IRVING, Texas, June 18 /PRNewswire-FirstCall/ -- Commercial Metals
Company (NYSE: CMC) today reported net earnings of $59.5 million or $0.51
per diluted share on net sales of $2.9 billion for the quarter ended May
31, 2008. This compares with net earnings of $99.4 million or $0.82 per
diluted share on net sales of $2.2 billion for the third quarter last year,
our record third quarter. This year's third quarter included after-tax LIFO
expense of a record $83 million or $0.71 per diluted share. This compares
with expense of $20.1 million or $0.16 per diluted share in last year's
third quarter. At quarter end our LIFO reserve totaled $422 million. LIFO
is an inventory costing method that assumes the most recent inventory
purchases or goods manufactured are sold first which in periods of rising
prices results in an expense that eliminates inflationary profits from net
income. Changes in LIFO are not writedowns, writeoffs or market
adjustments. They are changes in cost components based on an assumption of
inventory flows.
Management had projected a range of $0.70 to $0.80 per diluted share,
including a LIFO expense of $0.11 per diluted share. Actual earnings per
diluted share were $0.51 with an unforeseen LIFO expense of $0.71 per
diluted share. Operationally the Company exceeded its projection by a range
of $0.31 to $0.41 per share.
Net earnings for the nine months ended May 31, 2008 were $168.4 million
or $1.43 per diluted share on net sales of $7.3 billion. For the same
period last year, net earnings were $250.7 million or $2.06 per diluted
share on net sales of $6.0 billion. For the nine months ended May 31, 2008,
after-tax LIFO expense was $118 million or $1.00 per diluted share compared
with an expense of $39.0 million or $0.32 per diluted share last year.
Selling, general and administrative expenses in the third quarter
included $18.2 million of pre-tax costs associated with the investment in
the global deployment of SAP software. For the nine months ended May 31,
2008, the amount was $43.2 million. Other costs of $8.7 million were
capitalized during the quarter. We have expensed $78 million and
capitalized $68 million for the project to date.
We did not repurchase any shares during the quarter. For the nine
months we have purchased 5,412,238 shares at an average price of $28.00 per
share.
We believe that the current favorable environment will continue. As
discussed in more detail later in this release, we anticipate fourth
quarter LIFO diluted net earnings per share between $0.90 to $1.00
(assuming pre-tax LIFO expense of zero) compared to last year's quarter of
$0.86 (including LIFO income of $0.05 per diluted share). Scrap prices
appear to be stabilizing, though finished goods prices may yet increase.
Though not anticipated, should there be an overall price reduction in the
inventory, with a stable product mix LIFO accounting will result in LIFO
income.
General Conditions
CMC President and Chief Executive Officer Murray R. McClean said,
"Global markets maintained strength. The quarter was marked by
unprecedented upward volatility in ferrous scrap and steel finished goods
pricing. Following the upward movement in scrap prices, rebar and merchant
pricing increased $212 a short ton during the quarter. Though management
had anticipated significant upward movement in pricing, the extreme
increases were unforeseen and led to an enormous LIFO charge. The record
LIFO expense of $0.71 cents per diluted share was twice the previous
quarterly record which had been incurred only last quarter. The LIFO
charges reflect the rapid pricing changes and affected all our Americas
segments, but they mask the underlying strong markets. Our Americas
Recycling segment rode the ferrous scrap price increases to record
quarterly results. The Americas Mills segment had increases in tons melted,
rolled, and shipped, including some export sales. Our Americas Fabrication
and Distribution operations were hit with the double barrel of LIFO charges
and margin compression on the rapidly escalating steel prices; however, our
steel import distribution results were encouraging. The International Mills
segment remained a tale of two cities - strong in Zawiercie, Poland and the
expected turnaround cost in Sisak, Croatia. Our International Fabrication
and Distribution segment was opportunistic in this volatile environment and
showed record results."
