Intrinsic value of Commercial Metals - CMC

Previous Close

$19.50

  Intrinsic Value

$2.85

stock screener

  Rating & Target

str. sell

-85%

Previous close

$19.50

 
Intrinsic value

$2.85

 
Up/down potential

-85%

 
Rating

str. sell

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

Revenue (in 0001), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 2.3

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   2
   3
   4
   5
   6
   7
   8
   9
   10
   11
   12
   13
   14
   15
   16
   17
   18
   19
   20
   21
   22
   23
   24
   25
   26
   27
   28
   29
   30
   31

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  15.30
  14.27
  13.34
  12.51
  11.76
  11.08
  10.47
  9.93
  9.43
  8.99
  8.59
  8.23
  7.91
  7.62
  7.36
  7.12
  6.91
  6.72
  6.55
  6.39
  6.25
  6.13
  6.01
  5.91
  5.82
  5.74
  5.67
  5.60
  5.54
  5.49
Revenue, $m
  5,269
  6,021
  6,824
  7,678
  8,580
  9,531
  10,530
  11,575
  12,667
  13,805
  14,992
  16,226
  17,509
  18,843
  20,229
  21,669
  23,166
  24,723
  26,341
  28,025
  29,777
  31,601
  33,502
  35,483
  37,548
  39,703
  41,953
  44,302
  46,756
  49,320
Variable operating expenses, $m
  5,089
  5,814
  6,589
  7,412
  8,283
  9,200
  10,163
  11,171
  12,225
  13,323
  14,461
  15,651
  16,889
  18,175
  19,512
  20,902
  22,346
  23,847
  25,408
  27,032
  28,722
  30,482
  32,315
  34,226
  36,218
  38,297
  40,467
  42,733
  45,100
  47,573
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
  5,089
  5,814
  6,589
  7,412
  8,283
  9,200
  10,163
  11,171
  12,225
  13,323
  14,461
  15,651
  16,889
  18,175
  19,512
  20,902
  22,346
  23,847
  25,408
  27,032
  28,722
  30,482
  32,315
  34,226
  36,218
  38,297
  40,467
  42,733
  45,100
  47,573
Operating income, $m
  180
  207
  235
  265
  297
  331
  366
  403
  442
  483
  531
  575
  620
  667
  717
  768
  821
  876
  933
  993
  1,055
  1,119
  1,187
  1,257
  1,330
  1,406
  1,486
  1,569
  1,656
  1,747
EBITDA, $m
  326
  373
  423
  475
  531
  590
  652
  717
  784
  855
  928
  1,005
  1,084
  1,167
  1,253
  1,342
  1,435
  1,531
  1,631
  1,735
  1,844
  1,957
  2,075
  2,197
  2,325
  2,459
  2,598
  2,743
  2,895
  3,054
Interest expense (income), $m
  66
  45
  58
  71
  86
  102
  119
  137
  155
  175
  195
  216
  238
  261
  285
  310
  336
  363
  390
  419
  449
  481
  513
  547
  583
  619
  658
  698
  740
  783
  829
Earnings before tax, $m
  136
  149
  164
  179
  195
  212
  230
  248
  267
  287
  315
  336
  359
  382
  407
  432
  458
  485
  514
  543
  574
  606
  639
  674
  711
  748
  788
  829
  873
  918
Tax expense, $m
  37
  40
  44
  48
  53
  57
  62
  67
  72
  78
  85
  91
  97
  103
  110
  117
  124
  131
  139
  147
  155
  164
  173
  182
  192
  202
  213
  224
  236
  248
Net income, $m
  99
  109
  120
  131
  142
  155
  168
  181
  195
  210
  230
  246
  262
  279
  297
  315
  334
  354
  375
  397
  419
  442
  467
  492
  519
  546
  575
  605
  637
  670

