Commercial Metals Company Reports Record Third Quarter Fiscal 2021 Results

Rhea-AI Summary

Commercial Metals Company (CMC) reported strong financial results for the fiscal third quarter ending May 31, 2021, with earnings from continuing operations at $130.4 million, or $1.07 per diluted share, on net sales of $1.8 billion. This marks a significant increase from $64.2 million, or $0.53 per diluted share, on net sales of $1.3 billion in the previous year. The company achieved record adjusted EBITDA in North America of $207.3 million, up 30%, driven by increased demand and operational efficiencies. CMC declared a quarterly dividend of $0.12 per share, reaffirming its financial stability.

Positive

• Earnings increased 103% year-over-year to $130.4 million.
• Net sales rose to $1.8 billion, a 38% increase compared to the prior year.
• Record adjusted EBITDA of $207.3 million for North America, up 30%.
• Record adjusted EBITDA in Europe of $50.0 million, up 250% year-over-year.
• Strong demand in construction and industrial sectors supporting future growth.
• Solid liquidity with cash and equivalents of $443.1 million.

Negative

• Margins over scrap costs on downstream products declined year-over-year.

IRVING, Texas, June 17, 2021 /PRNewswire/ -- Commercial Metals Company (NYSE: CMC) today announced financial results for its fiscal third quarter ended May 31, 2021.  Earnings from continuing operations were $130.4 million, or $1.07 per diluted share, on net sales of $1.8 billion, compared to prior year earnings from continuing operations of $64.2 million, or $0.53 per diluted share, on net sales of $1.3 billion.

During the third quarter of fiscal 2021, the Company recorded a net after-tax benefit of $3.3 million, chiefly related to the sale of a small railway track reclamation business.  Excluding this item, third quarter adjusted earnings from continuing operations were $127.1 million, or $1.04 per diluted share, compared to adjusted earnings from continuing operations of $70.4 million, or $0.59 per diluted share, in the prior year period.  "Adjusted EBITDA from continuing operations", "core EBITDA from continuing operations", "adjusted earnings from continuing operations" and "adjusted earnings from continuing operations per diluted share" are non-GAAP financial measures. Details, including a reconciliation of each such non-GAAP financial measure, to the most directly comparable measure, prepared and presented in accordance with GAAP can be found in the financial tables that follow.

Barbara R. Smith, Chairman of the Board, President and Chief Executive Officer, commented, "CMC achieved exceptional results during the third quarter. Demand for our products was robust and our teams executed well, setting new production and shipment records at several of our facilities.  We continued to tightly manage the operating factors within our control, and again reduced year-over-year production costs per ton. Our excellent third quarter performance is a testament to the operational flexibility and earnings power of the new, strategically transformed CMC, and I could not be more proud of our many accomplishments."

Ms. Smith continued, "CMC set several operational and financial performance records at the segment as well as consolidated level, and we further enhanced our balance sheet and leverage positions, which are now the most attractive in CMC's history.  We are also continuing to build for the future: We made significant progress on key organic growth initiatives, including hot commissioning of our third rolling mill in Poland, the receipt of the air permit for our Arizona 2 mill, and the continuation of network optimization efforts. Future contributions from these key projects are expected to provide the next chapter of growth for our company, building on this quarter's outstanding results."

The Company's liquidity position as of May 31, 2021 remained solid, with cash and cash equivalents of $443.1 million, and availability of $639.0 million under the Company's credit and accounts receivable facilities.

On June 16, 2021, the board of directors declared a quarterly dividend of $0.12 per share of CMC common stock payable to stockholders of record on June 30, 2021. The dividend will be paid on July 14, 2021, and marks 227 consecutive quarterly dividend payments by the Company.

Business Segments - Fiscal Third Quarter 2021 Review
The North America segment generated record adjusted EBITDA of $207.3 million for the third quarter of fiscal 2021, an increase of 30% compared to $159.4 million in the prior year period.  This improvement was driven by growth in demand and increased margins across multiple products lines, as well as solid management of controllable costs within our vertically integrated value chain.  Costs were reduced by continued execution of CMC's network optimization activities. 

Shipment volumes of finished steel, which include steel products and downstream products, increased by 9% from the prior year third quarter.  Demand for rebar from the mills remained good, growing year-over-year, supported by resilient construction activity.  Shipments of merchant and other products increased by 37% from the prior year, driven by the broad reopening of the U.S. economy. 

