Commercial Metals Company

Commercial Metals Company
Public company
Traded as NYSE: CMC
S&P 400 component
Industry Metals
Founded 1915 (1915)
Headquarters Irving, Texas, United States
Key people
 Barbara Smith, President & Chairman & CEO[1]
Products Steel
Production output
 3.9 million tons of steel (2016)[1]
Revenue Decrease $4.610 billion (FY 2016)[1]
Decrease $0.054 billion (FY 2016)[1]
Total assets Decrease $3.130 billion (FY 2016)[1]
Total equity Decrease $1.367 billion (FY 2016)[1]
Number of employees
 8,388 (August 31, 2016)[1]
Website www.cmc.com

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

Current operations

The company owns steel minimills in Alabama, Arizona, Arkansas, South Carolina, Texas, and Poland and recycling facilities around the world.[1]

In its fiscal year 2016, the company shipped 2.630 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 2.8 million tons of capacity and the Polish mill has 1.3 million tons of capacity.[1]

History

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] In December 2011, the company rejected the offer.[6] In January 2012, Icahn 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]

In October 2016, the company 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

References

  1. 1 2 3 4 5 6 7 8 9 10 Commercial Metals Company Form 10-K Annual Report for the Fiscal Year Ended August 31, 2016
  2. ↑ "Commercial Metals to Acquire Owen Steel". The New York Times. September 28, 1994.
  3. ↑ "Commercial Metals Company Completes Sale of Heavy Structural Fabrication Assets of SMI-Owen Steel Company, Inc. Subsidiary" (Press release). PRNewswire. March 28, 2002.
  4. ↑ "Commercial Metals Company Completes Acquisition of Australian Long Products Distributor G.A.M. Steel Pty. Ltd" (Press release). PRNewswire. 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). PRNewswire. 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). PRNewswire. October 26, 2016.
  10. ↑ "Commercial Metals Company Announces Completion of Sale of CMC Cometals Division" (Press release). PRNewswire. August 31, 2017.
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