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $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 assets, $m
  3,430
  3,920
  4,443
  4,998
  5,586
  6,205
  6,855
  7,536
  8,247
  8,988
  9,760
  10,564
  11,399
  12,267
  13,170
  14,108
  15,082
  16,096
  17,149
  18,245
  19,386
  20,574
  21,811
  23,101
  24,446
  25,849
  27,313
  28,842
  30,440
  32,110
Adjusted assets (=assets-cash), $m
  3,430
  3,920
  4,443
  4,998
  5,586
  6,205
  6,855
  7,536
  8,247
  8,988
  9,760
  10,564
  11,399
  12,267
  13,170
  14,108
  15,082
  16,096
  17,149
  18,245
  19,386
  20,574
  21,811
  23,101
  24,446
  25,849
  27,313
  28,842
  30,440
  32,110
Revenue / Adjusted assets
  1.536
  1.536
  1.536
  1.536
  1.536
  1.536
  1.536
  1.536
  1.536
  1.536
  1.536
  1.536
  1.536
  1.536
  1.536
  1.536
  1.536
  1.536
  1.536
  1.536
  1.536
  1.536
  1.536
  1.536
  1.536
  1.536
  1.536
  1.536
  1.536
  1.536
Average production assets, $m
  1,159
  1,325
  1,501
  1,689
  1,888
  2,097
  2,316
  2,546
  2,787
  3,037
  3,298
  3,570
  3,852
  4,145
  4,450
  4,767
  5,097
  5,439
  5,795
  6,165
  6,551
  6,952
  7,370
  7,806
  8,261
  8,735
  9,230
  9,746
  10,286
  10,850
Working capital, $m
  1,006
  1,150
  1,303
  1,466
  1,639
  1,820
  2,011
  2,211
  2,419
  2,637
  2,863
  3,099
  3,344
  3,599
  3,864
  4,139
  4,425
  4,722
  5,031
  5,353
  5,687
  6,036
  6,399
  6,777
  7,172
  7,583
  8,013
  8,462
  8,930
  9,420
Total debt, $m
  1,065
  1,324
  1,601
  1,895
  2,205
  2,533
  2,877
  3,237
  3,613
  4,005
  4,413
  4,839
  5,280
  5,740
  6,217
  6,713
  7,229
  7,765
  8,322
  8,902
  9,506
  10,134
  10,788
  11,471
  12,182
  12,924
  13,699
  14,508
  15,353
  16,236
Total liabilities, $m
  1,815
  2,074
  2,350
  2,644
  2,955
  3,283
  3,626
  3,986
  4,362
  4,755
  5,163
  5,588
  6,030
  6,489
  6,967
  7,463
  7,979
  8,515
  9,072
  9,652
  10,255
  10,883
  11,538
  12,220
  12,932
  13,674
  14,449
  15,258
  16,103
  16,986
Total equity, $m
  1,616
  1,846
  2,093
  2,354
  2,631
  2,923
  3,229
  3,549
  3,884
  4,233
  4,597
  4,975
  5,369
  5,778
  6,203
  6,645
  7,104
  7,581
  8,077
  8,593
  9,131
  9,690
  10,273
  10,880
  11,514
  12,175
  12,864
  13,585
  14,337
  15,124
Total liabilities and equity, $m
  3,431
  3,920
  4,443
  4,998
  5,586
  6,206
  6,855
  7,535
  8,246
  8,988
  9,760
  10,563
  11,399
  12,267
  13,170
  14,108
  15,083
  16,096
  17,149
  18,245
  19,386
  20,573
  21,811
  23,100
  24,446
  25,849
  27,313
  28,843
  30,440
  32,110
Debt-to-equity ratio
  0.660
  0.720
  0.760
  0.800
  0.840
  0.870
  0.890
  0.910
  0.930
  0.950
  0.960
  0.970
  0.980
  0.990
  1.000
  1.010
  1.020
  1.020
  1.030
  1.040
  1.040
  1.050
  1.050
  1.050
  1.060
  1.060
  1.060
  1.070
  1.070
  1.070
Adjusted equity ratio
  0.471
  0.471
  0.471
  0.471
  0.471
  0.471
  0.471
  0.471
  0.471
  0.471
  0.471
  0.471
  0.471
  0.471
  0.471
  0.471
  0.471
  0.471
  0.471
  0.471
  0.471
  0.471
  0.471
  0.471
  0.471
  0.471
  0.471
  0.471
  0.471
  0.471