Americas Recycling
McClean said, "Adjusted operating profit of $50.4 million was an
all-time record for any quarter in the segment's history, strong enough to
overcome a pre-tax LIFO expense of $15.2 million in the third quarter
compared to $10.3 million expense in last year's third quarter. Each month
of the quarter saw increasing shredded ferrous prices including a startling
$123 per short ton spike in April. International demand underpinned by the
weak dollar established the market tone. Spurred by these increases,
ferrous operations accounted for three-fourths of the segment's
profitability. The average ferrous scrap sales price for the third quarter
compare to last year's third quarter increased $144 per short ton to $398
per short ton, while shipments (including the units that formerly were
reported under the old Domestic Mills segment) increased 2% to 811 thousand
tons. Nonferrous pricing traded upward, but lower than ferrous. Sales of
copper scrap averaged $3.04 per pound versus $2.63 per pound in last year's
comparable quarter. Though not as dramatic, aluminum prices rose 5% quarter
over quarter. The average nonferrous scrap sales price for the quarter was
$3,270 per ton, 6% higher than last year's comparable quarter. Nonferrous
shipments decreased 12% to 78 thousand tons versus last year's third
quarter due to continued weak residential markets and lower manufacturing
output. We exported 35% of our nonferrous scrap material during the
quarter. Ferrous scrap exports were limited to 45 thousand tons."
Americas Mills
McClean said, "Weighed down by a pre-tax LIFO expense of $55.3 million,
our Americas Mills segment's adjusted operating profit of $34.0 million was
less than half of last year's third quarter of $67.0 million, which
included a pre-tax LIFO expense of $15.8 million. The LIFO charges are
indicative of the higher pricing environment and to a large extent conceal
the strength of the domestic market which remains in comparative balance of
supply and demand due to lower imports. This strength is reflected in
higher sales dollars and tons.
"Our steel mills adjusted operating profit of $33.3 million was down
48% due to pre-tax LIFO expense of $44.5 million this quarter compared to
$11.1 million pre-tax LIFO expense in last year's third quarter. Metal
margins were 3% higher at $319 per ton as weighted average sales prices
barely stayed ahead of rapidly increasing ferrous scrap prices. The price
of ferrous scrap consumed rose 50% compared to last year. Our average
selling price was up $143 per ton to $718 per ton while the average selling
price for finished goods was up $148 per ton to $749 per ton. Margins were
again affected by a 92% increase in alloys and a 33% increase in energy
costs. Combined, these two additional costs accounted for another $15.7
million in costs this quarter compared to the third quarter of last year.
Sales volumes increased 10% to 673 thousand tons, an all-time record
quarter. Rebar shipments rose 7% and merchant tonnage rose 13%. Included in
the sales volumes were 96 thousand tons of billets of which 37 thousand
tons were exported. Total export tonnage was 45 thousand tons. The price
premium of merchant bar over reinforcing bar varied by region, but averaged
$123 per ton. Though service center inventories are at decades' low levels,
they continue to purchase only their sales commitments. On a
quarter-to-quarter basis, tonnage melted for the third quarter was up 6% to
634 thousand tons (another all-time record quarter) while tonnage rolled
was 564 thousand tons, an increase of 6%. We have invested $47 million of
the expected $165 million total cost of our micro mill project in Arizona."
McClean continued, "On continued strength from commercial markets with
residential markets remaining weak, the copper tube mill recorded an
adjusted operating profit of $700 thousand, a 77% decrease over last year
on a 7% decrease in sales. Not immune to LIFO charges, it recorded a
pre-tax LIFO expense of $10.8 million compared to a $4.7 million expense
last year. Pounds shipped fell 20% to 13.3 million pounds including sales
of steel pipe, a new product line. The average copper selling price
increased 82 cents to $4.71 per pound, and metal spreads rose 66 cents. The
cost of copper scrap increased 57 cents to $3.59 per pound. Copper tube
production decreased 15% to 12.7 million pounds compared to last year's
third quarter."
Americas Fabrication & Distribution
McClean added, "This segment stared down both barrels of the negative
effect of rapidly increasing prices - massive LIFO charges and margin
compression on fixed price contracts. Adjusted operating loss was $22.3
million compared to $23.3 million income in last year's third quarter. Pre-
tax LIFO expense was $57.0 million compared to $2.9 million last year. The
composite average fab selling price (excluding stock and buyouts) increased
7% to $1,065 a ton; however, the overall job mix represented by the backlog
at the beginning of the quarter did not have sufficient time yet to
rollover to higher prices matching the increase in steel finished goods.
