CMC fab shops continue to struggle
Dec 30, 2009 | 11:35 AM
| Corinna Petry
Commercial Metals Co.'s fabrication operations continue to suffer from the severe decline in U.S. construction market demand, and company leaders project little improvement in the New Year.
"Our Americas Fabrication and Distribution segment bore the brunt of lower steel demand, increased competition, lower prices and shrinking margins" in the three months ended Nov. 30, CMC chairman, president and chief executive officer Murray R. McClean said during the company's quarterly conference call.
"No business line—rebar fabrication, joist and deck, construction-related products, structural fabrication, post—escaped without losses," he said. "Many of the underlying issues remain the same: no effective stimulus for construction, lack of financial liquidity for our customers, high unemployment impeding the need for commercial or industrial expansion, and overall state budget constraints."....
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