IRVING,
Texas, March 3, 2023 /PRNewswire/ -- Commercial
Metals Company (NYSE: CMC) ("CMC") today announced it has acquired
all the assets of metal recycling company Roane Metals Group LLC
("Roane"). Roane is capable of processing approximately
85,000 tons of ferrous and non-ferrous materials annually at its
two facilities located in Tennessee. The majority of volumes relate to
obsolete ferrous scrap grades consumed by CMC's long product
mills. The acquired assets are expected to enhance the
security and supply of competitively priced inputs to CMC's
steelmaking operations.
About Commercial Metals Company
Commercial Metals
Company and its subsidiaries manufacture, recycle and fabricate
steel and metal products and provide related materials and services
through a network of facilities that includes seven electric arc
furnace ("EAF") mini mills, two EAF micro mills, one rerolling
mill, steel fabrication and processing plants, construction-related
product warehouses, and metal recycling facilities in the United States and Poland. Through its Tensar division, CMC is a leading global provider
of innovative ground and soil stabilization solutions selling into
more than 80 national markets through its two major product lines:
Tensar® geogrids and Geopier® foundation systems.
Forward-Looking Statements
This news release contains
forward-looking statements within the meaning of the federal
securities laws with respect to the acquisition of the Roane assets and the expected impact on our
steelmaking operations. The statements in this release that are not
historical statements, are forward-looking statements. These
forward-looking statements can generally be identified by phrases
such as we or our management "believes," "expects," "will," or
other similar words or phrases, as well as by discussions of
strategy, plans, or intentions.
Our forward-looking statements are based on management's
expectations and beliefs as of the time this news release was
prepared. 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, we undertake 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 any other changes. Important
factors that could cause actual results to differ materially from
our expectations include those described in our filings with the
Securities and Exchange Commission, including, but not limited to,
in Part I, Item 1A, "Risk Factors" of our annual report on Form
10-K for the fiscal year ended August 31,
2022, as well as the following: changes in economic
conditions which affect demand for our products or construction
activity generally, and the impact of such changes on the highly
cyclical steel industry; rapid and significant changes in the price
of metals, potentially impairing our inventory values due to
declines in commodity prices or reducing the profitability of our
downstream contracts due to rising commodity pricing; impacts from
COVID-19 on the economy, demand for our products, global supply
chain and on our operations, including the responses of
governmental authorities to contain COVID-19 and the impact of
various COVID-19 vaccines; excess capacity in our industry,
particularly in China, and product
availability from competing steel mills and other steel suppliers
including import quantities and pricing; the impact of the Russian
invasion of Ukraine on the global
economy, inflation, energy supplies and raw materials, which is
uncertain, but may prove to negatively impact our business and
operations; increased attention to environmental, social and
governance ("ESG") matters, including any targets or other ESG or
environmental justice initiatives; compliance with and changes in
existing and future laws, regulations and other legal requirements
and judicial decisions that govern our business, including
increased environmental regulations associated with climate change
and greenhouse gas emissions; involvement in various environmental
matters that may result in fines, penalties or judgments; evolving
remediation technology, changing regulations, possible third-party
contributions, the inherent uncertainties of the estimation process
and other factors that may impact amounts accrued for environmental
liabilities; potential limitations in our or our customers'
abilities to access credit and non-compliance of their contractual
obligations, including payment obligations; activity in
repurchasing shares of our common stock under our repurchase
program; financial covenants and restrictions on the operation of
our business contained in agreements governing our debt; our
ability to successfully identify, consummate and integrate
acquisitions and realize any or all of the anticipated synergies or
other benefits of acquisitions; the effects that acquisitions may
have on our financial leverage; risks associated with acquisitions
generally, such as the inability to obtain, or delays in obtaining,
required approvals under applicable antitrust legislation and other
regulatory and third party consents and approvals; operating and
startup risks, as well as market risks associated with the
commissioning of new projects could prevent us from realizing
anticipated benefits and could result in a loss of all or a
substantial part of our investments; lower than expected future
levels of revenues and higher than expected future costs; failure
or inability to implement growth strategies in a timely manner;
impact of goodwill or other indefinite lived intangible asset
impairment charges; impact of long-lived asset impairment charges;
currency fluctuations; global factors, such as trade measures,
military conflicts and political uncertainties, including changes
to current trade regulations, such as Section 232 trade tariffs and
quotas, tax legislation and other regulations which might adversely
impact our business; availability and pricing of electricity,
electrodes and natural gas for mill operations; ability to hire and
retain key executives and other employees; competition from other
materials or from competitors that have a lower cost structure or
access to greater financial resources; information technology
interruptions and breaches in security; ability to make necessary
capital expenditures; availability and pricing of raw materials and
other items over which we exert little influence, including scrap
metal, energy and insurance; unexpected equipment failures; losses
or limited potential gains due to hedging transactions; litigation
claims and settlements, court decisions, regulatory rulings and
legal compliance risks; risk of injury or death to employees,
customers or other visitors to our operations; and civil unrest,
protests and riots.
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SOURCE Commercial Metals Company