US’s leading steelmaker Commercial Metals Company announced that it fiscal first-quarter results ended on 30 November grew from last year, driven by strong North American demand for finished steel products, while the company offered a mixed view regarding the current period. CMC said “Adjusted per-share earnings rose to USD 2.24 from USD 1.62 a year earlier. Net sales for the quarter advanced to USD 2.23 billion from USD 1.98 billion.” CMC said “North American revenue jumped to USD 1.82 billion from USD 1.65 billion. The metal products manufacturer reported higher selling prices for steel and downstream products and lower costs, saying there were signs suggesting that per unit costs for certain consumables may have peaked. In North America, we again benefited from strong demand, enabling us to achieve near record quarterly segment adjusted EBITDA.” CMC generated USD 406.5 million in sales from Europe, up from last year's USD 329.1 million, even as average selling prices decreased. Polish construction activity grew modestly, while industrial production across central Europe remained in contraction, according to a statement. The division's adjusted earnings before interest, tax, depreciation and amortization fell 19% amid higher costs for energy and a weaker Polish currency in relation to the dollar. Europe operations leveraged their excellent relative cost position to gain market share, shipping high volumes despite dynamic and uncertain market conditions. CMC expects good financial results for the fiscal second quarter, compared to historical levels, but finished steel volumes and margins for the two divisions are expected to drop sequentially due to weather conditions and holidays. CMC CEO Ms Barbara Smith said “While we anticipate some sectors of the construction market will likely be impacted by the changing interest rate environment, current and new reshoring projects, as well as rising levels of infrastructure spending, are expected to support CMC's North America volumes in the quarters ahead.” CMC is targeting a spring start date for its Arizona 2 micro mill project. Commercial Metals in April acquired soil reinforcement solution provider TAC Acquisition from New York-based private equity firm Castle Harlan.
US’s leading steelmaker Commercial Metals Company announced that it fiscal first-quarter results ended on 30 November grew from last year, driven by strong North American demand for finished steel products, while the company offered a mixed view regarding the current period. CMC said “Adjusted per-share earnings rose to USD 2.24 from USD 1.62 a year earlier. Net sales for the quarter advanced to USD 2.23 billion from USD 1.98 billion.” CMC said “North American revenue jumped to USD 1.82 billion from USD 1.65 billion. The metal products manufacturer reported higher selling prices for steel and downstream products and lower costs, saying there were signs suggesting that per unit costs for certain consumables may have peaked. In North America, we again benefited from strong demand, enabling us to achieve near record quarterly segment adjusted EBITDA.” CMC generated USD 406.5 million in sales from Europe, up from last year's USD 329.1 million, even as average selling prices decreased. Polish construction activity grew modestly, while industrial production across central Europe remained in contraction, according to a statement. The division's adjusted earnings before interest, tax, depreciation and amortization fell 19% amid higher costs for energy and a weaker Polish currency in relation to the dollar. Europe operations leveraged their excellent relative cost position to gain market share, shipping high volumes despite dynamic and uncertain market conditions. CMC expects good financial results for the fiscal second quarter, compared to historical levels, but finished steel volumes and margins for the two divisions are expected to drop sequentially due to weather conditions and holidays. CMC CEO Ms Barbara Smith said “While we anticipate some sectors of the construction market will likely be impacted by the changing interest rate environment, current and new reshoring projects, as well as rising levels of infrastructure spending, are expected to support CMC's North America volumes in the quarters ahead.” CMC is targeting a spring start date for its Arizona 2 micro mill project. Commercial Metals in April acquired soil reinforcement solution provider TAC Acquisition from New York-based private equity firm Castle Harlan.
