Commercial Metals (CMC) to Sell Remaining Australian Steel Distribution Assets; Sees non-Cash Charge
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Commercial Metals Company (NYSE: CMC) announced 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 $14.0 - $16.0 million in its results from discontinued operations, including the impact of an approximate $13.5 million accumulated foreign currency translation loss.
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