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IRVING, Texas, Sept. 15, 2022 /PRNewswire/ — Commercial Metals Company (NYSE: CMC) (“CMC”) today announced that, as part of its strategic expansion into the western United States, it has acquired Advanced Steel Recovery, LLC (ASR), a leading supplier of recycled ferrous metals in Southern California. ASR’s core business includes processing and brokerage functions that successfully download appliances for sale in domestic and export markets. ASR processes approximately 300,000 tons of scrap consistent with the year in its processing, trading collection platforms and brokerage.
“The acquisition of ASR is a key strategic step in supporting CMC’s expansion in the western United States,” said Barbara Smith, President and Chief Executive Officer. “Our Arizona 2 microplant is still on track to begin in early 2023. , and with the beginning of operations, the need for a safe and cost-effective source of scrap arises. ASR’s features will help ensure CMC’s two world-class plants in Arizona have reliable and uninterrupted access to important raw materials. . “
About Commercial Metals Company Commercial Metals Company and its subsidiaries manufacture, recycle and manufacture metal and metal products and supply fabrics and the like through a service network that includes seven mini electric arc furnace (“EAF”) plants, two EAF microplants, a relamination plant, metal production and processing plants, warehouses of similar products for construction and metal recycling services in the United States and Poland. Through its Tensar division, CMC is a leading global provider of state-of-the-art soil and soil stabilization solutions, sold in more than 80 domestic markets through its two main product lines: Tensar geogrids® and Geopier® base systems.
Forward-Looking StatementsThis press release includes forward-looking statements within the meaning of federal securities legislation relating to ASR’s operations, the expected timeline for the commissioning of the Arizona 2 microplant, and the source of uncooked fabrics for our Arizona plants. The statements contained in this press release, which are not old statements, are forward-looking statements. These forward-looking statements may be known through expressions such as we or our control “believe”, “will” or other similar words or expressions, as well as through discussions of strategy, plans or intentions.
Our forward-looking statements are based on control expectations and ideals at the time of writing this press release. Although we believe our expectations are reasonable, we cannot assure you that those expectations will prove to be correct and actual effects are likely to vary materially. Except as required by law, we undertake no legal responsibility to update, modify or explain any forward-looking statements to reflect superseded assumptions, the occurrence of expected or unforeseen events, new data or cases, or any other supersession. Important items that may also cause actual effects to differ materially from our expectations come with those described in our filings with the Securities and Exchange Commission, which add, among others, Part I, Item 1A, “Risk Factors” of our Annual Report on Form 10-K for the year ended August 31, 2021, and Part II, Item IA, “Risk Factors” of our upcoming Quarterly Reports on Form 10-Q, in combination with the following: adjustments in economic situations that have effects on the demand for our products or design activity in general, and the effect of said adjustments on the highly cyclical metallurgical industry; immediate and significant adjustments in metal values, which could have adverse effects on our share price due to declining raw material values or decrease the earning capacity of our downstream contracts due to emerging values of raw Materials; the effects of COVID-19 on the economy, our products, the global supply chain and in our operations require, adding government responses to COVID-19 and the effects of various vaccines against COVID-19; excess capacity in our industry, specifically in China, and the availability of products from competing generators and other metal suppliers, adding import amounts and values; the impact of the Russian invasion of Ukraine on the global economy, energy supply and raw materials, which is doubtful but may also have an adverse effect on our business and operations; compliance with and adjustments to existing and long-term legislation, regulations and other legal needs and court orders that govern our business, adding expanding environmental regulations related to climate substitution and greenhouse gas emissions; participation in various environmental issues that could result in fines, consequences or lawsuits; advances in the generation of remediation, adaptations in the regulations, prospective contributions from third parties, doubts inherent in the estimation procedure and other points that possibly have an effect on the amounts to be paid for environmental damage; prospective limitations to our capacities or those of our consumers to access credits and breach of their contrary legal responsibilities, adding legal payment responsibilities; percentage of repurchase activity of our shares not unusual under our repurchase program; the clauses and monetary restrictions on the operation of our business involved in the agreements that govern our indebtedness; our ability to effectively identify, complete and integrate acquisitions and realize some or all of the expected synergies or other benefits of the acquisitions; the possible effects of acquisitions on our monetary leverage; threats related to acquisitions generally, such as inability to discharge or delays in discharging approvals required under applicable antitrust laws and other regulatory and third-party approvals; operational and start-up threats, as well as market threats related to the start-up of new projects, can also prevent us from knowing the expected benefits and can also result in the loss of all or a really large part of our investments ; lower-than-expected long-term benefit rates and higher-than-expected long-term charges; failure or inability to put expansion methods into effect in a timely manner; have an effect on goodwill impairment charges; have an effect on long-lived asset impairment charges; currency fluctuations; global points, such as industry actions, military conflicts and political doubts, adding adjustments in applicable industry regulations, such as Section 232 industry quota and value lists, tax legislation and other regulations that could have a adverse effect on our business; availability and pricing of electricity, electrodes and herbal fuel for plant operations; the ability to hire and retain key executives and other employees; festival of other fabrics or competition that have a lower charge design or access to higher monetary resources; data generation interruptions and security breaches; the ability to make mandatory capital expenditures; the availability and value of raw fabrics and other parts over which we have little control, adding scrap, energy and insurance; unforeseen appliance failures; limited prospective gains or losses from hedging transactions; claims and litigation settlements, court decisions, regulatory rulings and threats of legal enforcement; threat of injury or death to employees, consumers or other visitors to our operations; and civil unrest, demonstrations, and riots.
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SOURCE Metallurgical company