Commercial Metals Company (NYSE:CMC) Files An 8-K Costs Associated with Exit or Disposal ActivitiesItem 2.05 of the Original Report.
Item 2.05 Costs Associated with Exit or Disposal Activities
Depending upon a number of factors, the Company currently estimates that it will record pre-tax, non-cash charges associated with the entire exit of its International Marketing and Distribution segment in the fourth quarter of fiscal 2017 in the range of $30 to $35 million as well as approximately $5 million in cash charges. Further, the Company will report CMC Cometals as a discontinued operation in the Company’s statement of earnings beginning in the fourth quarter of fiscal 2017.
All of the above charges, the nature of such charges and the effect of such charges are estimates and are subject to change.
Forward-Looking Statements
Statements in this Form 8-K about the Company’s estimated charges related to its exit from the International Marketing and Distribution segment constitute forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, as amended. These and any other forward-looking statements in this Form 8-K generally can be identified by phrases such as we, the Company, CMC or its management expects, anticipates, believes, estimates, intends, plans to, ought, could, will, should, likely, appears or other similar words or phrases. There are inherent risks and uncertainties in any forward-looking statements. Although the Company believes that its estimates and expectations are reasonable, the Company can give no assurance that these estimates and expectations will prove to have been correct, and actual results may vary materially. Except as required by law, the Company undertakes no obligation to update, amend or clarify any forward-looking statements to reflect changed assumptions, the occurrence of anticipated or unanticipated events, new information or circumstances or otherwise.
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About Commercial Metals Company (NYSE:CMC)
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. Commercial Metals Company (NYSE:CMC) Recent Trading Information
Commercial Metals Company (NYSE:CMC) closed its last trading session down -0.11 at 18.47 with 1,884,790 shares trading hands.