Commercial Metals Company Announces Changes to Segment Reporting
Commercial Metals Company (“CMC” or the “Company”) announced that beginning with its fourth quarter of fiscal 2020, the Company realigned its reporting structure to include two operating segments: North America and Europe.
– North America comprises the Company’s former Americas Recycling, Americas Mills, and Americas Fabrication business segments.
– Europe comprises the Company’s former International Mill segment, with no other changes.
– Corporate and Eliminations will continue to be reported separately from operating segments.
The decision to realign CMC’s operating segment structure was made to reflect: (i) its vertically integrated operating model in North America, which is now supported by a National Sales, Inventory and Operations Planning function created in fiscal 2020, (ii) changes to its operating model and geographic footprint following the full integration of the rebar assets acquired in fiscal 2019 into its North America operations, and (iii) the way management now uses the integrated North America data to manage the business, assess performance, and allocate resources.
Operational and financial statistics for fiscal years 2020 and 2019 can be found on pages 2 and 3 of this release. The announced realignment impacts only the Company’s segment reporting, and results in no change in CMC’s previously reported consolidated results.
Barbara R. Smith, Chairman of the Board, President and Chief Executive Officer, said, “We believe our realigned reporting structure better reflects the way we manage our company and the economics of our vertically integrated operations, giving better insight into how CMC creates value.”
For additional resources outlining the announced changes, as well as definitions related to our restated operational statistics, please follow this link (https://ir.cmc.com/ir-toolkit), or visit our Investor Relations website at cmc.com/investors.
For the full release, click here.
About Commercial Metals Company
Commercial Metals Company and its subsidiaries manufacture, recycle and fabricate steel and metal products, related materials and services through a network of facilities that includes seven electric arc furnace (“EAF”) mini mills, two EAF micro mills, two rerolling mills, steel fabrication and processing plants, construction-related product warehouses, and metal recycling facilities in the U.S. and Poland.
Susan Gerber – Media Contact – (214) 689-4300
Source: Commercial Metals Company