Margins over scrap cost on steel products increased $40 per ton from the prior year period, marking the first year-over-year increase in six quarters.  On a sequential basis these margins rose $74 per ton.  Market conditions were favorable for each of CMC's key products, leading to mill volume growth of 17% and an increase of $170 per ton in average selling price compared to the third quarter of fiscal 2020.  Margin over scrap cost on downstream products declined compared to a year ago, driven by higher scrap input costs and average pricing that was largely unchanged.  Future pricing indicators for backlog were positive during the quarter, as average price levels for bids and new awards increased from the prior year quarter. 

The Europe segment reported record adjusted EBITDA of $50.0 million for the third quarter of fiscal 2021, up 250% compared to adjusted EBITDA of $14.3 million for the prior year quarter.  The improvement was driven by a significant expansion in margin over scrap as well as volume growth, as demand for steel products from both construction and industrial end markets remained strong during the quarter.  Resilient construction activity supported a 16% increase in rebar shipments compared to a year ago, while the continuing manufacturing recovery in Poland and Central Europe drove 4% growth in volumes of merchant and other.  Average selling price increased by $227 per ton compared to the prior year quarter, and $132 per ton sequentially.

Outlook
Ms. Smith said, "Strong demand across multiple end-use markets should support robust shipment levels of finished steel during the fourth quarter in both North America and Europe.  Construction activity is strong and the industrial sectors are growing in both the U.S. and Central Europe, as both regions continue to recover from the pandemic.  We expect margins over scrap on steel products in North America and Europe to be relatively flat or up modestly from third quarter levels."

"Increased willingness of downstream customers in our North America segment to contract new work and the stability of our construction backlog both point to continued demand strength.  This view is supported by several widely monitored construction indicators that generally lead activity by nine to twelve months, which have improved significantly in 2021," Ms. Smith added.

Conference Call
CMC invites you to listen to a live broadcast of its third quarter of fiscal 2021 conference call today, Thursday, June 17, 2021, at 11:00 a.m. ET.  Barbara R. Smith, Chairman of the Board, President, and Chief Executive Officer, and Paul Lawrence, Vice President and Chief Financial Officer, will host the call. The call is accessible via our website at www.cmc.com. In the event you are unable to listen to the live broadcast, the call will be archived and available for replay on our website on the next business day. Financial and statistical information presented in the broadcast are located on CMC's website under "Investors."

About Commercial Metals Company
Commercial Metals Company and its subsidiaries manufacture, recycle and fabricate steel and metal products, related materials and services through a network including seven electric arc furnace ("EAF") mini mills, two EAF micro mills, a rerolling mill, steel fabrication and processing plants, construction-related product warehouses, and metal recycling facilities in the U.S. and Poland.

Forward-Looking Statements
This news release contains forward-looking statements within the meaning of the federal securities laws with respect to general economic conditions, key macro-economic drivers that impact our business, the effects of ongoing trade actions, the effects of continued pressure on the liquidity of our customers, potential synergies and organic growth provided by acquisitions and strategic investments, demand for our products, metal margins, the effect of COVID-19 and related governmental and economic responses thereto, the ability to operate our steel mills at full capacity, future availability and cost of supplies of raw materials and energy for our operations, share repurchases, legal proceedings, the undistributed earnings of our non-U.S. subsidiaries, U.S. non-residential construction activity, international trade, capital expenditures, our liquidity and our ability to satisfy future liquidity requirements, estimated contractual obligations and our expectations or beliefs concerning future events. The statements in this report that are not historical statements, are forward-looking statements. These forward-looking statements can generally be identified by phrases such as we or our management "expects," "anticipates," "believes," "estimates," "future," "intends," "may," "plans to," "ought," "could," "will," "should," "likely," "appears," "projects," "forecasts," "outlook" or other similar words or phrases, as well as by discussions of strategy, plans, or intentions.

