IRVING, Texas, Oct. 24 /PRNewswire-FirstCall/ -- Commercial Metals
Company (NYSE: CMC) today announced its intent to institute a quarterly
cash dividend of 12 cents per share to be effective with its next cash
dividend which is anticipated to be declared in December and paid in
January 2008. The new cash dividend rate represents a 33-1/3% increase from
the former rate of 9 cents per share.
In making the announcement, CMC President and Chief Executive Officer
Murray R. McClean said, "This increase reflects CMC's confidence in our
business prospects. Rewarding and sustainable increases in our cash
dividend rate, as evidenced by this significant increase, are an important
element of that continuing effort and demonstrates our continuing
aggressive focus on stockholder value."
This dividend increase represents CMC's fourth increase in 18 months.
In April 2006, CMC's dividend was increased 67%. Following our two-for-one
stock dividend in May 2006 the cash dividend was again increased by 20% in
July 2006 and 50% in November 2006. CMC has paid 172 consecutive quarterly
cash dividends since 1965.
The first two paragraphs contain forward-looking statements regarding
the Company's prospects, including future financial results, market
conditions and future cash dividend policy. 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, metals pricing over which the Company exerts little
influence, increased capacity and product availability from competing steel
mills and other steel suppliers including import quantities and pricing,
court decisions, global factors including political and military
uncertainties, credit availability, currency fluctuations, energy prices,
and decisions by governments impacting the level of steel imports and pace
of overall economic activity.
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
Related links:
http://www.cmc.com
CONTACT:
Debbie Okle, Director, Public Relations of
Commercial Metals Company, +1-214-689-4354
|
