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Commercial Metals Company (NYSE: CMC) is a leading player in the metals industry, operating steel mills, steel fabrication plants, and metal recycling facilities primarily in the United States and Europe. With a legacy of over 100 years, CMC produces rebar and structural steel critical to nonresidential construction. The company is structured into three segments: North America Steel Group, Europe Steel Group, and Emerging Businesses Group.
CMC prides itself on an innovative approach, utilizing advanced technologies and sustainable practices. The company's recent achievements include the launch of the Arizona 2 micro mill, which became the first micro mill globally to produce merchant bar quality steel, and significant structural realignment to better reflect its diverse offerings.
Financially, CMC reported net earnings of $176.3 million on sales of $2.0 billion for the first quarter of fiscal 2024. Despite global challenges, the company maintains a robust balance sheet with $704.6 million in cash equivalents and strong liquidity exceeding $1.5 billion.
CMC is committed to sustainability, with a focus on recycled metal usage and responsible manufacturing processes. The company's products support a wide range of construction applications, including infrastructure, industrial, residential, and energy sectors.
Recent strategic moves include the integration of new acquisitions, an increase in stock repurchase authorization, and a continued focus on growth investments.
CMC's people-centric culture underscores its operational philosophy, emphasizing safety, consistency, and excellence. For more information, visit their website at www.cmc.com.
Commercial Metals Company (NYSE: CMC) has successfully completed the redemption of all its 5.750% Senior Notes due 2026, following a cash tender offer. A total of approximately $272.2 million in principal was redeemed for around $287.5 million, including interest, on February 19, 2021. Additionally, approximately $77.8 million in total principal was tendered and repurchased. CMC operates in the steel and metal products sector, manufacturing and recycling through various facilities in the U.S. and Poland.
Commercial Metals Company (NYSE: CMC) announced with deep sadness the passing of Richard B. "Rick" Kelson on February 13, 2021. Kelson served on the Board of Directors for eleven years, including five years as lead director, and was recognized for his exceptional leadership and guidance. Barbara Smith, CMC's CEO, expressed condolences to Kelson's family. Known for his extensive career at Alcoa and various board roles, Kelson's impact on CMC will be remembered. In his honor, CMC will donate to the Penn Center for Research on Coronavirus.
Commercial Metals Company (NYSE: CMC) announced the results of its cash Tender Offer for all outstanding 5.750% Senior Notes due 2026, with a deadline of February 16, 2021. As of February 1, 2021, $77.77 million in notes were tendered. The company also completed a $300 million offering of 3.875% Senior Notes due 2031 to fund this tender. The early settlement date is set for February 3, 2021. Any remaining notes not repurchased in the tender will be redeemed on February 19, 2021. The tender offer is subject to specific conditions outlined in the Offer to Purchase.
Commercial Metals Company (NYSE: CMC) announced the sale of $300 million in 3.875% Senior Notes due 2031. The offering is expected to close around February 2, 2021, pending standard conditions. Proceeds will be used alongside cash on hand for a tender offer for outstanding 5.750% Senior Notes due 2026 and to redeem any remaining notes post-offer. Citigroup is leading the underwriting of the offering, which is conducted under an SEC registration statement. The announcement includes forward-looking statements regarding the offering and market conditions affecting operations.
Commercial Metals Company (CMC) announced a proposed offering of $300 million in senior notes as part of an underwritten public offering. The funds will be used to finance a tender offer for its existing 5.750% senior notes due 2026 and to redeem any notes not repurchased. Citigroup and other financial institutions are managing the offering under an effective registration statement with the SEC. The tender offer and redemption are conditional and detailed in the company’s official documents. CMC operates in steel and metal manufacturing across the U.S. and Poland.
Commercial Metals Company (NYSE: CMC) announced a cash tender offer for its outstanding 5.750% Senior Notes due 2026. The offer expires on February 16, 2021, with an early tender deadline on February 1, 2021. Holders can receive total consideration of $1,037.50 per $1,000 principal for notes tendered early. The tender offer is contingent on completing a satisfactory financing transaction. A conditional notice of full redemption will also be issued for any remaining 2026 Notes. This press release is not a recommendation to tender the notes.
Commercial Metals Company (NYSE: CMC) reported fiscal Q1 2021 earnings of $63.9 million, or $0.53 per share, on net sales of $1.4 billion, down from $82.8 million or $0.69 per share in the same period last year. After accounting for $5.9 million in charges, adjusted earnings were $69.8 million, or $0.58 per share. The North America segment saw adjusted EBITDA drop to $155.6 million from $174.7 million due to rising scrap costs, despite a 2% increase in rebar shipments. The company maintains a strong liquidity position with $465.2 million in cash.
Commercial Metals Company (CMC) has declared a quarterly cash dividend of $0.12 per share, marking its 225th consecutive quarterly dividend. The dividend is payable to shareholders of record by the close of business on January 21, 2021, with payment scheduled for February 4, 2021. This regular dividend reflects the company's ongoing commitment to returning value to shareholders while maintaining its strong financial position.
Commercial Metals Company (NYSE: CMC) announced that CMC Steel Arizona has started receiving renewable energy from the Salt River Project's new "Saint Solar" plant in Arizona. This partnership is part of SRP's Sustainable Energy program, initiated in 2018. CMC Steel Arizona, utilizing scrap-based Electric Arc Furnace technology, is recognized as one of the most efficient steel mills globally, using 98% recycled material and significantly lowering emissions. Additionally, CMC plans to build its third micro mill, AZ2, featuring advanced technology to enhance energy efficiency.
Commercial Metals Company (NYSE: CMC) is set to release its first-quarter earnings for fiscal 2021 on January 11, 2021, at 11:00 a.m. ET. The event will feature insights from Barbara Smith, Chairman, President & CEO, and Paul Lawrence, Vice President & CFO. Interested parties can access the teleconference via webcast on the company’s official website. CMC specializes in manufacturing, recycling, and fabricating steel and metal products across the U.S. and Poland, operating a diverse range of mills and facilities.
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