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Steel News October 14, 2021 04:45:19 PM

CMC Announced New Share Repurchase Program

Paul Ploumis
ScrapMonster Author
The program may be suspended, modified, extended or terminated at any time without prior notice, it added.

CMC Announced New Share Repurchase Program

SEATTLE (Scrap Monster): Irving, Texas-headquartered Commercial Metals Company (CMC) announced that its Board of Directors has approved a common stock repurchase program of up to $350 million. The new program will nullify and replace the existing repurchase plan, which is said to have $27 million remaining under its authorization as at end-August this year.

According to company press release, it intends to repurchase shares from time to time for cash, either in open market transactions or in privately-negotiated transactions, in accordance with the applicable federal securities laws. The timing and amount of share repurchases will be determined by the management, after evaluating factors including prevailing market conditions. The program may be suspended, modified, extended or terminated at any time without prior notice, it added.

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Barbara R. Smith, Chairman of the Board, President and Chief Executive Officer said that the announcement reflects a well-balanced capital allocation strategy. Looking ahead, CMC is well-positioned to achieve its key strategic goals and maintaining strong returns, so as to provide attractive cash returns to its shareholders, Smith added.

CMC also declared 17% increase in its quarterly dividend, which will be paid on 10th November, 2021.

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