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Commercial Metals (CMC) Unveils RebarZero to Cut GHG Emissions
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Commercial Metals Company (CMC - Free Report) launched RebarZero, a line of rebar products with net-zero greenhouse gas (GHG) emissions. This new introduction will provide a carbon-free profile from production to final delivery at the job site, covering emissions on a scope 1, 2 and 3 basis. Additionally, CMC is unveiling net-zero steel across its complete mill product lines, including wire rods, merchant bars and fence posts.
Commercial Metal’s net-zero offering supports its commitment to providing customers sustainability with one of the lowest emissions steel products in the marketplace. The latest launch further reinforces the company’s ability to provide innovative solutions for the construction and industrials markets across a wide range of end-use applications.
Commercial Metals is an experienced leader in environmentally friendly and sustainable steelmaking. The company’s all steel products are made using recycled scrap in cost-effective electric arc furnaces. CMC is progressing toward its 2030 environmental goals to maintain sustainability. Its Scope 1 and 2 emissions are already under the 2040 Paris Accords target, and emissions have improved by 6.2% per ton of steel produced compared to fiscal 2019.
Commercial Metals will continue to benefit from robust finished steel demand across most of its product lines, supported by its growing downstream backlog and solid levels of new construction work entering the project pipeline. Solid highway infrastructure activities and healthy construction markets in North America are driving strong rebar and wire rod demand. Demand conditions within Central Europe remain strong. The Polish construction market continues to grow, while consumption of merchant and wire rod products is supported by expanding manufacturing activity in Poland.
Commercial Metals continue to gain from its network optimization efforts, generating additional margin and reducing costs soon. The company is progressing with constructing a third micro mill Arizona 2, which will be the world's first mill to produce merchant bar quality (MBQ) steel products. The new mill will provide the company with 400 thousand tons of rebar capacity to serve incremental infrastructure demand and about 150 thousand tons of merchant bar that will extend West Coast sales. It is expected to commence operation in early 2023.
The company ramped up the construction of its fourth new micro mill, MM4, which will enhance its position in the Eastern United States and boost its ability to serve markets in the Northeast, Mid-Atlantic and Midwest. MM4 and Arizona projects will benefit from the Infrastructure Investment and Jobs Act signed last November, which would provide 1.2 trillion in funding over five years and stimulate an estimated 1.5 million tons of incremental annual rebar demand at full run rate.
Price Performance
The company’s shares have gained 25.3% in the past year against the industry’s decline of 20.9%.
Image Source: Zacks Investment Research
Zacks Rank & Stocks to Consider
Commercial Metals currently carries a Zacks Rank #3 (Hold).
Some better-ranked stocks worth considering in the basic materials space include Albemarle Corporation (ALB - Free Report) , Daqo New Energy Corp. (DQ - Free Report) and Sociedad Quimica y Minera de Chile S.A. (SQM - Free Report) .
Albemarle has a projected earnings growth rate of 425.7% for the current year. The Zacks Consensus Estimate for ALB's current-year earnings has been revised 67.9% upward in the past 60 days.
Albemarle’s earnings beat the Zacks Consensus Estimate in each of the last four quarters. It has a trailing four-quarter earnings surprise of roughly 24.2%, on average. ALB has gained around 25% in a year and currently carries a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Daqo New Energy, currently carrying a Zacks Rank #1, has an expected earnings growth rate of 177.5% for the current year. The Zacks Consensus Estimate for DQ's earnings for the current fiscal has been revised 20.8% upward in the past 60 days.
Daqo New Energy’s earnings beat the Zacks Consensus Estimate in three of the trailing four quarters, the average being 10.8%. DQ has gained around 22% over a year.
Sociedad has a projected earnings growth rate of 517.6% for the current year. The Zacks Consensus Estimate for SQM’s current-year earnings has been revised 33.4% upward in the past 60 days.
Sociedad’s earnings beat the Zacks Consensus Estimate in two of the trailing four quarters, the average being 28.2%. SQM has rallied roughly 105% in a year. The company carries a Zacks Rank #2 (Buy).
