Steel Mills
CMC Taps Matt as CEO, Smith to Become Executive Chairman
July 10, 2023
Commercial Metals Co. (CMC) said on Monday that Barbara R. Smith, the company’s CEO and chairman, will retire as CEO effective Sept. 1, and will be replaced by Peter Matt, who will serve as CEO and president.
The Irving, Texas-based longs producer and metal recycler said that Smith has been appointed as executive chairman, also effective Sept. 1. Matt, currently serving as president, will also continue as a member of the company’s board, which he joined in June 2020, according to CMC.
“On behalf of the board of directors, I want to thank Barbara for her years of service to CMC, her outstanding leadership, commitment to our values and dedication to the company, its employees, customers, communities and shareholders,” Sarah Raiss, CMC’s lead independent director, said in a press release.
Commenting on the transition, Smith said, “We have every confidence in Peter as he takes on the role and responsibilities of chief executive officer, which is the result of a thoughtful and deliberate long-term succession planning process.”
CMC said that Matt has served as president since April 9. Prior to this, from January 2017 to April 2023, he was EVP and CFO of Constellium SE, a global aluminum fabrication company.
By Ethan Bernard, ethan@steelmarketupdate.com
Latest in Steel Mills
USS swings to loss in first quarter on flat-rolled segment woes
U.S. Steel CEO praised the company’s resilience, “despite the seasonally low results driven by annual mining logistics constraints in our North American Flat-Rolled segment and lagging spot prices.”
Nucor gives updates on new capacity coming online
Nucor said several of its capital projects will start operations within the next year and provided an update on them.
Algoma swings to loss on ‘market challenges’ and ‘tariff uncertainties’
Canada’s Algoma Steel swung to a loss in the first quarter amid "market challenges," and the company now expects first steel production from its first EAF in the second quarter.
Ternium raises budget for Mexico project
The steelmaker now expects the new steel slab mill in Pesquería will begin operations by Q4’26.
SSAB announces $74M expansion in Alabama
The project will expand heat treat capacity at its Axis, Alabama plant