When considering operations absent the significant LIFO charge, our
structural fab, construction services and post operations actually improved
over last year's third quarter. Rebar fabrication adjusted operating profit
fell as higher material costs resulted in compressed margins. There were
two notable developments in the quarter - through a favorable court
decision, we recovered $8.6 million related to costs incurred on a large
structural fabrication job in an operating unit we sold years ago. And in
an encouraging turnabout, our domestic steel import and distribution
operations rode pipe, tubular goods, and merchant product to excellent
sales volumes and profits."
International Mills
According to McClean, "This segment's adjusted operating profit was
$30.7 million, an excellent result but 21% behind last year's all-time
record quarter. The second quarter's increasingly favorable pricing
environment carried through this quarter. CMCZ achieved a third quarter
adjusted operating profit of $36.3 million compared to $38.8 million last
year. Strong markets in the Middle East, North Africa, Russia, and Germany
buoyed prices and discouraged imports into Poland. Merchant bar tonnages
again showed an improvement in sales tons this quarter compared to last
year's third quarter. For the third quarter, tons melted were 428 thousand,
9% above last year's 392 thousand and an all-time quarterly record; rolled
tons equaled 284 thousand against 302 thousand last year; and shipments
totaled 339 thousand tons including 82 thousand tons of billets versus 107
thousand tons last year. Average selling prices increased 3% to PLN 1,708
(including 24% billets) from PLN 1,663 per ton (including 28% billets). The
cost of purchased scrap entering production increased 8%. The average metal
margin increased by PLN 1,039 from PLN 960. Our mega-shredder processed 113
thousand tons of scrap during the quarter.
"Our turnaround at CMCS (Croatia) continues, but with encouraging
signs. Production and shipments are up; we negotiated a totally voluntary
15% reduction of the workforce. Our adjusted operating loss was $5.6
million. We rolled 22 thousand tons and sold 19 thousand tons during the
quarter."
International Fabrication and Distribution
"International Fabrication and Distribution set an all-time record for
any quarter with adjusted operating profit of $40.3 million, a 86% increase
compared to the prior year third quarter of $21.7 million," said McClean.
"Though included in this discussion, our aluminum, copper, and stainless
steel semis business is classified as a discontinued operation. Fueled by
strong pricing in the Middle East, North Africa, and Central Europe, and
with the German economy growing at its fastest rate in a decade, our
European operations had strong results. The Australian operations performed
well as the domestic economy remains strong and commodity prices remain
high. Our raw materials division set yet another quarterly record for sales
and operating profit. With China reducing export tonnages, prices in
Southeast Asia have risen and profits in inter-Asian trade remain good.
Both fab shops (Poland and Germany) were profitable."
Corporate and Other
McClean continued, "Our rollout of the global deployment of SAP
continued with a successful implementation at CMCZ, the Polish mill.
Consistent with previous quarters, the largest change in Corporate and
Eliminations between the third quarter of this year and last is the $4.5
million in additional SAP deployment expense quarter to quarter. Included
in earnings from discontinued operations is LIFO pre-tax income of $400
thousand compared to $2.0 million of expense in last year's third quarter.
Interest expense increased as a result of our $400 million debt issue in
July 2007."
Financial Condition
McClean said, "Our financial position remains excellent. At May 31,
2008, our stockholders' equity was $1.6 billion. At quarter end, our
working capital was $1.2 billion and the current ratio was 1.7. Our
coverage ratios remain strong, both on domestic borrowings as well as the
separate borrowings of CMCZ. Long-term debt as a percentage of total
capitalization was 27.6%."
Outlook for Fourth Quarter
McClean continued, "Global demand for scrap, raw materials and steel
products should remain at robust levels. China's significant cutback on
steel exports in 2008 has impacted supply and global steel prices. There
may be further reductions in Chinese steel exports following the earthquake
and, in particular, if China imposes additional export taxes on commercial
steel products. Global infrastructure and construction should remain
extremely strong in regions such as the Middle East and North Africa. As a
result, steel prices, in particular rebar, are likely to remain at record
levels. Steel inventory levels in most international markets are low which
should further support rising steel prices.
"In the U.S., nonresidential construction should remain steady. U.S.
ferrous scrap prices, in particular obsolete grades, may increase due to
the growing price differential with prime grades as well as higher
international scrap prices. Regardless of ferrous scrap price increases,
rebar prices in the U.S. are likely to trend higher due to both the
significant reduction in rebar imports as well as much higher international
rebar prices. U.S. mills are likely to continue to export steel products
while international steel prices remain significantly higher. Our global
mixture of businesses should benefit from the strength in international
markets impacting raw materials, scrap and steel products."
