Commercial Metals Company Completes Acquisition of Certain U.S. Rebar Assets from Gerdau
Company Press Release
Commercial Metals Company (“Commercial Metals”), announced it has completed the acquisition of 33 rebar fabrication facilities in the United States, as well as steel mills located in Knoxville, Tennessee; Jacksonville, Florida; Sayreville, New Jersey and Rancho Cucamonga, California from Gerdau S.A., a producer of long and specialty steel products in the Americas for a cash purchase price of $600 million, subject to customary purchase price adjustments.
“I am thrilled to welcome the approximately 3,200 employees of these operations to Commercial Metals Company,” said Barbara Smith, Chairman of the Board, President, and Chief Executive Officer of Commercial Metals. “The successful completion of the transaction represents an important step in our strategy to be the leading concrete reinforcing specialist as well as a significant provider of merchant and wire rod products. With our expanded geographic footprint and added operational flexibility, this transaction supports our vertically integrated steel making model and will leverage our existing rebar manufacturing technology and customer service core competencies.”
About Commercial Metals Company
Commercial Metals Company and its subsidiaries manufacture, recycle and market steel and metal products, related materials and services through a network of facilities that includes eight electric arc furnace (“EAF”) mini mills, two EAF micro mills, a rerolling mill, steel fabrication and processing plants, construction-related product warehouses, and metal recycling facilities in the United States and Poland.
Susan Gerber – (214) 689-4300
Source: Commercial Metals Company