FORM
6 - K
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
Report
of Foreign Private Issuer
Pursuant
to Rule 13a - 16 or 15d - 16 of
the
Securities Exchange Act of 1934
As
of 5/13/2008
Ternium
S.A.
(Translation
of Registrant's name into English)
Ternium
S.A.
46a,
Avenue John F. Kennedy – 2nd floor
L-1855
Luxembourg
(352)
4661-11-3815
(Address
of principal executive offices)
Indicate
by check mark whether the registrant files or will file annual reports under
cover Form 20-F or 40-F.
Form 20-F
ü Form
40-F __
Indicate
by check mark whether the registrant by furnishing the information contained in
this Form is also thereby furnishing the information to the Commission pursuant
to Rule 12G3-2(b) under the Securities Exchange Act of 1934.
Yes __
No ü
If “Yes”
is marked, indicate below the file number assigned to the registrant in
connection with Rule 12g3-2(b):
Not
applicable
The
attached material is being furnished to the Securities and Exchange Commission
pursuant to Rule 13a-16 and Form 6-K under the Securities Exchange Act of 1934,
as amended.
This
report contains Ternium S.A.’s press release titled Ternium Further Updates
Market on Sidor Nationalization Process.
SIGNATURE
Pursuant
to the requirements of the Securities Exchange Act of 1934, the Registrant has
duly caused this report to be signed on its behalf by the undersigned, thereunto
duly authorized.
TERNIUM
S.A.
|
By:
|
/s/ Roberto Philipps
|
|
| Name: | Roberto Philipps | |
| Title: | Chief Financial Officer | |
|
Dated:
May 13, 2008
|
||
 |
 |
Sebastián
Martí
Ternium
- Investor Relations
+1 (866)
890 0443
+52 (81)
8865 2111
+54 (11)
4018 2389
www.ternium.com
Ternium
Further Updates Market on Sidor Nationalization Process
Luxembourg,
May 13, 2008 – Ternium S.A. (NYSE: TX) announced that Decree Law 6058 regulating
the steel production activity in the Guayana, Venezuela region (the “Decree”)
became effective today upon its publication on Venezuela’s Official
Gazette. The Decree represents a further step towards the
nationalization of Ternium’s majority owned subsidiary Sidor.
The
Decree orders that Sidor and its subsidiaries and affiliated companies be
transformed into state-owned enterprises (“empresas del estado”), with the
government owning not less than 60% of their share capital.
The
Decree provides for the creation of two committees. A transition
committee shall be created to join Sidor’s board of directors and to ensure that
control over the current operations of Sidor and its subsidiaries and affiliated
companies is transferred to the government on or prior to June 30,
2008. A separate committee, composed of representatives of the
government and the private shareholders of Sidor and its subsidiaries and
affiliated companies, shall be formed to negotiate over a 60-day period a fair
price for the shares to be transferred to the State, together with the terms and
conditions of the possible participation of such private shareholders in the
share capital of the state-owned enterprises.
The
Decree also states that, in the event the parties fail to reach agreement
regarding the terms and conditions for the transformation of Sidor and its
subsidiaries and affiliated companies into state-owned enterprises by the
expiration of the 60-day period, the Ministry of Basic Industries and Mining
shall assume control and exclusive operation, and the Executive Branch shall
order the expropriation of the shares of the relevant companies. No
valuation criteria for the shares to be transferred to the State are provided,
except that any expropriation compensation shall include neither lost profits
(“lucro cesante”) nor
indirect damages.
Finally,
the Decree specifies that all facts and activities thereunder are subject to
Venezuelan law and any disputes shall be submitted to Venezuelan
courts.
President
Chávez has announced that Minister Rodolfo Sanz shall preside over the
transition committee created by the Decree and shall join Sidor’s management or
board of directors.
While
continuing to reserve all of its rights under contracts, investment treaties and
Venezuelan and international law, and in order to mitigate damages, Ternium is
prepared to continue discussions with the Venezuelan government regarding the
fair and adequate terms and conditions under which all or a significant part of
Ternium’s interest in Sidor should be transferred to the
government.
Forward
Looking Statements
Some
of the statements contained in this press release are “forward-looking
statements”. Forward-looking statements are based on management’s current views
and assumptions and involve known and unknown risks that could cause actual
results, performance or events to differ materially from those expressed or
implied by those statements. These risks include but are not limited
to risks arising from uncertainties as to gross domestic product, related market
demand, global production capacity, tariffs, cyclicality in the industries that
purchase steel products and other factors beyond Ternium’s control.
About
Ternium
Ternium
is one of the leading steel companies in the Americas, offering a wide range of
flat and long steel products. With its main operations in Mexico,
Venezuela and Argentina and 21,000 employees, Ternium had sales of approximately
US$8 billion and shipments of approximately 10 million tons of finished steel
products in 2007. More information about Ternium is available at
www.ternium.com.