FORM 6 -
K
SECURITIES AND
EXCHANGE COMMISSION
Washington, D.C.
20549
Report
of Foreign Private Issuer
Pursuant
to Rule 13a - 16 or 15d - 16 of
the
Securities Exchange Act of 1934
As
of 5/28/2008
Ternium
S.A.
(Translation
of Registrant's name into English)
Ternium
S.A.
46a,
Avenue John F. Kennedy – 2nd floor
L-1855
Luxembourg
(352)
4661-11-3815
(Address
of principal executive offices)
Indicate
by check mark whether the registrant files or will file annual reports under
cover Form 20-F or 40-F.
Form 20-F
þ Form 40-F o
Indicate
by check mark whether the registrant by furnishing the information contained in
this Form is also thereby furnishing the information to the Commission pursuant
to Rule 12G3-2(b) under the Securities Exchange Act of 1934.
Yes o No þ
If “Yes”
is marked, indicate below the file number assigned to the registrant in
connection with Rule 12g3-2(b):
Not
applicable
The attached material is being furnished
to the Securities and Exchange Commission pursuant to Rule 13a-16 and Form 6-K
under the Securities Exchange Act of 1934, as amended.
This
report contains Ternium S.A.’s press release titled Venezuelan Tax Authorities
Initiate Tax Assessment against Sidor.
SIGNATURE
Pursuant to the requirements of the
Securities Exchange Act of 1934, the Registrant has duly caused this report to
be signed on its behalf by the undersigned, thereunto duly
authorized.
TERNIUM S.A.
By: /s/ Roberto
Philipps
Name: Roberto
Philipps
Title: Chief Financial
Officer
Dated:
May 28, 2008
 |
 |
Sebastián
Martí
Ternium
- Investor Relations
+1 (866)
890 0443
+52 (81)
8865 2111
+54 (11)
4018 2389
www.ternium.com
Venezuelan Tax Authorities Initiate Tax
Assessment against Sidor
Luxembourg, May 28, 2008 – Ternium S.A.
(NYSE: TX) announced today that, following the announcement of the Venezuelan
government’s intention to nationalize Sidor and the passing of legislation to
that effect, the Venezuelan tax authorities initiated a tax assessment against
Sidor involving income taxes for fiscal years 2003, 2004, 2005, 2006 and 2007
resulting in allegedly omitted payments in an aggregate principal amount of
Venezuelan bolívares 1,438.6 million (or US$669.1 million).
The tax assessment, which covers certain
previously audited periods, alleges that Sidor improperly deducted certain
payments for income tax purposes, primarily consisting of amounts paid to Ylopa
– Serviços de Consultadoria, Ltd., a subsidiary of Ternium organized under the
laws of Portugal, and Corporación Venezolana de Guayana, or CVG (a Venezuelan
governmental entity and a shareholder of Sidor), under certain participation
account agreements (contratos de cuentas en participación) entered into with
Ylopa and CVG in connection with the restructuring of Sidor’s financial debt in
2003. In addition, the tax assessment challenges, among other things,
the adjustment of tax loss carry forwards corresponding to prior fiscal
years.
The tax assessment requires Sidor to
amend the relevant income tax returns and pay the balance resulting therefrom,
plus a penalty equal to 10% of the allegedly omitted amounts. Sidor may
challenge the tax assessment and maintain the suspension of its
effects.
Sidor believes that it is and has always
been in compliance with all applicable Venezuelan tax laws and regulations, and
that there are no grounds for any such claims. Ternium will defend itself
vigorously against any attempt by the Venezuelan government to lower the
compensation for its interest in Sidor as a result of this tax assessment, and
reserves all of its rights under contracts, investment treaties and Venezuelan
and international law in connection therewith.
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 one of the leading steel
companies in the Americas, offering a wide range of flat and long steel
products. With its main operations in Mexico, Venezuela and Argentina
and 21,000 employees, Ternium had sales of approximately US$8 billion and
shipments of approximately 10 million tons of finished steel products in
2007. More information about Ternium is available at www.ternium.com.