Commercial Metals Company Closes Agreement for the Purchase and Sale of Assets with Newell Recycling of San Antonio, LP
IRVING, Texas, June 17, 2014 /PRNewswire/ -- Commercial Metals Company (NYSE: CMC) announced today that on June 13, 2014, Commercial Metals Company, through its wholly-owned subsidiary, Structural Metals, Inc. (collectively, "CMC"), completed the transaction for the purchase of substantially all of the assets of Newell Recycling of San Antonio, LP ("Newell Recycling") located at 726 Probandt Street San Antonio, Texas, pursuant to a definitive Agreement for the Purchase and Sale of Assets by and among CMC, Newell Recycling and John R. Newell. As noted in the prior release dated May 29, 2014, Newell Limited retains the Media Plant operation located at the site, as well as the shredder operations of Newell Recycling in Eagle Pass, Texas.
This acquisition of the assets of Newell Recycling continues the vertical integration of CMC by providing raw materials for its CMC Steel Texas location, establishes a larger recycling presence in San Antonio, Texas, and provides an opportunity for continued growth of our recycling operations in the Central Texas Area.
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.
This news release contains forward-looking statements regarding CMC's expectations relating to CMC's future results and CMC's operating plans. 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. Except as required by law, CMC undertakes no obligation to update, amend or clarify any forward-looking statements to reflect events, new information or otherwise.
Actual results may differ materially from those projected as a result of certain risks and uncertainties, including, but not limited to, the following: absence of global economic recovery or possible recession relapse and the pace of overall global economic activity; construction activity or lack thereof; decisions by governments affecting the level of steel imports, including tariffs and duties; difficulties or delays in the execution of construction contracts resulting in cost overruns or contract disputes; metals pricing over which CMC exerts little influence; increased capacity and product availability from competing steel minimills and other steel suppliers, including import quantities and pricing; execution of cost reduction strategies; industry consolidation or changes in production capacity or utilization; currency fluctuations; availability and pricing of raw materials, including scrap metal, energy, insurance and supply prices; passage of new, or interpretation of existing, environmental laws and regulations; and those factors listed under Item 1A "Risk Factors" included in our Annual Report on Form 10-K for the fiscal year ended August 31, 2013.
SOURCE Commercial Metals Company