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Nov. 5, 2012 /PRNewswire/ -- Commercial Metals Company (NYSE: CMC) announced today that its wholly-owned subsidiary, Commercial Metals International GmbH ("
CMC"), has entered into a Share Purchase Agreement with Moravia Steel a.s. ("
Moravia") whereby CMC has agreed to sell its 11% ownership interest in Trinecke Zelezarny ("
Trinecke"), a.s., a joint-stock company organized and existing under the laws of the
Czech Republic, to
Moravia, who is the majority owner of Trinecke, for a purchase price of U.S.
$29 million. The closing of the transaction is subject to customary closing conditions and is expected to close within the month.
Joe Alvarado, President and Chief Executive Officer, commented, "We appreciate and are proud of our long standing and successful relationship with
Moravia through our investment in Trinecke. The sale of our interests is evidence of the commitment we have made to our shareholders of continuing to focus on our core assets and improving our cost structure and cash flows."
CMC and its subsidiaries manufacture, recycle and market steel and metal products, as well as 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.
This news release contains forward-looking statements regarding the closing of the sale of CMC's interest in Trinecke. These forward-looking statements generally can be identified by phrases such as we, the company or its management "expects," "anticipates," "believes," "estimates," "intends," "plans to," "ought," "could," "will," "should," "likely," "appears," "projects," "forecasts," "outlook," or other similar words or phrases. There are inherent risks and uncertainties in any forward-looking statements. Variances will occur and some could be materially different from our current opinion.