MEXICO CITY (Reuters) -Steel producer Ternium’s net income rose 24% to $877.5 million during the first quarter from the year-ago period, the company said on Tuesday, citing higher steel prices partially offset by high costs of raw materials.

The company, which operates in Mexico, Brazil, Argentina, Colombia, the United States and Central America, posted a 32% increase in revenue to $4.30 billion during the January to March period versus the same quarter a year earlier.

Revenue per ton was just under the record levels reached last quarter, the company said.

Ternium said the Russian invasion of Ukraine in February had drastically altered the global steel market, and that it “should result in an increased level of market volatility over the near term.”

Earnings before interest, tax, depreciation and amortization (EBITDA) for the three months climbed to $1.21 billion, beating the Refinitiv estimate of $1.1 billion.

The company said it expected EBITDA to rise in the second quarter due to higher steel prices and “further growth in shipments.”

Ternium said at the end of February it plans to spend around $1 billion to expand its plant in northern Mexico, which serves the automotive, appliance and construction sectors.

(Reporting by Noe Torres and Kylie Madry; Writing by Valentine Hilaire; Editing by Christian Plumb and Sandra Maler)