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  99
  109
  120
  131
  142
  155
  168
  181
  195
  210
  230
  246
  262
  279
  297
  315
  334
  354
  375
  397
  419
  442
  467
  492
  519
  546
  575
  605
  637
  670
Depreciation, amort., depletion, $m
  146
  166
  187
  210
  234
  259
  286
  313
  342
  372
  397
  430
  464
  499
  536
  574
  614
  655
  698
  743
  789
  838
  888
  941
  995
  1,052
  1,112
  1,174
  1,239
  1,307
Funds from operations, $m
  245
  275
  307
  341
  376
  414
  453
  494
  537
  582
  627
  676
  726
  779
  833
  890
  948
  1,010
  1,073
  1,139
  1,208
  1,280
  1,355
  1,433
  1,514
  1,599
  1,687
  1,780
  1,876
  1,977
Change in working capital, $m
  134
  144
  153
  163
  172
  182
  191
  200
  209
  218
  227
  236
  245
  255
  265
  275
  286
  297
  309
  322
  335
  348
  363
  378
  395
  412
  430
  449
  469
  490
Cash from operations, $m
  112
  131
  153
  178
  204
  232
  263
  295
  329
  365
  401
  440
  481
  524
  568
  614
  662
  712
  764
  818
  874
  932
  992
  1,054
  1,119
  1,187
  1,258
  1,331
  1,408
  1,488
Maintenance CAPEX, $m
  -121
  -140
  -160
  -181
  -204
  -227
  -253
  -279
  -307
  -336
  -366
  -397
  -430
  -464
  -499
  -536
  -574
  -614
  -655
  -698
  -743
  -789
  -838
  -888
  -941
  -995
  -1,052
  -1,112
  -1,174
  -1,239
New CAPEX, $m
  -153
  -165
  -177
  -188
  -199
  -209
  -220
  -230
  -240
  -251
  -261
  -272
  -282
  -293
  -305
  -317
  -329
  -342
  -356
  -370
  -385
  -401
  -418
  -436
  -454
  -474
  -495
  -517
  -540
  -564
Cash from investing activities, $m
  -274
  -305
  -337
  -369
  -403
  -436
  -473
  -509
  -547
  -587
  -627
  -669
  -712
  -757
  -804
  -853
  -903
  -956
  -1,011
  -1,068
  -1,128
  -1,190
  -1,256
  -1,324
  -1,395
  -1,469
  -1,547
  -1,629
  -1,714
  -1,803
Free cash flow, $m
  -163
  -174
  -183
  -191
  -198
  -204
  -210
  -214
  -218
  -222
  -226
  -229
  -231
  -234
  -236
  -239
  -241
  -244
  -247
  -251
  -255
  -259
  -264
  -269
  -276
  -282
  -290
  -298
  -306
  -316
Issuance/(repayment) of debt, $m
  240
  259
  277
  294
  311
  327
  344
  360
  376
  392
  408
  425
  442
  459
  477
  496
  516
  536
  557
  580
  603
  628
  655
  682
  711
  742
  775
  809
  845
  883
Issuance/(repurchase) of shares, $m
  116
  122
  127
  131
  134
  137
  138
  139
  140
  139
  134
  133
  132
  130
  128
  126
  125
  123
  121
  120
  118
  117
  116
  115
  115
  114
  114
  115
  115
  116
Cash from financing (excl. dividends), $m  
  356
  381
  404
  425
  445
  464
  482
  499
  516
  531
  542
  558
  574
  589
  605
  622
  641
  659
  678
  700
  721
  745
  771
  797
  826
  856
  889
  924
  960
  999
Total cash flow (excl. dividends), $m
  194
  207
  221
  234
  247
  260
  273
  285
  298
  310
  316
  329
  342
  356
  369
  384
  399
  415
  431
  449
  467
  486
  507
  528
  551
  574
  600
  626
  654
  684
Retained Cash Flow (-), $m
  -215
  -231
  -246
  -262
  -277
  -292
  -306
  -321
  -335
  -349
  -364
  -378
  -394
  -409
  -425
  -442
  -459
  -477
  -496
  -516
  -537
  -559
  -583
  -607
  -633
  -661
  -690
  -720
  -752
  -786
Prev. year cash balance distribution, $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 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
  -21
  -24
  -26
  -28
  -30
  -32
  -34
  -35
  -37
  -39
  -48
  -49
  -51
  -53
  -56
  -58
  -60
  -62
  -65
  -67
  -70
  -73
  -76
  -79
  -83
  -86
  -90
  -94
  -98
  -103
Discount rate, %
  5.30
  5.57
  5.84
  6.14
  6.44
  6.76
  7.10
  7.46
  7.83
  8.22
  8.63
  9.06
  9.52
  9.99
  10.49
  11.02
  11.57
  12.15
  12.76
  13.39
  14.06
  14.77
  15.50
  16.28
  17.09
  17.95
  18.85
  19.79
  20.78
  21.82
PV of cash for distribution, $m
  -20
  -21
  -22
  -22
  -22
  -21
  -21
  -20
  -19
  -18
  -19
  -17
  -16
  -14
  -12
  -11
  -9
  -8
  -7
  -5
  -4
  -4
  -3
  -2
  -2
  -1
  -1
  -1
  0
  0
Current shareholders' claim on cash, %
  95.2
  91.0
  87.3
  84.1
  81.2
  78.7
  76.5
  74.5
  72.7
  71.2
  69.8
  68.6
  67.5
  66.5
  65.6
  64.8
  64.1
  63.4
  62.8
  62.2
  61.7
  61.2
  60.8
  60.4
  60.0
  59.6
  59.3
  58.9
  58.6
  58.3

