<p>US steel maker Commercial Metals Company announced that earnings from continuing operations were USD 383.3 million on net sales of USD 2.0 billion in fiscal second quarter ended 28 February 2022, compared to prior year period earnings from continuing operations of USD 66.2 million on net sales of USD 1.5 billion as demand conditions for CMC's finished steel products in North America were again robust during the quarter, with several key internal and external indicators pointing toward continued strength. Downstream bid volumes, a key indicator of the construction project pipeline, increased meaningfully from a year ago, while contract backlog also experienced growth. Demand from industrial end markets continued to trend positively, with most end use applications increasing compared to the prior year period.”</p><p>Shipment volumes of finished steel, which include steel products and downstream products, followed typical seasonal patterns, but decreased approximately 10 percent from the prior year second quarter. CMC said the decline reflects the unusually strong steel product shipments that occurred during the prior year quarter. In addition, the company said shipments this year were influenced by widespread weather challenges during the quarter, contributing to the year-over-year decline in volumes.</p><p>The average selling price for steel products increased by USD 346 per ton compared to the second quarter of fiscal 2021, while the cost of scrap utilized rose USD 92 per ton. The result was a year-over-year increase in margin over scrap of USD 254 per ton. The average selling price for downstream products increased by USD 240 per ton from the prior year period</p><p>Commercial Metals Chairman, President & Chief Executive Officer Ms Barbara R Smith said “We continue to anticipate strong fiscal year 2022 financial and operational performance. Current robust demand for each of CMC's major product lines is expected to persist throughout the upcoming spring and summer construction season, underpinned by our growing downstream backlog as well as solid levels of new work entering the project pipeline. Shipment volumes of finished steel products have historically increased from second quarter levels, driven by seasonal factors, and we expect shipments during the third quarter of fiscal 2022 to follow these trends. We anticipate strong third quarter financial results, with margins remaining at high levels."</p>
<p>US steel maker Commercial Metals Company announced that earnings from continuing operations were USD 383.3 million on net sales of USD 2.0 billion in fiscal second quarter ended 28 February 2022, compared to prior year period earnings from continuing operations of USD 66.2 million on net sales of USD 1.5 billion as demand conditions for CMC's finished steel products in North America were again robust during the quarter, with several key internal and external indicators pointing toward continued strength. Downstream bid volumes, a key indicator of the construction project pipeline, increased meaningfully from a year ago, while contract backlog also experienced growth. Demand from industrial end markets continued to trend positively, with most end use applications increasing compared to the prior year period.”</p><p>Shipment volumes of finished steel, which include steel products and downstream products, followed typical seasonal patterns, but decreased approximately 10 percent from the prior year second quarter. CMC said the decline reflects the unusually strong steel product shipments that occurred during the prior year quarter. In addition, the company said shipments this year were influenced by widespread weather challenges during the quarter, contributing to the year-over-year decline in volumes.</p><p>The average selling price for steel products increased by USD 346 per ton compared to the second quarter of fiscal 2021, while the cost of scrap utilized rose USD 92 per ton. The result was a year-over-year increase in margin over scrap of USD 254 per ton. The average selling price for downstream products increased by USD 240 per ton from the prior year period</p><p>Commercial Metals Chairman, President & Chief Executive Officer Ms Barbara R Smith said “We continue to anticipate strong fiscal year 2022 financial and operational performance. Current robust demand for each of CMC's major product lines is expected to persist throughout the upcoming spring and summer construction season, underpinned by our growing downstream backlog as well as solid levels of new work entering the project pipeline. Shipment volumes of finished steel products have historically increased from second quarter levels, driven by seasonal factors, and we expect shipments during the third quarter of fiscal 2022 to follow these trends. We anticipate strong third quarter financial results, with margins remaining at high levels."</p>
