Italian Court Dismisses the Case Against Ternium's Chairman and Two Other Board Members Over Alleged Improper Payments

Rhea-AI Summary

Ternium S.A. (NYSE:TX) announced that an Italian court dismissed a case against its Chairman Paolo Rocca and two board members concerning alleged improper payments related to a Tenaris S.A. subsidiary prior to 2014. The court ruled the case lacked jurisdiction, and Ternium or its subsidiaries were not involved in the proceedings. The Italian public prosecutor has the option to appeal this decision. This dismissal may mitigate legal risks surrounding corporate governance for Ternium.

Positive

• Dismissing of legal case reduces uncertainty and potential liabilities for the company.
• Strengthens management's position following the court ruling.

Negative

• None.

LUXEMBOURG / ACCESSWIRE / May 26, 2022 / Ternium S.A. (NYSE:TX) was advised today that an Italian court of first instance overseeing an investigation into allegedly improper payments made in Brazil prior to 2014 for the supposed benefit of a subsidiary of Tenaris S.A., an affiliate of the Company, dismissed for lack of jurisdiction the case brought by the public prosecutor against Ternium's Chairman Paolo Rocca, Board members Gianfelice Rocca and Roberto Bonatti, and the Company's controlling shareholder, San Faustin S.A. Neither Ternium nor any of its subsidiaries were involved in these proceedings, which were previously disclosed by Ternium on February 14, 2020. The Italian public prosecutor may appeal the decision.

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 Latin America's leading flat steel producer, with operating facilities in Mexico, Brazil, Argentina, Colombia, the southern United States and Central America. The company offers a broad range of high value-added steel products for customers active in the automotive, home appliances, HVAC, construction, capital goods, container, food and energy industries through its manufacturing facilities, service center and distribution networks, and advanced customer integration systems. More information about Ternium is available at www.ternium.com.

CONTACT:
Sebastián Martí
Ternium - Investor Relations
+1 (866) 890 0443
+54 (11) 4018 8389
www.ternium.com

SOURCE: Ternium S.A.

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https://www.accesswire.com/702946/Italian-Court-Dismisses-the-Case-Against-Terniums-Chairman-and-Two-Other-Board-Members-Over-Alleged-Improper-Payments

FAQ

What was the outcome of the recent Italian court ruling involving Ternium (TX)?

The Italian court dismissed the case against Ternium's Chairman and board members due to lack of jurisdiction.

Is Ternium (TX) involved in the allegations of improper payments?

No, Ternium and its subsidiaries were not involved in the proceedings related to the allegations.

Can the public prosecutor appeal the court's decision regarding Ternium (TX)?

Yes, the Italian public prosecutor may choose to appeal the decision.

What are the potential implications for Ternium (TX) following the court ruling?

The dismissal of the case could mitigate legal risks and uncertainties for Ternium moving forward.