IRVING, Texas, Oct. 21 /PRNewswire-FirstCall/ -- The board of directors
of Commercial Metals Company (NYSE: CMC) has authorized the purchase of up
to 10,000,000 shares of the Company's common stock. This authorization is
in addition to 12,547 shares remaining to be purchased under a previous
repurchase authority for 5,000,000 shares, approved in November 2007. There
are approximately 113,777,000 shares of Commercial Metals Company's common
stock presently issued and outstanding.
CMC Chairman, President and Chief Executive Officer Murray R. McClean
said, "Recent credit and stock market conditions have negatively impacted
the entire equities market. In particular, we believe the Company's stock
is undervalued. This authorization will enable the Company to make future
purchases when appropriate. We will continue to add value for our
stockholders with our prudent purchases."
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 stock valuation and
financial results. 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 international markets.
SOURCE Commercial Metals Company
 back to top
CONTACT:
Debbie Okle, Director, Public Relations of
Commercial Metals Company, +1-214-689-4354
|