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Commercial Metals (CMC) Unveils RebarZero to Cut GHG Emissions
Commercial Metals Company (CMC - Free Report) launched RebarZero, a line of rebar products with net-zero greenhouse gas (GHG) emissions. This new introduction will provide a carbon-free profile from production to final delivery at the job site, covering emissions on a scope 1, 2 and 3 basis. Additionally, CMC is unveiling net-zero steel across its complete mill product lines, including wire rods, merchant bars and fence posts.
Commercial Metal’s net-zero offering supports its commitment to providing customers sustainability with one of the lowest emissions steel products in the marketplace. The latest launch further reinforces the company’s ability to provide innovative solutions for the construction and industrials markets across a wide range of end-use applications.
Commercial Metals is an experienced leader in environmentally friendly and sustainable steelmaking. The company’s all steel products are made using recycled scrap in cost-effective electric arc furnaces. CMC is progressing toward its 2030 environmental goals to maintain sustainability. Its Scope 1 and 2 emissions are already under the 2040 Paris Accords target, and emissions have improved by 6.2% per ton of steel produced compared to fiscal 2019.
Commercial Metals will continue to benefit from robust finished steel demand across most of its product lines, supported by its growing downstream backlog and solid levels of new construction work entering the project pipeline. Solid highway infrastructure activities and healthy construction markets in North America are driving strong rebar and wire rod demand. Demand conditions within Central Europe remain strong. The Polish construction market continues to grow, while consumption of merchant and wire rod products is supported by expanding manufacturing activity in Poland.
Commercial Metals continue to gain from its network optimization efforts, generating additional margin and reducing costs soon. The company is progressing with constructing a third micro mill Arizona 2, which will be the world's first mill to produce merchant bar quality (MBQ) steel products. The new mill will provide the company with 400 thousand tons of rebar capacity to serve incremental infrastructure demand and about 150 thousand tons of merchant bar that will extend West Coast sales. It is expected to commence operation in early 2023.
The company ramped up the construction of its fourth new micro mill, MM4, which will enhance its position in the Eastern United States and boost its ability to serve markets in the Northeast, Mid-Atlantic and Midwest. MM4 and Arizona projects will benefit from the Infrastructure Investment and Jobs Act signed last November, which would provide 1.2 trillion in funding over five years and stimulate an estimated 1.5 million tons of incremental annual rebar demand at full run rate.
Price Performance
The company’s shares have gained 25.3% in the past year against the industry’s decline of 20.9%.
Image Source: Zacks Investment Research
Zacks Rank & Stocks to Consider
Commercial Metals currently carries a Zacks Rank #3 (Hold).
Some better-ranked stocks worth considering in the basic materials space include Albemarle Corporation (ALB - Free Report) , Daqo New Energy Corp. (DQ - Free Report) and Sociedad Quimica y Minera de Chile S.A. (SQM - Free Report) .
Albemarle has a projected earnings growth rate of 425.7% for the current year. The Zacks Consensus Estimate for ALB's current-year earnings has been revised 67.9% upward in the past 60 days.
Albemarle’s earnings beat the Zacks Consensus Estimate in each of the last four quarters. It has a trailing four-quarter earnings surprise of roughly 24.2%, on average. ALB has gained around 25% in a year and currently carries a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Daqo New Energy, currently carrying a Zacks Rank #1, has an expected earnings growth rate of 177.5% for the current year. The Zacks Consensus Estimate for DQ's earnings for the current fiscal has been revised 20.8% upward in the past 60 days.
Daqo New Energy’s earnings beat the Zacks Consensus Estimate in three of the trailing four quarters, the average being 10.8%. DQ has gained around 22% over a year.
Sociedad has a projected earnings growth rate of 517.6% for the current year. The Zacks Consensus Estimate for SQM’s current-year earnings has been revised 33.4% upward in the past 60 days.
Sociedad’s earnings beat the Zacks Consensus Estimate in two of the trailing four quarters, the average being 28.2%. SQM has rallied roughly 105% in a year. The company carries a Zacks Rank #2 (Buy).