Commercial Metals’ Board approves
five million share purchase authority
The board of directors of Commercial Metals Company
(CMC) authorized the purchase of up to 5,000,000 shares of the Company’s
common stock. During June and July 2006, CMC purchased a total of
1,811,000 shares in open market transactions for a total price of
approximately $41,740,277 or an average of $23.05 per share. These
purchases completed a stock repurchase program last increased in
May 2005. At present there are approximately 119,110,187 shares
of Commercial Metals Company’s common stock issued and outstanding.
CMC chairman and chief executive officer Stanley
A. Rabin said, “Our view is that the stock is undervalued.
This action will continue to add value for our stockholders.”
The purchases will be made from time to time in
the open market or in privately negotiated transactions at prevailing
market prices. The shares will be used for general corporate purposes
including various employee benefit plans and acquisitions. |
