IRVING, Texas, Nov. 5 /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. This authorization is in
addition to 558,914 shares remaining to be purchased under a previous
repurchase authority, also for 5,000,000 shares, approved in July 2006.
Under the prior authorization CMC has to date purchased a total of
4,441,086 shares in open market transactions for a total price of
approximately $115,853,648 for an average of $26.09 per share. During the
current fiscal quarter ending November 30, 2007, CMC has thus far purchased
665,871 shares at an average cost of $29.68 per share. There are
approximately 117,966,365 shares of Commercial Metals Company's common
stock presently issued and outstanding.
CMC President and Chief Executive Officer Murray R. McClean said, "Our
view is that the stock is undervalued, apparently attributable to recent
sub prime mortgage credit concerns that have impacted the entire equities
market even though we do not believe they have been a significant factor in
our business. 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 international markets.
SOURCE Commercial Metals Company
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Related links:
http://www.cmc.com
CONTACT:
Debbie Okle, Director, Public Relations of
Commercial Metals Company, +1-214-689-4354
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