Looks like under the current management guidance we are entering a new market. This journey is not for the week of heart or the timid. This new market is called the STEEL INDUSTRY. Welcome back CMC. It's good to see you as a player again. You will once again be a voice of leadership in the SMA.
Except for the lawyer, that should undo the terrible hiring/organizational decisions resulting from the former board and CMC executives driven by the legendary (in his own mind) VP of HR. To bad the damage to company and lives will never be undone. His goal was to redefine CMC and eliminate the old guard. You have to take notice of a man who focuses and accomplishes his goals in spite of thoughtful pushback to first learn the business and the market. "Da*n the torpedoes, full speed ahead."
Overall, the company is also being affected by lower metal prices, and even its recycling business is struggling. Investors should steer away from CMC until metal prices begin to recover. The recycling section may be substantially profitable once the overall metals market rebounds.
First rule of interviewing for a job - the candidate must be sober. Or were you just drunk when you wrote this?
Don't know who manufacturingrno is but, he has something here. I believe if you watch closely over the next short while you will see a change in recycling. I believe you are going to see CMC return more to the old model that was a money maker. Finally shake off the new experiment brought to us by the misguided egos of the past couple of years. Keep an eye on Alvarado. He knew us when we made money and he knows that this was the model the mini-mill industry followed that was a money maker. Mostly decentralization, up stream and down stream business flow, ability to respond to local market opportunities without losing advantage because of bureaucratic decision making, regional/local profit and loss centers, etc. Full steam ahead CMC. In the words of our founders "cash is king" !!!
The saddness of this is the loss of good people that happened during this reign. Unfortunately there will be no remedy for them. I know several in the different departments that lost their jobs because they chose to try and point out the things that were happening. What's really sad is they were punished by the same leaders that still remain because they were afraid(their own words) of Jim and his unlimited power. Even people in the HR department were eliminated or punished because they were seen as resistant to the movement away from the foundational values of the culture of CMC. All I can say is this to you senior leaders "how much blood do you have on your hands"?
You are correct. Stocks are a long time investment. Given that, what has been CMC's stock growth since the Icahn offer. I know they have paid dividends but what about the stock's growth? Also, by the way Captain Midnight, thanks for sharing your intellectual opinion of what I should do with the billet. I am not sure what I said in my attempt at rhetoric that set you off but, it was meant as sarcasm not that I wasn't intelligent enough to know what the original offer from Ichan was : )
A stock trades ex-dividend on or after the ex-dividend date (ex-date). At this point, the person who owns the security on the ex-dividend date will be awarded the payment, regardless of who currently holds the stock. After the ex-date has been declared, the stock will usually drop in price by the amount of the expected dividend.
I wonder how much Danieli equipment was used in the multi-million dollar over-haul of the plant? Good deal for Danieli buy back for pennies on the dollar. A few individuals could personally do very well if this purchase takes place. Wonder who is brokering the deal?