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

Hybar lowers output forecast, owning up to EAF startup delay
Hybar LLC’s rebar mill in Osceola, Ark., is now melting scrap and will soon be fulfilling orders, according to CEO David Stickler, despite a six-to-eight-week delay caused by commissioning the world’s first Aura electrical system.

Steel Dynamics guides to more metal, more money in Q3
Steel Dynamics Inc. is bullish heading into the close of the third quarter, with all three of its operating segments tracking higher.

AHMSA opens doors to potential buyers as $1.3B asset auction nears
AHMSA is opening its doors to potential buyers to tour its steel plant and mining operations in northern Mexico in preparation for the next stage of its bankruptcy process: the auction of its assets.

USW seeks clarity on USS plans for Granite City Works
The United Steelworkers union has asked U.S. Steel to elaborate on its Granite City Works plans following reports that the steelmaker is ending processing at the facility.

Nucor maintains plate prices, opens October order book
Nucor aims to keep plate prices flat for a seventh straight month with the opening of its October order book.