Commercial Metals (CMC) to Sell G.A.M. Steel Pty., Reports Non-Cash Accounting Charge
Get Alerts CMC Hot Sheet
EPS Growth %: -47.9%
Financial Fact:
Net earnings (loss): 0
Today's EPS Names:
BFRI, HCTI, IMPM, More
Join SI Premium – FREE
Commercial Metals Company (NYSE: CMC) announced today that on Friday, June 10, 2016, the Company, through its wholly owned Australian subsidiary, G.A.M. Steel Pty. Ltd., signed a definitive asset sale agreement to sell its remaining steel distribution assets located in Australia. The facility, located in Melbourne, Victoria, distributes and processes primarily long steel products. The transaction is expected to close in July 2016 and is subject to customary closing adjustments.
For the third fiscal quarter ended May 31, 2016, CMC anticipates recording a non-cash impairment charge in the range of $15.0 - $18.0 million in its results from discontinued operations, including the impact of an approximate $13.5 million accumulated foreign currency translation loss.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Dril-Quip (DRQ) and Innovex to Combine
- Custom Truck One Source, Inc. (CTOS) Acquires the Business of SOS Fleet Services, LLC
- DraftKings (DKNG) Announces Leadership Changes to Increase Focus on Operational Efficiencies
Create E-mail Alert Related Categories
Corporate News, Guidance, Mergers and AcquisitionsRelated Entities
EarningsSign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!