MEXICO CITY, (Reuters) – Ternium, a steel producer, reported a 24% increase in net income to $877.5 Million during the quarter ended February. This was partly due to higher steel prices, partially offset by the high cost of raw materials.

Company, which has operations in Mexico, Brazil and Argentina, as well as Colombia, saw a 32% rise in revenues to $4.30 Billion during January-March compared to the previous year.

According to the company, revenue per ton is just below the record level reached in the last quarter.

Ternium stated that the Russian invasion in Ukraine in February has had a profound impact on the world’s steel market and “should cause an increase in market volatility in the near future.”

For the past three months, earnings before interest tax, deduction, amortization and amortization (EBITDA), rose to $1.21 trillion, surpassing the Refinitiv estimate for $1.1 billion.

According to the company, EBITDA is expected to increase in the second quarter because of higher steel prices as well as “further growth” in shipments.

Ternium stated at the end February that it planned to invest around $1 billion in its northern Mexico plant to grow. This facility serves three sectors: construction, automotive and appliance.