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.
Commercial Metals Company (CMC) reported a strong first quarter for fiscal 2023, with net earnings hitting $261.8 million ($2.20 per diluted share), a 12% increase year-over-year. Core EBITDA was $425.0 million, reflecting a 30% growth from the prior year. The North America segment saw improved performance with an adjusted EBITDA of $378.0 million, driven by strong demand and pricing. The company also announced strategic initiatives including a new micro mill in West Virginia and progress on the Arizona 2 project, slated for spring 2023 startup.
On January 5, 2023, Commercial Metals Company (NYSE: CMC) declared a quarterly cash dividend of $0.16 per share, marking its 233rd consecutive dividend. This dividend is set to be paid on February 2, 2023, to shareholders on record by the close of business on January 19, 2023. CMC operates in steel and metal production, recycling, and fabrication, with facilities in the U.S. and Poland and offers innovative ground and soil stabilization solutions worldwide.
Commercial Metals Company (CMC) will host its first quarter fiscal 2023 earnings conference call on January 9, 2023, at 11:00 a.m. ET. The call will feature Barbara Smith, Chairman, President & CEO, and Paul Lawrence, Senior VP & CFO. Investors can access the call via webcast at www.cmc.com. CMC operates a network of facilities specializing in steel and metal manufacturing, recycling, and fabrication, including EAF mini mills and Tensar ground stabilization solutions.
Commercial Metals Company (NYSE: CMC) has chosen Berkeley County, West Virginia, for its fourth micro mill (MM4) project, with an estimated cost of $450 million. The mill aims for an annual production capacity of 500,000 tons and is expected to provide approximately 230 jobs. Operations are projected to start in late 2025. CMC highlights West Virginia's favorable business environment and skilled labor as key factors in their decision.
Commercial Metals Company (NYSE: CMC) has successfully acquired a metals recycling facility near Galveston from Kodiak Resources and Kodiak Properties. This facility processes approximately 55,000 tons of ferrous and non-ferrous materials annually, primarily supplying scrap grades for CMC's long product mills. The acquisition is expected to enhance CMC's supply chain, ensuring the provision of competitively priced materials for its steelmaking operations.
Commercial Metals Company (NYSE: CMC) reported that as of November 9, 2022, $115.87 million of its 4.875% Senior Notes due 2023 were tendered, representing 35.11% of the total. The company planned to accept this amount for payment on November 10, 2022, with a total consideration of $998.50 per $1,000 of notes accepted. The tender offer, set to expire on November 25, 2022, is part of a larger plan to repurchase up to $130 million in senior notes. Holders are advised to review the Offer to Purchase before making decisions.
Commercial Metals Company (NYSE: CMC) has announced a cash tender offer to purchase up to $130 million of its 4.875% Senior Notes due 2023. The offer, which may be extended or terminated early, is set to expire on November 25, 2022. Holders tendering their notes by November 9, 2022, will receive a total consideration of $998.50 per $1,000 principal amount, including an early tender payment. The offer is subject to conditions and may be oversubscribed, leading to prorated purchases if needed.
Commercial Metals Company (CMC) reported strong financial results for Q4 fiscal 2022, with net earnings of $288.6 million ($2.40/share), up 89% from $152.3 million ($1.24/share) a year prior. Annual net earnings reached a record $1.2 billion. Core EBITDA for the quarter was $419.0 million, a 64% year-over-year increase. The company returned $106.3 million to shareholders through stock repurchases and announced a 14% dividend increase. Looking ahead, CMC expects strong demand in North America while acknowledging challenges in Europe.
On October 11, 2022, Commercial Metals Company (CMC) announced the declaration of a quarterly cash dividend of $0.16 per share, marking a 14% increase from the previous dividend of July 2022. This represents CMC's 232nd consecutive quarterly dividend. The dividend will be paid on November 10, 2022, to stockholders of record as of the close of business on October 27, 2022. CMC specializes in manufacturing, recycling, and fabricating steel and metal products across the U.S. and Poland.
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