Welcome to our dedicated page for Commercial Metals Co news (Ticker: CMC), a resource for investors and traders seeking the latest updates and insights on Commercial Metals Co stock.
Commercial Metals Company (CMC) is a New York Stock Exchange–listed manufacturer in the iron and steel mills and ferroalloy manufacturing industry that focuses on steel products, metal recycling and construction reinforcement solutions. Company news provides insight into how CMC manages its operations, finances and growth strategy across its North America Steel Group, Europe Steel Group and Construction Solutions Group.
Recent CMC news releases highlight quarterly earnings results, including updates on net earnings, adjusted earnings and core EBITDA, as well as commentary on demand trends for steel products and downstream construction activity. Management uses these updates to discuss market conditions in North America and Europe, the performance of segments such as the Construction Solutions Group, and the progress of its Transform, Advance, and Grow ("TAG") program, which is aimed at improving margins and earnings power.
CMC’s news flow also covers corporate actions and financing activities. The company has announced the completion of acquisitions of Concrete Pipe & Precast, LLC (CP&P) and Foley Products Company, LLC, which expand its presence in precast concrete and pipe products and establish what it describes as one of the largest precast concrete platforms in the United States. Other releases describe amendments to its revolving credit facility, the pricing and closing of senior notes offerings, and the intended use of proceeds to fund acquisitions and general corporate purposes.
Investors following CMC news can also see updates on dividends, including the declaration of a regular quarterly cash dividend that the company notes represents its 245th consecutive quarterly payment, as well as commentary on trade developments such as anti-dumping rulings affecting imported rebar. For those tracking CMC stock and the CMC ticker, the news stream offers ongoing context on operational execution, capital allocation and the company’s role in construction-related markets.
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.
Commercial Metals Company (NYSE: CMC) announced plans to construct a new state-of-the-art micro mill aimed primarily at serving the Northeast, Mid-Atlantic, and Mid-Western U.S. markets. With a focus on environmentally friendly operations, the new facility will utilize advanced technology to reduce energy consumption and emissions. The project is expected to significantly enhance CMC's operational scale in the region. Anticipated state and local incentives, along with the recent Infrastructure Investment and Jobs Act, are expected to boost demand for construction steel. Construction will span approximately two years.
Commercial Metals Company (NYSE: CMC) reported a strong fiscal Q1 2022, with earnings from continuing operations of $232.9 million ($1.90 per diluted share) on net sales of $2.0 billion, compared to $63.9 million ($0.53 per diluted share) on $1.4 billion in Q1 2021. Adjusted earnings reached $199.2 million ($1.62 per diluted share). Core EBITDA hit record levels, totaling nearly $1.0 billion annually, driven by improved margins and operational efficiency. The company also announced a quarterly dividend increase of 17%. Strong demand and strategic growth initiatives underpin a positive outlook for fiscal 2022.
The board of directors of Commercial Metals Company (NYSE: CMC) has declared a quarterly cash dividend of $0.14 per share, marking its 229th consecutive quarterly dividend. This dividend will be paid on February 3, 2022, to stockholders of record as of the close of business on January 20, 2022. CMC operates through a network of facilities, including seven electric arc furnace mini mills and metal recycling facilities in the U.S. and Poland, focusing on manufacturing and recycling steel and metal products.