159       258
Short | Non-deliverable forward contract          
Disclosure of detailed information about financial instruments [line items]          
Notional amount     $ 697.9 Q 15,700.0  
Short | Colombian peso (COP) | Non-deliverable forward contract          
Disclosure of detailed information about financial instruments [line items]          
Contracts with positive fair value         227
Contracts with negative fair value (2,024)        
Short | Guatemala, Quetzales | Non-deliverable forward contract          
Disclosure of detailed information about financial instruments [line items]          
Contracts with positive fair value         0
Contracts with negative fair value (6)        
Short | Mexican peso (MXN) | Non-deliverable forward contract          
Disclosure of detailed information about financial instruments [line items]          
Contracts with positive fair value $ 0        
Contracts with negative fair value         $ (258)
v3.24.1
LEASE LIABILITIES - Lease Liabilities (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Disclosure of leases [Abstract]      
Values at the beginning of the year, current lease liabilities $ 49,015 $ 44,371  
Values at the beginning of the year, non-current lease liabilities 190,134 215,250  
Values at the beginning of the year, lease liabilities 239,149 259,621  
Translation differences, current lease liabilities (750) (1,506)  
Translation differences, non-current lease liabilities 4,799 (4,180)  
Translation differences, lease liabilities 4,049 (5,686)  
Acquisition of business (note 3), current lease liabilities 8,009    
Acquisition of business (note 3), non current lease liabilities 17,668    
Acquisition of business (note 3), lease liabilities 25,677    
Net proceeds, current lease liabilities 2,746 3,903  
Net proceeds, non-current lease liabilities 11,810 9,763  
Net proceeds, lease liabilities 14,556 13,666  
Indexation, current lease liabilities 5,755 3,107  
Indexation, non-current lease liabilities 5,384 14,988  
Indexation, lease liabilities 11,139 18,095  
Repayments, current, lease liabilities (58,900) (49,404)  
Repayments, non-current lease liabilities 0 (6)  
Repayments, lease liabilities (58,900) (49,410) $ (45,604)
Interest accrued, current lease liabilities 16,200 14,468  
Interest accrued, non current lease liabilities 0 0  
Interest accrued, lease liabilities 16,200 14,468  
Interest paid, Current Lease Liabilities 10,783 11,605  
Interest expense, non current lease liabilities 0 0  
Interest paid, current lease liabilities (10,783) (11,605)  
Reclassifications, current lease liabilities 40,882 45,681  
Reclassifications, non-current lease liabilities (40,882) (45,681)  
Reclassifications, lease liabilities 0 0  
Values at the end of the year, current lease liabilities 52,174 49,015 44,371
Values at the end of the year, non-current lease liabilities 188,913 190,134 215,250
Values at the end of the year, lease liabilities $ 241,087 $ 239,149 $ 259,621
v3.24.1
LEASE LIABILITIES - Schedule of Minimum Lease Payments (Details) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Disclosure of maturity analysis of finance lease payments receivable [line items]      
Finance lease liabilities $ 241,087 $ 239,149 $ 259,621
Finance Leases      
Disclosure of maturity analysis of finance lease payments receivable [line items]      
Lease liabilities 304,447 319,679  
Finance lease liabilities 241,087 239,149  
Future finance charges (63,360) (80,530)  
Within one year      
Disclosure of maturity analysis of finance lease payments receivable [line items]      
Finance lease liabilities 52,174 49,015  
Within one year | Finance Leases      
Disclosure of maturity analysis of finance lease payments receivable [line items]      
Lease liabilities 57,002 60,233  
Finance lease liabilities 241,087 239,149  
Later than one year but not later than five years      
Disclosure of maturity analysis of finance lease payments receivable [line items]      
Finance lease liabilities 140,330 117,654  
Later than one year but not later than five years | Finance Leases      
Disclosure of maturity analysis of finance lease payments receivable [line items]      
Lease liabilities 159,888 151,255  
Later than five years      
Disclosure of maturity analysis of finance lease payments receivable [line items]      
Finance lease liabilities 48,583 72,480  
Later than five years | Finance Leases      
Disclosure of maturity analysis of finance lease payments receivable [line items]      
Lease liabilities $ 87,557 $ 108,191  
v3.24.1
BORROWINGS (Current and Non-Current Information on Borrowings) (Details) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Borrowings [abstract]    
Bank borrowings, undiscounted cash flows, non-current $ 9,353 $ 534,352
Non-current portion, bonds 747,260 0
Non-current portion, debentures 454,136 0
Less: debt issue costs, non-current (4,788) (1,651)
Non-current borrowings 1,205,961 532,701
Bank borrowings, undiscounted cash flows, current 915,989 500,091
Current bonds 23,485 0
Current debentures 4,220 0
Less: debt issue costs, current (3,241) (927)
Current borrowings 940,453 499,164
Total Financial Debt $ 2,146,414 $ 1,031,865
v3.24.1
BORROWINGS (Maturity of Borrowings) (Details) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Disclosure of detailed information about borrowings [line items]    
Borrowings $ 2,146,414 $ 1,031,865
Bonds    
Disclosure of detailed information about borrowings [line items]    
Borrowings 764,810 0
Debentures    
Disclosure of detailed information about borrowings [line items]    
Borrowings 456,846 0
Borrowings - Fixed Rate | Bank Borrowings    
Disclosure of detailed information about borrowings [line items]    
Borrowings 315,696 295,033
Borrowings - Floating Rate | Bank Borrowings    
Disclosure of detailed information about borrowings [line items]    
Borrowings 609,062 $ 736,832
2024    
Disclosure of detailed information about borrowings [line items]    
Borrowings 940,454  
2024 | Bonds    
Disclosure of detailed information about borrowings [line items]    
Borrowings 21,111  
2024 | Debentures    
