Commercial Metals Company

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Commercial Metals Company
TypePublic company
NYSECMC
S&P 400 component
IndustryMetals
Founded1915; 106 years ago (1915)
HeadquartersIrving, Texas,
Key people
Barbara R. Smith, President & Chairman & CEO
Paul J. Lawrence, CFO
Tracy L. Porter, COO
ProductsSteel
RevenueDecrease $5.476 billion (FY 2020)
Increase $279 million (FY 2020)
Total assetsIncrease $4.081 billion (FY 2020)
Total equityIncrease $1.889 billion (FY 2020)
Number of employees
11,297 (2020)
Websitewww.cmc.com
Footnotes / references
[1]

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

In the United States, the company owns 41 scrap metal recycling facilities with a total annual capacity of 4.9 million tons, six electric arc furnace mini mills and two electric arc furnace micro mills and two re-rolling mills with a total annual capacity of 5.4 million tons, and steel fabrication facilities with a total annual capacity of 2.4 million tons. In Poland, it owns 12 scrap metal recycling facilities with a total annual capacity of 0.6 million tons, five steel fabrication facilities with a total annual capacity of 0.3 million tons, and a mini mill in Zawiercie with an annual capacity of 1.3 million tons.[1]

History[edit]

The company was founded in 1915 by Jacob Feldman as a scrap trading company. In 1994, it acquired Owen Steel Company in an $87 million transaction.[2]

In 2002, the company sold its 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 withdrew the offer for lack of shareholder support.[7]

In October 2016, it acquired the steel fabrication business of Associated Steel Workers, Limited.[8]

In August 2017, the company sold its CMC Cometals Division for $179 million.[9]

In November 2018, the company acquired assets from Gerdau.[10]

See also[edit]

References[edit]

  1. ^ a b "Commercial Metals Company Form 10-K Annual Report for the Fiscal Year Ended August 31, 2020". 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 Signs Definitive Asset Purchase Agreement for Purchase of Steel Fabrication Business of Associated Steel Workers, Limited" (Press release). PR Newswire. October 26, 2016.
  9. ^ "Commercial Metals Company Announces Completion of Sale of CMC Cometals Division" (Press release). PR Newswire. August 31, 2017.
  10. ^ "Commercial Metals Company Completes Acquisition Of Certain U.S. Rebar Assets From Gerdau" (Press release). PR Newswire. November 5, 2018.

External links[edit]