5 Best Steel Stocks to Buy According to Analysts

3. Ternium S.A. (NYSE:TX)

Average Analyst Rating: 1.55

Number of Hedge Fund Holders: 17

Ternium S.A. (NYSE:TX), based in Luxembourg, is a leading steel producer in Latin America with operating facilities in Mexico, Brazil, Argentina, Colombia, the southern United States and Central America.

In June 2023, Ternium S.A. (NYSE:TX) announced its intention to build and integrate its new steel slab mill at Pesquería, Nuevo León, Mexico, with construction expected to begin in December 2023. It expects to invest nearly $2.2 billion to construct an electric arc furnace-based steel shop with 2.6 million tons of annual capacity and a direct reduced iron with 2.1 million annual capacity. The facilities are expected to commence operations in H1 2026.

On November 20, BofA Securities upgraded Ternium S.A. (NYSE:TX) shares from ‘Neutral’ to ‘Buy’ rating with an unchanged price target of $47 per share which represents a potential upside of 18.03% based on the latest share price.