CMC reports jump in net earnings for summer quarter

CMC has reported net income of more than $150 million for its 2025 fiscal year fourth quarter, which ran from June 1 through Aug. 31.

The money-earning fiscal fourth quarter helped push Irving, Texas-based CMC into profitability for its full 2025 fiscal year, finishing in the black by nearly $85 million in the 12-month period from Sept. 1, 2024, through this Aug. 31.

The maker of recycled-content steel and building products, which also operates a network of metals recycling facilities, saw its summer quarter 2025 earnings rise by more than 45 percent compared with the summer of 2024.

However, for the entire fiscal year, CMC’s $84.7 million net income represented an 82.5 percent decline compared with the more than $485 million the company earned during its 2024 fiscal year.

In the summer financial quarter, CMC paid an average of $351 per ton for the recycled steel it melted. When subtracted from the average $668 per ton selling price for its steel this summer, CMC was left with a $317 per ton steel products margin, breaking the $300 per ton margin barrier for the only time in its 2025 fiscal year.

“Looking at the fourth quarter, we achieved substantial improvement in our financial results both sequentially and year-over-year, underpinned by supportive market conditions across each of our segments, including the continuation of margin recovery within the North America Steel Group [and] solid demand for our proprietary value-added products offered by the Emerging Businesses Group,” CMC CEO Peter Matt says.

The CEO also sounds an optimistic tone concerning the new fiscal year now underway for the company.

“Signs of new work in the construction pipeline continue to be encouraging, with CMC’s bid volumes—as well as key external indicators—pointing to pent-up demand,” Matt says.

“Looking ahead, we are hopeful that the Fed interest rate reduction cycle that began last month will spur the conversion of some of the pent-up demand to real activity during fiscal 2026. Longer term, we remain confident in the outlook for construction and are poised to benefit from powerful structural trends within our key end markets.”

On the same day it released its results, CMC also announced a definitive agreement to acquire Foley Products Co., Newnan, Georgia.

CMC describes Foley as the largest regional supplier of precast concrete infrastructure components in the United States and a leader within the Southeastern U.S., adding it paid a cash purchase price of $1.84 billion.

“The acquisition of Foley presents a unique opportunity to create immediate scale for our precast platform while adding a best-in-class business with industry-leading margins to CMC's portfolio,” Matt says.

“Our new precast platform is also expected to transform CMC’s financial profile, bringing sustainably higher and more stable margins and cash flow, along with significant synergy opportunities as we apply best practices across the network."