Commercial Metals Company

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Commercial Metals Company
Public company
Traded asNYSECMC
S&P 400 component
ISINUS2017231034 Edit this on Wikidata
IndustryMetals
Founded1915; 105 years ago (1915)
HeadquartersIrving, Texas,
Key people
Barbara R. Smith, President & Chairman & CEO
Paul J. Lawrence, CFO
ProductsSteel
RevenueIncrease $5.829 billion (FY 2019)
Increase $198 million (FY 2019)
Total assetsIncrease $3.758 billion (FY 2019)
Total equityIncrease $1.624 billion (FY 2019)
Number of employees
11,524 (2019)[1]
Websitewww.cmc.com
Footnotes / references
[1]

Commercial Metals Company is a steel and metal manufacturer based in Irving, Texas.

The company owns 7 electric arc furnace steel minimills in Alabama, California, Florida, New Jersey, South Carolina, Tennessee, and Texas, 2 electric arc furnace steel mills, in Arizona and Oklahoma, as well as a mill in Zawiercie, Poland and associated recycling and fabrication facilities.[1]

In its fiscal year 2019, the company shipped 4.394 million tons of steel from its American mills and 1.254 million tons of steel from its mill in Poland.[1]

The U.S. mills have 5.8 million tons of capacity, and the Polish mill has 1.3 million tons of capacity.[1]

History[edit]

The company was founded in 1915 by Jacob Feldman as a scrap trading company.

In 1994, the company acquired Owen Steel Company in an $87 million transaction.[2]

In 2002, the company sold the heavy structural fabrication assets of SMI-Owen Steel, resulting in $20 million of proceeds.[3]

In June 2011, the company acquired G.A.M. Steel Pty. Ltd, based in Melbourne, Australia.[4]

In November 2011, Carl Icahn offered to buy the company for $15 per share,[5] which the company rejected the following month.[6] By January 2012, Icahn decided to withdrew the offer after it didn't receive enough shareholder support.[7]

In April 2016, the company broke ground on a mill in Durant, Oklahoma,[8] and by October, it acquired the steel fabrication business of Associated Steel Workers, Limited.[9]

In August 2017, the company sold its CMC Cometals Division for $179 million.[10]

See also[edit]

References[edit]

  1. ^ a b c d e "Commercial Metals Company Form 10-K Annual Report for the Fiscal Year Ended August 31, 2019". U.S. Securities and Exchange Commission.
  2. ^ "Commercial Metals to Acquire Owen Steel". The New York Times. Bloomberg News. September 28, 1994.
  3. ^ "Commercial Metals Company 2002 Annual Report" (PDF) (Press release). Commercial Metals Company.
  4. ^ "Commercial Metals Company Completes Acquisition of Australian Long Products Distributor G.A.M. Steel Pty. Ltd" (Press release). PR Newswire. June 3, 2011.
  5. ^ "Icahn Offers to Buy Metals Company". The New York Times. November 28, 2011.
  6. ^ SCOTT, MARK (December 5, 2011). "Commercial Metals Rejects Icahn's Bid". The New York Times.
  7. ^ DE LA MERCED, MICHAEL J. (January 11, 2012). "Icahn Drops Bid for Commercial Metals". The New York Times.
  8. ^ "Commercial Metals Company Celebrates the Groundbreaking of New Micro Mill in Durant, Oklahoma" (Press release). PR Newswire. April 29, 2016.
  9. ^ "Commercial Metals Company Signs Definitive Asset Purchase Agreement for Purchase of Steel Fabrication Business of Associated Steel Workers, Limited" (Press release). PR Newswire. October 26, 2016.
  10. ^ "Commercial Metals Company Announces Completion of Sale of CMC Cometals Division" (Press release). PR Newswire. August 31, 2017.

External links[edit]