Smith said, "We remain confident in our outlook for financial performance in fiscal 2023, and we expect to generate sequential improvement in core EBITDA during the third quarter. North America finished steel product shipments are anticipated to improve from second quarter levels due to normal seasonality, the recovery of volumes delayed by weather disruptions, and the support of a historically high downstream backlog. We expect current and new industrial projects, as well as growing levels of state and federal infrastructure spending, will support CMC‘s North America volumes in the quarters ahead. In Europe, we anticipate seasonal improvement, and expect shipment levels will remain above the long-term historical average due to the enhanced production capabilities of our facilities. In the third quarter, we look forward to commissioning our Arizona 2 micro mill, representing the next phase of growth at CMC, and we also anticipate that recent North America long steel price increase announcements will stabilize metal margins at historically high levels. At the same time, the third quarter will be impacted by a scheduled upgrade project similar in magnitude to the planned outage taken during the second quarter."
Published first on TheFly
See the top stocks recommended by analysts >>
Read More on CMC:
- Commercial Metals Company Reports Second Quarter Fiscal 2023 Results
- Commercial Metals Company Announces Quarterly Dividend of $0.16 Per Share
- Commercial Metals acquires Tendon Systems, terms undisclosed
- Commercial Metals Company Acquires Tendon Systems, LLC
- Commercial Metals transferred with a Market Perform rating at BMO Capital