U.S. Steel Tariffs Rise to 50% as Washington and Mexico Talks End Without Final Deal
Key Facts
In its filing for the period ended September 30, 2026, Ternium said bilateral negotiations between the United States and Mexico over tariffs on steel and cars were still ongoing without a final deal. The company added that Washington began consultations in October ahead of the next joint review of the USMCA in 2027. The talks cover Section 232 tariffs on steel and automotive products. That leaves trade between the two countries on a continuing negotiating track as the agreement’s joint review approaches. Ternium shares, listed under the ticker TX, closed at $51.11 in the November 10, 2026 session, according to EL7 data.
On tariffs, Ternium said the United States expanded duties on steel imports to cover nearly all countries, then raised the rate from 25% to 50%. The range of covered products also expanded to include derivative products containing steel. The company linked these measures to cross-border trade, including its exports from Mexico to the U.S. market. In a June 2026 filing, it had said U.S. tariffs on Mexican exports had reduced the competitiveness of some products in the United States. It added that this had harmed a number of customers and weighed on steel shipments from Mexico.
Third-quarter results showed growth in the company’s activity despite trade challenges. Steel product shipments rose to 4.044 million tons, up 5% from the second quarter and 8% from the third quarter of 2025. Net sales reached $4.644 billion, up 17% year over year, according to the company’s results published through the U.S. Securities and Exchange Commission. Net income was $368 million in the third quarter of 2026. This included deferred tax losses of $116 million, mainly linked to the impact of the Mexican peso’s depreciation against the dollar on Mexican subsidiaries.
In Mexico, the chief executive said Ternium’s shipments to the domestic market reached a record in the third quarter. He said those shipments rose 13% in the first nine months of 2026. This performance comes as the company has said U.S. tariffs weakened the competitiveness of some Mexican products in the United States and affected customers and shipments from Mexico. On negotiations, the chief executive described renewing the USMCA at some point as “very reasonable,” but said he could not specify when. He added that addressing Section 232 tariffs was a priority for Mexico.
For the fourth quarter of 2026, Ternium expects adjusted EBITDA to remain broadly near its third-quarter level. The company said a slight increase in margin per ton is likely to offset a limited seasonal decline in steel shipments. In Mexico, the company expects shipment volumes to continue growing in the first quarter of 2027. The chief executive described the company’s outlook for volumes and prices in the Mexican market as positive. These projections come as bilateral tariff negotiations continue and ahead of the 2027 joint review of the USMCA.