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Commercial Metals

CMC is a vertically integrated, EAF-based steelmaker that will increase its mill, rolling, and fabrication capacity to 6.2 mtpa, 5.8 mtpa, and 2.5 mtpa following the Gerdau acquisition, respectively. The company conducts its operations in the U.S. and in Poland. CMC is heavily exposed to the non-residential construction market since it specializes in producing long steel products. CMC has four operating segments: Americas Recycling; Americas Mills; Americas Fabrication; and International Mill. CMC exited the International Marketing & Distribution segment. The domestic steel operation is the main driver of earnings, followed by the Polish steel operations. For FY17, its U.S. recycling business shipped 2.2 mn tons of scrap metals, its steel mills in the U.S. and Poland shipped a combined 4.1 mn tons of steel products, and its U.S. fabrication operations shipped 1.1 mn tons of fabricated steel. (20 Nov 2018)

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Transcript: 2018 IG & Crossover Conf-Basics Panel

Transcript: 11 Dec 2018, 5:51 AM ET - We present a transcript of the Basic Industries Panel discussion given at the CreditSights Investment Grade & Crossover conference on December 4, 2018.
Focused

CMC: Strong F4Q18 Results

Worth Watching: 28 Oct 2018, 9:07 AM ET - CMC (Ba2/BB+) reported a 21% YoY increase in F4Q18 sales to $1.31 bn, while adjusted EBITDA grew 366% YoY and 6% QoQ to $107 mn. During the quarter, CMC changed its business segment reporting metric from adjusted operating profit to adjusted EBITD ..

US Strategy: What to Watch for on 3Q Earning Calls

Strategy Analysis: 11 Oct 2018, 4:37 AM ET - We surveyed our analyst teams for key sector level issues they will be paying close attention to with upcoming third quarter earnings calls beyond the typical sales, margins and earnings guidance. 

Arconic: LBO Rumors Continue

Worth Watching: 09 Oct 2018, 3:37 PM ET - Arconic (Ba2/BBB-/BB+): LBO rumors continue to swirl. According to Reuters, Blackstone, Carlyle, Onex, and Canada Pension have made a joint bid to acquire ARNC. The report also noted that the PE consortium is competing with Apollo in the bidding p ..

FCX: Landmark Grasberg Deal Signing

Worth Watching: 30 Sep 2018, 10:35 PM ET - FCX (Ba2/BB) and Rio Tinto signed a binding agreement to sell their stakes in the Grasberg mine to PT Indonesia Asahan Aluminum (Inalum). The terms are roughly in-line with what was reported in July when the parties signed a nonbinding agreement ( ..

HK/SG Conference 2018: Commodities

Transcript: 06 Aug 2018, 6:14 AM ET - Transcript of our commodities presentation from CreditSights' SG/HK conferences outlining our top-down views on commodities and single name recommendations.

Coal Producers: Exposure to Potential Retirements

Sector Analysis: 28 Jun 2018, 5:16 AM ET - As part of our continued coverage of coal producer exposure to plant retirements, we have analyzed coal plant data to determine which basins and coal producers have the greatest exposure to unplanned, but at risk, coal plant retirements.  
Focused

CMC: Strong F3Q18 Results

Worth Watching: 25 Jun 2018, 9:54 PM ET - CMC (Ba2/BB+) reported a 15% YoY increase in F3Q18 sales to $1.2 bn, while adjusted EBITDA grew 16% YoY to $101 mn, below analyst estimates of $112 mn. In aggregate, results in the fiscal third quarter were strong across all business segments with ..

April 2018 US Company Recommendation Changes

US Company Recommendation Changes: 30 Apr 2018, 9:22 PM ET - Our monthly report provides executive summaries for the twenty-six company recommendation changes made on North American companies during the month of April.
Focused

CMC: Buy the 8NC3 at or over 5.5%

Worth Watching: 19 Apr 2018, 12:49 PM ET - CMC is a quality double-B rated domestic EAF-based long-steel company that is launching a $350 mn 8NC3 bond offering today. The new CMC bonds are rated Ba3/BB+ and the initial price talk is in the 5.875% area according to market chatter, although ..
Focused

CMC: Mixed F2Q18 Results

Worth Watching: 22 Mar 2018, 10:31 PM ET - CMC reported a 22% YoY increase in F2Q18 sales to $1.05 bn, while adjusted EBITDA fell 12% YoY to $65 mn, below analyst estimates of $85 mn. In aggregate, results in the fiscal second quarter were mixed across the different business segments. The ..

US Strategy: Tariffs as Repricing Event?

Strategy Analysis: 01 Mar 2018, 9:40 PM ET - The market has been building in very low odds of a trade war event, a NAFTA withdrawal, or a significant escalation of tit-for-tat trade retaliations on a broader scale.  The odds-makers just got a fresh load of input.

Tronox: EU Pauses Review of Cristal Merger

HY Note: 28 Feb 2018, 4:52 AM ET - The EU Commission paused its review of the Tronox/Cristal merger until it receives additional information from the two companies.  Although some may be alarmed, it is a fairly regular component of the EU Phase 2 process.

Section 232: The NAFTA Conundrum

Sector Analysis: 26 Feb 2018, 3:42 AM ET - Using Section 232 on Steel/Aluminum could damage supplier chains and cost structures and drive broader inflation.  A tariff gambit in such key industries could undermine the NAFTA negotiations and have immediate effects on risk pricing. 

Metals: U.S. Protectionism Comes to a Head

Sector Analysis: 19 Feb 2018, 11:06 PM ET - Our thoughts on the Commerce Department's proposed Section 232 tariffs/quotas on steel and aluminum imports and the implications on various industries. 

CREDITSIGHTS WEBCAST: EVs, Autos and Metals

Worth Watching: 29 Jan 2018, 6:04 PM ET - CREDITSIGHTS WEBCAST: The mega trend around vehicle electrification is set to meaningfully impact a number of sectors, changing the landscape in a disruptive fashion that will make for significant divergence between the winners and losers. Who wil ..

Metals: Electric Vehicle Revolution

Sector Analysis: 29 Jan 2018, 2:49 PM ET - We discuss the EV market and more specifically EV batteries, supply/demand profiles of the commodities that are found within an EV battery, and our coverage companies that could stand to benefit and lose from the EV revolution. 

Chemicals 2018 Outlook (Part 5): Chlor-Alkali

Sector Outlook: 25 Jan 2018, 10:35 PM ET - With investment in chlor-alkali capacity effectively non-existent and positive manufacturing and construction trends around the globe, we expect operating rates around the world to rise in the medium term. 

Metals 2018 Outlook: Valuations Over Fundamentals

Sector Outlook: 15 Jan 2018, 9:19 PM ET - We analyze the broad trends within the metals & mining sector, delve into sub-sector developments, and then examine name-specific recommendations.

Metals: Steel Section 232 Finally in Trump's Hands

Worth Watching: 12 Jan 2018, 12:06 PM ET - Metals: Commerce Department Secretary Wilbur Ross has finally delivered his much-anticipated Section 232 report on the impact of steel imports on U.S. national security to President Trump on Thursday, January 11th. The Commerce Department noted th ..

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