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Ternium S.A. (TX) reported 1Q EBITDA of $372.0m, beating the Street’s forecast of $355.2m, and up 2% from 4Q’s $365.2m due to modest increases in both prices (up 0.2%) and volumes (up 0.4%) and a slight drop in overall costs (down 0.3%).  North American shipments were up 6.2% sequentially.

Guidance for 2Q is for slightly higher operating income on the back of stronger shipments, reflecting a “gradual” economic recovery in the Americas, most notably in North America.  The company is not expecting much movement in pricing or its cost structure in the second quarter, although TX could see a small drop in costs due to lower slab costs at its Mexican operations.

Management went on to say the economic and demand situation in North America is “relatively good,” and the company is expecting some increased demand, most notably in Mexico.

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