IRVING, Texas, Nov. 22 /PRNewswire-FirstCall/ -- Commercial Metals Company
(NYSE: CMC), headquartered in Dallas, Texas, announced today that its board of
directors declared a two-for-one stock split in the form of a 100% stock
dividend on the Company's common stock payable January 10, 2005 to
shareholders of record December 13, 2004. Each stockholder of record will
receive one additional share of CMC common stock for each share held as of the
record date.
The Company also announced its intent to institute a quarterly cash
dividend of 6 cents per share on the increased number of shares resulting from
the stock dividend effective with the next cash dividend payment scheduled for
January. The effect of the stock dividend combined with the new cash dividend
rate will result in stockholders receiving a 20% increase in cash dividend
payments.
In making the announcement CMC Chairman, President and Chief Executive
Officer Stanley A. Rabin said, "This action reflects CMC's confidence in our
near-term as well as long-term business prospects. Today's cash dividend
increase coupled with our June 2004 increase adds up to a 50% expansion in our
cash dividend rate over the last six months. We are focused on increasing
stockholder value with rewarding and sustainable increases in our cash
dividend, an important element of that ongoing effort."
The two preceding 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 interest rate changes,
construction activity, metals pricing over which the Company exerts little
influence, increased capacity and product availability from competing steel
minimills 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, particularly in China.
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:
Bill Larson of Commercial Metals Company,
+1-214-689-4325
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