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
Stelco Considering Bid for U.S. Steel: Bloomberg
Canadian steelmaker Stelco Holdings Inc. is now in the mix to purchase U.S. Steel, according to an article in Bloomberg on Thursday, which cited people familiar with the matter.
USS Expects Lower Q3 Earnings, Says UAW Strike Partly To Blame
U.S. Steel expects earnings to drop in the third quarter vs. the prior quarter and the same period a year earlier as the company adjusts production because of the United Auto Workers (UAW) union strike.
SDI to Provide Steel for Mercedes Plant in Alabama
Steel Dynamics Inc. (SDI) and Mercedes-Benz have signed an agreement for the automaker to source 50,000 metric tons of C02-reduced steel for its plant in Tuscaloosa, Ala.
Algoma’s CEO Highlights the Switch to Greener Steelmaking
As the world works to decarbonize and limit greenhouse-gas emissions to reach the goals outlined in the Paris Agreement, many steel companies have joined others in setting their own targets to reach net zero emissions by 2050.
U.S. Steel Idling Granite City ‘B’ Furnace in Response to UAW strike
U.S. Steel said on Monday it plans to temporarily idle blast furnace ‘B’ at its Granite City Works near St. Louis. The Pittsburgh-based steelmaker said it made the move in response to the United Auto Workers (UAW) union strike against “Big Three” automakers Ford, General Motors, and Stellantis. “Following the announcement of UAW strike actions, […]