Although we believe that our expectations are reasonable, we can give no assurance that these expectations will prove to have been correct, and actual results may vary materially. Except as required by law, we undertake no obligation to update, amend or clarify any forward-looking statements to reflect changed assumptions, the occurrence of anticipated or unanticipated events, new information or circumstances or any other changes. Important factors that could cause actual results to differ materially from our expectations include those described in Part I, Item 1A, "Risk Factors" of our annual report on Form 10-K for the fiscal year ended August 31, 2020, and Part II, Item 1A, "Risk Factors" of our quarterly report on Form 10-Q for the quarter ended February 28, 2021, as well as the following: changes in economic conditions which affect demand for our products or construction activity generally, and the impact of such changes on the highly cyclical steel industry; rapid and significant changes in the price of metals, potentially impairing our inventory values due to declines in commodity prices or reducing the profitability of our downstream contracts due to rising commodity pricing; impacts from COVID-19 on the economy, demand for our products, global supply chain and on our operations, including the responses of governmental authorities to contain COVID-19 and the impact from the distribution of various COVID-19 vaccines; excess capacity in our industry, particularly in China, and product availability from competing steel mills and other steel suppliers including import quantities and pricing; compliance with and changes in existing and future government laws, regulations and other legal requirements and judicial decisions that govern our business, including increased environmental regulations associated with climate change and greenhouse gas emissions; involvement in various environmental matters that may result in fines, penalties or judgments; potential limitations in our or our customers' abilities to access credit and non-compliance by our customers with our contracts; activity in repurchasing shares of our common stock under our repurchase program; financial covenants and restrictions on the operation of our business contained in agreements governing our debt; our ability to successfully identify, consummate and integrate acquisitions, and the effects that acquisitions may have on our financial leverage; risks associated with acquisitions generally, such as the inability to obtain, or delays in obtaining, required approvals under applicable antitrust legislation and other regulatory and third party consents and approvals; operating and start-up risks, as well as market risks associated with the commissioning of new projects could prevent us from realizing anticipated benefits and could result in a loss of all or a substantial part of our investment; lower than expected future levels of revenues and higher than expected future costs; failure or inability to implement growth strategies in a timely manner; impact of goodwill impairment charges; impact of long-lived asset impairment charges; currency fluctuations; global factors, such as trade measures, military conflicts and political uncertainties, including the impact of the Biden administration on current trade regulations, such as Section 232 trade tariffs, tax legislation and other regulations which might adversely impact our business; availability and pricing of electricity, electrodes and natural gas for mill operations; ability to hire and retain key executives and other employees; competition from other materials or from competitors that have a lower cost structure or access to greater financial resources; information technology interruptions and breaches in security; ability to make necessary capital expenditures; availability and pricing of raw materials and other items over which we exert little influence, including scrap metal, energy and insurance; unexpected equipment failures; losses or limited potential gains due to hedging transactions; litigation claims and settlements, court decisions, regulatory rulings and legal compliance risks; risk of injury or death to employees, customers or other visitors to our operations; and civil unrest, protests and riots.

COMMERCIAL METALS COMPANY
FINANCIAL & OPERATING STATISTICS (UNAUDITED)
		Three Months Ended																				Nine Months Ended
(in thousands, except per ton amounts)		5/31/2021				2/28/2021				11/30/2020				8/31/2020				5/31/2020				5/31/2021				5/31/2020
North America
Net sales		$	1,558,068			$	1,257,486			$	1,195,013			$	1,224,849			$	1,167,081			$	4,010,567			$	3,545,084
Adjusted EBITDA		207,330				171,612				155,634				174,219				159,394				534,576				486,957
External tons shipped
Raw materials		368				302				330				300				288				1,000				929
Rebar		500				472				486				498				463				1,458				1,399
Merchant and other		289				268				264				234				211				821				685
Steel products		789				740				750				732				674				2,279				2,084
Downstream products		408				343				371				429				427				1,122				1,206
Average selling price per ton
Raw materials		$	949			$	846			$	630			$	605			$	517			$	813			$	555
Steel products		794				695				612				600				624				702				625
Downstream products		963				929				934				970				966				943				976
Cost of raw materials per ton		$	697			$	629			$	458			$	427			$	348			$	597			$	393
Cost of ferrous scrap utilized per ton		369				344				266				237				239				327				238
Steel products metal margin per ton		$	425			$	351			$	346			$	363			$	385			$	375			$	387
Europe
Net sales		$	284,107			$	202,066			$	194,596			$	179,855			$	173,817			$	680,769			$	519,285
Adjusted EBITDA		50,005				16,107				14,470				22,927				14,270				80,582				39,080
External tons shipped
Rebar		141				78				128				150				122				347				389
Merchant and other		263				275				269				230				252				807				703
Steel products		404				353				397				380				374				1,154				1,092
Average selling price per ton
Steel products		$	664			$	532			$	461			$	446			$	437			$	552			$	449
Cost of ferrous scrap utilized per ton		$	376			$	328			$	262			$	250			$	239			$	324			$	245
Steel products metal margin per ton		$	288			$	204			$	199			$	196			$	198			$	228			$	204

