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Commercial Metals Company Announces Changes To Segment Reporting

·4 mins read

IRVING, Texas, Oct. 1, 2020 /PRNewswire/ -- Commercial Metals Company (NYSE: CMC) today announced that beginning with its fourth quarter of fiscal 2020, the Company realigned its reporting structure to include two operating segments: North America and Europe.

  • North America comprises the Company's former Americas Recycling, Americas Mills, and Americas Fabrication business segments.

  • Europe comprises the Company's former International Mill segment, with no other changes.

  • Corporate and Eliminations will continue to be reported separately from operating segments.

The decision to realign CMC's operating segment structure was made to reflect: (i) its vertically integrated operating model in North America, which is now supported by a National Sales, Inventory and Operations Planning function created in fiscal 2020, (ii) changes to its operating model and geographic footprint following the full integration of the rebar assets acquired in fiscal 2019 into its North America operations, and (iii) the way management now uses the integrated North America data to manage the business, assess performance, and allocate resources.

Operational and financial statistics for fiscal years 2020 and 2019 can be found on pages 2 and 3 of this release. The announced realignment impacts only the Company's segment reporting, and results in no change in CMC's previously reported consolidated results.

Barbara R. Smith, Chairman of the Board, President and Chief Executive Officer, said, "We believe our realigned reporting structure better reflects the way we manage our company and the economics of our vertically integrated operations, giving better insight into how CMC creates value."

For additional resources outlining the announced changes, as well as definitions related to our restated operational statistics, please follow this link (https://ir.cmc.com/ir-toolkit), or visit our Investor Relations website at cmc.com/investors.

About Commercial Metals Company

Commercial Metals Company and its subsidiaries manufacture, recycle and fabricate steel and metal products, related materials and services through a network of facilities that includes seven electric arc furnace ("EAF") mini mills, two EAF micro mills, two rerolling mills, steel fabrication and processing plants, construction-related product warehouses, and metal recycling facilities in the U.S. and Poland.

COMMERCIAL METALS COMPANY
FINANCIAL & OPERATING STATISTICS (UNAUDITED)



Three Months Ended

(in thousands, except per ton amounts)


5/31/2020


2/29/2020


11/30/2019


8/31/2019


5/31/2019


2/28/2019


11/30/2018

North America















Net sales


$

1,167,081



1,161,283



1,216,720



1,333,014



1,394,331



1,225,361



1,048,410


Adjusted EBITDA


$

159,394



152,831



174,732



152,450



146,228



74,761



82,857


External tons shipped















Raw materials


288



321



320



399



433



406



424


Rebar


463



461



475



474



485



470



297


Merchant and other


211



238



236



237



248



256



232


Steel products


674



699



711



711



733



726



529


Downstream products


427



366



413



448



469



396



319


Average selling price per ton















Raw materials


$

517



595


547


535


558


579


580

Steel products


$

624



625


626


659


686


688


695

Downstream products


$

966



984


976


963


925


845


868

Cost of raw materials per ton


$

348



435


392


383


402


414


424

Cost of ferrous scrap utilized per ton


$

239



256


226


246


284


303


307

Steel products metal margin per ton


$

385



369


400


413


402


385


388
















Europe















Net sales


$

173,817



180,079



165,389



205,461



209,365



175,198



227,024


Adjusted EBITDA


$

14,270



13,451



11,359



22,666



24,120



20,537



32,779


External tons shipped















Rebar


122



145



122



151



126



66



80


Merchant and other


252



235



216



237



250



238



312


Steel products


374



380



338



388



376



304



392


Average selling price per ton















Steel products


$

437



449



461



500



524



545



547


Cost of ferrous scrap utilized per ton


$

239



251



244



265



288



301



295


Steel products metal margin per ton


$

198



198



217



235



236



244



252


COMMERCIAL METALS COMPANY

FINANCIAL & OPERATING STATISTICS (UNAUDITED)



Nine Months Ended May 31,


Twelve Months Ended August 31,

(in thousands, except per ton amounts)


2020


2019


2018

North America







Net sales


$

3,545,084



5,001,116



3,738,493


Adjusted EBITDA


$

486,957



456,296



323,993


External tons shipped







Raw materials


929


1,662



1,877


Rebar


1,399


1,726



798


Merchant and other


685


973



910


Steel products


2,084


2,699



1,708


Downstream products


1,206


1,632



1,114


Average selling price per ton







Raw materials


$

555



563


615


Steel products


$

625



681


640


Downstream products


$

976



905


800


Cost of raw materials per ton


$

393



406


460


Cost of ferrous scrap utilized per ton


$

238



284


303


Steel products metal margin per ton


$

387



397


337









Europe







Net sales


$

519,285



817,048



887,038


Adjusted EBITDA


$

39,080



100,102



131,720


External tons shipped







Rebar


389


423



459


Merchant and other


703


1,037



1,041


Steel products


1,092


1,460



1,500


Average selling price per ton







Steel products


$

449



528



560


Cost of ferrous scrap utilized per ton


$

245



288



314


Steel products metal margin per ton


$

204



240



246


Cision
Cision

View original content:http://www.prnewswire.com/news-releases/commercial-metals-company-announces-changes-to-segment-reporting-301143573.html

SOURCE Commercial Metals Company