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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