CMC points to scrap price crash as earnings slide 10.3%

Dec 17, 2008 | 09:10 AM | Maria Guzzo

Commercial Metals Co. (CMC), Irving, Texas, is blaming the disintegration of ferrous scrap prices for a reduction in its fiscal first-quarter earnings results.

CMC posted net income of $62 million for the three months ended Nov. 30, a 10.3-percent drop from $69.2 million in the same period last year, on sales that rose 12.1 percent to almost $2.4 billion.

The global liquidity crisis has frozen metal markets, causing a "downward spiral of confidence," Murray R. McClean, CMC's chairman, president and chief executive officer, said.....

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