Texas Integrated Steelmaker Posted Robust Q2 Fiscal 2021 Results

SEATTLE (Scrap Monster): Irving, Texas-headquartered Commercial Metals Company (CMC) reported results for Q2 fiscal 2021 that ended 28^th February, 2021.

The earnings from continuing operations were $66.2 million, or $0.54 per diluted share, on net sales of $1.5 billion in during the quarter. This compares with prior year earnings from continuing operations of $63.6 million, or $0.53 per diluted share, on net sales of $1.3 billion. The core EBITDA surged 18% over the previous year to $17.1 million. The company reported cash and cash equivalents of $367.3 million. It also reported availability under the Company's credit and accounts receivable facilities of $693.0 million.

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The North America segment adjusted EBITDA was up by 12% from $152.8 million in the prior year period to $171.6 million for the second quarter of fiscal 2021. The shipment volumes of finished steel have increased by 2% from the prior year quarter. The Europe segment adjusted EBITDA of $16.1 million was up significantly by 20%. However, the shipments declined by 7% year-on-year.

CMC expects finished steel volumes in both North America and Europe to follow typical seasonal trends during the third quarter. The margins over scrap on steel products in North America and Europe are expected to increase sequentially.