IRVING, Texas, March 14, 2014 /PRNewswire/ -- Commercial
Metals Company (NYSE: CMC) today announced that it has reached
final settlement in the Standard Iron Works v. Arcelor Mittal et
al. lawsuit in the amount of approximately $4 million, which the Company estimates is less
than the anticipated cost to the Company of continuing to defend
the lawsuit. The class action litigation, filed in
September 2008 on behalf of the
direct purchasers of steel products, alleged violation of the
federal antitrust laws by eight U.S. steel producers through
allegedly concerted restrictions on production. Commercial
Metals Company has denied from the outset any and all wrongdoing in
connection with the claims that have or could have been alleged
against the Company in the lawsuit, and the agreed upon settlement
contains no admission of liability from the Company. The
settlement requires preliminary and final approval by the Court,
which the Company anticipates it will receive. Despite the
Company's belief, after extensive discovery and investigation of
the facts, that the claims lack merit and that it has full and
complete defenses to all of the claims asserted against it, the
Company agreed to enter into the settlement to avoid further
expense, inconvenience, and distraction of burdensome and
protracted litigation.
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 including steel minimills, steel
fabrication and processing plants, construction-related product
warehouses, metal recycling facilities and marketing and
distribution offices in the United
States and in strategic international markets.
Forward-Looking Statements
This news release contains forward-looking statements regarding
litigation costs and the settlement of the antitrust class action
lawsuit. These forward-looking statements generally can be
identified by phrases such as we, the Company or its management
"expects," "anticipates," "believes," "estimates," "intends,"
"plans to," "ought," "could," "will," "should," "likely,"
"appears," "projects," "forecasts," "outlook," or other similar
words or phrases. There are inherent risks and uncertainties in any
forward-looking statements. Variances will occur and some could be
materially different from our current opinion. Except as
required by law, the Company undertakes no obligation to update,
amend or clarify any forward-looking statements to reflect events,
new information or otherwise.
SOURCE Commercial Metals Company