IRVING,
Texas, April 26, 2023 /PRNewswire/ -- Commercial
Metals Company (NYSE: CMC) ("CMC") is proud to be a founding member
of the Global Steel Climate Council (GSCC), an international
coalition of steel producers and stakeholders spearheading the
steel industry toward reducing emissions.
Today, the GSCC released a draft of The Steel Climate Standard,
a global standard to measure and report steel carbon emissions. The
standard focuses on reducing greenhouse gas (GHG) emissions from
the global steel industry with a science-based glidepath to reduce
emissions in line with the goal of the Paris Climate Agreement to
achieve a 1.5º C scenario. The standard offers a single,
technology-agnostic protocol that would apply to all steel
producers equally on a global basis and would enable steel
customers to know and compare the actual carbon emissions
associated with steel products.
"Steel is an essential component for a sustainable future,
providing vital materials in a wide variety of investments from
renewable energy projects to critical infrastructure, and CMC is
one of the cleanest producers of steel in the world," said
Barbara Smith, CMC Chairman of the
Board and CEO. "The Steel Climate Standard creates a clear pathway
for the industry to meaningfully reduce emissions and play a
significant role in global decarbonization efforts."
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.
About the Global Steel Climate Council
GSCC is a
non-profit organization created to lead an effort to reduce steel
carbon emissions and encourage investments in lower emission
technology as part of the global effort to decarbonize economies
and societies. GSCC members are steel manufacturers, associations
and other organizations in the steel supply chain that have a
presence in 79 countries around the world.
Forward-Looking Statements
This news release contains
forward-looking statements within the meaning of the federal
securities laws with respect The Steel Climate Standard. 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, and Part II, Item 1A, "Risk Factors" of our quarterly
report on Form 10-Q for the quarter ended February 28, 2023 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 global health epidemics, including the
COVID-19 pandemic on the economy, demand for our products, global
supply chain and on our operations; 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; 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; 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; 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