MEXICO · STEEL
Ternium, a New York-listed steelmaker with main mills in Mexico, is adding a US$4 billion third phase at its Pesquería complex in Nuevo León, the trade outlet Mexico Industry reported on 28 April 2026. In results published on Tuesday 3 November 2026, the company said it is gaining market share in Mexico by replacing imported steel.
For US readers, the story touches investors in Ternium’s New York-listed shares and manufacturers that buy steel from Mexico. Ternium’s chief executive has blamed China’s unfair trade for hurting manufacturing, though the size of Ternium’s gain in Mexico is unknown.
Key Facts
- Investment The third phase of Ternium’s Pesquería complex adds US$4 billion, lifting total investment there above US$7.5 billion.
- Spending Third-quarter capital spending was US$398 million, mostly for a new slab mill (a plant making raw steel slabs).
- Imports In August 2025 Ternium’s chief executive said China’s unfair trade is destroying all manufacturing.
- Gains Ternium says it is gaining Mexican market share by replacing imported steel.
- Unknown Start-up of the slab mill is reported for end 2026 and for 2027.
- Power Index Mexico ranks 2nd of 14 in The Rio Times Latin America Power Index, with 70.8 points (November 2026 edition).
Ternium is pouring billions into a Mexican steel complex while its chief executive blames China’s unfair trade for hurting manufacturing.
Where the Money Is Going
Pesquería is Ternium’s industrial centre in Nuevo León, a state in northern Mexico. Its third phase adds US$4 billion and lifts cumulative investment there to more than US$7.5 billion, Mexico Industry reported on 28 April 2026.
Ternium’s own news page of 19 February 2024 called its June 2023 plan at Pesquería the biggest investment in its history, at US$3.2 billion. It said the complex would total US$6.8 billion once the third part was done, with slab capacity of 2.6 million tonnes a year.
Cold-rolling and galvanizing lines, which are finishing lines for steel sheet, started at the site in February 2026, Mexico Industry reported. It said the slab mill was then expected towards the end of 2026.
In its release of Tuesday 3 November 2026, Ternium said third-quarter capital spending of US$398 million went primarily to the slab mill, which it says is advancing according to plan. Nine-month capital spending reached US$1.24 billion.
In Plain English
Ternium is a steelmaker listed on the New York Stock Exchange under the symbol TX, with its main mills in Mexico. A slab mill is a plant that makes steel slabs, the raw form for flat steel.
USMCA is the US-Mexico-Canada trade pact, known as T-MEC in Spanish. Unfairly traded imports are steel sold abroad below a fair price, a practice often called dumping.
The Import Problem in Ternium’s Words
Máximo Vedoya, Ternium’s chief executive, spoke at the Steel Market Update Summit, a steel industry conference, in August 2025. He said the imbalance with China is destroying all manufacturing, not just the steel industry, according to a Ternium news page of 27 August 2025.
Vedoya said the answer is regional competitiveness under the USMCA, Mexico Industry reported on 29 August 2025. He added that Mexico applies more trade-defence measures than the United States, meaning more of the tools governments use against unfairly priced imports.
Vedoya also said Mexican steel is only 2% of US steel consumption, and Mexico Industry reported the same. Those claims are the chief executive’s own view, not our findings.
What Ternium Says It Is Winning
In Mexico, Ternium said in its release that shipments to the commercial market continued to rise, with higher volumes to industrial customers. It says it is “gaining market share by replacing imported steel in both the commercial and industrial markets”.
Ternium also expects data centres and gas pipelines to add to steel demand. Our report on its third-quarter earnings covers the company’s results in detail.
What This Means for You
Ternium is a New York-listed company, so US holders of its shares follow Mexican steel demand, import rules and the cost of building new capacity. This article takes no view on the shares and is not investment advice.
Ternium is building a new slab mill at Pesquería, which it says is advancing according to plan. Ternium says it is replacing imported steel in both the commercial and industrial markets in Mexico.
Ternium’s next quarterly results should update both its spending and the progress of the slab mill. Those figures will show how far the investment has advanced.
What Is Not Known
Start-up of the slab mill is not settled: Mexico Industry gave towards the end of 2026 in April, while a June 2026 trade report has put it in 2027. The company’s release gives no start date and says only that construction is advancing according to plan.
The complex’s exact total is unclear. Ternium’s 2024 page gave US$6.8 billion, while Mexico Industry gave more than US$7.5 billion in April 2026.
A more precise figure in Mexican press has not been matched to a company filing. The size of Ternium’s share gain in Mexico is also unknown.
Frequently Asked Questions
How much is Ternium investing at Pesquería?
Mexico Industry reported on 28 April 2026 that the third phase adds US$4 billion, lifting cumulative investment above US$7.5 billion. Ternium spent US$398 million on capital projects in the third quarter, mainly for the slab mill.
Why do imports matter to Ternium?
Ternium says it is winning share in Mexico by replacing imported steel, and its chief executive said in August 2025 that China’s unfair trade is destroying all manufacturing. These are the company’s views, not our measurements.
Is Ternium listed in the United States?
Yes, Ternium is listed on the New York Stock Exchange under the symbol TX. Its main mills are in Mexico.
Sources: Ternium S.A., third-quarter and first-nine-months 2026 results release, 3 November 2026 (company copy); Ternium S.A., news page, 19 February 2024; Ternium S.A., news page, 27 August 2025; Mexico Industry, 28 April 2026; Mexico Industry, 29 August 2025.
In depth
This article was produced by The Rio Times’ automated AI newsroom. Editorial responsibility: Matthias Camenzind, Publisher and Editor-in-Chief. The Rio Times also runs Ask Rio Times, which answers from 100,000+ of our own articles, the daily Latin America Power Map, and prediction-market odds on elections and markets.. How we use AI · Report an error