Business Context and Reporting Period
This Form 6-K filing by Ternium S.A. reports on the outcomes of the Annual General Meeting and Extraordinary General Meeting of shareholders held on June 1, 2011, in Luxembourg. The filing confirms the approval of consolidated financial statements and unconsolidated annual accounts for the fiscal year ended December 31, 2010.
Key Financial Metrics
The filing does not provide specific revenue, profit, cash flow, margin, debt, or liquidity figures for the 2010 fiscal year or the current period. The only specific financial metric disclosed is the approved dividend.
- Dividend: US$0.075 per share (US$0.75 per ADS), totaling approximately US$150 million.
- Dividend Payment Date: June 9, 2011.
- Record Date: June 6, 2011.
Material Changes and Corporate Actions
Shareholders approved all resolutions on the agenda, including:
- Re-election of the Board of Directors, including Ubaldo Aguirre, Roberto Bonatti, Carlos Condorelli, Pedro Pablo Kuczynski, Adrian Lajous, Bruno Marchettini, Gianfelice Mario Rocca, Paolo Rocca, and Daniel Agustín Novegil.
- Re-appointment of PricewaterhouseCoopers S.à.r.l. as the independent auditor for the 2011 fiscal year.
- Re-appointment of Paolo Rocca as Chairman of the Board and Daniel Novegil as Chief Executive Officer.
- Confirmation of the Audit Committee members (Ubaldo Aguirre, Pedro Pablo Kuczynski, and Adrián Lajous), all qualifying as independent directors.
- Amendment to the articles of association to change the date of future annual general meetings to the first Wednesday of May of each year.
Guidance, Outlook, and Risks
The filing contains forward-looking statements based on management's current views. It highlights risks that could cause actual results to differ materially from expectations, including:
- Uncertainties regarding gross domestic product and market demand.
- Global production capacity and tariffs.
- Cyclicality in industries purchasing steel products (construction, automotive, energy, etc.).
- Other factors beyond Ternium's control.
No specific operational guidance or financial outlook for 2011 is provided in this document.
Investor Verification Checklist
- Verify the exact dividend payment date (June 9, 2011) and record date (June 6, 2011) for trading purposes.
- Review the full 2010 Annual Report (Form 20-F) for detailed revenue, profit, and balance sheet data not included in this summary.
- Confirm the new schedule for future annual general meetings (first Wednesday of May).
- Monitor the composition of the newly re-elected Board of Directors and Audit Committee.