On Thursday, steelmaker Ternium posted an 84 per cent decline in its third quarter net income to USD 220 million. Reportedly, the steelmaker was hit by lower realised steel prices and rise in energy and material costs.

The company said that temporary mismatch between a decline in steel prices and high costs is likely to affect its steel margin in the next quarter. It will lead to lower adjusted EBITDA when compared to the previous three months.

Ternium reported revenues of USD 4.13 billion in the quarter, a 10 per cent fall year-on-year. Founded in 2005, the steel maker operates mainly across Latin America.

The company’s adjusted EBITDA (Earnings before interest, taxes, depreciation, and amortisation) fell 64 per cent to USD 679 million. The company also said that its shipments reached 2.97 million tonnes in Q3, down 3 per cent a year ago.