Intrinsic value of Commercial Metals - CMC

Previous Close

$25.16

  Intrinsic Value

$2.85

stock screener

  Rating & Target

str. sell

-89%

Previous close

$25.16

 
Intrinsic value

$2.85

 
Up/down potential

-89%

 
Rating

str. sell

*Intrinsic value change (in %) minus stock price change (in %) in the past 12 months.

We calculate the intrinsic value of CMC stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Shares outstanding, mln

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2017(a)
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046
   2047

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  9.38
  24.00
  22.10
  20.39
  18.85
  17.47
  16.22
  15.10
  14.09
  13.18
  12.36
  11.62
  10.96
  10.37
  9.83
  9.35
  8.91
  8.52
  8.17
  7.85
  7.57
  7.31
  7.08
  6.87
  6.68
  6.52
  6.36
  6.23
  6.10
  5.99
  5.89
Revenue, $m
  4,570
  5,667
  6,919
  8,330
  9,900
  11,629
  13,516
  15,556
  17,748
  20,087
  22,569
  25,193
  27,955
  30,853
  33,885
  37,053
  40,355
  43,793
  47,371
  51,090
  54,956
  58,973
  63,148
  67,487
  71,997
  76,688
  81,569
  86,649
  91,939
  97,450
  103,194
Variable operating expenses, $m
 
  5,478
  6,687
  8,050
  9,566
  11,236
  13,057
  15,027
  17,143
  19,402
  21,799
  24,326
  26,993
  29,791
  32,719
  35,777
  38,966
  42,286
  45,740
  49,331
  53,064
  56,943
  60,974
  65,164
  69,519
  74,049
  78,761
  83,666
  88,774
  94,095
  99,642
Fixed operating expenses, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total operating expenses, $m
  4,477
  5,478
  6,687
  8,050
  9,566
  11,236
  13,057
  15,027
  17,143
  19,402
  21,799
  24,326
  26,993
  29,791
  32,719
  35,777
  38,966
  42,286
  45,740
  49,331
  53,064
  56,943
  60,974
  65,164
  69,519
  74,049
  78,761
  83,666
  88,774
  94,095
  99,642
Operating income, $m
  93
  189
  232
  280
  334
  394
  459
  529
  604
  685
  770
  867
  962
  1,062
  1,166
  1,275
  1,389
  1,507
  1,631
  1,759
  1,892
  2,030
  2,174
  2,323
  2,478
  2,640
  2,808
  2,983
  3,165
  3,354
  3,552
EBITDA, $m
  218
  340
  415
  499
  594
  697
  810
  933
  1,064
  1,204
  1,353
  1,510
  1,676
  1,850
  2,031
  2,221
  2,419
  2,625
  2,840
  3,063
  3,295
  3,536
  3,786
  4,046
  4,316
  4,598
  4,890
  5,195
  5,512
  5,842
  6,187
Interest expense (income), $m
  66
  56
  82
  112
  146
  183
  224
  269
  318
  370
  426
  485
  547
  613
  682
  754
  830
  908
  990
  1,075
  1,164
  1,256
  1,351
  1,451
  1,554
  1,662
  1,773
  1,889
  2,010
  2,136
  2,267
Earnings before tax, $m
  45
  132
  149
  168
  188
  211
  234
  260
  287
  315
  345
  382
  415
  449
  484
  521
  559
  599
  641
  683
  728
  774
  822
  872
  924
  978
  1,035
  1,093
  1,154
  1,218
  1,285
Tax expense, $m
  12
  36
  40
  45
  51
  57
  63
  70
  77
  85
  93
  103
  112
  121
  131
  141
  151
  162
  173
  185
  197
  209
  222
  235
  250
  264
  279
  295
  312
  329
  347
Net income, $m
  46
  96
  109
  123
  138
  154
  171
  190
  209
  230
  252
  279
  303
  328
  354
  380
  408
  437
  468
  499
  531
  565
  600
  637
  675
  714
  755
  798
  843
  889
  938

