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CMC has reported a 36 percent decline in profits in the financial quarter ending Aug. 31. The Irving, Texas-based metals recycling, steelmaking and construction products company reports net sales of $2.2 billion in its most recently completed quarter, down from $2.4 billion one year ago.
The June 1-Aug. 31 time frame was the fourth quarter of CMC’s 2023 fiscal year. For the full fiscal year running from Sept. 1, 2022, to Aug. 31, CMC earned $859.8 million, or $7.25 per diluted share, on net sales of $8.8 billion. That compares with prior year net earnings of more than $1.2 billion, or $9.95 per diluted share, achieved with net sales of $8.9 billion.
Results from its most recently completed quarter reflected charge of $15.7 million CMC says is primarily related to commissioning efforts at the Arizona 2 micromill.
“Fiscal 2023 marked another exceptional year for CMC, with highlights including record employee safety performance, the second-best financial results in our company’s 108-year history, and the achievement of several strategic growth milestones,” says Peter Matt, president and CEO at CMC.
“On behalf of our board of directors, employees, and shareholders, I also want to thank Barbara Smith for her outstanding leadership as CEO, which has transformed the company and built a strong foundation for the future.”
Matt says the Arizona 2 micromill successfully started operations in June and adds, “Construction has commenced at our Steel West Virginia project, with key operations and leadership teams now on site.” The West Virginia scrap-fed electric arc furnace mill is expected to begin producing steel rebar in late 2025.
CMC saw its North American average selling price for steel products decrease $172 per ton compared with the fourth quarter of fiscal year 2022, while the cost of the scrap it used declined $49 per ton, resulting in a year-over-year decrease in steel products margin over scrap of $123 per ton.
“We expect first quarter [this autumn] consolidated financial performance to remain strong by historical standards, but decline from the fourth quarter as a result of seasonally lower shipments, steel product margin compression in North America, and the continuation of challenging market conditions in Europe," Matt says.
In Europe, CMC operates a steel mill and scrap yards in Poland and downstream building products operations and sales offices in Poland, Germany and the United Kingdom.
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An elevated cab is one of several features improving operational efficiency at the Macon County Solid Waste Management agency in North Carolina. When it comes to waste management, efficiency, safety and reliability are priorities driving decisions from day one, according to staff members of the Macon County Solid Waste Management Department in western North Carolina. The agency operates a recycling plant in a facility originally designed to bale incoming materials. More recently, the building has undergone significant transformations centered around one machine: a SENNEBOGEN telehandler (telescopic handler).
Sponsored Content
SENNEBOGEN 340G telehandler improves the view in Macon County, NC
An elevated cab is one of several features improving operational efficiency at the Macon County Solid Waste Management agency in North Carolina. When it comes to waste management, efficiency, safety and reliability are priorities driving decisions from day one, according to staff members of the Macon County Solid Waste Management Department in western North Carolina. The agency operates a recycling plant in a facility originally designed to bale incoming materials. More recently, the building has undergone significant transformations centered around one machine: a SENNEBOGEN telehandler (telescopic handler).
Sponsored Content
SENNEBOGEN 340G telehandler improves the view in Macon County, NC
An elevated cab is one of several features improving operational efficiency at the Macon County Solid Waste Management agency in North Carolina. When it comes to waste management, efficiency, safety and reliability are priorities driving decisions from day one, according to staff members of the Macon County Solid Waste Management Department in western North Carolina. The agency operates a recycling plant in a facility originally designed to bale incoming materials. More recently, the building has undergone significant transformations centered around one machine: a SENNEBOGEN telehandler (telescopic handler).
Sponsored Content
SENNEBOGEN 340G telehandler improves the view in Macon County, NC
An elevated cab is one of several features improving operational efficiency at the Macon County Solid Waste Management agency in North Carolina. When it comes to waste management, efficiency, safety and reliability are priorities driving decisions from day one, according to staff members of the Macon County Solid Waste Management Department in western North Carolina. The agency operates a recycling plant in a facility originally designed to bale incoming materials. More recently, the building has undergone significant transformations centered around one machine: a SENNEBOGEN telehandler (telescopic handler).
Sponsored Content
SENNEBOGEN 340G telehandler improves the view in Macon County, NC
An elevated cab is one of several features improving operational efficiency at the Macon County Solid Waste Management agency in North Carolina. When it comes to waste management, efficiency, safety and reliability are priorities driving decisions from day one, according to staff members of the Macon County Solid Waste Management Department in western North Carolina. The agency operates a recycling plant in a facility originally designed to bale incoming materials. More recently, the building has undergone significant transformations centered around one machine: a SENNEBOGEN telehandler (telescopic handler).
Sponsored Content
SENNEBOGEN 340G telehandler improves the view in Macon County, NC
An elevated cab is one of several features improving operational efficiency at the Macon County Solid Waste Management agency in North Carolina. When it comes to waste management, efficiency, safety and reliability are priorities driving decisions from day one, according to staff members of the Macon County Solid Waste Management Department in western North Carolina. The agency operates a recycling plant in a facility originally designed to bale incoming materials. More recently, the building has undergone significant transformations centered around one machine: a SENNEBOGEN telehandler (telescopic handler).
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