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 49.1
Price to Sales 0.5
Price to Book 1.6
Price to Tangible Book
Price to Cash Flow 13
Price to Free Cash Flow -57.9
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 $4569.675 million for the last fiscal year's total revenue generated by Commercial Metals. The default revenue input number comes from 0001 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 15.3% 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 5.3%, 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 96.6%.

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 5.4% 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 22%.

Life of production assets of 8.3 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 - $1400.757 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 117.014 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 $2.3 billion.

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COMPANY NEWS

▶ Infrastructure Bipartisanship: Strong Steel Stocks   [Nov-15-18 10:19AM  Investopedia]
▶ Commercial Metals: Fiscal 4Q Earnings Snapshot   [Oct-25-18 09:07AM  Associated Press]
▶ Governor Abbott, Toyota voice concern about Trump's tariffs. What now?   [Jun-29-18 03:07PM  American City Business Journals]
▶ After-hours buzz: RHT, CMC & more   [Jun-21-18 06:00PM  CNBC]
▶ Commercial Metals: Fiscal 3Q Earnings Snapshot   [06:55AM  Associated Press]
▶ Commercial Metals Q3 Earnings Preview   [Jun-20-18 02:11PM  Benzinga]
▶ What Kind Of Risk Should You Expect For Comeco SA. (WSE:CMC)?   [Jun-01-18 09:10AM  Simply Wall St.]
▶ I like this 'mid-term' market: Pro   [May-23-18 03:25PM  CNBC Videos]
▶ Who Really Owns Comeco SA. (WSE:CMC)?   [07:27AM  Simply Wall St.]
▶ Here's Why Steel Stocks Fell as Much as 12% Today   [Mar-22-18 09:49PM  Motley Fool]
▶ Commercial Metals meets 2Q profit forecasts   [07:47AM  Associated Press]
▶ Five Steel Stocks to Buy Now   [12:46AM  Insider Monkey]
▶ Five Steel Stocks Hedge Funds Love The Most   [Mar-08-18 01:08PM  Insider Monkey]
▶ Steel stocks jump as Trump set to approve new tariffs   [Mar-01-18 04:13PM  American City Business Journals]
▶ Irving company sees stock rise after landmark Trump decision   [03:35PM  American City Business Journals]
▶ Trump talks up tax cuts in stop in Allegheny County   [Jan-18-18 05:10PM  American City Business Journals]
▶ 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]

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