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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 closed the sale of Exempt Facilities Revenue Bonds, totaling $145.1 million. The company raised $150.0 million in financing, which will fund the construction of its third micro mill in Mesa, Arizona. The bonds, yielding 3.5%, carry an interest rate of 4.0% and will mature in 2047. CMC is responsible for debt servicing and repayment as per its agreement with the Industrial Development Authority of Maricopa County (MCIDA).
Commercial Metals Company (NYSE: CMC) will host a live conference call on March 17, 2022, at 11:00 a.m. Eastern Time to discuss its second quarter earnings for fiscal 2022. The call will feature Barbara Smith, Chairman, President & CEO, and Paul Lawrence, Senior VP & CFO. Interested parties can listen via webcast on the company's website. Commercial Metals manufactures, recycles, and fabricates steel and metal products through various facilities in the U.S. and Poland.
Commercial Metals Company (CMC) has successfully redeemed all of its outstanding 5.375% Senior Notes due 2027, totaling approximately $314.9 million, including accrued interest of $1.3 million. The redemption was financed through part of the proceeds from a recent offering of $600 million in senior notes. Following this redemption, there are no remaining 2027 Notes outstanding. CMC operates facilities in the U.S. and Poland, focusing on the manufacturing and recycling of steel and metal products.
Commercial Metals Company (CMC) announced the pricing of $145.1 million in Exempt Facilities Revenue Bonds, aiming to raise $150.0 million to finance its second steel micro mill in Mesa, Arizona. The bonds will yield 3.5% and mature in 2047. This financing is not registered under the Securities Act and cannot be sold in the U.S. The press release also highlights CMC's operations in manufacturing, recycling, and fabricating steel products across several locations.
Commercial Metals Company (NYSE: CMC) announced a proposed tax-exempt bond financing of $150.0 million authorized by the Industrial Development Authority of the County of Maricopa. The funds will finance a portion of a new steel micro mill in Mesa, Arizona. The bonds will be issued as special limited obligations, and if completed, will be assigned to a trustee for bondholders. The financing is not registered under the Securities Act and is subject to inherent risks and uncertainties, including economic conditions and commodity pricing impacts.
Commercial Metals Company (NYSE: CMC) announced the successful closing of a $600 million offering of senior notes, consisting of $300 million in 4.125% notes due 2030 and $300 million in 4.375% notes due 2032. Proceeds from this offering will be used to redeem outstanding 5.375% senior notes due 2027 and for general corporate purposes. The redemption will take effect on February 15, 2022.
Bank of America Securities led the underwriting for this offering.
Commercial Metals Company (NYSE: CMC) announced the appointment of John R. McPherson to its Board of Directors, effective March 15, 2022. McPherson brings over 30 years of experience, including roles at Vulcan Materials Company as Chief Financial & Strategy Officer. His strong financial background is expected to aid CMC in advancing its position in the construction materials market. With his addition, the board will consist of 9 members, 8 of whom are independent. McPherson holds a Bachelor of Arts in Economics and an MBA from Stanford University.
Commercial Metals Company (CMC) announced a conditional notice for the redemption of all outstanding 5.375% Senior Notes due 2027, totaling $300 million, set for February 15, 2022. This redemption is contingent on the successful issuance and sale of debt securities amounting to at least $600 million. The redemption price will equal the principal plus a "make-whole" premium and accrued interest. The company emphasized that this announcement is not a redemption notice and is not an offer to sell securities.
Commercial Metals Company (CMC) announced a $600 million offering of senior notes, consisting of $300 million in 4.125% Senior Notes due 2030 and $300 million in 4.375% Senior Notes due 2032. The offering size was increased from an initial $300 million. Proceeds will be used to redeem existing 5.375% senior notes due 2027 and for general corporate purposes. The offering is expected to close on or about January 28, 2022, subject to closing conditions. BofA Securities leads the underwriting team.
Commercial Metals Company (NYSE: CMC) announced a proposed offering of $300 million in senior notes, subject to market conditions. The net proceeds will be utilized for general corporate purposes. This offering falls under an effective shelf registration statement with the SEC. BofA Securities is leading the underwriting process with other banks involved. The press release also includes forward-looking statements cautioning investors about inherent risks and uncertainties related to the offering and the broader economic environment.
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