June 2009 -- Commercial Metals Co. (CMC) reported a net loss of $35.3 million, or 32 cents per share, on net sales of $1.6 billion for the quarter ended Feb. 28. The results compare with net earnings of $39.8 million, or 34 cents per diluted share, on net sales of $2.3 billion for last year's second quarter.
"The deterioration of global steel markets continued during the quarter, reaching Eastern and Central Europe and Australia, our last markets of relative strength," Chairman, President and CEO Murray McClean said. "Volumes, pricing and margins all declined from the first quarter as destocking continued and demand remained weak. China had a bit of a false start as inventory built at stockists and distributors in anticipation of improving demand after the Chinese New Year, which did not materialize. Only our Americas Mills and Americas Fabrication and Distribution segments fared better this quarter than the comparable second quarter of last year."
On a positive note, the Steel Manufacturers Association named CMC Steel Alabama the safest steel mill in North America in 2008, marking the seventh year in a row that a CMC mill has won the award.
