Irving, Texas-based Commercial Metals Company (CMC) announced Wednesday that billionaire Carl Icahn, who currently owns a 9.98 percent share in CMC stock plans to nominate three candidates--James Unger, Steve Mongillo and George Hebard according to news reports--to the Board of Directors at CMC's 2012 annual meeting. A press release from CMC indicates that Icahn intends to "make certain proposals" at the meeting as well. CMC's Board of Directors currently has 11 members and a class of three directors will stand for election at the Annual Meeting.
Joe Alvarado, President and CEO, commented, "Our Board and management team always welcome constructive dialogue with stockholders and we regularly review all options for generating and delivering value. In what continues to be a challenging environment for the entire steel industry, we have taken aggressive steps to improve operational and financial performance regardless of market conditions."
This isn't the first time Icahn has attracted attention at CMC. SteelOrbis previously reported in early August that CMC adopted a shareholder rights plan that implements a 10 percent threshold for investors in the company after Icahn began to rapidly purchases CMC stock, and was believed to have intentions to continue buying an even larger stake in the company.