CMC back in black even on slack fiscal 2012 sales
Oct 24, 2012 | 03:37 PM
| Michael Cowden
Tags
Commercial Metals,
Joseph Alvarado,
fiscal 2012 earnings,
fiscal fourth quarter,
steel,
Croatia pipe mill,
rebar fabrication,
Michael Cowden
CHICAGO — Commercial Metals Co. (CMC) recorded near-record profits for its fiscal year ended Aug. 31 despite weak conditions in most major markets, according to the company’s top executive.
The Irving, Texas-based steelmaker recorded fiscal 2012 net income of $207.5 million on sales that were roughly flat at $7.8 billion, according to earnings data released Wednesday. In contrast, the company reported a $129.6-million net loss in the prior fiscal year.
The net income figure represents the fifth-best full-year showing in CMC’s nearly 100 years of business, president and chief executive officer Joseph Alvarado said in a statement.....
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