IRVING, Texas, Oct. 11 /PRNewswire-FirstCall/ -- Commercial Metals Company
(NYSE: CMC), announced that Structural Metals, Inc. (SMI Texas), its steel
minimill located in Seguin, Texas, has completed reinstallation of its
repaired primary electric arc furnace transformer. The melt shop is in full
production.
SMI Texas' melt shop production had been curtailed compared to prior
production levels when this primary transformer and a spare failed in early
June. A second replacement enabled the melt shop to operate at reduced
capacity during the approximate four month period. CMC maintains business
interruption insurance which should cover a substantial portion of the
reduction in profitability at SMI Texas as a result of the production
curtailment.
This release contains forward-looking statements regarding the outlook for
recovery of insurance proceeds arising from the transformer failure at the
Company's SMI Texas minimill. The Company undertakes no obligation to update
any forward-looking statements to reflect new events or circumstances or
future developments. Forward-looking statements generally can be identified
by phrases such as the Company or its management "should," "anticipates,"
"estimates," "will result," "expects," "believes," "is likely" 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 disputes as to insurance coverage or the
extend of lost income subject to reimbursement which could result in a lengthy
delay or failure to obtain recovery under the business interruption insurance.
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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Related links:
http://www.commercialmetals.com
Company News On-Call:
http://www.prnewswire.com/comp/118231.html
CONTACT:
David M. Sudbury of Commercial Metals
Company, +1-214-689-4367
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