McClean added, "In summary, similar to our third quarter fiscal 2008,
four of our five segments should perform very strongly. Our fifth segment,
Americas Fabrication and Distribution, is likely to suffer further margin
compression due to increasing steel prices."
Conference Call
CMC invites you to listen to a live broadcast of its third quarter 2008
conference call today, Wednesday, June 18, 2008, at 11:00 a.m. ET. The call
will be hosted by Stan Rabin, Chairman; Murray McClean, President and CEO;
and Bill Larson, Senior Vice President and CFO, and can be accessed via our
website at http://www.cmc.com or at http://www.streetevents.com. In the event you are
unable to listen to the live broadcast, the call will be archived and
available for replay within two hours of the webcast. Financial and
statistical information presented in the broadcast can be found on CMC's
website under "Investor Relations."
Commercial Metals Company and 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, a copper tube mill, metal
recycling facilities and marketing and distribution offices in the United
States and in strategic international markets.
The opening caption, paragraph six, the General Conditions and the
Outlook sections of this news release contain forward-looking statements
regarding the outlook for the Company's financial results including net
earnings, product pricing and demand, production rates, energy expense,
interest rates, inventory levels and general market conditions. These
forward-looking statements generally can be identified by phrases such as
the company or its management "expect," "anticipates," "believe," "ought,"
"should," "likely," "appears," "projected," "forecast," "outlook," "will"
or other words or phrases of similar impact. There is inherent risk and
uncertainty in any forward-looking statements. Variances will occur and
some could be materially different from management's current opinion.
Developments that could impact the Company's expectations include
construction activity, difficulties or delays in the execution of
construction contracts resulting in cost overruns or contract disputes,
metals pricing over which the Company exerts little influence, interest
rate changes, increased capacity and product availability from competing
steel minimills and other steel suppliers including import quantities and
pricing, court decisions, industry consolidation or changes in production
capacity or utilization, global factors including political and military
uncertainties, credit availability, currency fluctuations, energy and
supply prices and decisions by governments impacting the level of steel
imports and pace of overall economic activity, particularly China.
Three months ended Nine months Ended
(Short Tons in Thousands) 5/31/08 5/31/07 5/31/08 5/31/07
Domestic Steel Mill Rebar Shipments 300 282 851 752
Domestic Steel Mill Structural
and Other Shipments 373 331 1,046 950
CMCZ Shipments 339 376 1,010 1,057
Total Mill Tons Shipped 1,012 989 2,907 2,759
Average FOB Mill Domestic
Selling Price (Total Sales) $718 $575 $643 $558
Average Cost Domestic Mill
Ferrous Scrap Utilized $399 $267 $316 $231
Domestic Mill Metal Margin $319 $308 $327 $327
Average Domestic Mill Ferrous
Scrap Purchase Price $382 $239 $301 $209
Average FOB Mill CMCZ Selling
Price (Total Sales) $771 $582 $644 $530
Average Cost CMCZ Ferrous Scrap
Utilized $467 $336 $374 $294
CMCZ Mill Metal Margin $304 $246 $270 $236
Average CMCZ Ferrous Scrap
Purchase Price $395 $297 $334 $262
Fab Plant Rebar Shipments 278 244 766 775
Fab Plant Structural, Post, Joist
and Deck Shipments 174 151 490 390
Total Fabrication Tons Shipped 452 395 1,256 1,165
Average Fab Selling Price
(Excluding Stock & Buyout
Sales) $1,065 $998 $1,035 $945
Domestic Scrap Metal Tons
Processed and Shipped 900 887 2,520 2,418
BUSINESS SEGMENTS
(in thousands)
Three months ended Nine months ended
5/31/08 5/31/07 5/31/08 5/31/07
Net Sales
