Welcome to our dedicated page for Commercial Metals Company news (Ticker: CMC), a resource for investors and traders seeking the latest updates and insights on Commercial Metals Company stock.
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.
Rhea-AI's analysis focuses on Commercial Metals Company (NYSE: CMC), a founding member of the Global Steel Climate Council (GSCC), established to reduce emissions in the steel industry. The GSCC recently released a draft of The Steel Climate Standard, aimed at creating a protocol for measuring and reporting carbon emissions in line with the Paris Agreement goals. This initiative emphasizes the importance of steel in sustainable projects and positions CMC as a leader in clean steel production. The company operates multiple facilities in the U.S. and Poland, manufacturing and recycling steel and metal products while contributing significantly to environmental standards.
Commercial Metals Company (NYSE: CMC) reported second-quarter net earnings of $179.8 million, or $1.51 per diluted share, on net sales of $2.0 billion for the period ending February 28, 2023. This marks a decline from $383.3 million, or $3.12 per diluted share, in the same quarter last year. Adjusted earnings were $171.3 million, compared to $187.6 million previously. Despite challenges like weather disruptions and costs from a major outage, the company noted strong demand signals and a high backlog value for the construction season. The board declared a quarterly dividend, marking the 234th consecutive payment, reflecting a 14% increase from last year.
The board of directors of Commercial Metals Company (NYSE: CMC) declared a quarterly cash dividend of $0.16 per share on March 21, 2023. This marks CMC's 234th consecutive quarterly dividend. The dividend payment is scheduled for April 12, 2023, to shareholders of record as of the close of business on April 3, 2023.
CMC operates multiple facilities, including seven electric arc furnace mini mills and metal recycling plants in the U.S. and Poland, providing steel and metal products, along with ground stabilization solutions through its Tensar operations.
On March 20, 2023, Commercial Metals Company (NYSE: CMC) announced its acquisition of Tendon Systems, LLC, a prominent provider of post-tensioning and concrete restoration solutions in the Southeastern U.S. This strategic purchase aims to enhance CMC's leadership in construction reinforcement and expands its capabilities in the post-tensioning market. Tendon reported revenues of approximately $60 million for 2022. CMC's CEO, Barbara R. Smith, emphasized that the acquisition brings valuable expertise and innovative products, which are expected to create significant commercial synergies for the company.
Carl Marks Securities LLC has announced its advisory role in the sale of Roane Metals Group, a scrap metal recycling company, to Commercial Metals Company (NYSE: CMC). The financial terms of the transaction remain undisclosed. Roane Metals, founded in 2004 and based in Rockwood, Tennessee, has successfully navigated pandemic-related supply chain challenges, increasing its processing volume annually. Despite ongoing price decreases in the scrap metal recycling industry, Carl Marks managed to secure the initial offer, reflecting its effective advisory capabilities.
On March 3, 2023, Commercial Metals Company (NYSE: CMC) announced the acquisition of Roane Metals Group LLC, a metal recycling company based in Tennessee. This acquisition includes all of Roane's assets, which have the capacity to process approximately 85,000 tons of ferrous and non-ferrous materials annually. The majority of the processed materials consist of obsolete ferrous scrap grades that will bolster CMC's steelmaking operations by enhancing the supply and security of competitively priced inputs.
Commercial Metals Company (NYSE: CMC) announced its upcoming conference call for the second quarter of fiscal 2023, set for March 23, 2023, at 11:00 a.m. Eastern Time. The call will feature Barbara Smith, Chairman, President & CEO, and Paul Lawrence, Senior VP & CFO. Investors can listen to the live broadcast on the company's website, www.cmc.com. CMC operates various manufacturing and recycling facilities across the U.S. and Poland, focusing on steel and metal products. The company also leads in innovative ground and soil stabilization solutions through its Tensar division.
The Board of Directors of Commercial Metals Company (NYSE: CMC) announced the appointment of Peter R. Matt as President, effective April 1, 2023. He succeeds Barbara R. Smith, who will continue as Chairman and CEO. Matt joined the Board in June 2020 and has extensive experience in the metals industry, previously serving as CFO of Constellium SE and holding leadership roles at Credit Suisse. Smith expressed confidence in Matt's leadership abilities, emphasizing that this succession is part of a strategic plan to strengthen the company's management.
Commercial Metals Company (NYSE: CMC) announced the appointment of Robert S. Wetherbee to its Board of Directors, effective March 21, 2023. Mr. Wetherbee brings over 40 years of industry experience, currently serving as CEO of ATI Inc. His past roles include leadership positions at Mineral Technologies and Alcoa. The appointment follows the retirement of J. David Smith on January 11, 2023, increasing the board's membership to nine, with eight independent directors. CMC aims to leverage Mr. Wetherbee's expertise in metals and mining to enhance its strategic direction and reinforce its position in the construction market.
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