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Ternium SA (TX) is according to its site "a manufacturer of flat and long steel products with production centers in Argentina, Mexico, Colombia, Guatemala and the United States. It is one of the leading steel companies in Latin America with highly integrated processes to manufacture steel and value-added products."

However there is more to this company than this generic description. Ternium is a rare case of a company that has a moat (durable competitive advantage) in an industry that is regarded as highly commoditized. Furthermore due to the fact that Ternium operates in the volatile markets of South America the market prices the company in at very attractive prices exaggerating the risk premium of the stock.

Ternium's...

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