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  253
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  2,975
  3,375
  4,121
  4,961
  5,897
  6,926
  8,050
  9,265
  10,570
  11,963
  13,442
  15,005
  16,650
  18,376
  20,182
  22,068
  24,035
  26,083
  28,214
  30,429
  32,731
  35,124
  37,610
  40,195
  42,881
  45,675
  48,582
  51,607
  54,758
  58,040
  61,462
Adjusted assets (=assets-cash), $m
  2,722
  3,375
  4,121
  4,961
  5,897
  6,926
  8,050
  9,265
  10,570
  11,963
  13,442
  15,005
  16,650
  18,376
  20,182
  22,068
  24,035
  26,083
  28,214
  30,429
  32,731
  35,124
  37,610
  40,195
  42,881
  45,675
  48,582
  51,607
  54,758
  58,040
  61,462
Revenue / Adjusted assets
  1.679
  1.679
  1.679
  1.679
  1.679
  1.679
  1.679
  1.679
  1.679
  1.679
  1.679
  1.679
  1.679
  1.679
  1.679
  1.679
  1.679
  1.679
  1.679
  1.679
  1.679
  1.679
  1.679
  1.679
  1.679
  1.679
  1.679
  1.679
  1.679
  1.679
  1.679
Average production assets, $m
  991
  1,230
  1,501
  1,808
  2,148
  2,524
  2,933
  3,376
  3,851
  4,359
  4,898
  5,467
  6,066
  6,695
  7,353
  8,040
  8,757
  9,503
  10,279
  11,087
  11,925
  12,797
  13,703
  14,645
  15,623
  16,641
  17,700
  18,803
  19,951
  21,147
  22,393
Working capital, $m
  1,106
  1,082
  1,322
  1,591
  1,891
  2,221
  2,581
  2,971
  3,390
  3,837
  4,311
  4,812
  5,339
  5,893
  6,472
  7,077
  7,708
  8,365
  9,048
  9,758
  10,497
  11,264
  12,061
  12,890
  13,752
  14,648
  15,580
  16,550
  17,560
  18,613
  19,710
Total debt, $m
  825
  1,178
  1,604
  2,084
  2,618
  3,206
  3,847
  4,541
  5,287
  6,082
  6,927
  7,819
  8,758
  9,744
  10,775
  11,852
  12,975
  14,144
  15,361
  16,626
  17,941
  19,307
  20,727
  22,202
  23,736
  25,331
  26,991
  28,719
  30,518
  32,392
  34,346
Total liabilities, $m
  1,574
  1,927
  2,353
  2,833
  3,367
  3,955
  4,596
  5,290
  6,036
  6,831
  7,676
  8,568
  9,507
  10,493
  11,524
  12,601
  13,724
  14,893
  16,110
  17,375
  18,690
  20,056
  21,476
  22,951
  24,485
  26,080
  27,740
  29,468
  31,267
  33,141
  35,095
Total equity, $m
  1,401
  1,448
  1,768
  2,128
  2,530
  2,971
  3,453
  3,975
  4,535
  5,132
  5,767
  6,437
  7,143
  7,883
  8,658
  9,467
  10,311
  11,190
  12,104
  13,054
  14,042
  15,068
  16,135
  17,243
  18,396
  19,595
  20,842
  22,140
  23,491
  24,899
  26,367
Total liabilities and equity, $m
  2,975
  3,375
  4,121
  4,961
  5,897
  6,926
  8,049
  9,265
  10,571
  11,963
  13,443
  15,005
  16,650
  18,376
  20,182
  22,068
  24,035
  26,083
  28,214
  30,429
  32,732
  35,124
  37,611
  40,194
  42,881
  45,675
  48,582
  51,608
  54,758
  58,040
  61,462
Debt-to-equity ratio
  0.589
  0.810
  0.910
  0.980
  1.030
  1.080
  1.110
  1.140
  1.170
  1.190
  1.200
  1.210
  1.230
  1.240
  1.240
  1.250
  1.260
  1.260
  1.270
  1.270
  1.280
  1.280
  1.280
  1.290
  1.290
  1.290
  1.300
  1.300
  1.300
  1.300
  1.300
Adjusted equity ratio
  0.422
  0.429
  0.429
  0.429
  0.429
  0.429
  0.429
  0.429
  0.429
  0.429
  0.429
  0.429
  0.429
  0.429
  0.429
  0.429
  0.429
  0.429
  0.429
  0.429
  0.429
  0.429
  0.429
  0.429
  0.429
  0.429
  0.429
  0.429
  0.429
  0.429
  0.429

