Steel Mills
CMC to Exit International Marketing and Distribution
Written by Tim Triplett
June 25, 2017
Commercial Metals Co., Irving, Texas, plans to exit its International Marketing and Distribution Segment. As an initial step, on June 12, its CMC Cometals International subsidiary signed a definitive agreement to sell its raw materials trading division, CMC Cometals, to Traxys North America L.L. and Traxys Europe S.A., affiliates of The Carlyle Group.
CMC Cometals markets, distributes and processes metal, ores, concentrates, industrial minerals, ferroalloys, chemicals and industrial products worldwide. The transaction, subject to regulatory approvals, is expected to close later this summer.
“We are pleased to see Cometals combine with the highly respected Traxys group and are confident that this transaction will provide Cometals with the best platform to grow its business and serve its customers and suppliers,” said President and COO Barbara Smith.
“We are excited about this transaction and have identified many opportunities to grow the Cometals business as part of the Traxys Group,” added Traxys CEO Mark Kristoff. “The Cometals team has enjoyed a strong track record of supplier and customer service that complements Traxys’ activities and broadens our product offerings.”
Under the new ownership structure, the Cometals team will continue to operate from its current locations in the U.S., China, Benelux and Russia.
In addition, the company announced its plan to pursue a sale of its CMC Cometals Steel division located in Irving, Texas, which markets steel products, as well as a restructuring and sale of its remaining trading operations located in Asia and Australia.
“These actions will allow the company to focus its capital and other resources on its core steel manufacturing operations in the United States and Poland, which are well positioned to serve the robust demand for steel needed to support nonresidential construction and infrastructure in the United States and Poland,” Smith added.
Tim Triplett
Read more from Tim TriplettLatest in Steel Mills
Algoma to shut down line in Ontario ahead of EAF start
The 106” Mill was part of Algoma's plate and strip combination facility.
Nippon trial vs. US government to begin early next month: Report
Nippon Steel’s litigation against the US government is set to begin in early February, according to a report by Japan’s Kyodo News Agency. Nippon will file its opening brief on Feb. 3. And both parties will conclude their claims by March 17 in the US Court of Appeals for the District of Columbia Circuit, Kyodo […]
Nucor carbon targets certified by GSCC
Nucor’s “ambitious” carbon targets by the end of the decade and beyond have been certified by the Global Steel Climate Council (GSCC). The Charlotte, N.C.-based steelmaker used a base year of 2023 for its science-based emissions targets (SBET). It set an SBET of 0.975 metric tons (mt) of CO2 emissions per mt of hot-rolled steel […]
SSAB halts talks with Feds on Miss. green steel plant
The Department of Energy's Industrial Demonstrations Program page states that it is no longer moving forward with SSAB.
Cleveland-Cliffs CEO seeks ‘American solution’ for U.S. Steel
He said a new entity would operate under the U.S. Steel name and would retain its Pittsburgh headquarters.