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 (NYSE: CMC) has completed the sale of a large parcel of land in Rancho Cucamonga, California, generating gross proceeds of $313 million. This transaction, facilitated by Jones Lang LaSalle Brokerage, Inc., marks a significant financial move for the company. CMC specializes in manufacturing, recycling, and fabricating steel and metal products, supported by a diverse network of facilities across the United States and Poland.
Commercial Metals Company (NYSE: CMC) will host a conference call to discuss its first quarter earnings for fiscal 2022 on January 10, 2022, at 11:00 a.m. Eastern Time. The call will feature Chairman and CEO Barbara Smith and Senior VP and CFO Paul Lawrence. This live broadcast will be accessible via the company’s website. CMC operates a diverse network of facilities, including seven EAF mini mills, two micro mills, and metal recycling sites in the U.S. and Poland.
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Tensar Corporation, a leader in geogrid engineered solutions, has entered into a definitive agreement to be acquired by Commercial Metals Company (NYSE: CMC). This acquisition aligns with CMC's strategy to enhance its position in the civil construction market, leveraging innovative manufacturing and sustainability practices. Tensar's 650 employees will join CMC, further bolstering their workforce. Regulatory approvals are pending, with the closing expected soon. This acquisition is anticipated to create a formidable platform for growth in engineered construction products.
Commercial Metals Company (NYSE: CMC) has announced a definitive agreement to acquire TAC Acquisition Corp. (Tensar) for $550 million. The transaction is aimed at enhancing CMC's leadership in construction reinforcement, leveraging Tensar's engineered solutions for subgrade reinforcement and soil stabilization. The deal, valued at 8.4x Tensar's expected 2021 EBITDA, includes anticipated cost synergies of approximately $5 million. The acquisition is expected to support CMC's growth strategy and strengthen its market position in the construction sector.
Commercial Metals Company (NYSE: CMC) reported robust financial results for its fiscal fourth quarter ending August 31, 2021. The company earned $152.3 million, or $1.24 per diluted share, on net sales of $2.0 billion, significantly up from $67.8 million and $1.4 billion year-over-year. For the full year, earnings totaled $412.9 million, a notable increase from $278.3 million the previous year. The board announced a 17% dividend increase, reflecting confidence in the company's future. Strong operational performance was highlighted by record shipment levels and significant growth in the North American and European segments.
Commercial Metals Company (NYSE: CMC) has announced a new $350 million stock repurchase program, replacing the previous plan with $27 million remaining. Additionally, the board declared a quarterly cash dividend of $0.14 per share, marking a 17% increase. This dividend will be paid on November 10, 2021, to shareholders of record as of October 27, 2021. CEO Barbara R. Smith emphasized that this reflects a balance between growth investments and shareholder returns.
Commercial Metals Company (NYSE: CMC) has announced an agreement to sell land from its former Steel California and Rebar Etiwanda operations in Rancho Cucamonga for approximately $300 million. The sale aims to partially fund the new Arizona 2 micro mill expected to launch in the second half of fiscal 2023. CMC ceased Steel California operations in December 2020, and Rebar Etiwanda customers will be served from other locations. The transaction is anticipated to close in Q2 of fiscal 2022, pending due diligence and customary conditions.
Commercial Metals Company (NYSE: CMC) will be featured on the September 26 edition of EARTH with John Holden, which airs on Fox Business Network, Bloomberg TV, and BNN Bloomberg Canada. The segment highlights CMC's commitment to sustainability in steelmaking, showcasing their facility in Mesa, Arizona, known for its 87% lower energy intensity and 66% reduced greenhouse gas emissions compared to global averages. CEO Barbara Smith expressed pride in representing eco-friendly American Electric Arc Furnace steelmakers.
Commercial Metals Company (NYSE: CMC) will host a conference call on October 14, 2021, at 11:00 a.m. Eastern Time to discuss its fourth quarter earnings for fiscal 2021. The call will feature Barbara Smith, Chairman, President & CEO, and Paul Lawrence, Vice President & CFO. Investors can access the live webcast via the company's website.
Commercial Metals operates seven electric arc furnace mini mills, micro mills, and recycling facilities across the U.S. and Poland, manufacturing and fabricating steel and metal products.