Ternium would bid for Mexico's IMSA

By Cesar Illiano

BUENOS AIRES, Argentina (Reuters) - Ternium (TX.N: Quote, Profile, Research, Stock Buzz), Latin America's largest steelmaking group, would consider bidding for Mexican conglomerate IMSA if the company were put up for sale, Ternium's chief executive officer said on Wednesday.

Ternium CEO Daniel Novegil insisted the company was not looking to make any acquisition.

But in an interview during the Reuters Latin America Investment Summit, he said Ternium would be interested in IMSA IMSAUBC.MX, one of Mexico's biggest steel producers, which has said it is considering a possible sale of its businesses.

"If the opportunity comes up to acquire IMSA because the owner wants to sell, we would analyze it with a lot of attention," he said.

The Mexican company processes steel and other metal products for the construction industry.

Luxembourg-based Ternium is controlled by Argentina's Techint group and encompasses Argentina's Siderar SID.BA, Venezuela's Sidor and Mexico's Hylsamex. Techint bought the Mexican firm last August for $2.25 billion before grouping all its assets in the newly created Ternium.

Techint is the majority shareholder of Ternium with 70 percent while Brazil's Usiminas (USIM5.SA: Quote, Profile, Research, Stock Buzz) has the second-largest stake at 16 percent.

Ternium has an annual production capacity of nearly 11.6 million tonnes.  Continued...