Disclosure of detailed information about borrowings [line items]    
Borrowings 3,920  
2024 | Borrowings - Fixed Rate | Bank Borrowings    
Disclosure of detailed information about borrowings [line items]    
Borrowings 315,696  
2024 | Borrowings - Floating Rate | Bank Borrowings    
Disclosure of detailed information about borrowings [line items]    
Borrowings 599,727  
2025    
Disclosure of detailed information about borrowings [line items]    
Borrowings 9,335  
2025 | Bonds    
Disclosure of detailed information about borrowings [line items]    
Borrowings 0  
2025 | Debentures    
Disclosure of detailed information about borrowings [line items]    
Borrowings 0  
2025 | Borrowings - Fixed Rate | Bank Borrowings    
Disclosure of detailed information about borrowings [line items]    
Borrowings 0  
2025 | Borrowings - Floating Rate | Bank Borrowings    
Disclosure of detailed information about borrowings [line items]    
Borrowings 9,335  
2026 and thereafter    
Disclosure of detailed information about borrowings [line items]    
Borrowings 1,196,625  
2026 and thereafter | Bonds    
Disclosure of detailed information about borrowings [line items]    
Borrowings 743,699  
2026 and thereafter | Debentures    
Disclosure of detailed information about borrowings [line items]    
Borrowings 452,926  
2026 and thereafter | Borrowings - Fixed Rate | Bank Borrowings    
Disclosure of detailed information about borrowings [line items]    
Borrowings 0  
2026 and thereafter | Borrowings - Floating Rate | Bank Borrowings    
Disclosure of detailed information about borrowings [line items]    
Borrowings $ 0  
v3.24.1
BORROWINGS (Weighted-Average Interest Rate) (Details) - Weighted average
Dec. 31, 2023
Dec. 31, 2022
Bank Borrowings    
Disclosure of detailed information about borrowings [line items]    
Bank borrowings 7.28% 6.21%
Bonds    
Disclosure of detailed information about borrowings [line items]    
Bank borrowings 5.88% 0.00%
Debentures    
Disclosure of detailed information about borrowings [line items]    
Bank borrowings 12.52% 0.00%
v3.24.1
BORROWINGS (Borrowings by Currency) (Details) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Disclosure of detailed information about borrowings [line items]    
Borrowings $ 2,146,414 $ 1,031,865
US dollar ($) | Borrowings - Floating Rate    
Disclosure of detailed information about borrowings [line items]    
Borrowings 609,062 684,554
US dollar ($) | Borrowings - Fixed Rate    
Disclosure of detailed information about borrowings [line items]    
Borrowings 1,021,909 197,259
Brazilian real (BRL) | Borrowings - Floating Rate    
Disclosure of detailed information about borrowings [line items]    
Borrowings 456,846 0
Brazilian real (BRL) | Borrowings - Fixed Rate    
Disclosure of detailed information about borrowings [line items]    
Borrowings 352 0
Colombian peso (COP) | Borrowings - Floating Rate    
Disclosure of detailed information about borrowings [line items]    
Borrowings 0 38,934
Colombian peso (COP) | Borrowings - Fixed Rate    
Disclosure of detailed information about borrowings [line items]    
Borrowings 53,135 92,680
Guatemala, Quetzales | Borrowings - Fixed Rate    
Disclosure of detailed information about borrowings [line items]    
Borrowings 5,110 5,094
Mexican peso (MXN) | Borrowings - Floating Rate    
Disclosure of detailed information about borrowings [line items]    
Borrowings 0 13,339
Argentine peso (ARS) | Borrowings - Floating Rate    
Disclosure of detailed information about borrowings [line items]    
Borrowings $ 0 $ 5
v3.24.1
BORROWINGS (Significant Borrowings) (Details) - USD ($)
$ in Millions
Dec. 31, 2023
Dec. 31, 2022
May 31, 2022
Aug. 31, 2019
Jul. 31, 2019
Ternium Brazil Syndicated Loan Due August 2024          
Disclosure of detailed information about borrowings [line items]          
Original principal amount $ 500     $ 500  
Usiminas Bonds Due July 2026          
Disclosure of detailed information about borrowings [line items]          
Original principal amount 750       $ 750
Usiminas Debentures -8th Emission Due May 2029          
Disclosure of detailed information about borrowings [line items]          
Original principal amount 134   $ 145    
Usiminas Debentures -9th Emission Due December 2032          
Disclosure of detailed information about borrowings [line items]          
Original principal amount $ 287 $ 310      
v3.24.1
CONTINGENCIES, COMMITMENTS AND RESTRICTIONS ON THE DISTRIBUTION OF PROFITS (Tender offer litigation) (Details)
R$ / shares in Units, R$ in Billions, $ in Billions
 12 Months Ended
Dec. 31, 2013
R$ / shares
shares
Dec. 31, 2023
BRL (R$)
Dec. 31, 2023
USD ($)
Oct. 17, 2023
justice
Dec. 31, 2017
member
Dec. 31, 2016
decision
Disclosure of contingent liabilities [line items]            
Number of justices       2 2  
Contingent liability, spread on monetary adjustments and interest       0.01    
Contingent liability, portion of legal costs from compensation payable       0.10    
Number of decisions issued | decision           2
Ternium Investments S.à.r.l.            
Disclosure of contingent liabilities [line items]            
Contingent liability, tender offer litigation   R$ 3.1 $ 0.6      
Ternium Argentina S.A.            
Disclosure of contingent liabilities [line items]            
Contingent liability, tender offer litigation   R$ 1.1 $ 0.2      
Pending Litigation | Comphania Siderúrgica Nacional vs. Ternium Investments S.a.r.l., Siderar & Confab Industrial S.A.            
Disclosure of contingent liabilities [line items]            
Tender offer, percent 80.00%          
Tender offer, price per share | R$ / shares R$ 28.8          
Tender offer, number of shares | shares 182,609,851          
Ternium Investments S.à.r.l. | Pending Litigation | Comphania Siderúrgica Nacional vs. Ternium Investments S.a.r.l., Siderar & Confab Industrial S.A.            
Disclosure of contingent liabilities [line items]            
Proportion of shares in tender offer 60.60%          
Ternium Argentina S.A. | Pending Litigation | Comphania Siderúrgica Nacional vs. Ternium Investments S.a.r.l., Siderar & Confab Industrial S.A.            
