CSC Steel - a Graham Net Net opportunity?

[i4value]

Ternium is a South American steel company. Although it has some mining operations, these serve mainly in-house and are a small component relative to the steel output. It achieved revenue and profit growth through organic growth and acquisitions over the past 11 years.



It has a strong financial position and a good capital allocation plan, creating value for shareholders. A Valuation based on the steel price cycle shows a sufficient margin of safety, making it an investment opportunity.

If you are already invested in Bursa steel companies, this might be a good geographical diversification.