IRVING, Texas, Nov. 7 /PRNewswire-FirstCall/ -- Commercial Metals
Company (NYSE: CMC) today announced its intent to institute a quarterly
cash dividend of 9 cents per share to be effective with its next cash
dividend, anticipated to be declared in December and paid in January 2007.
The new cash dividend rate represents a 50% increase from the former rate
of 6 cents per share.
In making the announcement, CMC President and Chief Executive Officer
Murray R. McClean said, "This action reflects CMC's confidence in our near-
term as well as long-term business prospects. Rewarding and sustainable
increases in our cash dividend rate as evidenced by this significant
increase, our third this year, are an important element of that continuing
effort. In April 2006, CMC's dividend was increased 67% and, following our
two-for-one stock dividend in May, the cash dividend was again increased by
20% in July 2006. The increase in the rate announced today coupled with the
April and July increases triples our cash dividend over a one year period.
This continues our aggressive focus on stockholder value."
CMC has paid 168 consecutive quarterly cash dividends.
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 overseas 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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