Disclosure of contingent liabilities [line items]            
Proportion of shares in tender offer 21.50%          
v3.24.1
CONTINGENCIES, COMMITMENTS AND RESTRICTIONS ON THE DISTRIBUTION OF PROFITS (Shareholder claims, Mexican income tax adjustment & Argentine tax claim) (Details) - USD ($)
$ in Thousands
 1 Months Ended 12 Months Ended
Jun. 30, 2021
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Disclosure of contingent liabilities [line items]        
Adjustments for current tax of prior periods   $ (13,429) $ 0 $ 0
Mexican Tax Authority        
Disclosure of contingent liabilities [line items]        
Adjustments for current tax of prior periods   53,300    
Mexican Tax Authority | 2008        
Disclosure of contingent liabilities [line items]        
Increase (Decrease) In Contingent Tax Liability   17,500    
Mexican Tax Authority | 2011        
Disclosure of contingent liabilities [line items]        
Increase (Decrease) In Contingent Tax Liability   $ 35,800    
Domestic Tax Authority | Mexican Tax Authority | 2008        
Disclosure of contingent liabilities [line items]        
Tax contingent liability $ 72,800      
Domestic Tax Authority | Mexican Tax Authority | 2011        
Disclosure of contingent liabilities [line items]        
Tax contingent liability $ 35,600      
v3.24.1
CONTINGENCIES, COMMITMENTS AND RESTRICTIONS ON THE DISTRIBUTION OF PROFITS (Fishermen association claims, Tax assessment relating to the use of certain ICMS tax credits) (Details) - Thyssenkrupp Slab International B.V. & CSA Siderúrgica do Atlântico Ltda. - USD ($)
Dec. 31, 2023
Dec. 31, 2022
Sep. 07, 2017
Other environment related provision      
Disclosure of contingent liabilities [line items]      
Other provisions $ 0 $ 4,500,000 $ 24,500,000
Legal proceedings contingent liability      
Disclosure of contingent liabilities [line items]      
Other provisions $ 37,500,000 $ 34,800,000 $ 57,700,000
v3.24.1
CONTINGENCIES, COMMITMENTS AND RESTRICTIONS ON THE DISTRIBUTION OF PROFITS (Commitments: a-l) (Details)
MMBTU in Thousands, m³ in Millions
 1 Months Ended 12 Months Ended
Dec. 30, 2019
MMBTU
May 09, 2018
MMBTU
Apr. 24, 2017
MW
Jun. 30, 2008
USD ($)
m³
Jun. 30, 2019
USD ($)
Dec. 31, 2023
USD ($)
Dec. 31, 2018
USD ($)
Dec. 13, 2019
payment
Jun. 30, 2018
USD ($)
Ternium Mexico Syndicated Loan Due June 2023                  
Disclosure of contingent liabilities [line items]                  
Original principal amount                 $ 1,000,000,000
Number of loan payments | payment               8  
Borrowings, net senior leverage ratio           350.00%      
Line of credit facility, disbursed         $ 600,000,000   $ 400,000,000    
Property, plant and equipment                  
Disclosure of contingent liabilities [line items]                  
Long-term purchase commitment, amount           $ 175,500,000      
Wind Generation Farm                  
Disclosure of contingent liabilities [line items]                  
Long-term purchase commitment, amount           $ 62,000,000      
ValeS.A.MineracaoCorumbaenseReunidaS.A. | Scenario one                  
Disclosure of contingent liabilities [line items]                  
Long-term purchase commitment, percentage of penalty           7.00%      
Long-term purchase commitment, minimum percentage of volume required           80.00%      
ValeS.A.MineracaoCorumbaenseReunidaS.A. | Scenario one | Bottom of range                  
Disclosure of contingent liabilities [line items]                  
Long-term purchase commitment, percentage of total volume actually operated           70.00%      
ValeS.A.MineracaoCorumbaenseReunidaS.A. | Scenario one | Top of range                  
Disclosure of contingent liabilities [line items]                  
Long-term purchase commitment, percentage of total volume actually operated           75.00%      
ValeS.A.MineracaoCorumbaenseReunidaS.A. | Scenario two                  
Disclosure of contingent liabilities [line items]                  
Long-term purchase commitment, percentage of penalty           15.00%      
Long-term purchase commitment, minimum percentage of volume required           80.00%      
ValeS.A.MineracaoCorumbaenseReunidaS.A. | Scenario two | Bottom of range                  
Disclosure of contingent liabilities [line items]                  
Long-term purchase commitment, percentage of total volume actually operated           70.00%      
Air Liquide Argentina S.A. | Public utilities inventory, fuel                  
Disclosure of contingent liabilities [line items]                  
Long-term purchase commitment, amount           $ 167,100,000      
Techgen S.A. de C.V.                  
Disclosure of contingent liabilities [line items]                  
Long-term contract for purchase of electric power, term     25 years            
Long-term contract for purchase of electric power, electrical demand | MW     699            
Percentage of electricity needs supplied     78.00%            
Guarantor obligations, outstanding           59,900,000      
Gas Industrial de Monterrey, S.A. de C.V.                  
Disclosure of contingent liabilities [line items]                  
Long-term purchase commitment, amount           19,800,000      
Guarantor obligations, amount           28,800,000      
Long-term purchase commitment, obligations outstanding           6,500,000      
Praxair Mexico | Minimum Annual Oxygen Consumption                  
Disclosure of contingent liabilities [line items]                  
Long-term purchase commitment , minimum annual consumption, amount       $ 4,500,000          
Kinder Morgan Texas Pipeline L.L.C., Kinder Morgan Tejas Pipeline L.L.C. and Kinder Morgan Border Pipeline L.L.C.                  
Disclosure of contingent liabilities [line items]                  
Long-term contract for purchase of natural gas transportation, period   10 years              
Long-term contract for purchase of natural gas transportation, capacity | MMBTU   60              
Long-term contract for purchase of natural gas transportation, amount           3,700,000      
Kinder Morgan Texas Pipeline L.L.C., Kinder Morgan Tejas Pipeline L.L.C. and Kinder Morgan Gas Natural de México S. de R.L. de C.V.                  
Disclosure of contingent liabilities [line items]                  
Long-term contract for purchase of natural gas transportation, period 15 years                
Long-term contract for purchase of natural gas transportation, capacity | MMBTU 31                
Long-term contract for purchase of natural gas transportation, amount           4,800,000      
Kinder Morgan Gas                  
Disclosure of contingent liabilities [line items]                  
Long-term purchase commitment, obligations outstanding           179,000,000      
Kinder Morgan Gas | Ternium S.A.                  
Disclosure of contingent liabilities [line items]                  
Guarantor obligations, outstanding           $ 85,900,000      
Guarantor obligations, percentage           48.00%      
Iron Ore, Pellets and Iron Ore Fines | ValeS.A.MineracaoCorumbaenseReunidaS.A.                  
Disclosure of contingent liabilities [line items]                  
Long-term purchase commitment, amount           $ 304,900,000      
Long-term purchase commitment, minimum percentage of volume required           80.00%      
Natural Gas | Tecpetrol                  
Disclosure of contingent liabilities [line items]                  
Long-term purchase commitment, amount           $ 48,600,000      
Natural Gas | Transportadora de Gas del Norte S.A. and Energy Consulting Services S.A.                  
