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Commercial Metals sees economic recovery lacking meaningful momentum

Scrap prices continue to move down, but the company expects a reversal of this trend during the winter months when supply tightens. Domestically, the company sees a clear indication that residential construction is improving, which is a leading indicator of increased non-residential activity. Our International Mill segment continues to face difficult markets due to economic uncertainty in the Euro zone. Lastly, the International Marketing and Distribution segment faces substantial headwinds due to reduced demand in raw materials division as well as the impact of China's unclear growth outlook.