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,
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

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