Disclosure of contingent liabilities [line items]                  
Long-term purchase commitment, amount           $ 5,300,000      
Industrial Gas | Praxair Mexico                  
Disclosure of contingent liabilities [line items]                  
Long-term purchase commitment, amount       $ 421,000,000          
Long-term purchase commitment , minimum annual consumption, volume | m³       96.0          
v3.24.1
CONTINGENCIES, COMMITMENTS AND RESTRICTIONS ON THE DISTRIBUTION OF PROFITS (Commitments: m-ac) (Details)
m³ in Thousands, T in Millions, $ in Millions
 1 Months Ended 12 Months Ended 108 Months Ended
Mar. 31, 2017
Jun. 30, 2016
MW
Dec. 31, 2023
USD ($)
m³
credit
T
Dec. 31, 2006
distributor
MW
Dec. 31, 2023
USD ($)
m³
credit
T
Feb. 13, 2019
USD ($)
Oct. 15, 2012
Usiminas              
Disclosure of contingent liabilities [line items]              
Long-term purchase commitment, amount     $ 139.7        
24 Distributos (CCEAR)              
Disclosure of contingent liabilities [line items]              
Long-term contract for purchase of electric power, term       15 years      
Number of distributors | distributor       24      
Long-term contract for purchase of electric power, electrical demand | MW       200      
Vale S.A. | Iron Ore, Pellets and Iron Ore Fines              
Disclosure of contingent liabilities [line items]              
Long-term purchase commitment, total purchased volume | T     8.0        
Primetals Technologies Brazil Ltda. | Maintenance Services              
Disclosure of contingent liabilities [line items]              
Long-term purchase commitment, amount     $ 21.3        
Air Liquide Brasil Ltda., AirSteel Ltda., White Martins Gases Industriais Ltda., White Martins Steel Ltda. and ThyssenKrupp MinEnergy GmbH | Industrial Gas              
Disclosure of contingent liabilities [line items]              
Long-term purchase commitment, amount     $ 170.2        
GE Global Parts and Products GMBH, General Electric International Inc. and Alstom Energia Térmica e Indústria Ltda.              
Disclosure of contingent liabilities [line items]              
Long-term purchase commitment, period for maintenance services of turbines 20 years            
Long-term purchase commitment, extension period for maintenance services of turbines     4 years        
GE Global Parts and Products GMBH, General Electric International Inc. and Alstom Energia Térmica e Indústria Ltda. | Turbine Maintenance              
Disclosure of contingent liabilities [line items]              
Long-term purchase commitment, amount     $ 176.9        
Companhia Distribuidora de Gás do Rio de Janeiro              
Disclosure of contingent liabilities [line items]              
Long-term purchase commitment, minimum percentage of volume required     85.00%        
Companhia Distribuidora de Gás do Rio de Janeiro | Natural Gas              
Disclosure of contingent liabilities [line items]              
Long-term purchase commitment, amount     $ 38.6        
Long-term purchase commitment, renewal period     2 years        
Long-term purchase commitment, volume | m³     61,300        
LSI Logistica S.A.              
Disclosure of contingent liabilities [line items]              
Long-term purchase commitment, amount     $ 1.4        
Unicarbo Ltda.              
Disclosure of contingent liabilities [line items]              
Long-term purchase commitment, amount     49.6        
Cemig S.A. | Usiminas              
Disclosure of contingent liabilities [line items]              
Long-term purchase commitment, amount     199.2        
Cemig S.A. | Usiminas | Bottom of range              
Disclosure of contingent liabilities [line items]              
Long-term contract for purchase of electric power, electrical demand | MW   32          
Cemig S.A. | Usiminas | Top of range              
Disclosure of contingent liabilities [line items]              
Long-term contract for purchase of electric power, electrical demand | MW   65.4          
Engie S.A | Usiminas              
Disclosure of contingent liabilities [line items]              
Long-term purchase commitment, amount     55.1        
Enel S.A | Usiminas              
Disclosure of contingent liabilities [line items]              
Long-term purchase commitment, amount     58.6        
Canadian Solar S.A. | Usiminas              
Disclosure of contingent liabilities [line items]              
Long-term purchase commitment, amount     149.5        
Comgas S.A | Usiminas              
Disclosure of contingent liabilities [line items]              
Long-term purchase commitment, amount     $ 53.8        
Long-term contract for purchase of electric power, capacity | m³     240   240    
Long-term contract for purchase of electric power, daily capacity deviation     0.05   0.05    
Long-term contract for purchase of electric power, take or pay volume     0.80   0.80    
Gasmig S.A. | Usiminas              
Disclosure of contingent liabilities [line items]              
Long-term purchase commitment, amount     $ 197.9        
Long-term contract for purchase of electric power, capacity | m³     850   850    
Long-term contract for purchase of electric power, daily capacity deviation     0.10   0.10    
Long-term contract for purchase of electric power, take or pay volume     0.80   0.80    
MBL Materiais Básicos Ltda. | Usiminas              
Disclosure of contingent liabilities [line items]              
Long-term purchase commitment, amount     $ 336.9        
Long-term purchase commitment, term             30 years
MBL Materiais Básicos Ltda. | Iron Ore | Usiminas              
Disclosure of contingent liabilities [line items]              
Long-term purchase commitment, minimum volume | T         3.6    
Syndicated Loan | Techgen S.A. de C.V.              
Disclosure of contingent liabilities [line items]              
Original principal amount           $ 640.0  
Borrowings outstanding     49.6   $ 49.6    
Financial Guarantee | Syndicated Loan | Techgen S.A. de C.V.              
Disclosure of contingent liabilities [line items]              
Guarantor obligations, outstanding     $ 23.8   $ 23.8    
Financial Guarantee | Syndicated Loan | Techgen S.A. de C.V.              
