CMC is over valued. The only thing that keeps it's price up is the recent valuation of the sector by Goldman. The company continues to get rid of talent and has completely divested itself of their old leadership including the wench heading legal and the heartless leader of HR. Both killed a culture and the board is directly responsible for their original hire.
The talent that once made this company great is gone. It no longer has the same earnings potential without the experienced season vets of both Steel and Recycling. The recycling group is headed in an adverse direction at a time that global scrap markets are soft.
I think that CMC is capable of earning money regardless of management. Good Management and smart traders will maximize profits. Dumb management and salesmen will make money, because of the size of CMC and the market.