Commercial Metals Upbeat on 2023 U.S. Construction, Rebar Demand
Attachment: CMC 2Q23
March 24, 2023--Researched by Industrial Info Resources (Sugar Land, Texas)--Commercial Metals Company (NYSE:CMC) (CMC) (Irving, Texas), a major steel and metal products firm, is enjoying nearly record-high volumes and pricing levels for its downstream backlog, and is anticipating strong demand conditions for its 2023 North American construction season.
Industrial Info is tracking nearly $1 billion worth of active projects from CMC, more than $300 million of which is nearing or under construction. CMC executives said that the 2021 Infrastructure Investment and Jobs Act, which increased federal support for infrastructure investment, is expected to boost annual rebar demand by at least 1.5 million tons. Several states also have significantly increased long-term highway funding.
Rebar-production facilities set for expansions and improvements include major factories in Arizona, West Virginia, Alabama and Florida.