Disclosure of contingent liabilities [line items]              
Number of stand-by letters of credit | credit     2   2    
Guarantor obligations, percentage     48.00%        
v3.24.1
RELATED PARTY TRANSACTIONS (Narrative) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Disclosure of transactions between related parties [line items]    
Key management personnel compensation $ 26,608 $ 22,899
Key management personnel compensation (in shares) 1,064,000  
Key management personnel compensation, share-based payment $ 6,591 $ 7,220
Techint Holdings S.à.r.l | Entities with joint control or significant influence over entity    
Disclosure of transactions between related parties [line items]    
Percentage of Company shares owned 65.03%  
Tenaris Investments S.a.r.l. | Entities with joint control or significant influence over entity    
Disclosure of transactions between related parties [line items]    
Percentage of Company shares owned 11.46%  
v3.24.1
RELATED PARTY TRANSACTIONS (Transactions Between Related Parties) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Related party transactions [abstract]      
Revenue from sale of goods and services, related party transactions $ 342,560 $ 949,225 $ 1,148,102
Purchases of goods and services, related party transactions 699,323 807,079 683,092
Finance income (expense) with related parties 11,506 7,322 5,243
Dividends received 34,841 15,493 82,122
Other income (expense), related party transactions 3,149 3,982 1,908
Outstanding balances for related party transactions [abstract]      
Amounts receivable, related party transactions 120,554 119,153  
Non-consolidated parties      
Related party transactions [abstract]      
Revenue from sale of goods, related party transactions 163,591 720,137 950,792
Revenue from rendering of services, related party transactions 168 177 178
Purchases of goods, related party transactions 491,011 643,494 508,784
Services received, related party transactions 23,574 13,735 10,279
Finance income (expense) with related parties 12,263 8,298 6,256
Dividends received 34,841 15,493 82,122
Other income (expense), related party transactions 1,396 3,300 1,029
Outstanding balances for related party transactions [abstract]      
Amounts receivable, related party transactions 143,292 180,476  
Advances to suppliers 2,843 4,851  
Amounts payable, related party transactions (149,562) (91,172)  
Other related parties      
Related party transactions [abstract]      
Revenue from sale of goods, related party transactions 174,869 224,698 195,636
Revenue from rendering of services, related party transactions 3,932 4,213 1,496
Purchases of goods, related party transactions 81,404 70,951 65,964
Services received, related party transactions 103,334 78,899 98,065
Finance expense lease contracts with related parties (757) (976) (1,013)
Other income (expense), related party transactions 1,753 682 $ 879
Outstanding balances for related party transactions [abstract]      
Amounts receivable, related party transactions 29,402 43,765  
Advances to suppliers 123,921 3,683  
Amounts payable, related party transactions (27,963) (20,163)  
Lease liabilities with other related parties $ (1,379) $ (2,287)  
v3.24.1
OTHER REQUIRED DISCLOSURES (Statement of Comprehensive Income) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Disclosure of analysis of other comprehensive income by item [line items]    
Other comprehensive income, net of tax, change in value of foreign currency basis spreads, beginning balance $ (3,875,636) $ (3,918,344)
Gains (losses) on exchange differences on translation 132,339 42,708
Reclassification of currency translation adjustment to income statement 839,437 0
Other comprehensive income, net of tax, change in value of foreign currency basis spreads, ending balance (2,903,860) (3,875,636)
Cash flow hedges    
Disclosure of analysis of other comprehensive income by item [line items]    
Other comprehensive income, before tax, cash flow hedges, beginning balance 0 (60)
(Decrease)/increase on cash flow hedges, before tax 22,721 1
Reclassification adjustments on cash flow hedges, before tax 0 59
Other comprehensive income, before tax, cash flow hedges, ending balance 22,721 0
Accumulated other comprehensive income, tax, beginning balance 0 (20)
Gains (losses) on cash flow hedges, tax (6,824) (1)
Reclassification adjustments on exchange differences on translation, tax 0 (19)
Accumulated other comprehensive income, tax, ending balance 6,824 0
Other comprehensive income, net of tax, cash flow hedges, beginning balance 0 (40)
Other comprehensive income (loss), (decrease)/increase, net of tax 15,897 0
Reclassification from AOCI, net of tax 0 40
Other comprehensive income, net of tax, cash flow hedges, ending balance $ 15,897 $ 0
v3.24.1
OTHER REQUIRED DISCLOSURES (Statement of Cash Flows) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Disclosure of additional information [Abstract]      
Inventories $ 202,470 $ 438,090 $ (1,906,524)
Receivables and others 6,342 10,888 (41,535)
Trade receivables (104,280) 573,811 (885,200)
Other liabilities (64,022) 46,403 106,223
Trade payables 280,571 83,306 109,247
Increase (decrease) in working capital [1] 321,081 1,152,498 (2,617,789)
Tax expense (income) 334,408 573,728 1,397,139
Taxes paid (495,348) (1,769,289) (818,854)
Income tax accruals less payments, total (160,940) (1,195,561) 578,285
Interest accrued (113,433) (13,940) (20,948)
Interest received 202,000 31,880 62,912
Interest paid (133,706) (42,735) (36,063)
Interest accruals less payments, total $ (45,139) $ (24,795) $ 5,901
[1] The working capital is impacted by non-cash movement of $129.3 million as of December 31, 2023 ($24.9 million and $(12.5) million as of December 31, 2022 and 2021, respectively) due to the variations in the exchange rates used by subsidiaries with functional currencies different from the U.S. dollar.
v3.24.1
OTHER REQUIRED DISCLOSURES (Financial Debt Reconciliation) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Disclosure of reconciliation of liabilities arising from financing activities [line items]    
Liabilities arising from financing activities, beginning balance $ (1,271,014) $ (1,738,659)
Cash flows 330,770 528,654
Reclassifications 0 0
Acquisitions - finance leases (14,556) (13,666)
Acquisition of business (note 3) (1,250,076)  
Foreign exchange adjustments (31,981) 31,837
Other non cash movements (150,644) (79,180)
Liabilities arising from financing activities, ending balance (2,387,501) (1,271,014)
Finance lease liabilities    
Disclosure of reconciliation of liabilities arising from financing activities [line items]    
Liabilities arising from financing activities, beginning balance (239,149) (259,621)
Cash flows 69,683 61,015
Reclassifications 0 0
Acquisitions - finance leases (14,556) (13,666)
Acquisition of business (note 3) (25,677)  
Foreign exchange adjustments (4,049) 5,686
Other non cash movements (27,339) (32,563)
Liabilities arising from financing activities, ending balance (241,087) (239,149)
Short term borrowings    
Disclosure of reconciliation of liabilities arising from financing activities [line items]    
Liabilities arising from financing activities, beginning balance (499,164) (822,573)
Cash flows 248,587 467,014
Reclassifications (511,723) (124,140)
Acquisitions - finance leases 0 0
Acquisition of business (note 3) (26,558)  
Foreign exchange adjustments (30,199) 26,093
Other non cash movements (121,396) (45,558)
Liabilities arising from financing activities, ending balance (940,453) (499,164)
Long term borrowings    
Disclosure of reconciliation of liabilities arising from financing activities [line items]    
Liabilities arising from financing activities, beginning balance (532,701) (656,465)
