Commercial Metals Co. announced the signing of a definitive agreement with a subsidiary of ADF Group, Inc. for the sale of substantially all assets of SMI-Owen Steel Company's heavy structural steel fabrication and installation operation located on South Beltline Boulevard in Columbia, S.C. The South Carolina Steel and SMI Rebar South Carolina divisions of SMI-Owen Steel Company, Inc. are not part of the transaction and will continue normal operations.
Binh Huynh, executive vice president of the CMC Steel Group, said, "Commercial Metals has diversified its downstream operations in rebar fabrication, small to medium structural fabrication, concrete-related products, joists and other specialty areas. Heavy structural fabrication and installation on the scale of projects undertaken by this division of SMI-Owen Steel Company are not considered core to our growth strategy. The capital released by this pending sale will be used to implement that growth strategy and we believe generate greater returns for our shareholders."
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