Americas Recycling $628,617 $520,683 $1,532,012 $1,330,736
Americas Mills 519,552 434,166 1,390,152 1,131,804
Americas Fab and
Distribution 751,869 650,471 2,030,059 1,865,170
International Mills 341,474 229,163 755,538 586,533
International Fab and
Distribution 1,090,397 714,777 2,600,322 1,987,705
Corporate 4,625 4,515 4,541 11,336
Eliminations and
Discontinued Operations (425,804) (309,734) (1,031,722) (868,210)
Total Net Sales $2,910,730 $2,244,041 $7,280,902 $6,045,074
Adjusted Operating Profit (Loss):
Americas Recycling $50,371 $30,896 $92,882 $79,279
Americas Mills 34,044 66,968 158,520 195,366
Americas Fab and
Distribution (22,291) 23,338 507 63,893
International Mills 30,656 38,791 39,730 90,663
International Fab and
Distribution 40,342 21,744 88,609 49,416
Corporate and Eliminations (26,108) (25,305) (74,612) (54,660)
COMMERCIAL METALS COMPANY
Condensed Consolidated Statements of Earnings (Unaudited)
(in thousands except share data)
Three months ended Nine months ended
5/31/08 5/31/07 5/31/08 5/31/07
Net Sales $2,910,730 $2,244,041 $7,280,902 $6,045,074
Costs and Expenses:
Cost of goods sold 2,617,232 1,930,831 6,489,009 5,192,250
Selling, general and
administrative expenses 190,882 158,635 498,292 427,424
Interest expense 15,827 9,399 42,285 26,003
2,823,941 2,098,865 7,029,586 5,645,677
Earnings from Continuing Operations
Before Income Taxes
and Minority
Interests 86,789 145,176 251,316 399,397
Income Taxes 27,980 45,433 84,260 135,498
Earnings from Continuing
Operations Before
Minority Interests 58,809 99,743 167,056 263,899
Minority Interests (277) (387) (540) (9,663)
Net Earnings from
Continuing Operations 58,532 99,356 166,516 254,236
Earnings (Loss) from
Discontinued Operations
Before Taxes 1,501 166 3,722 (5,953)
Income Taxes (Benefit) 549 81 1,815 (2,429)
Net Earnings (Loss) from
Discontinued Operations 952 85 1,907 (3,524)
Net Earnings $59,484 $99,441 $168,423 $250,712
Basic earnings per share
Earnings from
Continuing Operations $0.51 $ 0.84 $ 1.44 $ 2.16
Earnings (Loss) from
Discontinued
Operations $0.01 $0.00 $0.02 $(0.03)
Net Earnings $0.52 $ 0.84 $1.46 $2.13
Diluted earnings per share
Earnings from Continuing
Operations $0.50 $0.82 $1.41 $2.09
Earnings (Loss) from
Discontinued
Operations $0.01 $0.00 $0.02 $(0.03)
Net earnings $0.51 $0.82 $1.43 $2.06
Cash dividends per
share $0.12 $0.09 $0.33 $0.24
Average basic shares
outstanding 113,607,049 118,623,424 115,438,369 117,773,618
Average diluted
shares
outstanding 116,090,369 121,956,284 118,163,737 121,600,343
COMMERCIAL METALS COMPANY
Condensed Consolidated Balance Sheets (Unaudited)
(in thousands)
May 31, August 31,
2008 2007
Assets:
Current Assets:
Cash and cash equivalents $68,578 $419,275
Accounts receivable, net 1,389,380 1,082,713
Inventories 1,189,381 874,104
Other 167,278 82,760
Total Current Assets 2,814,617 2,458,852
Net Property, Plant and Equipment 1,008,626 767,353
Goodwill 41,718 37,843
Other Assets 253,715 208,615
$4,118,676 $3,472,663
Liabilities and Stockholders' Equity:
Current Liabilities:
Accounts payable - trade $739,254 $484,650
Accounts payable - documentary letters
of credit 212,056 153,431
Accrued expenses and other payables 538,168 425,410
Deferred income taxes 4,541 4,372
Commercial paper 33,000 -
Notes payable 32,233 -
Current maturities of long-term debt 104,855 4,726
Total Current Liabilities 1,664,107 1,072,589
Deferred Income Taxes 37,448 31,977
Other Long-Term Liabilities 128,745 109,813
Long-Term Debt 641,872 706,817
Total Liabilities 2,472,172 1,921,196
Minority Interests 3,839 2,900
Stockholders' Equity 1,642,665 1,548,567
$4,118,676 $3,472,663
COMMERCIAL METALS COMPANY
Condensed Consolidated Statements of Cash Flows (Unaudited)
(in thousands)
Nine months ended
5/31/08 5/31/07
Cash Flows From (Used by) Operating Activities:
Net earnings $168,423 $250,712
Adjustments to reconcile net earnings
to cash from (used by) operating
activities:
Depreciation and amortization 96,594 75,859
Minority interests 540 9,663