Cash flows 12,500 625
Reclassifications 511,723 124,140
Acquisitions - finance leases 0 0
Acquisition of business (note 3) (1,197,841)  
Foreign exchange adjustments 2,267 58
Other non cash movements (1,909) (1,059)
Liabilities arising from financing activities, ending balance $ (1,205,961) $ (532,701)
v3.24.1
FINANCIAL RISK MANAGEMENT (Assumed Financial Exposure to Currency Risk) (Details) - Dec. 31, 2023 - Currency risk
R$ in Millions, $ in Millions
USD ($)
BRL (R$)
US dollar ($) | US dollar ($)    
Disclosure of nature and extent of risks arising from financial instruments [line items]    
Risk exposure associated with instruments sharing characteristic | $ $ 0  
US dollar ($) | EU euro (EUR)    
Disclosure of nature and extent of risks arising from financial instruments [line items]    
Risk exposure associated with instruments sharing characteristic | $ 97  
US dollar ($) | Argentine peso (ARS)    
Disclosure of nature and extent of risks arising from financial instruments [line items]    
Risk exposure associated with instruments sharing characteristic | $ (135)  
US dollar ($) | Mexican peso (MXN)    
Disclosure of nature and extent of risks arising from financial instruments [line items]    
Risk exposure associated with instruments sharing characteristic | $ (313)  
US dollar ($) | Brazilian real (BRL)    
Disclosure of nature and extent of risks arising from financial instruments [line items]    
Risk exposure associated with instruments sharing characteristic | $ 59  
US dollar ($) | Colombian peso (COP)    
Disclosure of nature and extent of risks arising from financial instruments [line items]    
Risk exposure associated with instruments sharing characteristic | $ (20)  
US dollar ($) | Yenes (JPY)    
Disclosure of nature and extent of risks arising from financial instruments [line items]    
Risk exposure associated with instruments sharing characteristic | $ 115  
US dollar ($) | Other currencies    
Disclosure of nature and extent of risks arising from financial instruments [line items]    
Risk exposure associated with instruments sharing characteristic | $ $ (2)  
Brazilian real (BRL) | US dollar ($)    
Disclosure of nature and extent of risks arising from financial instruments [line items]    
Risk exposure associated with instruments sharing characteristic | R$   R$ (469)
Brazilian real (BRL) | EU euro (EUR)    
Disclosure of nature and extent of risks arising from financial instruments [line items]    
Risk exposure associated with instruments sharing characteristic | R$   0
Brazilian real (BRL) | Argentine peso (ARS)    
Disclosure of nature and extent of risks arising from financial instruments [line items]    
Risk exposure associated with instruments sharing characteristic | R$   0
Brazilian real (BRL) | Mexican peso (MXN)    
Disclosure of nature and extent of risks arising from financial instruments [line items]    
Risk exposure associated with instruments sharing characteristic | R$   0
Brazilian real (BRL) | Brazilian real (BRL)    
Disclosure of nature and extent of risks arising from financial instruments [line items]    
Risk exposure associated with instruments sharing characteristic | R$   0
Brazilian real (BRL) | Colombian peso (COP)    
Disclosure of nature and extent of risks arising from financial instruments [line items]    
Risk exposure associated with instruments sharing characteristic | R$   0
Brazilian real (BRL) | Yenes (JPY)    
Disclosure of nature and extent of risks arising from financial instruments [line items]    
Risk exposure associated with instruments sharing characteristic | R$   0
Brazilian real (BRL) | Other currencies    
Disclosure of nature and extent of risks arising from financial instruments [line items]    
Risk exposure associated with instruments sharing characteristic | R$   R$ 0
v3.24.1
FINANCIAL RISK MANAGEMENT (Market Risk Narrative) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Disclosure of nature and extent of risks arising from financial instruments [line items]    
Borrowings $ 2,146,414 $ 1,031,865
Weighted Average    
Disclosure of nature and extent of risks arising from financial instruments [line items]    
Bank borrowings 8.46% 6.21%
Currency risk    
Disclosure of nature and extent of risks arising from financial instruments [line items]    
Reasonably possible change in risk variable, percent (1.00%)  
Reasonably possible change in risk variable, impact on pre-tax earnings $ 600 $ 3,300
Net investments exposed to volatility in exchange rate, amount 2,700,000  
Reasonably possible change in risk variable, impact on equity $ (6,100)  
Interest rate risk    
Disclosure of nature and extent of risks arising from financial instruments [line items]    
Reasonably possible change in risk variable, percent 1.00%  
Argentine peso (ARS) | Currency risk    
Disclosure of nature and extent of risks arising from financial instruments [line items]    
Reasonably possible change in risk variable, percent (1.00%)  
Reasonably possible change in risk variable, impact on pre-tax earnings $ (1,300) (200)
Mexican peso (MXN) | Currency risk    
Disclosure of nature and extent of risks arising from financial instruments [line items]    
Reasonably possible change in risk variable, percent (1.00%)  
Reasonably possible change in risk variable, impact on pre-tax earnings $ 3,100 2,600
Colombian peso (COP) | Currency risk    
Disclosure of nature and extent of risks arising from financial instruments [line items]    
Reasonably possible change in risk variable, percent (1.00%)  
Reasonably possible change in risk variable, impact on pre-tax earnings $ 200 900
Brazilian real (BRL) | Currency risk    
Disclosure of nature and extent of risks arising from financial instruments [line items]    
Reasonably possible change in risk variable, percent (1.00%)  
Reasonably possible change in risk variable, impact on pre-tax earnings $ 5,300 (400)
Borrowings - Floating Rate | Interest rate risk    
Disclosure of nature and extent of risks arising from financial instruments [line items]    
Reasonably possible change in risk variable, impact on pre-tax earnings 18,300 12,100
Borrowings $ 1,065,900 $ 736,800
Borrowings, percentage of total borrowings 49.70% 71.40%
Borrowings - Floating Rate | Argentine peso (ARS)    
Disclosure of nature and extent of risks arising from financial instruments [line items]    
Borrowings $ 0 $ 5
Borrowings - Floating Rate | Mexican peso (MXN)    
Disclosure of nature and extent of risks arising from financial instruments [line items]    
Borrowings 0 13,339
Borrowings - Floating Rate | Colombian peso (COP)    
Disclosure of nature and extent of risks arising from financial instruments [line items]    
Borrowings 0 38,934
Borrowings - Floating Rate | Brazilian real (BRL)    
Disclosure of nature and extent of risks arising from financial instruments [line items]    
Borrowings $ 456,846 $ 0
v3.24.1
FINANCIAL RISK MANAGEMENT (Credit Risk Narrative) (Details) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Disclosure of credit risk exposure [line items]    
Trade receivables $ 2,065,499 $ 1,180,689
Credit risk    
Disclosure of credit risk exposure [line items]    
Financial assets, investments assessed as investment grade, percent 34.80% 59.90%
Trade receivables $ 2,065,500 $ 1,180,700
Financing Receivables, Up to 180 Past Due | Credit risk    
Disclosure of credit risk exposure [line items]    
Trade receivables 214,100 101,500
Financing Receivables, Equal to Greater than 1 Day Past Due | Credit risk    
Disclosure of credit risk exposure [line items]    
Allowance for doubtful account 59,500 9,900
Performing Financial Instruments | Credit risk    
Disclosure of credit risk exposure [line items]    
Trade receivables 1,910,900 1,089,100
