IRVING, Texas, July 19 /PRNewswire-FirstCall/ -- The board of directors
of Commercial Metals Company (NYSE: CMC) has authorized the purchase of up
to 5,000,000 shares of the Company's common stock. During June and July
2006, CMC purchased a total of 1,811,000 shares in open market transactions
for a total price of approximately $41,740,277 or an average of $23.05 per
share. These purchases completed a stock repurchase program last increased
in May 2005. At present there are approximately 119,110,187 shares of
Commercial Metals Company's common stock issued and outstanding.
CMC Chairman and Chief Executive Officer Stanley A. Rabin said, "Our
view is that the stock is undervalued. This action will continue to add
value for our stockholders."
The purchases will be made from time to time in the open market or in
privately negotiated transactions at prevailing market prices. The shares
will be used for general corporate purposes including various employee
benefit plans and acquisitions.
Paragraphs two and three of this news release contain forward-looking
statements regarding the outlook for the Company's financial results and
stock valuation. No assurance can be given that the Company's expectations
will be realized, and actual results may differ materially from current
expectations.
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 overseas markets.
SOURCE Commercial Metals Company
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CONTACT:
Debbie Okle, Director, Public Relations of
Commercial Metals Company, +1-214-689-4354
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