Commercial Metals Company

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

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
ProductsSteel
Revenue $5.829 billion (FY 2019)
$198 million (FY 2019)
Total assets $3.758 billion (FY 2019)
Total equity $1.624 billion (FY 2019)
Number of employees
11,524 (2019)[1]
Websitewww.cmc.com
Footnotes / references
[1]

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

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 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

References
  1. "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.
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