IRVING,
Texas, July 18, 2023 /PRNewswire/
-- Commercial Metals Company (NYSE: CMC) ("CMC") today
announced that the West Virginia Department of Environmental
Protection has granted it a permit that allows CMC to commence
construction of its fourth technologically advanced micro mill.
"Receiving this permit is an important milestone in our Steel
West Virginia micro mill project," said Barbara Smith, Chief Executive Officer and
Chairman of the Board. "With the permit in hand, and land purchase
completed, we can now begin construction to achieve our targeted
commissioning date in calendar 2025."
About Commercial Metals Company
Commercial Metals Company and its subsidiaries manufacture,
recycle and fabricate steel and metal products and provide related
materials and services through a network of facilities that
includes seven electric arc furnace ("EAF") mini mills, three EAF
micro mills, one rerolling mill, steel fabrication and processing
plants, construction-related product warehouses, and metal
recycling facilities in the United
States and Poland. Through
its Tensar division, CMC is a leading
global provider of innovative ground and soil stabilization
solutions selling into more than 80 national markets through its
two major product lines: Tensar® geogrids and Geopier® foundation
systems.
[Forward-Looking Statements
This news release contains forward-looking statements within the
meaning of the federal securities laws regarding the targeted
commissioning date for our Steel West Virginia micro mill. The
statements in this release that are not historical statements, are
forward-looking statements. These forward-looking statements can
generally be identified by phrases such as we or our management
"believes," "expects," "will," or other similar words or phrases,
as well as by discussions of strategy, plans, or intentions.
Our forward-looking statements are based on management's
expectations and beliefs as of the time this news release was
prepared. Although we believe that our expectations are reasonable,
we can give no assurance that these expectations will prove to have
been correct, and actual results may vary materially. Except as
required by law, we undertake no obligation to update, amend or
clarify any forward-looking statements to reflect changed
assumptions, the occurrence of anticipated or unanticipated events,
new information or circumstances or any other changes. Important
factors that could cause actual results to differ materially from
our expectations include those described in our filings with the
Securities and Exchange Commission, including, but not limited to,
in Part I, Item 1A, "Risk Factors" of our annual report on Form
10-K for the fiscal year ended August 31,
2022 and Part II, Item 1A, "Risk Factors" of our subsequent
quarterly reports on Form 10-Q, as well as the following: changes
in economic conditions which affect demand for our products or
construction activity generally, and the impact of such changes on
the highly cyclical steel industry; rapid and significant changes
in the price of metals, potentially impairing our inventory values
due to declines in commodity prices or reducing the profitability
of our downstream contracts due to rising commodity pricing; excess
capacity in our industry, particularly in China, and product availability from competing
steel mills and other steel suppliers including import quantities
and pricing; the impact of the Russian invasion of Ukraine on the global economy, inflation,
energy supplies and raw materials; increased attention to
environmental, social and governance ("ESG") matters, including any
targets or other ESG or environmental justice initiatives;
operating and startup risks, as well as market risks associated
with the commissioning of new projects could prevent us from
realizing anticipated benefits and could result in a loss of all or
a substantial part of our investments; impacts from global public
health crises, including the COVID-19 pandemic, on the economy,
demand for our products, global supply chain and on our operations;
compliance with and changes in existing and future laws,
regulations and other legal requirements and judicial decisions
that govern our business, including increased environmental
regulations associated with climate change and greenhouse gas
emissions; involvement in various environmental matters that may
result in fines, penalties or judgments; evolving remediation
technology, changing regulations, possible third-party
contributions, the inherent uncertainties of the estimation process
and other factors that may impact amounts accrued for environmental
liabilities; potential limitations in our or our customers'
abilities to access credit and non-compliance with their
contractual obligations, including payment obligations; activity in
repurchasing shares of our common stock under our share repurchase
program; financial and non-financial covenants and restrictions on
the operation of our business contained in agreements governing our
debt; our ability to successfully identify, consummate and
integrate acquisitions and realize any or all of the anticipated
synergies or other benefits of acquisitions; the effects that
acquisitions may have on our financial leverage; risks associated
with acquisitions generally, such as the inability to obtain, or
delays in obtaining, required approvals under applicable antitrust
legislation and other regulatory and third party consents and
approvals; lower than expected future levels of revenues and higher
than expected future costs; failure or inability to implement
growth strategies in a timely manner; the impact of goodwill or
other indefinite lived intangible asset impairment charges; the
impact of long-lived asset impairment charges; currency
fluctuations; global factors, such as trade measures, military
conflicts and political uncertainties, including changes to current
trade regulations, such as Section 232 trade tariffs and quotas,
tax legislation and other regulations which might adversely impact
our business; availability and pricing of electricity, electrodes
and natural gas for mill operations; our ability to hire and retain
key executives and other employees; competition from other
materials or from competitors that have a lower cost structure or
access to greater financial resources; information technology
interruptions and breaches in security; our ability to make
necessary capital expenditures; availability and pricing of raw
materials and other items over which we exert little influence,
including scrap metal, energy and insurance; unexpected equipment
failures; losses or limited potential gains due to hedging
transactions; litigation claims and settlements, court decisions,
regulatory rulings and legal compliance risks; risk of injury or
death to employees, customers or other visitors to our operations;
and civil unrest, protests and riots.]
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SOURCE Commercial Metals Company