IRVING, Texas, July 27, 2015 /PRNewswire/ -- Commercial
Metals Company (NYSE: CMC) and the State
of Oklahoma today announced that CMC has selected
Durant, Oklahoma, as the location
for construction of its second technologically advanced micro
mill.
This new investment in Oklahoma
will mirror CMC's existing micro mill in Mesa, Arizona and will be built with improved
technology developed from CMC's operating experience with the
world's first micro mill, which CMC successfully commissioned in
Mesa in 2009. The addition of a
second micro mill to CMC's portfolio of highly efficient, customer
focused and cost effective steel production facilities will enhance
CMC's position as a leading supplier of long products in the U.S.
market.
Joe Alvarado, Chairman, President
and CEO of CMC, said, "The location of the mill in Durant, Oklahoma, 80 miles north of
Dallas, Texas, will allow us to
better serve a growing North Texas
market as well as expand into markets in Oklahoma, Kansas, Nebraska, Arkansas and Missouri. The facility will produce low cost,
high quality steel products, which will complement our existing
manufacturing capability to better serve our customers. This
new micro mill will also complement CMC's existing recycling and
fabrication footprint, enhancing CMC's ability to further leverage
our raw material supply chain and optimize product mix within our
existing operations."
The City of Durant, the Choctaw
Nation of Oklahoma, the Durant
Industrial Authority and the State of
Oklahoma have enthusiastically welcomed the project and have
worked together with CMC to locate the micro mill in Durant.
Oklahoma Governor, Mary Fallin, said, "We are extremely excited to
welcome CMC to the city of Durant.
Our pro-business climate, great quality of life, and skilled
workforce make Oklahoma the
perfect home for this world class manufacturing
operation."
The Executive Director of the Durant Industrial Authority
Tommy Kramer said, "We are thrilled
with establishing a long-term business relationship with Commercial
Metals Company in building this new facility in our
community. This project has the full support of TEAM
DURANT."
The Oklahoma micro mill,
utilizing Danieli technology and equipment, is expected to be
commissioned in the fall of 2017 and to create approximately 300
jobs in the Durant area. The
direct and indirect investment is expected to be in excess of
approximately $250 million. CMC
expects that its investment will be funded from internally
generated capital.
About Commercial Metals Company
Commercial Metals Company and its subsidiaries manufacture,
recycle and market steel and metal products, related materials and
services through a network including steel minimills, steel
fabrication and processing plants, construction-related product
warehouses, metal recycling facilities and marketing and
distribution offices in the United
States and in strategic international markets.
Forward-Looking Statements
This news release contains forward-looking statements regarding
the Company's expectations relating to U.S. construction activity,
economic conditions, prices, volumes and the Company's operating
plans and future financial results. These forward-looking
statements generally can be identified by phrases such as we, CMC
or its management "expects," "anticipates," "believes,"
"estimates," "intends," "plans to," "ought," "could," "will,"
"should," "likely," "appears" or other similar words or phrases.
There are inherent risks and uncertainties in any forward-looking
statements. Although we believe that our expectations are
reasonable, we can give no assurance that these expectations will
prove to have been correct, and actual results may vary
materially. Except as required by law, the Company undertakes
no obligation to update, amend or clarify any forward-looking
statements to reflect changed assumptions, the occurrence of
anticipated or unanticipated events, new information or
circumstances or otherwise.
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SOURCE Commercial Metals Company