CMC bullish on domestic construction
Mar 28, 2013 | 03:25 PM
| Samuel Frizell
NEW YORK Commercial Metals Co. (CMC) expects to see a profitable fiscal third quarter as the domestic construction market picks up and demand for rebar and structural products improves, president and chief executive officer Joseph Alvarado said on a company earnings call.
Our domestic mills should experience improved volumes entering the construction season, Alvarado told investors. We remain encouraged about construction markets.
Certain regional markets have already begun to pick up, Alvarado said, with rebar shipments improving over the last year due in part to new building in California, Florida and Texas. Another auspicious sign is that the Architecture Billings Index (ABI), a leading indicator of residential construction, was positive for the seventh consecutive month in February. Our rebar shipments continue to gain momentum when compared with the prior year, signaling an emerging construction recovery, Alvarado said. ....
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