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IRVING, Texas, Dec. 14, 2023 /PRNewswire/ -- Commercial Metals Company (NYSE: CMC) ("CMC" or the "Company") today announced that beginning with its first quarter of fiscal 2024, the Company will report financial results reflecting a realigned reporting structure, with three reportable segments: North America Steel Group, Europe Steel Group, and Emerging Businesses Group.
Peter R. Matt, President and Chief Executive Officer, said, "Our realigned reporting structure better reflects how we view our operations and manage our Company, and provides important insights into the factors that drive value creation and the role of each segment within CMC's strategy and future growth plans."
The realignment of CMC's operating segment structure corresponds directly to recent structural changes made within the organization. The decision to adjust segment reporting was made to better reflect: (i) the evolution of the Company's solutions offerings outside of traditional steel products, (ii) the growing importance of non-steel solutions to CMC's financial results and future outlook, and (iii) the Company's chief operating decision maker's approach to performance assessment, strategic decision-making, and the allocation of capital resources.
The announced realignment impacts only the Company's segment reporting, and does not affect CMC's previous consolidated results. Operational and financial statistics for fiscal years 2022 and 2023 under the new reporting structure can be found on pages 3 and 4 of this release.
For additional resources outlining the announced changes, please follow this link (https://ir.cmc.com/ir-toolkit), or visit our Investor Relations website at cmc.com/investors.
About CMCCMC is an innovative solutions provider helping build a stronger, safer, and more sustainable world. Through an extensive manufacturing network principally located in the United States and Central Europe, we offer products and technologies to meet the critical reinforcement needs of the global construction sector. CMC's solutions support construction across a wide variety of applications, including infrastructure, non-residential, residential, industrial, and energy generation and transmission.
COMMERCIAL METALS COMPANY FINANCIAL & OPERATING STATISTICS (UNAUDITED) | ||||||||||||||||
Three Months Ended | ||||||||||||||||
(in thousands, except per ton amounts) | 8/31/2023 | 5/31/2023 | 2/28/2023 | 11/30/2022 | 8/31/2022 | 5/31/2022 | 2/28/2022 | 11/30/2021 | ||||||||
North America Steel Group | ||||||||||||||||
Net sales from external customers | $ 1,717,979 | $ 1,818,391 | $ 1,503,774 | $ 1,664,161 | $ 1,821,993 | $ 1,894,928 | $ 1,518,644 | $ 1,562,840 | ||||||||
Adjusted EBITDA | 336,843 | 367,561 | 274,240 | 349,787 | 343,054 | 357,010 | 523,771 | 258,832 | ||||||||
External tons shipped | ||||||||||||||||
Raw materials | 344 | 409 | 321 | 316 | 359 | 353 | 329 | 334 | ||||||||
Rebar | 542 | 539 | 425 | 461 | 451 | 505 | 407 | 442 | ||||||||
Merchant bar and other | 215 | 249 | 235 | 243 | 249 | 274 | 244 | 257 | ||||||||
Steel products | 757 | 788 | 660 | 704 | 700 | — | 779 | — | 651 | 699 | ||||||
Downstream products | 387 | 382 | 315 | 382 | 433 | 399 | 327 | 400 | ||||||||
Average selling price per ton | ||||||||||||||||
