Business Context and Reporting Period
This Form 6-K filing by Ternium S.A. is dated September 23, 2015. The report serves to inform the SEC of a corporate governance update regarding the appointment of a new member to the Board of Directors and Audit Committee. Ternium is a leading steel producer in Latin America with an annual production capacity of approximately 11.0 million tons of finished steel products, operating facilities in Mexico, Argentina, Colombia, the southern United States, and Guatemala.
Financial Metrics
The filing text does not provide a clear value for revenue, profit, cash flow, margins, debt, or liquidity. This document is a press release regarding board composition and does not contain financial statements or performance data.
Material Changes
The material change reported is the resignation of independent director Pedro Pablo Kuczynski, who served for eight years, and the subsequent appointment of Mr. Vincent Decalf to fill the vacancy. Mr. Decalf was appointed as an independent director and a member of the Audit Committee to serve for the remainder of Mr. Kuczynski's term, ending on May 4, 2016.
Guidance, Outlook, and Management Commentary
There is no financial guidance, outlook, or discussion of risks and contingencies in this filing. Management commentary is limited to welcoming Mr. Decalf and thanking Mr. Kuczynski for his dedication. Mr. Decalf brings extensive experience in the financial industry, having held executive positions with Société Générale from 1989 to 2008, and currently serves on the boards of the Luxembourg Stock Exchange and other entities.
Key Facts for Investor Verification
- Board Composition: The Board now consists of Ubaldo Aguirre, Roberto Bonatti, Carlos Condorelli, Vincent Decalf, Adrian Lajous, Gianfelice Mario Rocca, Paolo Rocca, and Daniel Agustín Novegil.
- Audit Committee: The committee is composed of Ubaldo Aguirre, Vincent Decalf, and Adrian Lajous, all qualifying as independent directors.
- Term Duration: Mr. Decalf's appointment is temporary, lasting until the next annual general meeting of shareholders on May 4, 2016.
- Reason for Change: Mr. Kuczynski resigned for personal reasons after eight years of service.