Commercial Metals Company Reports First Quarter Fiscal 2021 Results
- First quarter Earnings from Continuing Operations of $63.9 million, or $0.53 per share
- Adjusted Earnings from Continuing Operations of $69.8 million, or $0.58 per share
- Core EBITDA of $156.6 million; achieved lowest mill conversion cost per ton in last two years
- Shipment volumes of finished steel products across North America and Europe increased 4% from prior year despite ongoing pandemic
- Continued progress on strategic growth initiatives; North America shipments of merchant and other products increased 12% year-over-year
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IRVING, Texas, Jan. 11, 2021 /PRNewswire/ Commercial Metals Company (NYSE: CMC) today announced financial results for its fiscal first quarter ended November 30, 2020. First quarter earnings from continuing operations were $63.9 million, or $0.53 per diluted share, on net sales of $1.4 billion, compared to prior year pe
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The U.S. steel industry is leading the world in turning its business green. In a note out on Friday, Bank of America analyst Timna Tanners said U.S. steel producers like
United States Steel Corporation (NYSE: X),
Commercial Metals Company (NYSE: CMC) and
Steel Dynamics, Inc. (NASDAQ: STLD) already produce some of the world’s greenest steel, and their shift to electric arc furnace (EAF) production will reduce their carbon footprints even further.
Steel Emissions Targets: EAFs are about 75% more emissions-efficient than traditional blast furnace steel mills, according to Tanners. Today, only 28% of global steel production comes from EAFs. The International Energy Agency has said the global steel industry should aim to boost that percentage to 40% by 2030.