EXHIBIT 7.2

Alternative performance measures

Free cash flow

Free cash flow (FCF) is a measure of financial performance, calculated as operating cash flow less capital expenditures. FCF represents the cash that a company is able to generate after spending the money required to maintain or expand its asset base. FCF is calculated in the following manner:

Free cash flow = net cash provided by operating activities – capital expenditures.

	For the year ended December 31,
U.S. dollar million	2021	2020	2019
Net cash provided by operating activities	2,677	1,761	1,647
Less: capital expenditures	(524)	(560)	(1,052)
Free cash flow	2,154	1,201	595

Net (cash) debt position

This is the net balance of borrowings less cash and cash equivalents and other investments (current and non-current), adjusted to exclude other investments in SGR (non-current). It provides a summary of the financial solvency and liquidity of the company. Net (cash) debt is widely used by investors and rating agencies and creditors to assess the company’s leverage, financial strength, flexibility and risks. Net (cash) debt is calculated in the following manner:

Net (cash) debt = borrowings (current and non-current) – cash and cash equivalents – other investments (current and non-current).

	For the year ended December 31,
U.S. dollar million	2021	2020	2019
Borrowings (current and non-current)	1.5	1.7	2.2
Less: cash and cash equivalents1	(1.3)	(0.5)	(0.5)
Less: other investments (current and non-current)1	(1.4)	(0.8)	(0.2)
Net (cash) debt position	(1.2)	0.4	1.5

1    Ternium Argentina's consolidated position of cash and cash equivalents and other investments amounted to $0.9 and $0.4 billion as of December 31, 2021 and 2020, respectively.