COMMERCIAL METALS Co

Commercial Metals Company

Overview

Commercial Metals Company (CMC) is a vertically integrated steel producer that uses electric arc furnace (EAF) technology and recycled ferrous scrap as its primary input. The company combines steelmaking with downstream fabrication and construction solutions to serve construction, infrastructure and industrial end markets. Ferrous scrap provides a high recycled content in CMC’s products (approximately 98% of 2026 raw materials). Electricity and natural gas are major cost and risk factors, and CMC is investing in energy efficiency and sustainability across its operations.

Business model and value proposition

• Integrated supply chain from scrap recycling to finished steel and downstream fabrication.
• Ability to supply inventory and bid-ready construction components to reduce customer lead times.
• Focus on finished long steel products (rebar, merchant bar, wire rod, light structural shapes) and downstream fabricated products (rebar cages, mesh, welded assemblies).

Segments and operations

North America Steel Group

• Headcount: 7,965 employees.
• Downstream fabrication footprint: 52 fabrication facilities (49 general rebar fabrication; 3 fence post fabrication).
• Downstream products backlog: $1.7 billion as of August 31, 2026.
• Markets: Construction and fabricating industries, metals service centers, OEMs, agricultural, energy and petrochemical sectors.
• Product focus: Rebar, merchant bar, wire rod and fence posts; downstream products are supplied by in-house steel mills.

Construction Solutions Group

• Portfolio: Precast concrete and concrete pipe products; CMC Construction Services (sales and rental of construction products and equipment); Tensar geogrids and Geopier foundation systems; CMC Impact Metals (high-strength steel products and armor plate); performance reinforcing products such as Galvabar, ChromX and CryoSteel.
• CMC Anchoring Systems: Custom engineered anchor cages, bolts and fasteners.
• InQuik Bridges: Authorized U.S. provider under license from InQuik Inc., including CMC Bridge Systems, a patented off-site prefabricated bridge components system.

Europe Steel Group

• Recycling footprint: 12 scrap metal recycling facilities in Poland, which feed the mini mill.
• Mini mill: Three rolling lines producing rebar, merchant bar, wire rod and billets for rerolling.
• Fabrication footprint: Four steel fabrication facilities in Poland producing fabricated rebar, wire mesh and welded steel mesh.
• Exports: Downstream products sold domestically in Poland and exported to neighboring countries including the Czech Republic and Germany.

Common themes across segments

• Scrap-based steelmaking with exposure to scrap and input price volatility.
• High electricity and natural gas consumption.
• Downstream backlog tracked as an operational metric where applicable.
• Emphasis on serving construction and infrastructure markets through inventory and near-complete products to shorten customer lead times.

Geographic presence and capacity

• West Virginia micro mill: Fourth EAF micro mill placed in service in Q4 2026 (Berkeley County, West Virginia). Targets Northeast, Mid-Atlantic and Midwestern U.S. markets and supports the downstream fabrication network with capacity for straight-length and spooled rebar.
• Europe (Poland): 12 recycling facilities, a mini mill with three rolling lines and four fabrication facilities serving domestic and neighboring export markets.

Sustainability and products

• Recycled content: Approximately 98% of 2026 raw materials were recycled content.
• Net-zero product portfolio: RebarZero, MerchantZero, WireZero, PostZero and others.
• Downstream innovations: Tensar geogrids, Geopier foundation solutions, and performance reinforcing products such as Galvabar, ChromX and CryoSteel.
• Environmental expenditures (2026): $62.9 million in environmental costs (disposal, permits, testing, remediation, etc.); $1.9 million in environmental capital expenditures.
• Expected environmental capex (2027): Approximately $3.5 million.
• Ongoing investments in energy efficiency and cleaner processes.

Employees and workforce

• Total employees (as of August 31, 2026): 13,670
  • North America Steel Group: 7,965
  • Construction Solutions Group: 2,549
  • Europe Steel Group: 2,749
  • Corporate and Other: 407
• Union representation: ~9% of North America Steel Group employees; ~3% in Construction Solutions Group; ~27% in Europe Steel Group.
• Workforce priorities: Integrity, safety, collaboration and excellence; strong safety programs; emphasis on training, certification, leadership development, online and in-person training, tuition assistance and rotation programs for onboarding.

Executive leadership (as provided)

• Peter R. Matt — President and Chief Executive Officer; Age 63; Executive Officer since 2023.
• Paul J. Lawrence — Senior Vice President and Chief Financial Officer; Age 56; Executive Officer since 2016.
• Jody K. Absher — Senior Vice President, Chief Legal Officer and Corporate Secretary; Age 49; Executive Officer since October 2023.
• Kekin M. Ghelani — Senior Vice President, Chief Strategy Officer; Age 52; Executive Officer since 2024.
• Brian N. Halloran — Senior Vice President, North America Steel Group; Age 55; Executive Officer since 2025.
• Keith A. Haas — Senior Vice President, Precast Group; Age 60; Executive Officer since 2025.
• Michael A. Doucet — Senior Vice President, Emerging Businesses Group and Chief Commercial Officer; Age 53; Executive Officer since August 2026.

Financial, legal and regulatory highlights

• Downstream products backlog: $1.7 billion as of August 31, 2026.
• Litigation: Ongoing matters related to a 2020–2024 antitrust case (PSG). A 2024 jury verdict of $110 million was trebled by the court to $330 million. Litigation expense was $362.3 million in 2025 and $15.4 million in 2026 (primarily post-judgment interest). The judgment may have liquidity implications if it stands.
• Credit and leverage: Indentures for multiple senior notes and a credit agreement are in place, with implications for financing access and contractual restrictions.
• Trade environment: Discussion of Section 232 tariffs, the EU tariff regime effective July 1, 2026, and CBAM implications; these measures affect competitive positioning and trade flows.

Risks and strategic initiatives

• Volatility in scrap and energy prices and the ability to pass costs to customers.
• Labor supply and union dynamics, including potential skilled labor shortages.
• Supply chain disruption, transportation constraints and IT/cybersecurity risks.
• Capital expenditure requirements to maintain and expand mills and potential funding constraints.
• Transformation program (TAG) execution risks, change management, timing of cost savings and organizational adoption.
• Geopolitical and macroeconomic factors affecting demand, input costs and access to credit.
• Environmental compliance costs and evolving regulations.
• Competitive pressures from global overcapacity and import competition; tariffs and regulatory changes can act as mitigants or create new risks.

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