Provision for losses on receivables 4,246 639
Share-based compensation 14,802 7,381
Net loss on sale of assets and other 372 169
Asset impairment 530 1,390
Changes in Operating Assets and
Liabilities, Net of Effect of Acquisitions:
Accounts receivable (308,168) (59,683)
Accounts receivable sold 47,746 61,711
Inventories (238,663) (149,093)
Other assets (109,523) (81,977)
Accounts payable, accrued expenses, other
payables and income taxes 272,022 (17,859)
Deferred income taxes (13,161) (5,179)
Other long-term liabilities 10,671 28,629
Net Cash Flows From (Used By) Operating Activities (53,569) 122,362
Cash Flows From (Used by) Investing Activities:
Purchases of property, plant and equipment (227,241) (121,774)
Purchase of minority interest in CMC Zawiercie (169) (60,049)
Sales of property, plant and equipment 1,460 1,264
Acquisitions, net of cash acquired (30,646) (157,994)
Net Cash Used By Investing Activities (256,596) (338,553)
Cash Flows From (Used by) Financing Activities:
Increase in documentary letters of credit 58,625 14,716
Short-term borrowings, net change 34,563 132,787
Proceeds from issuance of long term debt 35,138 -
Payments on long-term debt (1,704) (19,025)
Stock issued under incentive and purchase plans 12,569 13,801
Treasury stock acquired (151,530) (17,744)
Dividends paid (38,322) (28,481)
Tax benefits from stock plans 6,674 11,657
Net Cash Flows From (Used By) Financing Activities (43,987) 107,711
Effect of Exchange Rate Changes on Cash 3,455 886
Increase (Decrease) in Cash and Cash Equivalents (350,697) (107,594)
Cash and Cash Equivalents at Beginning of Year 419,275 180,719
Cash and Cash Equivalents at End of Period $68,578 $73,125
COMMERCIAL METALS COMPANY
Non-GAAP Financial Measures (Unaudited)
(dollars in thousands)
This press release uses financial statement measures not derived in
accordance with generally accepted accounting principles (GAAP).
Reconciliations to the most comparable GAAP measures are provided below.
EBITDA:
Earnings before interest expense, income taxes, depreciation and
amortization.
EBITDA is a non-GAAP liquidity measure. It excludes Commercial Metals
Company's largest recurring non-cash charge, depreciation and amortization. As
a measure of cash flow before interest expense, it is one guideline used to
assess the Company's ability to pay its current debt obligations as they
mature and a tool to calculate possible future levels of leverage capacity.
EBITDA to interest is a covenant test in certain of the Company's note
agreements.
Three Months Nine Months
Ended Ended
5/31/08 5/31/08
Net earnings $59,484 $168,423
Interest expense 15,910 42,278
Income taxes 28,529 86,075
Depreciation and amortization 32,721 96,594
EBITDA $136,644 $393,370
EBITDA to interest coverage
for the quarter ended for the nine months ended
May 31, 2008: May 31, 2008:
$136,644 / 15,910 = 8.6 $393,370 / 42,278 = 9.3
Total Capitalization:
Total capitalization is the sum of long-term debt, deferred income
taxes, and stockholders' equity. The ratio of debt to total capitalization
is a measure of current debt leverage. The following reconciles total
capitalization at May 31, 2008 to the nearest GAAP measure, stockholders'
equity:
Stockholders' equity $1,642,665
Long-term debt 641,872
Deferred income taxes 41,989
Total capitalization $2,326,526
Other Financial Information
Long-term debt to cap ratio as of May 31, 2008:
Debt divided by capitalization
$641,872 / 2,326,526 = 27.6%
Total debt to cap plus short-term debt ratio as of May 31, 2008:
(104,855 + 641,872) / (2,326,526 + 104,855) = 30.7%
Current ratio as of May 31, 2008:
Current assets divided by current liabilities
$2,814,617 / 1,664,107 = 1.7
SOURCE Commercial Metals Company
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Related links:
http://www.cmc.com/
CONTACT:
Debbie Okle, Director of Public Relations,
Commercial Metals Company, +1-214-689-4354
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