Raw materials | $ 838 | $ 833 | $ 868 | $ 824 | $ 950 | $ 1,207 | $ 1,103 | $ 1,034 | ||||||||
Steel products | 932 | 979 | 985 | 1,020 | 1,104 | 1,110 | 1,041 | 976 | ||||||||
Downstream products | 1,428 | 1,452 | 1,421 | 1,399 | 1,348 | 1,244 | 1,169 | 1,092 | ||||||||
Cost of raw materials per ton | $ 606 | $ 619 | $ 639 | $ 598 | $ 717 | $ 908 | $ 834 | $ 766 | ||||||||
Cost of ferrous scrap utilized per ton | $ 338 | $ 384 | $ 346 | $ 325 | $ 387 | $ 472 | $ 436 | $ 428 | ||||||||
Steel products metal margin per ton | $ 594 | $ 595 | $ 639 | $ 695 | $ 717 | $ 638 | $ 605 | $ 548 | ||||||||
Europe Steel Group | ||||||||||||||||
Net sales from external customers | $ 273,961 | $ 330,767 | $ 337,560 | $ 386,503 | $ 393,858 | $ 474,523 | $ 395,349 | $ 328,562 | ||||||||
Adjusted EBITDA | (30,081) | 5,837 | 11,469 | 61,248 | 63,580 | 120,098 | 81,149 | 79,832 | ||||||||
External tons shipped | ||||||||||||||||
Rebar | 151 | 146 | 183 | 204 | 177 | 170 | 172 | 103 | ||||||||
Merchant bar and other | 238 | 283 | 253 | 269 | 251 | 306 | 278 | 262 | ||||||||
Steel products | 389 | 429 | 436 | 473 | 428 | 476 | 450 | 365 | ||||||||
Average selling price per ton | ||||||||||||||||
Steel products | $ 682 | $ 753 | $ 756 | $ 792 | $ 888 | $ 967 | $ 851 | $ 869 | ||||||||
Cost of ferrous scrap utilized per ton | $ 398 | $ 427 | $ 389 | $ 366 | $ 435 | $ 530 | $ 444 | $ 434 | ||||||||
Steel products metal margin per ton | $ 284 | $ 326 | $ 367 | $ 426 | $ 453 | $ 437 | $ 407 | $ 435 | ||||||||
Emerging Businesses Group | ||||||||||||||||
Net sales from external customers | $ 208,559 | $ 189,055 | $ 153,598 | $ 170,534 | $ 191,459 | $ 147,695 | $ 95,580 | $ 90,782 | ||||||||
Adjusted EBITDA | 42,612 | 38,395 | 26,551 | 31,427 | 27,978 | 23,221 | 11,692 | 9,692 | ||||||||
COMMERCIAL METALS COMPANY FINANCIAL & OPERATING STATISTICS (UNAUDITED) | ||||
Twelve Months Ended August 31, | ||||
(in thousands, except per ton amounts) | 2023 | 2022 | ||
North America Steel Group | ||||
Net sales from external customers | $ 6,704,305 | $ 6,798,405 | ||
Adjusted EBITDA | 1,328,431 | 1,482,667 | ||
External tons shipped | ||||
Raw materials | 1,390 | 1,375 | ||
Rebar | 1,967 | 1,805 | ||
Merchant bar and other | 942 | 1,024 | ||
Steel products | 2,909 | 2,829 | ||
Downstream products | 1,466 | 1,559 | ||
Average selling price per ton | ||||
Raw materials | $ 840 | $ 1,073 | ||
Steel products | 977 | 1,059 | ||
Downstream products | 1,425 | 1,218 | ||
Cost of raw materials per ton | $ 615 | $ 807 | ||
Cost of ferrous scrap utilized per ton | $ 349 | $ 431 | ||
Steel products metal margin per ton | $ 628 | $ 628 | ||
Europe Steel Group | ||||
Net sales from external customers | $ 1,328,791 | $ 1,592,292 | ||
Adjusted EBITDA | 48,473 | 344,659 | ||
External tons shipped | ||||
Rebar | 684 | 622 | ||
Merchant bar and other | 1,043 | 1,097 | ||
Steel products | 1,727 | 1,719 | ||
Average selling price per ton | ||||
Steel products | $ 749 | $ 896 | ||
Cost of ferrous scrap utilized per ton | $ 395 | $ 463 | ||
Steel products metal margin per ton | $ 354 | $ 433 | ||
Emerging Businesses Group | ||||
Net sales from external customers | $ 721,746 | $ 525,516 | ||
Adjusted EBITDA | 138,985 | 72,583 | ||
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SOURCE Commercial Metals Company
