IRVING, Texas, Sept. 30, 2021 /PRNewswire/ — Commercial Metals Company (NYSE: CMC) announced today that it has signed an agreement to sell the land underlying its former Steel California and Rebar Etiwanda operations, located in Rancho Cucamonga, 40 miles east of Los Angeles. Steel California’s operations ceased in December 2020, and consumers of its Rebar Etiwanda operations will be served from other CMC production sites. The site will be reused for other commercial uses.
Gross proceeds from the sale will total approximately $300 million and will be used to offset the charge for the Company’s new Arizona 2 microplant, which is expected to enter service at the time of fiscal 2023. Timing of the fiscal year quarter of 2022 and is the subject of acquisition of value adjustments. The end of the sale transaction is also subject to a standard due diligence review period as well as standard final conditions.
About Commercial Metals Company
Commercial Metals Company and its subsidiaries manufacture, recycle and manufacture metals and metal products, similar fabrics and through a service network that includes seven mini arc electric furnace (“EAF”) plants, two EAF microplants, a rolling mill, metal production and processing plants, construction-like product warehouses and metal recycling services in the United States and Poland.
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SOURCE from Commercial Metals Company