 

COMMERCIAL METALS COMPANY
BUSINESS SEGMENTS (UNAUDITED)
(in thousands)		Three Months Ended																				Nine Months Ended
Net sales		5/31/2021				2/28/2021				11/30/2020				8/31/2020				5/31/2020				5/31/2021				5/31/2020
North America		$	1,558,068			$	1,257,486			$	1,195,013			$	1,224,849			$	1,167,081			$	4,010,567			$	3,545,084
Europe		284,107				202,066				194,596				179,855				173,817				680,769				519,285
Corporate and Other		2,866				2,718				2,194				4,428				785				7,778				2,985
Total net sales		$	1,845,041			$	1,462,270			$	1,391,803			$	1,409,132			$	1,341,683			$	4,699,114			$	4,067,354
Adjusted EBITDA from continuing operations
North America		$	207,330			$	171,612			$	155,634			$	174,219			$	159,394			$	534,576			$	486,957
Europe		50,005				16,107				14,470				22,927				14,270				80,582				39,080
Corporate and Other		(36,214)				(45,986)				(26,471)				(64,846)				(26,882)				(108,671)				(81,729)

 

COMMERCIAL METALS COMPANY
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS (UNAUDITED)
	Three Months Ended May 31,								Nine Months Ended May 31,
(in thousands, except share data)	2021				2020				2021				2020
Net sales	$	1,845,041			$	1,341,683			$	4,699,114			$	4,067,354
Costs and expenses:
Cost of goods sold	1,533,768				1,116,353				3,936,930				3,385,963
Selling, general and administrative expenses	130,448				115,965				359,492				342,502
Interest expense	11,965				15,409				40,245				47,875
Loss on debt extinguishment	—				—				16,841				—
Asset impairments	277				5,983				4,345				6,513
	1,676,458				1,253,710				4,357,853				3,782,853
Earnings from continuing operations before income taxes	168,583				87,973				341,261				284,501
Income taxes	38,175				23,804				80,709				73,981
Earnings from continuing operations	130,408				64,169				260,552				210,520
Earnings from discontinued operations before income taxes	—				745				—				1,941
Income taxes	—				180				—				581
Earnings from discontinued operations	—				565				—				1,360
Net earnings	$	130,408			$	64,734			$	260,552			$	211,880
Basic earnings per share*
Earnings from continuing operations	$	1.08			$	0.54			$	2.17			$	1.77
Earnings from discontinued operations	—				—				—				0.01
Net earnings	$	1.08			$	0.54			$	2.17			$	1.78
Diluted earnings per share*
Earnings from continuing operations	$	1.07			$	0.53			$	2.14			$	1.75
Earnings from discontinued operations	—				—				—				0.01
Net earnings	$	1.07			$	0.54			$	2.14			$	1.76
Cash dividends per share	$	0.12			$	0.12			$	0.36			$	0.36
Average basic shares outstanding	120,613,652				119,192,962				120,241,579				118,828,870
Average diluted shares outstanding	122,193,655				120,278,741				121,852,144				120,277,737

* Earnings Per Share ("EPS") is calculated independently for each component and may not sum to net earnings EPS due to rounding.

 