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  46
  96
  109
  123
  138
  154
  171
  190
  209
  230
  252
  279
  303
  328
  354
  380
  408
  437
  468
  499
  531
  565
  600
  637
  675
  714
  755
  798
  843
  889
  938
Depreciation, amort., depletion, $m
  125
  151
  183
  219
  259
  303
  352
  404
  460
  519
  583
  643
  714
  788
  865
  946
  1,030
  1,118
  1,209
  1,304
  1,403
  1,506
  1,612
  1,723
  1,838
  1,958
  2,082
  2,212
  2,347
  2,488
  2,634
Funds from operations, $m
  108
  248
  292
  342
  397
  457
  523
  593
  669
  749
  834
  922
  1,017
  1,115
  1,219
  1,326
  1,439
  1,555
  1,677
  1,803
  1,934
  2,071
  2,212
  2,360
  2,513
  2,672
  2,838
  3,010
  3,190
  3,377
  3,572
Change in working capital, $m
  -66
  209
  239
  269
  300
  330
  360
  390
  419
  447
  474
  501
  527
  553
  579
  605
  631
  657
  683
  710
  738
  767
  797
  829
  862
  896
  932
  970
  1,010
  1,053
  1,097
Cash from operations, $m
  174
  38
  53
  72
  97
  127
  162
  203
  250
  302
  360
  421
  489
  562
  639
  721
  808
  899
  994
  1,093
  1,196
  1,303
  1,415
  1,531
  1,651
  1,776
  1,905
  2,040
  2,180
  2,324
  2,475
Maintenance CAPEX, $m
  0
  -117
  -145
  -177
  -213
  -253
  -297
  -345
  -397
  -453
  -513
  -576
  -643
  -714
  -788
  -865
  -946
  -1,030
  -1,118
  -1,209
  -1,304
  -1,403
  -1,506
  -1,612
  -1,723
  -1,838
  -1,958
  -2,082
  -2,212
  -2,347
  -2,488
New CAPEX, $m
  -213
  -239
  -272
  -306
  -341
  -375
  -409
  -443
  -476
  -508
  -539
  -569
  -599
  -629
  -658
  -687
  -717
  -746
  -776
  -807
  -839
  -872
  -906
  -942
  -979
  -1,018
  -1,059
  -1,102
  -1,148
  -1,196
  -1,247
Cash from investing activities, $m
  -114
  -356
  -417
  -483
  -554
  -628
  -706
  -788
  -873
  -961
  -1,052
  -1,145
  -1,242
  -1,343
  -1,446
  -1,552
  -1,663
  -1,776
  -1,894
  -2,016
  -2,143
  -2,275
  -2,412
  -2,554
  -2,702
  -2,856
  -3,017
  -3,184
  -3,360
  -3,543
  -3,735
Free cash flow, $m
  60
  -317
  -364
  -410
  -457
  -501
  -544
  -584
  -623
  -658
  -692
  -724
  -753
  -781
  -806
  -831
  -855
  -878
  -901
  -924
  -947
  -971
  -996
  -1,023
  -1,051
  -1,080
  -1,111
  -1,145
  -1,180
  -1,219
  -1,259
Issuance/(repayment) of debt, $m
  -236
  372
  426
  480
  534
  588
  641
  694
  745
  795
  844
  892
  939
  986
  1,031
  1,077
  1,123
  1,169
  1,217
  1,265
  1,315
  1,366
  1,420
  1,476
  1,534
  1,595
  1,660
  1,728
  1,799
  1,874
  1,954
Issuance/(repurchase) of shares, $m
  -6
  184
  211
  238
  264
  288
  311
  332
  351
  368
  383
  391
  403
  413
  421
  429
  435
  441
  446
  451
  456
  461
  466
  472
  478
  484
  492
  500
  509
  519
  530
Cash from financing (excl. dividends), $m  
  -268
  556
  637
  718
  798
  876
  952
  1,026
  1,096
  1,163
  1,227
  1,283
  1,342
  1,399
  1,452
  1,506
  1,558
  1,610
  1,663
  1,716
  1,771
  1,827
  1,886
  1,948
  2,012
  2,079
  2,152
  2,228
  2,308
  2,393
  2,484
Total cash flow (excl. dividends), $m
  -209
  240
  273
  307
  341
  375
  408
  441
  474
  505
  536
  559
  589
  618
  646
  675
  704
  733
  762
  793
  824
  856
  890
  925
  961
  1,000
  1,040
  1,083
  1,127
  1,175
  1,224
Retained Cash Flow (-), $m
  -34
  -281
  -320
  -360
  -401
  -442
  -482
  -521
  -560
  -598
  -634
  -670
  -706
  -740
  -775
  -809
  -844
  -879
  -914
  -950
  -988
  -1,026
  -1,067
  -1,109
  -1,153
  -1,199
  -1,247
  -1,298
  -1,352
  -1,408
  -1,468
Prev. year cash balance distribution, $m
 
