Commercial Metals Company

Commercial Metals Company is a steel and metal manufacturer headquartered in Irving, Texas. The company operates four divisions: Americas Recycling, Americas Mills, Americas Fabrication, and International Mill,[3] with locations in the U.S., Europe and Asia.

Commercial Metals Company
TypePublic company
NYSE: CMC
S&P 400 component
IndustryMetals
Founded1915 (1915)
HeadquartersIrving, Texas,
United States
Key people
Barbara R. Smith, President & Chairman & CEO
Paul J. Lawrence, CFO
Tracy L. Porter, COO
ProductsSteel
RevenueIncrease $8.91 billion (FY 2022)
Increase $1.22 billion (FY 2022)
Total assetsIncrease $6.24 billion (FY 2022)
Total equityIncrease $3.29 billion (FY 2022)
Number of employees
Increase 12,483 (2022)
Websitewww.cmc.com
Footnotes / references
[1][2]

In the United States, it 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.[2] A sixth facility is planned to open in West Virginia in 2025.

History

In 1915, Russian immigrant Jacob Feldman founded American Iron & Metal Company, a scrap trading company.[4]

In 1994, it acquired Owen Steel Company in an $87 million transaction.[5]

In 2002, the company sold its heavy structural fabrication assets of SMI-Owen Steel, resulting in $20 million of proceeds.[6] In June 2011, the company acquired G.A.M. Steel Pty. Ltd, based in Melbourne, Australia.[7]

In November 2011, Carl Icahn offered to buy the company for $15 per share,[8] which the company rejected the following month.[9] By January 2012, Icahn withdrew the offer for lack of shareholder support.[10]

In October 2016, it acquired the steel fabrication business of Associated Steel Workers, Limited.[11]

In August 2017, the company sold its CMC Cometals Division for $179 million.[12]

In November 2018, the company acquired assets from Gerdau for $600 million.[13][14]

In 2022, Commercial Metals announced a new $450 million steel recycling plant to begin operating in Martinsburg, West Virginia in 2025. The facility will manufacture construction rebar that will operate using green technology.[15]

See also

References
  1. "Commercial Metals Share Holder Equity 2010-2022 | CMC" Macrotrends.
  2. "Commercial Metals Company Form 10-K Annual Report for the Fiscal Year Ended August 31, 2020". U.S. Securities and Exchange Commission.
  3. "Commercial Metals" Forbes, December 29, 2022.
  4. "Commercial Metals Company" Encyclopedia.com, May 11, 2018.
  5. "Commercial Metals to Acquire Owen Steel". The New York Times. Bloomberg News. September 28, 1994.
  6. "Commercial Metals Company 2002 Annual Report" (PDF) (Press release). Commercial Metals Company.
  7. "Commercial Metals Company Completes Acquisition of Australian Long Products Distributor G.A.M. Steel Pty. Ltd" (Press release). PR Newswire. June 3, 2011.
  8. "Icahn Offers to Buy Metals Company". The New York Times. November 28, 2011.
  9. SCOTT, MARK (December 5, 2011). "Commercial Metals Rejects Icahn's Bid". The New York Times.
  10. DE LA MERCED, MICHAEL J. (January 11, 2012). "Icahn Drops Bid for Commercial Metals". The New York Times.
  11. "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.
  12. "Commercial Metals Company Announces Completion of Sale of CMC Cometals Division" (Press release). PR Newswire. August 31, 2017.
  13. "Irving-based steel manufacturer Commercial Metals plans $600 million acquisition to double capacity" The Dallas Morning News, January 2, 2018.
  14. "Commercial Metals Company Completes Acquisition Of Certain U.S. Rebar Assets From Gerdau" (Press release). PR Newswire. November 5, 2018.
  15. "West Virginia announces $450M steel plant in Berkeley County", The Parkersburg News and Sentinel, December 9, 2022.
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