$CMC (Commercial Metals Company)

$CMC {{ '2016-06-23T16:18:14+0000' | timeago}} • Webcast

Charles Bradford of Bradford Research asks about trade patterns. $CMC CEO Joseph Alvarado said compared to a year ago, trade actions and preliminary rulings have set trade back. Those without trade restrictions have an open field in North America. There has been a shift in sourcing and there has been a slowdown in activity in North America.

$CMC {{ '2017-08-31T22:18:59+0000' | timeago}} • Announcement

$CMC completed the sale of its raw materials trading division, CMC Cometals, to Traxys North America LLC and Traxys Europe SA, for a total consideration of approx. $179MM, subject to adjustment. CMC Cometals markets, distributes and processes metal, ores, concentrates, industrial minerals, ferroalloys, chemicals and industrial products worldwide.

$CMC {{ '2017-06-30T12:21:11+0000' | timeago}} • Announcement

$CMC said it has agreed to sell $300MM aggregate principal amount of its 5.375% senior notes due 2027 in a public offering, under the company’s shelf registration statement. The offering is expected to close by July 11, 2017. The net proceeds from the offering will be used mainly for a cash tender offer for outstanding 7.35% senior notes due 2018.

$CMC {{ '2017-06-26T14:23:11+0000' | timeago}} • Announcement

$CMC has appointed Barbara Smith as President and CEO, effective September 1, 2017. Smith, who has been serving as President and COO since January 2017, will also become a member of the BoD.  She joined Commercial Metals in May 2011 as SVP and CFO, and took up the role of COO in January 2016.

$CMC {{ '2017-06-22T15:44:45+0000' | timeago}} • Webcast

$CMC said metal spread compresses over time and so margin expansion will also take time. There is excess capacity in the US in the rebar sector. As the tariffs start to take effect, it will benefit rebar producers by giving relief on the margin side and also additional volume to take up some of the flat capacity in the US.

$CMC {{ '2017-06-22T15:29:37+0000' | timeago}} • Webcast

During 3Q17, $CMC’s Americas Recycling segment posted adjusted operating profit of $9.3MM while the Americas Mills segment recorded adjusted operating profit of $50.7MM. Adjusted operating profit for the Americas Fabrication segment was $1.8MM. The International Mills segment adjusted operating profit was $13MM.

$CMC {{ '2017-06-22T11:31:59+0000' | timeago}} • Announcement

$CMC continues to be optimistic that the ongoing trade actions taken in both the U.S. and Poland, once finalized, will provide some relief from the flood of unfairly priced rebar imports that have impacted its markets. Also, the BoD declared a quarterly dividend of $0.12 per share, payable on July 20, 2017 to shareholders of record on July 6, 2017.

$CMC {{ '2017-06-22T11:30:04+0000' | timeago}} • Announcement

$CMC anticipates stability in the key macro economic drivers that impact its business for the remainder of FY17, including continued strong demand in both the US and Polish markets and also historically low steel margins in the US.

$CMC {{ '2017-06-22T11:28:05+0000' | timeago}} • Announcement

$CMC reported a jump in 3Q17 earnings driven by higher sales and lower non-cash impairment charge on businesses held for sale in discontinued operations. Net income rose to $39.27MM or $0.34 per share from $19.33MM or $0.17 per share last year. Sales grew to $1.38Bil from $1.23Bil.

$CMC {{ '2017-06-13T13:33:00+0000' | timeago}} • Announcement

Metal manufacturer $CMC has decided to exit its International Marketing and Distribution segment. As part of the move, Commercial Metals Company and its subsidiary CMC Cometals signed a definitive agreement to sell the raw materials trading division, CMC Cometals, to affiliates of Carlyle Group. The transaction is expected to close this summer.

$CMC {{ '2017-03-23T16:39:11+0000' | timeago}} • Webcast

$CMC said its mill operations in the US and Poland are running well. The company does not expect any major outages to come up over the coming quarters and so it anticipates that if demand and utilization rates remain at current levels, there will be good conversion costs at the mills.

$CMC {{ '2017-03-23T16:28:45+0000' | timeago}} • Webcast

$CMC has been seeing metal margin compression for the past few quarters and there has been continued downward pressure in particular on the rebar side. This is due to import pressure and pricing at below normal market pricing. There is still an inventory overhang that persists in the market. $CMC is taking steps to work through the compression.

$CMC {{ '2017-03-23T16:11:30+0000' | timeago}} • Webcast

$CMC had a milder winter in the Central region and to some degree in the East region which was helpful in the flow of construction projects and shipments to both internal and third-party fabricators. In the West region, the company was afflicted by the heavy rains in California and saw wider shipments due to the weather.

$CMC {{ '2017-03-23T15:53:43+0000' | timeago}} • Webcast

$CMC's International Mill segment in Poland recorded adjusted operating profit of $9.4MM for 2Q17 compared to $2MM in 2Q16. The International Marketing and Distribution segment recorded adjusted operating profit of $6.1MM for 2Q17 compared to an adjusted operating loss of $2.3MM for 2Q16.

$CMC {{ '2017-03-23T15:53:13+0000' | timeago}} • Webcast

$CMC's Americas Recycling segment reported adjusted operating profit of $7.8MM in 2Q17 compared to an adjusted operating loss of $7.6MM in 2Q16. The Americas Mills segment posted adjusted operating profit of $51.3MM and the Americas Fabrication segment posted adjusted operating profit of $0.5MM in 2Q17.

$CMC {{ '2017-03-23T15:42:51+0000' | timeago}} • Webcast

In 2Q17, $CMC’s results in recycling were better than anticipated. After seeming to bottom out in October, ferrous scrap prices increased significantly through 2Q17. The recycling business benefited from this increased pricing. Good market demand for rebar and merchant products generated solid mill results.

$CMC {{ '2017-03-23T15:35:29+0000' | timeago}} • Webcast

On March 22, 2017, the board of directors of $CMC declared a quarterly dividend of $0.12 per share for shareholders of record on April 5, 2017. The dividend will be paid on April 20, 2017.

$CMC {{ '2017-03-23T11:26:23+0000' | timeago}} • Announcement

$CMC expects demand to remain robust, supported by strong levels of bidding in its fabrication business going forward. The company also expects that its shipment levels will continue to grow in 3Q17 as $CMC enter the traditionally strong construction season in both the U.S. and Polish markets. However, $CMC expects further pressure on its margins.

$CMC {{ '2017-03-23T11:21:24+0000' | timeago}} • Announcement

Metals company $CMC reported a significant increase in 2Q17 earnings, helped by higher revenue and higher segment net sales. Net income increased 188% to $30.33MM or $0.26 per share from $10.5MM or $0.09 per share a year ago. Net sales increased 12.74% to $1.15Bil from $1.02Bil.

$CMC {{ '2017-02-03T14:10:58+0000' | timeago}} • Announcement

$CMC said it will construct a highly automated steel fence post manufacturing facility on the site of its new micro mill in Durant, Oklahoma. $CMC will continue to operate its existing post manufacturing facilities in Cayce, South Carolina, San Marcos, Texas, and Brigham City, Utah.

$CMC {{ '2017-01-09T17:22:08+0000' | timeago}} • Webcast

Regarding the demand for skilled workers, $CMC said that it is not seeing any significant difficulties to-date in this regard. The company said it will have a plan in hand to increase its labor pool in order to service the robust growing economy.

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