CMC no longer has any culture, nor do they care a flying flip about employees, who are treated like commodities, to be used up and discarded. No matter how earnings or stock might perform, this will never again be a great company.
I couldn't have said it better, Mo. You were totally spot on. All of us who were long term employees are pulling for CMC to make it, but today's management team is only interested in packing their own saddlebags. The downhill spiral started in late 2006 and has rolled downhill like a snowball. There is absolutely no morale among the employees, who are afraid to even talk to one another about anything CMC related. Yearn for the days of Stan & Marvin.
So are employees still prohibited from posting here? Thought that perhaps after that gestapo VP of HR was canned that some employees might return. Guess they are still working under threat of termination.
In the infamous words of Charlie Merritt, "Commercial Metals follows sheep dip and shoe polish on the market". Gotta love him.
Everyone in the Steel Grp is convinced that they have always been the only profitable division in CMC. They feel that they always carried all other divisions. When the capital expenditures are factored in, not always the case.
Agree. I've been with it for almost 34 years, and yes, the dividends are good, but I still wish I would have gotten out much sooner. I was definitely too greedy and thought CMC stock would continue to escalate, split, escalate, etc., just as I naively thought that CMC would remain a great company.
Anyone received the new A/R & Proxy Statement? The compensation and perquisites of the executive officers are obscene. I was also shocked at the paltry CMC stock ownership of this same group. Their faith in their company is pretty weak. I'll be voting "Against" on every line of proxy. They should not be rewarded for tanking this company.
Larry Engels, Chief Financial Officer at Commercial Metals for 22 years,from 1977 to 1999, passed away last Friday, Aug. 3rd. Larry was always a a leader at CMC, and he will be missed by all who knew him. Larry was a wonderful person, and he was a major cog in putting CMC on Fortune 500, NYSE, and making it the great company that it used to be.
Well said, Mo. The HR Dept is truly the cesspool of the CMC corporate office. JR represents the exact opposite of everything CMC stood for in the past. The HR Dept. reins like the Nazi party in Germany in the '40s. One of the last of the honorable corporate leaders' "resignation" was announced last week. The coup is now 100% complete. And no, it was not bloodless. The emperor has no clothes, and the company has no rudder.