Commercial Metals Company (CMC) announced plans to raise $150 million through a tax-exempt bond offering to help fund the construction of its new solid waste disposal facility in Berkeley County, West Virginia, which is part of the company’s Steel WV Mill Project.

CMC expects to invest between $550 million and $600 million in the facility, net of $75 million in expected government assistance, and anticipates receiving about $80 million in tax credits under the Inflation Reduction Act. The bonds will be issued by the West Virginia Economic Development Authority and loaned to CMC, secured by CMC’s senior unsecured obligations.

The bonds will not be registered under the Securities Act and will be offered under an exemption. CMC emphasized that this move is part of its broader growth strategy, while cautioning that various economic and operational risks could affect outcomes.

Commercial Metals Company (CMC) reported second-quarter fiscal 2025 net earnings of $25.5 million, or $0.22 per diluted share, with adjusted earnings of $29.3 million, or $0.26 per diluted share. The company posted consolidated core EBITDA of $131.0 million and a core EBITDA margin of 7.5%.

Strong demand in North America drove a 3.3% increase in finished steel shipments compared to the prior year. The backlog volume in North America remained stable year-over-year and increased sequentially. In Europe, CMC's steel group achieved adjusted EBITDA breakeven due to effective cost management. The emerging businesses segment saw increased profitability despite seasonal headwinds.

CEO Peter Matt highlighted improving market conditions, particularly in scrap prices, long steel pricing, and construction project awards. The company remains optimistic about infrastructure spending and long-term construction market fundamentals.

CMC ended the quarter with cash and cash equivalents of $758.4 million and total liquidity of nearly $1.6 billion. It repurchased approximately 906,603 shares valued at $48 million. The board declared a quarterly dividend of $0.18 per share, marking the company’s 242nd consecutive quarterly dividend.

Looking ahead, CMC expects improved financial performance in the third quarter, with higher steel shipments and stronger adjusted EBITDA margins. The European steel segment is projected to remain near breakeven, while the emerging businesses segment is expected to outperform the prior year.

Commercial Metals Company (CMC) has announced a regular quarterly cash dividend of $0.18 per share of its common stock. The dividend will be paid on April 9, 2025, to stockholders of record as of March 31, 2025. The announcement was made through a press release on March 19, 2025.