Performance Guarantee | Credit risk    
Disclosure of credit risk exposure [line items]    
Trade receivables 1,400 100
Credit Insurance | Credit risk    
Disclosure of credit risk exposure [line items]    
Trade receivables 686,200 520,600
Guarantee Type, Other | Credit risk    
Disclosure of credit risk exposure [line items]    
Trade receivables $ 9,400 $ 7,000
v3.24.1
FINANCIAL RISK MANAGEMENT (Investments in Financial Assets - Credit Risk) (Details) - Credit risk - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Cash and cash equivalents    
Disclosure of credit risk exposure [line items]    
Maximum exposure to credit risk $ 1,846,013 $ 1,653,355
Other Investments - Current and Non-Current    
Disclosure of credit risk exposure [line items]    
Maximum exposure to credit risk 2,186,420 1,975,490
Fixed Income (time-deposit, zero-coupon bonds, commercial papers)    
Disclosure of credit risk exposure [line items]    
Maximum exposure to credit risk 1,025,207 576,784
Deposit certificates and investment funds    
Disclosure of credit risk exposure [line items]    
Maximum exposure to credit risk 844,428 204,802
Commercial papers    
Disclosure of credit risk exposure [line items]    
Maximum exposure to credit risk 129,798 323,386
Other    
Disclosure of credit risk exposure [line items]    
Maximum exposure to credit risk 50,981 48,596
Bonds and other fixed income    
Disclosure of credit risk exposure [line items]    
Maximum exposure to credit risk 1,160,230 1,395,853
Non - U.S. government securities    
Disclosure of credit risk exposure [line items]    
Maximum exposure to credit risk 928,419 651,633
U.S. government and corporate securities    
Disclosure of credit risk exposure [line items]    
Maximum exposure to credit risk 231,811 744,220
Other notes    
Disclosure of credit risk exposure [line items]    
Maximum exposure to credit risk $ 983 $ 2,853
v3.24.1
FINANCIAL RISK MANAGEMENT (Assumed financial exposure to credit risk) (Details) - Credit risk
$ in Millions
Dec. 31, 2023
USD ($)
Disclosure of credit risk exposure [line items]  
Trade and other receivables $ 4,311
US dollar ($)  
Disclosure of credit risk exposure [line items]  
Trade and other receivables 1,691
EU euro (EUR)  
Disclosure of credit risk exposure [line items]  
Trade and other receivables 160
Argentine peso (ARS)  
Disclosure of credit risk exposure [line items]  
Trade and other receivables 34
Mexican peso (MXN)  
Disclosure of credit risk exposure [line items]  
Trade and other receivables 679
Brazilian real (BRL)  
Disclosure of credit risk exposure [line items]  
Trade and other receivables 1,667
Colombian peso (COP)  
Disclosure of credit risk exposure [line items]  
Trade and other receivables 79
Other currencies  
Disclosure of credit risk exposure [line items]  
Trade and other receivables $ 1
v3.24.1
FINANCIAL RISK MANAGEMENT (Liquidity Risk) (Details) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Disclosure of maturity analysis for financial assets held for managing liquidity risk [line items]      
Finance lease liabilities $ 241,087 $ 239,149 $ 259,621
2024      
Disclosure of maturity analysis for financial assets held for managing liquidity risk [line items]      
Finance lease liabilities 52,174 49,015  
Thereafter      
Disclosure of maturity analysis for financial assets held for managing liquidity risk [line items]      
Finance lease liabilities 48,583 $ 72,480  
Liquidity risk      
Disclosure of maturity analysis for financial assets held for managing liquidity risk [line items]      
Net debt 1,886,000    
Liquidity risk | 2024      
Disclosure of maturity analysis for financial assets held for managing liquidity risk [line items]      
Borrowings 940,000    
Interest to be accrued 189,000    
Trade payables and other liabilities 2,253,000    
Finance lease liabilities 52,000    
Total 3,434,000    
Liquidity risk | 2025      
Disclosure of maturity analysis for financial assets held for managing liquidity risk [line items]      
Borrowings 9,000    
Interest to be accrued 164,000    
Trade payables and other liabilities 46,000    
Finance lease liabilities 47,000    
Total 266,000    
Liquidity risk | 2025      
Disclosure of maturity analysis for financial assets held for managing liquidity risk [line items]      
Borrowings 744,000    
Interest to be accrued 134,000    
Trade payables and other liabilities 18,000    
Finance lease liabilities 33,000    
Total 929,000    
Liquidity risk | 2026      
Disclosure of maturity analysis for financial assets held for managing liquidity risk [line items]      
Borrowings 94,000    
Interest to be accrued 96,000    
Trade payables and other liabilities 17,000    
Finance lease liabilities 31,000    
Total 238,000    
Liquidity risk | Thereafter      
Disclosure of maturity analysis for financial assets held for managing liquidity risk [line items]      
Borrowings 359,000    
Interest to be accrued 153,000    
Trade payables and other liabilities 65,000    
Finance lease liabilities 78,000    
Total $ 655,000    
v3.24.1
FINANCIAL RISK MANAGEMENT (Capital Risk Narrative) (Details)
Dec. 31, 2023
Dec. 31, 2022
Disclosure of notes and other explanatory information [Abstract]    
Debt to capital ratio 11.00% 7.00%
v3.24.1
FINANCIAL RISK MANAGEMENT (Financial Assets and Liabilities) (Details) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Financial assets [abstract]        
Receivables $ 472,384 $ 197,686    
Derivative financial instruments 15,406 227    
Trade receivables 2,065,499 1,180,689    
Other investments 2,186,420 1,975,490    
Cash and cash equivalents 1,846,013 [1] 1,653,355 [1] $ 1,276,605 [1] $ 537,882
Total Assets 6,585,722 5,007,447    
Financial liabilities [abstract]        
Other liabilities 487,792 64,968    
Trade payables 2,159,647 1,102,264    
Derivative financial instruments 8,220 505    
Finance lease liabilities 241,087 239,149 $ 259,621  
Borrowings 2,146,414 1,031,865    
Total Liabilities 5,043,160 2,438,751    
Liabilities at fair value through profit or loss        
Financial liabilities [abstract]        
Other liabilities 0 0    
Trade payables 0 0    
Derivative financial instruments 8,220 505    
Finance lease liabilities 0 0    
Borrowings 0 0    
Total Liabilities 8,220 505    
Amortized cost        
Financial liabilities [abstract]        
Other liabilities 487,792 64,968    
Trade payables 2,159,647 1,102,264    
Derivative financial instruments 0 0    
Finance lease liabilities 241,087 239,149    
Borrowings 2,146,414 1,031,865    
Total Liabilities 5,034,940 2,438,246    
Amortized cost        
Financial assets [abstract]        
Receivables 472,384 197,686    
Derivative financial instruments 0 0    
Trade receivables 2,065,499 1,180,689    
Other investments 883,513 483,209    
Cash and cash equivalents 1,367,235 880,402    
Total Assets 4,788,631 2,741,986    
Assets at fair value through profit or loss        
Financial assets [abstract]        
Receivables 0 0    
Derivative financial instruments 15,406 227    
Trade receivables 0 0    
Other investments 142,677 96,428    
Cash and cash equivalents 478,778 772,953    
Total Assets 636,861 869,608    
Assets at fair value through OCI        
Financial assets [abstract]        
Receivables 0 0    
Derivative financial instruments 0 0    
Trade receivables 0 0    
Other investments 1,160,230 1,395,853    
Cash and cash equivalents 0 0    
Total Assets $ 1,160,230 $ 1,395,853    
[1] It includes restricted cash of $3,129, $30 and $58 as of December 31, 2023, 2022 and 2021, respectively. In addition, the Company had other investments with a maturity of more than three months for $2,186,420, $1,975,490 and $1,357,484 as of December 31, 2023, 2022 and 2021, respectively.
