Commercial Metals acquires shares of CMC Zawiercie
Commercial Metals Company, headquartered in Irving, Texas, announced that its Polish steel mill, CMC Zawiercie S.A. (CMCZ), has purchased all of the shares of CMCZ owned by the Polish Ministry of State Treasury.
The Ministry retained the minority interest in CMCZ at the time of privatization of the mill in 1995 and continued to hold the shares following CMC’s acquisition from Impexmetal S.A. of the controlling interest in CMCZ in 2003. The shares acquired represent approximately 26.8% of the total CMCZ shares outstanding. CMCZ paid in aggregate approximately $59.5 million for the shares and intends to redeem the shares. With this purchase and subsequent redemption, CMC holds approximately 99% of all CMCZ shares outstanding.
CMCZ is the second-largest steel producer in Poland with annual production of approximately 1.3 million metric tons. Facilities include two electric arc furnaces, ladle furnaces and casters. Principal products are rebar and wire rod produced on two separate rolling mills. |