COMMERCIAL METALS COMPANY AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)
(in thousands, except share data)		May 31, 2021				August 31, 2020
Assets
Current assets:
Cash and cash equivalents		$	443,120			$	542,103
Accounts receivable (less allowance for doubtful accounts of $6,688 and $9,597)		1,073,115				880,728
Inventories, net		833,101				625,393
Prepaid and other current assets		169,139				165,879
Total current assets		2,518,475				2,214,103
Property, plant and equipment, net		1,562,503				1,571,067
Goodwill		66,331				64,321
Other noncurrent assets		243,766				232,237
Total assets		$	4,391,075			$	4,081,728
Liabilities and stockholders' equity
Current liabilities:
Accounts payable		$	340,238			$	266,102
Accrued expenses and other payables		456,394				461,012
Current maturities of long-term debt and short-term borrowings		56,735				18,149
Total current liabilities		853,367				745,263
Deferred income taxes		118,335				130,810
Other noncurrent liabilities		242,647				250,706
Long-term debt		1,020,129				1,065,536
Total liabilities		2,234,478				2,192,315
Stockholders' equity:
Common stock, par value $0.01 per share; authorized 200,000,000 shares; issued 129,060,664 shares; outstanding 120,585,771 and 119,220,905 shares		1,290				1,290
Additional paid-in capital		361,433				358,912
Accumulated other comprehensive loss		(78,850)				(103,764)
Retained earnings		2,025,083				1,807,826
Less treasury stock, 8,474,893 and 9,839,759 shares at cost		(152,590)				(175,063)
Stockholders' equity		2,156,366				1,889,201
Stockholders' equity attributable to noncontrolling interests		231				212
Total equity		2,156,597				1,889,413
Total liabilities and stockholders' equity		$	4,391,075			$	4,081,728

 

COMMERCIAL METALS COMPANY AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
		Nine Months Ended May 31,
(in thousands)		2021				2020
Cash flows from (used by) operating activities:
Net earnings		$	260,552			$	211,880
Adjustments to reconcile net earnings to cash flows from (used by) operating activities:
Depreciation and amortization		125,176				124,104
Stock-based compensation		35,558				21,975
Deferred income taxes and other long-term taxes		(17,175)				47,761
Loss on debt extinguishment		16,841				—
Net gain on disposals of subsidiaries, assets and other		(9,390)				(5,476)
Amortization of acquired unfavorable contract backlog		(4,540)				(18,676)
Asset impairments		4,345				6,513
Other		243				1,933
Changes in operating assets and liabilities		(317,378)				141,819
Net cash flows from operating activities		94,232				531,833
Cash flows from (used by) investing activities:
Capital expenditures		(127,395)				(134,092)
Proceeds from the sale of property, plant and equipment and other		25,890				14,091
Other		(2,500)				974
Acquisitions, net of cash acquired		—				(9,850)
Net cash flows used by investing activities		(104,005)				(128,877)
Cash flows from (used by) financing activities:
Proceeds from issuance of long-term debt, net		309,187				22,566
Repayments of long-term debt		(361,855)				(110,470)
Debt extinguishment costs		(13,128)				—
Debt issuance costs		(2,830)				—
Proceeds from accounts receivable facilities		145,864				171,133
Repayments under accounts receivable facilities		(118,312)				(171,285)
Dividends		(43,295)				(42,768)
Stock issued under incentive and purchase plans, net of forfeitures		(3,807)				(1,921)
Contribution from noncontrolling interest		19				16
Net cash flows used by financing activities		(88,157)				(132,729)
Effect of exchange rate changes on cash		(423)				210
Increase (decrease) in cash and cash equivalents		(98,353)				270,437
Cash, restricted cash and cash equivalents at beginning of period		544,964				193,729
Cash, restricted cash and cash equivalents at end of period		$	446,611			$	464,166
Supplemental information:
Cash and cash equivalents		$	443,120			$	462,110
Restricted cash		$	3,491			$	2,056
Total cash, restricted cash and cash equivalents		$	446,611			$	464,166

COMMERCIAL METALS COMPANY
NON-GAAP FINANCIAL MEASURES (UNAUDITED)

This press release contains financial measures not derived in accordance with U.S. generally accepted accounting principles ("GAAP"). Reconciliations to the most comparable GAAP measure are provided below.

Adjusted EBITDA from continuing operations, core EBITDA from continuing operations, and adjusted earnings from continuing operations are non-GAAP financial measures. Adjusted earnings from continuing operations per diluted share is defined as adjusted earnings from continuing operations on a diluted per share basis.

Non-GAAP financial measures should be viewed in addition to, and not as alternatives for, the most directly comparable measures derived in accordance with GAAP and may not be comparable to similar measures presented by other companies. However, we believe that the non-GAAP financial measures provide relevant and useful information to management, investors, analysts, creditors and other interested parties in our industry as they allow: (i) comparison of our earnings to those of our competitors; (ii) a supplemental measure of our underlying business operational performance; and (iii) the assessment of period-to-period performance trends. Management uses non-GAAP financial measures to evaluate financial performance and set target benchmarks for annual and long-term cash incentive performance plans.

