Commercial Metals Company (NYSE:CMC) has announced its quarterly Dividend. The board of directors of the company declared a regular cash dividend of $0.12 per share of the company’s common stock.
The quarterly dividend is payable to stockholders as of April 6, 2016, at the close of business. The dividend will be paid on April 21, 2016. This quarterly dividend is the 206th consecutive quarter dividend.
Last month, Commercial Metal Company earlier on announced the relocation of its fence post operations in Magnolia, Arkansas to San Marcos, Texas.
The Magnolia operations would wind down and cease their activities by the end of the company’s third fiscal quarter. Customers will not be affected by this decision. At the same time, CMC Steel Arkansa,s a rerolling mill, operated in Magnolia since 1987 will significantly reduce its production levels over the same period. The decision comes about as a result of CMC’s belief of being unfairly traded and the illegally dumped steel product entering the US market. The decision of consolidating operations in Texas is a clear sign of unfair trade on several goods and plants. The closure will impact about 40 employees.
Tracy Porter, the President of CMC Americas, noted that it is always difficult to close down operations that will affect their employment levels and the community at large.
He further pointed out that the overcapacity of global steel is having real impact on people and communities across the U.S. The company has been working tirelessly to address the issue with the US Department of Commerce and International Trade Commission. As of now, the department has made no concrete decision, and it continue to witness excessive quantities of unfairly traded steel entering the US market.
Commercial Metals Company was founded in 1915, and is headquartered in Irving Texas. It recycles, manufactures and markets metal, steel and related products and services in the U.S. and internationally. It has five segments: Americas Recycling, American fabrication, American mills, International Market and Distribution and International Mill.
