Steelmaker Ternium swings to third-quarter profit of $368 million

MEXICO CITY, Nov 3 (Reuters) - Latin American steelmaker Ternium on Tuesday swung to a third-quarter net profit of $368 million from a loss of $270 million a year earlier as net sales for the quarter rose 17% year-on-year to $4.64 billion, bolstered by higher steel sales volumes and margins.

The company saw a third-quarter adjusted EBITDA of $785 million, an 87% jump from the same period last year.

• Net sales grew 7% from the second quarter and 17% from the year-ago period

• Steel shipments rose 8% compared to the same period last year to 4.0 million tons

• The company expects fourth-quarter adjusted EBITDA to remain broadly in line with the $785 million reported this quarter, and said that a modest seasonal dip in shipments should be offset by a slightly higher margin

• Mining segment shipments fell 12% to 2.8 million tons due to the temporary suspension at the Mineraçao Usiminas unit in Brazil, which had been hit by weak iron ore export profitability

• Capital expenditures totaled $398 million, primarily for a new slab mill under construction in Pesqueria, Mexico