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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) announced the acquisition of Advanced Steel Recovery, LLC (ASR) to enhance its growth in the Western U.S.. ASR, based in Southern California, processes approximately 300,000 tons of scrap annually, bolstering CMC's supply chain for its Arizona micro mills set to start in early 2023. This acquisition is expected to secure a reliable, cost-effective supply of ferrous scrap for CMC's operations, ensuring operational efficiency in a critical sector.
Commercial Metals Company (NYSE: CMC) will host a live conference call to discuss its fourth quarter earnings for fiscal 2022 on October 13, 2022, at 11:00 a.m. Eastern Time. The call features Barbara Smith, Chairman, President & CEO, and Paul Lawrence, Senior VP & CFO. The event will be accessible via the company’s website. CMC operates a network of facilities including seven electric arc furnace mini mills and is a leading provider of ground and soil stabilization solutions through its Tensar division, serving over 80 national markets.
On August 30, 2022, Commercial Metals Company (NYSE: CMC) announced the launch of RebarZero™, a pioneering line of rebar products featuring net-zero greenhouse gas emissions. This marks the industry's first product to offer a carbon-neutral profile throughout its production and delivery phases. CMC is also introducing net-zero steel across its mill product portfolio, including merchant bar and wire rods. CMC emphasizes its commitment to sustainability, stating that its products are manufactured using recycled scrap and efficient electric arc furnaces, significantly reducing greenhouse gas emissions compared to industry averages.
Commercial Metals Company (NYSE: CMC) reported outstanding fiscal Q3 results for the period ending May 31, 2022, with net earnings of $312.4 million or $2.54 per diluted share, a 140% increase from the previous year. Core EBITDA surged 110%, totaling $483.9 million, supported by strong operational performance in North America and Europe. The company completed the acquisition of Tensar Corporation, contributing positively to growth. A quarterly dividend of $0.14 per share was declared, marking a 17% increase year-over-year.
The board of directors of Commercial Metals Company (NYSE: CMC) has declared a quarterly cash dividend of $0.14 per share. This marks CMC's 231st consecutive quarterly dividend. The dividend will be paid on July 13, 2022, to shareholders of record as of June 29, 2022. CMC specializes in manufacturing, recycling, and fabricating steel and metal products across various facilities in the U.S. and Poland. The company also leads in ground and soil stabilization solutions through its Tensar division.
Commercial Metals Company (CMC) will host its third quarter fiscal 2022 earnings conference call on June 16, 2022, at 11:00 a.m. Eastern Time. The call will feature CEO Barbara Smith and CFO Paul Lawrence. Investors can access the call via webcast on the company's website. CMC manufactures, recycles, and fabricates steel and metal products across the U.S. and Poland, operating several electric arc furnace mini mills and its Tensar division, which specializes in ground and soil stabilization solutions.
Castle Harlan has completed the sale of Tensar Corporation to Commercial Metals Company (NYSE: CMC) for $550 million, subject to adjustments. Tensar, a leader in geogrid products and foundation improvement technologies, was under Castle Harlan's management for seven years, during which it expanded globally and introduced innovative products. This transaction highlights Castle Harlan's successful investment strategy in middle-market companies, contributing positively to the ongoing growth and infrastructure needs worldwide.
Commercial Metals Company (NYSE: CMC) has completed the acquisition of TAC Acquisition Corp. (Tensar) for $550 million, marking a significant growth milestone for the company. Tensar specializes in soil stabilization and reinforcement solutions, operating in over 80 markets with products like Tensar geogrids and Geopier systems. This acquisition is expected to enhance CMC's product offerings and market reach, welcoming 650 new employees to the company. Financial advisory was provided by Rockefeller Financial LLC, while Kirkland & Ellis LLP served as legal counsel for the transaction.
Commercial Metals Company (CMC) reported record earnings of $383.3 million, or $3.12 per diluted share, for the fiscal second quarter ended February 28, 2022, up from $66.2 million, or $0.54 per diluted share, in the prior year. Core EBITDA rose 89% year-over-year to $323.1 million. The company expects robust demand driven by a growing backlog and upcoming projects, including the acquisition of Tensar Corporation. Cash and equivalents increased to $846.6 million. CMC declared a quarterly dividend of $0.14 per share, marking a 17% increase from last year, with expectations for strong performance in the upcoming quarter.
On March 16, 2022, Commercial Metals Company (NYSE: CMC) declared a quarterly cash dividend of $0.14 per share, marking the company's 230th consecutive quarterly dividend. The dividend will be distributed on April 13, 2022, to shareholders on record as of March 30, 2022. CMC operates a network of facilities including seven electric arc furnace mini mills and recycling centers in the United States and Poland, focusing on steel and metal products.
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