Commercial Metals Company (NYSE:CMC) reported that the firm will invest in a second spooler to make hot-rolled, spooled rebar at its mill in Mesa. This investment comes in addition to the earlier announcement of the first spooler in the U.S., which will be based at the firm’s new micro mill in Durant. The firm anticipates to start shipping spooled rebar from the mill in Oklahoma next year and from the Arizona mill in 2019.
Tracy Porter, the EVP of Commercial Metals, expressed that they are thrilled to expand their production proficiencies of spooled rebar in the U.S. The ability to make and offer spooled rebar from both Arizona and Oklahoma will enable them to reach a larger geographic segment. The micro mill know-how advances itself well to production of spooled rebar and enable them to provide spools from 1.5 tons to 4.8 tons. The company remains dedicated to servicing and supporting the concrete reinforcing market with innovative and new products.
Commercial Metals and its subsidiary firms manufacture, market and recycle metal and steel products, related services and materials via a network including four “EAF” mini mills, a rerolling mill, an EAF Micro mill, steel processing and fabrication plants, construction-linked product warehouses, metal recycling services and distribution and marketing offices in the U.S. and in strategic global markets.
In unrelated news, Commercial Metals reported that Barbara Smith, the Chief Executive Officer and President, will become the Board Chairman, effective January 11, 2018. Smith has served as a director of company since her promotion to CEO on September 1, 2017. Joseph Alvarado, the current Chairman of Commercial Metals, will be retiring from the company’s Board. Richard Kelson will continue to serve as the Lead Director of company.
Mr. Kelson expressed that the Board’s decision to engage Smith as Chairman is an outcome of her leadership and notable contributions to the firm’s financial and operating performance since joining the firm in 2011.