  234
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
 
  193
  -47
  -53
  -60
  -67
  -73
  -80
  -86
  -93
  -99
  -111
  -117
  -123
  -129
  -134
  -140
  -146
  -152
  -158
  -164
  -170
  -177
  -184
  -191
  -199
  -207
  -215
  -224
  -234
  -243
Discount rate, %
 
  5.10
  5.36
  5.62
  5.90
  6.20
  6.51
  6.83
  7.18
  7.54
  7.91
  8.31
  8.72
  9.16
  9.62
  10.10
  10.60
  11.13
  11.69
  12.27
  12.89
  13.53
  14.21
  14.92
  15.66
  16.45
  17.27
  18.13
  19.04
  19.99
  20.99
PV of cash for distribution, $m
 
  183
  -42
  -45
  -48
  -49
  -50
  -50
  -50
  -48
  -46
  -46
  -43
  -39
  -36
  -32
  -28
  -24
  -21
  -17
  -15
  -12
  -10
  -8
  -6
  -4
  -3
  -2
  -2
  -1
  -1
Current shareholders' claim on cash, %
  100
  93.0
  87.0
  81.8
  77.2
  73.3
  69.8
  66.8
  64.1
  61.7
  59.6
  57.7
  56.1
  54.6
  53.2
  52.0
  50.9
  49.9
  48.9
  48.1
  47.3
  46.6
  45.9
  45.3
  44.7
  44.1
  43.6
  43.1
  42.7
  42.2
  41.8

Commercial Metals Company, together with its subsidiaries, manufactures, recycles and markets steel and metal products, related materials and services through a network. The Company's Americas Recycling segment processes scrap metals for use as a raw material by manufacturers of new metal products. The Americas Mills segment consists of steel mills, commonly referred to as minimills that produce reinforcing bar (rebar), angles, flats and rounds. Its Americas Fabrication segment consists of its steel fabrication facilities that bend, weld, cut and fabricate steel, primarily rebar. Its International Mill segment consists of its mill, recycling and fabrication operations located in Poland. Its International Marketing and Distribution segment includes international operations for the sales, distribution and processing of primary and secondary metals, fabricated metals, semi-finished, long and flat steel products, and other industrial products.