v3.24.1
FINANCIAL RISK MANAGEMENT (Financial Assets and Liabilities at Fair Value) (Details) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Disclosure of fair value measurement of assets [line items]    
Financial assets, at fair value $ 1,797,091 $ 2,265,461
Financial liabilities, at fair value 8,220 505
Level 1    
Disclosure of fair value measurement of assets [line items]    
Financial assets, at fair value 1,565,097 2,056,237
Financial liabilities, at fair value 0 0
Level 2    
Disclosure of fair value measurement of assets [line items]    
Financial assets, at fair value 213,149 165,207
Financial liabilities, at fair value 8,220 505
Level 3    
Disclosure of fair value measurement of assets [line items]    
Financial assets, at fair value 18,845 44,017
Financial liabilities, at fair value 0 0
Derivative financial instruments    
Disclosure of fair value measurement of assets [line items]    
Financial liabilities, at fair value 8,220 505
Derivative financial instruments | Level 1    
Disclosure of fair value measurement of assets [line items]    
Financial liabilities, at fair value 0 0
Derivative financial instruments | Level 2    
Disclosure of fair value measurement of assets [line items]    
Financial liabilities, at fair value 8,220 505
Derivative financial instruments | Level 3    
Disclosure of fair value measurement of assets [line items]    
Financial liabilities, at fair value 0 0
Cash and cash equivalents    
Disclosure of fair value measurement of assets [line items]    
Financial assets, at fair value 478,778 772,953
Cash and cash equivalents | Level 1    
Disclosure of fair value measurement of assets [line items]    
Financial assets, at fair value 478,778 772,953
Cash and cash equivalents | Level 2    
Disclosure of fair value measurement of assets [line items]    
Financial assets, at fair value 0 0
Cash and cash equivalents | Level 3    
Disclosure of fair value measurement of assets [line items]    
Financial assets, at fair value 0 0
Other investments    
Disclosure of fair value measurement of assets [line items]    
Financial assets, at fair value 1,302,907 1,492,281
Other investments | Level 1    
Disclosure of fair value measurement of assets [line items]    
Financial assets, at fair value 1,086,319 1,283,284
Other investments | Level 2    
Disclosure of fair value measurement of assets [line items]    
Financial assets, at fair value 197,743 164,980
Other investments | Level 3    
Disclosure of fair value measurement of assets [line items]    
Financial assets, at fair value 18,845 44,017
Derivative financial instruments    
Disclosure of fair value measurement of assets [line items]    
Financial assets, at fair value 15,406 227
Derivative financial instruments | Level 1    
Disclosure of fair value measurement of assets [line items]    
Financial assets, at fair value 0 0
Derivative financial instruments | Level 2    
Disclosure of fair value measurement of assets [line items]    
Financial assets, at fair value 15,406 227
Derivative financial instruments | Level 3    
Disclosure of fair value measurement of assets [line items]    
Financial assets, at fair value $ 0 $ 0
v3.24.1
FINANCIAL RISK MANAGEMENT (Changes in Fair Value) (Details)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
USD ($)
Disclosure of fair value measurement of assets [line items]  
Financial assets, at fair value beginning balance $ 2,265,461
Financial assets, at fair value ending balance 1,797,091
Level 3  
Disclosure of fair value measurement of assets [line items]  
Financial assets, at fair value beginning balance 44,017
Financial assets, at fair value ending balance 18,845
Guarantee fund companies | Level 3  
Disclosure of fair value measurement of assets [line items]  
Financial assets, at fair value beginning balance 2,854
Disinvestment (2,169)
Interest accrued 0
Changes in fair value 2,441
Reclassifications 0
Net foreign exchange gain (2,143)
Financial assets, at fair value ending balance 983
Non - U.S. government securities | Level 3  
Disclosure of fair value measurement of assets [line items]  
Financial assets, at fair value beginning balance 41,163
Disinvestment (5,801)
Interest accrued (4,137)
Changes in fair value (3,657)
Reclassifications (9,706)
Net foreign exchange gain 0
Financial assets, at fair value ending balance $ 17,862
v3.24.1
FINANCIAL RISK MANAGEMENT (Accounting for Derivative Financial Instruments and Hedging Activities Narrative) (Details) - USD ($)
Dec. 31, 2023
Dec. 31, 2022
Cash flow hedges | Effective Portion Of Designated Cash Flow Hedges    
Disclosure of fair value measurement of assets [line items]    
Reserve of cash flow hedges, net of tax $ 15,900,000 $ 0
v3.24.1
FOREIGN EXCHANGE RESTRICTIONS IN ARGENTINA - (Narrative) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Apr. 24, 2023
Disclosure of subsidiaries [line items]        
Net sales $ 17,610,092 $ 16,414,466 $ 16,090,744  
Assets 24,179,104 17,491,548    
Liabilities 7,367,245 3,723,155    
Capital and reserves attributable to the owners of the parent 12,418,595 11,845,959    
Financial assets 6,585,722 5,007,447    
Financial liabilities 5,043,160 2,438,751    
Current dividend payables 51,249 0    
Reserve of gains and losses on financial assets measured at fair value through other comprehensive income 113,000      
Ternium Argentina S.A.        
Disclosure of subsidiaries [line items]        
Net sales 3,419,000 3,830,000    
Profit (loss) from continuing operations 686,000 756,000    
Assets 5,083,000 5,258,000    
Liabilities 759,000 511,000    
Capital and reserves attributable to the owners of the parent 4,324,000 $ 4,747,000    
Cash and cash equivalents and other investments 1,094,000      
Financial assets 103,000      
Financial liabilities 220,000      
Current dividend payables       $ 624,000
Ternium Argentina S.A. | Sovereign Bonds        
Disclosure of subsidiaries [line items]        
Cash and cash equivalents and other investments 902,000      
Ternium Argentina S.A. | Negotiable Obligations And Promissory Notes        
Disclosure of subsidiaries [line items]        
Cash and cash equivalents and other investments 136,000      
Ternium Argentina S.A. | Argentine Pesos-Denominated Instruments        
Disclosure of subsidiaries [line items]        
Cash and cash equivalents and other investments $ 56,000      
v3.24.1
TERNIUM TO INTEGRATE OPERATIONS IN THE USMCA (Details)
$ in Billions
Feb. 14, 2023
USD ($)
T
Disclosure of operating segments [abstract]  
Expected capital investment | $ $ 2.4
Capacity of steel (in tons) 2,600,000
Capacity of iron (in tons) 2,100,000