For the quarter ending 30 November 2022, the company reported net earnings of US$261.8 million, or US$2.20 per diluted share, on sales of US$2.2 billion. In the same quarter during the prior year, the company reported net earnings of US$232.9 million, or US$1.90 per diluted share, on sales of US$2 billion. 

“CMC's outstanding financial performance during fiscal 2023's first quarter was made possible through strong execution by our North America and Europe teams who navigated very different market environments,” said CMC chairman and chief executive Barbara R. Smith.

In North America, we again benefited from strong demand, enabling us to achieve near-record quarterly segment adjusted EBITDA.  Our Europe operations leveraged their excellent relative cost position to gain market share, shipping high volumes despite dynamic and uncertain market conditions.”

Smith said work on the company’s second Arizona micro-mill, dubbed Arizona 2, is on schedule for a spring 2023 start-up.  

“The commissioning of this exciting project is well-timed, as we anticipate construction activity related to the Infrastructure Investment and Jobs Act will begin ramping up during 2023,” Smith said.