CMCZ hit hard by European economic crisis: executives
Oct 25, 2012 | 10:35 AM
| Michael Cowden
Tags
Commercial Metals,
CMC,
Joseph Alvarado,
Barbara Smith,
CMCZ,
Zawiercie mill,
Poland mill,
European economic crisis
earnings results
CHICAGO — The Zawiercie, Poland, steel mill of Commercial Metals Co. (CMC) is feeling the squeeze of the European economic crisis, according to company executives.
"For a long time, we had talked about the eurozone being a stable market for us and (about how) in Poland we hadn’t been impacted," CMC president and chief executive officer Joseph Alvarado said during a conference call with analysts Wednesday.
"In Poland, it finally did impact us," Alvarado conceded.
CMC Zawiercie SA (CMCZ), the Irving, Texas-based steelmaker’s Polish subsidiary, saw adjusted operating income drop to $5.4 million in its fiscal fourth quarter ended Aug. 31, down 63 percent from an adjusted operating profit of $14.6 million in the year-ago quarter, CMC chief financial officer Barbara Smith said. The drop in operating income came even as sales volumes increased, largely thanks to spot billet sales, she said.....
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