Foro de Rava Bursátil

Carlos de Alba
Morgan Stanley, Research Division

My 2 questions. One is, given the results of the elections -- mid-term elections in Argentina, what sort of strategic opportunities do you see in trying to make more efficient the ownership structure of the company with potential stakes in Siderar or Ternium Argentina and Ternium Mexico?

Maximo Vedoya
Chief Executive Officer

Yes. I mean, I think the election doesn't change the project that we -- what you have. You remember that we have an opportunity now. We analyze simplifying the structure. It couldn't be done. We are not seeking that right now. but the things that can come online, but not because of the election. I think that the change in the election is that, well, we are going to left behind the noise of everything that will happen in the market in Argentina.

I think with this election, there are going to come structural reforms in Argentina that probably will make more competitive the industry.

I mean, Argentina is in need of these reforms. And I think we can see in the future a market -- a growth in the market, but also a growth in the competitiveness of Ternium Argentina, which is what we need in Argentina. I think those are the change of the election.

Carlos de Alba
Morgan Stanley, Research Division

And then, under what circumstances would you try that initiative that you presented in the past that didn't work to make the structure more efficient?

Maximo Vedoya
Chief Executive Officer

I think it doesn't depend on us. Remember that a good part of the share of Ternium Argentina is in the ANSeS. So that -- it doesn't depend on us to do that. I don't know, Pablo, if you want to add anything else to that.

Pablo Brizzio
Chief Financial Officer

Yes. Carlos, you know that -- as Maximo mentioned, we have tried in the past doing that. It's also, as he mentioned, nothing that we can do at this moment. But this is a project that continues to be in our mind. So, if there is, in the future, an opportunity to move forward with this, it's something that we will take in consideration. It will require a full analysis on the process and on the project, but it's clearly something that we may consider.

I think that, first of all, you need to see in order to start thinking about this kind of project, the reforms that the government will try to pass, how these are evolving -- how are this evolving and the way they are approved in Congress. So, with all of that behind us, probably opportunities could appear to further analyze this project. So, again, a lot of things moving on in Argentina. We need to see if this evolution is going on the positive direction. And probably after that, there will be a possibility to further analyze this project.

danyf1 escribió: ↑ Mira que hay que ser bolu.do récord de volumen en el merval y el bolu.do pregunta si es un pase de manos...dios mío y esta gente opina, no tiene la más pu** idea.

davinci escribió: ↑ relaja cheba.. no es directo el camino al eden.. tiene sus postas!!.. buen vol. indicadores positivos todos, solo vela de hoy y ayer de indecision ... pero esta bien .. porque a algunos van a confundir.. todo ok por ahora..

chewbaca escribió: ↑ Y dale Juana con el cu.lo en la ventana

Matu, Aver… podemos estar de acuerdo que la caja de TX =/= la reserva de dividendos de TXAR?

Tenes a entender eso sino es al pe** y pensas q los demás suben “boludeces”

jajjajaj.. estas enojado cheba..

chewbaca escribió: ↑ Q drapie… te liquida lpm

relaja cheba.. no es directo el camino al eden.. tiene sus postas!!.. buen vol. indicadores positivos todos, solo vela de hoy y ayer de indecision ... pero esta bien .. porque a algunos van a confundir.. todo ok por ahora..

MAGNANIMO escribió: ↑ Demasiado empacho amigo, en supv 75% un banco q x balance está fundido y así en otras, hay q enfriarse y disfrutar...

resero escribió: ↑ Juegue un poco paisano para que acabar tan rapido...

chewbaca escribió: ↑ Y dale Juana con el cu.lo en la ventana

Matu, Aver… podemos estar de acuerdo que la caja de TX =/= la reserva de dividendos de TXAR?

Tenes a entender eso sino es al pe** y pensas q los demás suben “boludeces”

Matu84 escribió: ↑