A reconciliation of earnings from continuing operations to adjusted EBITDA from continuing operations and core EBITDA from continuing operations is provided below:

	Three Months Ended																				Nine Months Ended
(in thousands)	5/31/2021				2/28/2021				11/30/2020				8/31/2020				5/31/2020				5/31/2021				5/31/2020
Earnings from continuing operations	$	130,408			$	66,233			$	63,911			$	67,782			$	64,169			$	260,552			$	210,520
Interest expense	11,965				14,021				14,259				13,962				15,409				40,245				47,875
Income taxes	38,175				20,941				21,593				18,495				23,804				80,709				73,981
Depreciation and amortization	41,804				41,573				41,799				41,654				41,765				125,176				124,095
Amortization of acquired unfavorable contract backlog	(1,508)				(1,509)				(1,523)				(10,691)				(4,348)				(4,540)				(18,676)
Asset impairments	277				474				3,594				1,098				5,983				4,345				6,513
Adjusted EBITDA from continuing operations	221,121				141,733				143,633				132,300				146,782				506,487				444,308
Non-cash equity compensation	13,800				12,696				9,062				9,875				6,170				35,558				21,975
Gain on sale of assets	(4,457)				(5,877)				—				—				—				(10,334)				—
Loss on debt extinguishment	—				16,841				—				1,778				—				16,841				—
Facility closure	—				5,694				5,214				2,903				1,863				10,908				8,202
Acquisition settlement	—				—				—				32,123				—				—				—
Labor cost government refund	—				—				(1,348)				(2,985)				—				(1,348)				—
Core EBITDA from continuing operations	$	230,464			$	171,087			$	156,561			$	175,994			$	154,815			$	558,112			$	474,485

A reconciliation of earnings from continuing operations to adjusted earnings from continuing operations is provided below:

	Three Months Ended																				Nine Months Ended
(in thousands)	5/31/2021				2/28/2021				11/30/2020				8/31/2020				5/31/2020				5/31/2021				5/31/2020
Earnings from continuing operations	$	130,408			$	66,233			$	63,911			$	67,782			$	64,169			$	260,552			$	210,520
Gain on sale of assets	(4,457)				(5,877)				—				—				—				(10,334)				—
Asset impairments	277				474				3,594				1,098				5,983				4,345				5,983
Loss on debt extinguishment	—				16,841				—				1,778				—				16,841				—
Facility closure	—				5,694				5,214				2,903				1,863				10,908				8,202
Acquisition settlement	—				—				—				32,123				—				—				—
Labor cost government refund	—				—				(1,348)				(2,985)				—				(1,348)				—
Total adjustments (pre-tax)	$	(4,180)			$	17,132			$	7,460			$	34,917			$	7,846			$	20,412			$	14,185
Tax impact
Related tax effects on adjustments	878				(3,598)				(1,593)				(7,392)				(1,648)				(4,313)				(2,979)
Total tax impact	878				(3,598)				(1,593)				(7,392)				(1,648)				(4,313)				(2,979)
Adjusted earnings from continuing operations	$	127,106			$	79,767			$	69,778			$	95,307			$	70,367			$	276,651			$	221,726
Earnings from continuing operations per diluted share	$	1.07			$	0.54			$	0.53			$	0.56			$	0.53			$	2.14			$	1.75
Adjusted earnings from continuing operations per diluted share	$	1.04			$	0.66			$	0.58			$	0.79			$	0.59			$	2.27			$	1.84

 

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SOURCE Commercial Metals Company

FAQ

What were Commercial Metals Company's earnings for Q3 2021?

CMC reported earnings of $130.4 million, or $1.07 per diluted share, for Q3 2021.

What is CMC's net sales for Q3 fiscal 2021?

Net sales for CMC in Q3 fiscal 2021 were $1.8 billion.

How did CMC's EBITDA perform in North America for Q3 2021?

Adjusted EBITDA in North America reached a record $207.3 million, an increase of 30%.

What dividend did CMC declare for Q3 2021?

The board declared a quarterly dividend of $0.12 per share.

What factors are supporting CMC's future growth?

Strong demand in construction and industrial markets is expected to support robust shipment levels.