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
Tracy L. Porter, COO
ProductsSteel
Revenue $5.476 billion (FY 2020)
$279 million (FY 2020)
Total assets $4.081 billion (FY 2020)
Total equity $1.889 billion (FY 2020)
Number of employees
11,297 (2020)
Websitewww.cmc.com
Footnotes / references
[1]

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

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

References
  1. "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.
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