CMC Posted Robust Demand for Finished Steel Products in Q2 FY24

SEATTLE (Scrap Monster): Irving, Texas-headquartered Commercial Metals Company (CMC) announced results for second quarter fiscal 2024 ended February 29, 2024.

The company reported net earnings of $85.8 million, or $0.73 per diluted share during the quarter. This compares with prior year period net earnings of $179.8 million, or $1.51 per diluted share. The net sales reported decline from$2.0 billion a year before to $1.8 billion in Q2 FY24. The Q2 adjusted earnings were $103.1 million, or $0.88 per diluted share, compared to adjusted earnings of $171.3 million, or $1.44 per diluted share, in the prior year period. 

The demand for CMC’s finished steel products continued to remain healthy in North America during the quarter, witnessing a rise by 3.6% over the prior year quarter. The North America Steel Group rebar shipments surged higher by 4.9% year-on-year.  The European long-steel consumption remained below historic levels despite improvement in European market conditions during the quarter.

Peter Matt, President and Chief Executive Officer noted that the company generated historically strong financial results despite seasonal weakness and challenging weather conditions in several regions. The core EBITDA as well as core EBITDA margins remained well above long-term averages, he added.