FINANCIAL RATIOS  of  Commercial Metals (CMC)

Valuation Ratios
P/E Ratio 63.3
Price to Sales 0.6
Price to Book 2.1
Price to Tangible Book
Price to Cash Flow 16.7
Price to Free Cash Flow -74.7
Growth Rates
Sales Growth Rate 9.4%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 30.7%
Cap. Spend. - 3 Yr. Gr. Rate 15.9%
Financial Strength
Quick Ratio 13
Current Ratio 0.2
LT Debt to Equity 57.5%
Total Debt to Equity 58.9%
Interest Coverage 2
Management Effectiveness
Return On Assets 3.1%
Ret/ On Assets - 3 Yr. Avg. 3.5%
Return On Total Capital 2%
Ret/ On T. Cap. - 3 Yr. Avg. 2.4%
Return On Equity 3.3%
Return On Equity - 3 Yr. Avg. 4.4%
Asset Turnover 1.5
Profitability Ratios
Gross Margin 12.2%
Gross Margin - 3 Yr. Avg. 12.4%
EBITDA Margin 5.2%
EBITDA Margin - 3 Yr. Avg. 5.8%
Operating Margin 2%
Oper. Margin - 3 Yr. Avg. 2.9%
Pre-Tax Margin 1%
Pre-Tax Margin - 3 Yr. Avg. 1.5%
Net Profit Margin 1%
Net Profit Margin - 3 Yr. Avg. 1.3%
Effective Tax Rate 26.7%
Eff/ Tax Rate - 3 Yr. Avg. 25.7%
Payout Ratio 121.7%

CMC stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the CMC stock intrinsic value calculation we used $4570 million for the last fiscal year's total revenue generated by Commercial Metals. The default revenue input number comes from 2017 income statement of Commercial Metals. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our CMC stock valuation model: a) initial revenue growth rate of 24% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 5.1%, whose default value for CMC is calculated based on our internal credit rating of Commercial Metals, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Commercial Metals.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of CMC stock the variable cost ratio is equal to 96.7%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 million in the base year in the intrinsic value calculation for CMC stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 7% for Commercial Metals.

Corporate tax rate of 27% is the nominal tax rate for Commercial Metals. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the CMC stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for CMC are equal to 21.7%.

Life of production assets of 8.5 years is the average useful life of capital assets used in Commercial Metals operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for CMC is equal to 19.1%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $1401 million for Commercial Metals - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 117.261 million for Commercial Metals is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Commercial Metals at the current share price and the inputted number of shares is $3.0 billion.

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COMPANY NEWS

▶ Industry expert calls Jax steel mill a 'good bet'   [Jan-05-18 03:00PM  American City Business Journals]
▶ 3 Stocks Move Wednesday   [Jan-03-18 03:37PM  GuruFocus.com]
▶ Stock of Irving company skyrockets after $600M purchase   [01:50PM  American City Business Journals]
▶ Commercial Metals beats Street 1Q forecasts   [06:59AM  Associated Press]
▶ Stocks Showing Improved Relative Strength: Commercial Metals   [03:00AM  Investor's Business Daily]
▶ Why Commercial Metals Company Stock Just Jumped 7%   [Jan-02-18 05:36PM  Motley Fool]
▶ Jacksonville's Gerdau steel mill changes hands   [03:55PM  American City Business Journals]
▶ Commercial Metals Company Names Barbara Smith Chairman   [Nov-27-17 04:10PM  PR Newswire]
▶ Weekly Update: US Steel Stocks Lost Momentum Last Week   [Oct-30-17 03:13PM  Market Realist]
▶ Commercial Metals reports 4Q loss   [08:16AM  Associated Press]
▶ Going From Bullish to Bearish, or Vice Versa   [Oct-23-17 01:00PM  TheStreet.com]
▶ Nucor: S&P 500s Top Gainer on October 11   [08:38AM  Market Realist]
▶ The Hot Stock: Nucor Gains 3.6%   [Oct-11-17 04:39PM  Barrons.com]
▶ New Strong Sell Stocks for October 9th   [Oct-09-17 07:45AM  Zacks]
▶ What Analysts Recommend for Commercial Metals Company   [Oct-04-17 10:38AM  Market Realist]
▶ Is the US Steel Market Getting Dislocated?   [Sep-21-17 03:06PM  Market Realist]
Financial statements of CMC
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