Construction Sectors Boost Commercial Metals' Earnings

Commercial Metals Co. achieved a strong second quarter in its 2021 fiscal year despite a challenging period beset by rising scrap costs and weather disruptions. Earnings from continuing operations totaled $66.2 million on net sales of $1.6 billion. Shipments of finished steel totaled 1.44 million tons, the steelmaker reported.

CMC Chairman, President and CEO Barbara Smith said core market activity is strong in both infrastructure and residential construction. Vaccines and rollback of coronavirus restrictions are boosting confidence in the construction industry. Bid activity increased in the second quarter, both sequentially and year-over-year, and the rate of awards has stabilized backlogs to healthy levels to support future volumes.