Commercial Metals Company Thursday announced estimated results for its third quarter ending May 31, 2010. The Company expects third quarter results to be between breakeven and a $0.10 per share loss. This compares to a loss of $0.12 per share in last year's third quarter and a loss of $1.53 per share in the second quarter of this fiscal year.
CMC Chairman, President and Chief Executive Officer Murray R. McClean said, "As anticipated, we have seen a seasonal pickup in the nonresidential construction markets, in particular, the public sector. Throughout the quarter there has been a growing confidence in the markets as volumes increased, albeit from a very weak second quarter. Finished goods pricing, after significant increases, is exhibiting stability at quarter end, a welcomed relief to our customer base. We anticipate the Americas Recycling and Americas Mills segments as well as the International Marketing and Distribution segment to be profitable. The Americas Fabrication segment is still working through its lower-priced backlog. Our International Mills, though benefiting from higher metal margins, will absorb start-up expenses in our new flexible rolling mill in Poland and the new melt shop in Croatia, which we anticipate may result in a loss for this segment."
CMC will issue its comprehensive third quarter release and hold its regular quarterly conference call on Tuesday, June 22, 2010. Until then it will withhold further comment on the quarterly results.
Commercial Metals Company and its 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 international markets.