“It is always a difficult decision to curtail operations which affect our employment levels and the community at large. The issue of global steel overcapacity is having real impacts on people and communities across the country. We have been working tirelessly to address these issues with the US Department of Commerce and the International Trade Commission. Unfortunately the actions taken to date by the U.S. government have not been effective, and we continue to see excessive quantities of unfairly traded steel entering the US market. This ineffectiveness has now taken a real toll in Magnolia,” commented Tracy Porter, President CMC Americas.
Commercial Metals Company and its subsidiaries manufacture, recycle and market steel and metal products, related materials and services through a network including steel minimills, steel fabrication and processing plants, construction-related product warehouses, metal recycling facilities and marketing and distribution offices in the United States and in strategic international markets.
This news release contains forward-looking statements regarding the Company’s expectations relating to operations in Arkansas, steel fence post operations and the impact of operational changes on the Company’s customers. These forward-looking statements generally can be identified by phrases such as we, 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 we believe that our expectations are reasonable, we can give no assurance that these expectations will prove to have been correct, and actual results may vary materially, including as a result of the effects of the risk factors described in the Company’s annual report on Form 10-K filed with the U.S. Securities and Exchange Commission on October 30, 2015. 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.