Over the past year commodities have been beat down harder then Nazi Max Schmeling’s 1938 beating by the hand of African American Joe Louis. But it looks like some stocks are showing signs of bottoming out.

Surprising news out of Argentina today: Ternium (NYSE:TX), a steel maker with operations in Argentina and Mexico, reported a 15% rise in net income (year on year).

But here’s the thing. That 15% rise is overshadowed by the fact that its net income of $247 million is only half that from the previous quarter. The main reason for this drop? Lower net foreign exchange results.