DURANT, Okla., April 29, 2016 /PRNewswire/ -- Today,
Commercial Metals Company (NYSE: CMC), state, federal and local
officials and their honored guests gathered for a groundbreaking
ceremony marking the start of construction of CMC's second
technologically advanced micro mill which will be located in
Durant, OK.
Joe Alvarado, Chairman of the
Board, President and CEO of CMC, said, "This event marks another
historic day for CMC, the State of
Oklahoma, and the City of Durant. We believe the
addition of a second micro mill to CMC's portfolio of highly
efficient and customer focused production facilities will open new
market opportunities and enhance CMC's position as a leading
supplier of long products in the U.S. market. Today would not have
been possible without the support of the State of Oklahoma and the City of Durant and we look forward to many
years of a very successful relationship."
"This groundbreaking represents how local, state and tribal
partnerships can bring together various entities to achieve great
things for the State of Oklahoma,"
said Governor Mary Fallin. "Not only
will this mill produce high quality steel products that can be used
by many Oklahoma industries, it
will bring quality jobs to the Durant area, providing great opportunities for
Oklahomans and further diversifying our economy."
CMC's innovative micro mill technology uses a
continuous-continuous manufacturing process that melts, casts and
rolls steel from a single uninterrupted strand, producing higher
yields and lower energy consumption than the traditional minimill
process. The Oklahoma micro
mill is expected to create approximately 300 jobs in the
Durant area.
CMC expects the new Durant
micro mill to be commissioned in the fall of 2017.
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
the Company's expectations relating to its operations in
Oklahoma, U.S. construction
activity, economic conditions, and the Company's operating plans
and future financial results and the impact of operational changes
on the Company's customers. These forward-looking statements
generally can be identified by phrases such as we, CMC or its
management "expects," "anticipates," "believes," "estimates,"
"intends," "plans to," "ought," "could," "will," "should,"
"likely," "appears" or other similar words or phrases. There are
inherent risks and uncertainties in any forward-looking statements.
Although we believe that our expectations are reasonable, we can
give no assurance that these expectations will prove to have been
correct, and actual results may vary materially, including as a
result of the effects of the risk factors described in the
Company's annual report on Form 10-K filed with the U.S. Securities
and Exchange Commission on October
30, 2015. Except as required by law, the Company
undertakes no obligation to update, amend or clarify any
forward-looking statements to reflect changed assumptions, the
occurrence of anticipated or unanticipated events, new information
or circumstances or otherwise.
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SOURCE Commercial Metals Company