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Steel News October 02, 2020 05:40:56 PM

Commercial Metals Company Announces Revision to Reporting Structure

Paul Ploumis
ScrapMonster Author
The announced realignment will not have any impact on CMC’s previously announced consolidated results.
Commercial Metals Company Announces Revision to Reporting Structure

SEATTLE (Scrap Monster): Irving, Texas-based Commercial Metals Company (CMC) announced its decision to realign its reporting structure effective fourth quarter of fiscal 2020. The operating structure will include two new segments- North America and Europe, said the company press release.

The North American segment comprises of the company’s former Americas Recycling, Americas Mills, and Americas Fabrication business segments. Europe segment will have no other changes apart from inclusion of its former International Mill segment. Also, the company will continue to report Corporate and Eliminations separately from operating segments.

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The decision to realign the structure is mainly to reflect its vertically operating model in North America and the changes to its operating model and geographic footprint following the full integration of the rebar assets acquired in fiscal 2019 into its North America operations. The announced realignment will not have any impact on CMC’s previously announced consolidated results.

Commenting on the decision, Barbara R. Smith, Chairman of the Board, President and CEO noted that the realigned reporting structure would provide better insight into how the company creates value. In addition, it better reflects the economics of its vertically integrated operations.