Steel Mills

CMC Reports 8th Consecutive Quarter of Positive Earnings
Written by Sandy Williams
October 24, 2013
Commercial Metals Company reported earnings of $4.1 million on net sales of $1.7 billion for its FY 2013 fourth quarter (ending August 31, 2013). Net earnings included an asset impairment charge of $25.9 million related to its Australian operation. In comparison, CMC reported net earnings of $30.2 million in fourth quarter 2012.
CMC net earnings for the full fiscal year were $77.3 million on net sales of $6.9 billion, compared to net earnings of $207.5 million on sales of $7.7 billion in FY 2012.
The Americas Mills segment shipped 653,000 tons of long products for net sales of $465 million resulting in adjusted operating profit for the fourth quarter of $58.4 million compared to $63 million in fourth quarter 2012. Segment volumes dropped by 7 percent and metal margins declined by 2 percent. Higher shipments, however, improved operating profit by 26 percent over the previous quarter.
Americas Fabrication shipped 276,000 tons for net sales of $384 million. Operating profit jumped to $8.2 million in fourth quarter 2013 from $1.5 million in 2012 mostly due to lower input prices and higher selling prices. Order book also improved over 2012 resulting in a better backlog to enter fiscal year 2014.
Americas Recycling shipped 588,000 tons for net sales of $346 million. The Recycling segment suffered a $6.7 million adjusted operating loss compared to a profit of $8.3 million in 2012. Nonferrous volumes and pricing dropped in fourth quarter offsetting higher volumes, selling prices and margins for ferrous scrap. The segment also took a $2 million operating loss on a long-term supply contract with a customer.

Sandy Williams
Read more from Sandy WilliamsLatest in Steel Mills

Steel Summit: Schneider sees SDI ‘on the edge of a very good run’
Steel Dynamics Inc. (SDI) President and Chief Operating Officer, Barry Schneider, remains bullish about the Fort Wayne, Ind.-based steelmaker’s position in the current market.

Steel Summit: Burritt says USS and Nippon are fast-tracking modern steelmaking
U.S. Steel President and CEO David Burritt told audiences at SMU's Steel Summit 2025 that the iconic American steelmaker’s partnership with Nippon Steel is fast-tracking smarter steel production.

Nucor moves to stop HRC price slide with $10/ton hike
Nucor is attempting to halt the decline in hot-rolled coil prices with the announcement of a $10-per-short-ton increase in its weekly consumer spot price on Monday.

Explosion rocks ArcelorMittal’s DR plant in Mexico
ArcelorMittal reported a "strong" explosion at the direct reduction part of its massive Lazaro Cardenas mill in Mexico.

SDI to acquire remaining stake in New Process Steel
Steel Dynamics Inc. (SDI) announced that it has agreed to acquire the remaining 55% equity interest in New Process Steel.