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Commercial Metals Company Issues Statement In Response To Expiration Of Carl Icahn's Tender Offer And Withdrawal Of Director Nominees

Stocks in this article: CMC





IRVING, Texas, Jan. 11, 2012 /PRNewswire/ -- Commercial Metals Company (NYSE: CMC) ("CMC") today issued the following statement regarding the announcement by IEP Metals Sub LLC, an affiliate of Carl Icahn ("Mr. Icahn"), that its tender offer for the Company has expired and that Mr. Icahn has withdrawn his nominees for election to the Company's Board at its Annual Meeting:

"We are pleased that Mr. Icahn has ended the proxy contest following the expiration of the tender offer. The Board has great confidence in the Company's future and believes that the continued execution of its strategic plan, which is already yielding positive results, will deliver enhanced value to our stockholders. We look forward to our upcoming Annual Meeting where our highly qualified director nominees – Harold L. Adams, Joe Alvarado and Anthony A. Massaro – are standing for election to the Board. Our Board and management remain focused on building on our momentum, and we would like to thank stockholders for their continued support."

About Commercial Metals Company

Commercial Metals Company and 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, a copper tube mill, metal recycling facilities and marketing and distribution offices in the United States and in strategic international markets.

Forward-Looking Statements

Certain statements contained in this news release are forward-looking statements. These forward-looking statements can generally be identified by words such as "expects," "anticipates," "believes," "estimates," "intends," "plans to," "ought," "could," "will," "should," "likely," "appears," "projects," "forecasts" or other similar words or phrases. There are inherent risks and uncertainties in any forward-looking statements. Although the Company believes that its expectations are reasonable, it can give no assurance that these expectations will prove to have been correct, and actual results may vary materially. Except as required by law, the Company undertakes no obligation to update, amend or clarify any forward-looking statements to reflect events, new information or otherwise.

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