Steel Mills
October 15, 2020
CMC Weathers Storms for Strong Fiscal Year
Written by Sandy Williams
Resilient construction demand enabled Commercial Metals Company to weather the COVID-19 crisis without disruption to productivity. CMC’s fourth-quarter FY 2020 earnings totaled $67.8 million, a 6.5 percent increase from the third quarter. Consolidated net sales totaled $1.4 billion, with sequential increases in both the North America and Europe segments. Net sales for the year reached $5.4 billion and earnings $278 million compared to a profit of $199 million in FY 2019
Inclement weather added to challenges for the quarter. Shutdowns due to hurricanes in Louisiana and Texas resulted in disruptions at CMC and customer operations. “You prepare and shut down the day before the storm comes, you are down and then you have to restart. You lose 3-4 days in a particular region and it is hard in a 90-day time frame to make up those shipments,” said Chairman, President and CEO Barbara Smith.
