Commercial Metals Company Settles Antitrust Class Action Lawsuit
IRVING, Texas, March 14, 2014
IRVING, Texas, March 14, 2014 /PRNewswire/ --Commercial Metals Company (NYSE:
CMC) today announced that it has reached final settlement in the Standard Iron
Works v. Arcelor Mittal et al. lawsuit in the amount of approximately $4
million, which the Company estimates is less than the anticipated cost to the
Company of continuing to defend the lawsuit. The class action litigation,
filed in September 2008 on behalf of the direct purchasers of steel products,
alleged violation of the federal antitrust laws by eight U.S. steel producers
through allegedly concerted restrictions on production. Commercial Metals
Company has denied from the outset any and all wrongdoing in connection with
the claims that have or could have been alleged against the Company in the
lawsuit, and the agreed upon settlement contains no admission of liability
from the Company. The settlement requires preliminary and final approval by
the Court, which the Company anticipates it will receive. Despite the
Company's belief, after extensive discovery and investigation of the facts,
that the claims lack merit and that it has full and complete defenses to all
of the claims asserted against it, the Company agreed to enter into the
settlement to avoid further expense, inconvenience, and distraction of
burdensome and protracted litigation.
About Commercial Metals Company
Commercial Metals Company and its subsidiaries manufacture, recycle and market
steel and metal products, related materials and services through a network
including steel minimills, steel fabrication and processing plants,
construction-related product warehouses, metal recycling facilities and
marketing and distribution offices in the United States and in strategic
This news release contains forward-looking statements regarding litigation
costs and the settlement of the antitrust class action lawsuit. These
forward-looking statements generally can be identified by phrases such as we,
the Company or its management "expects," "anticipates," "believes,"
"estimates," "intends," "plans to," "ought," "could," "will," "should,"
"likely," "appears," "projects," "forecasts," "outlook," or other similar
words or phrases. There are inherent risks and uncertainties in any
forward-looking statements. Variances will occur and some could be materially
different from our current opinion. Except as required by law, the Company
undertakes no obligation to update, amend or clarify any forward-looking
statements to reflect events, new information or otherwise.
SOURCE Commercial Metals Company
Contact: Barbara Smith, Chief Financial Officer, 214-689-4300
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