Welcome to our dedicated page for Commercial Metals news (Ticker: CMC), a resource for investors and traders seeking the latest updates and insights on Commercial Metals stock.
Commercial Metals Company reports news on its steel and construction-solutions operations for infrastructure, non-residential, residential, industrial and energy markets. The company manufactures steel reinforcing bar, merchant bar, steel fence posts and wire rod, and supplies subgrade soil stabilization, foundation enhancement, concrete pipe and precast products through a manufacturing network concentrated in the United States and Central Europe, with additional operations in the United Kingdom, Europe and Asia.
Recurring CMC updates include quarterly earnings, steel product pricing and margin trends, Construction Solutions Group activity, completed precast acquisitions and integration, dividend declarations, board and governance changes, sustainability recognition and trade matters affecting rebar markets.
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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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.
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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.