CMC expands share buyback program by $600 million

Commercial Metals Company (NYSE: CMC) said its board of directors has authorized a $600 million increase to its existing common stock repurchase program, bringing total current capacity to approximately $717 million.

The Irving, Texas-based company said approximately $733 million in common stock has been repurchased under the existing program since it was first authorized in October 2021.

CMC said it intends to repurchase shares through open market transactions or privately negotiated transactions in accordance with applicable federal securities laws, including Rule 10b5-1 programs. The timing and amount of any repurchases will be determined by management based on market conditions and capital allocation considerations.

The program does not obligate CMC to repurchase any specific dollar amount or number of shares, and the board may modify, suspend, extend, or terminate it at any time without prior notice.

Peter R. Matt, President and Chief Executive Officer, said: "This share repurchase authorization reflects our confidence in the strength of our business, our long-term growth strategy, and our ability to continue generating strong cash flow."

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