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6565 N. MacArthur Blvd. Suite 800 Irving, TX 75039Tel 214. 689.4300 Fax 214. 689.5886
www.cmc.com 2CMC Overview June 2008
CMCA Global Steel and Metals Company
Steel MinimillsSteel Fabrication PlantsSteel Joist & Deck PlantsHeat Treating PlantsSteel Fence Post Mfg. PlantsSteel Service CentersConstruction-Related Product WarehousesCopper Tube MinimillMetal Recycling FacilitiesPipe & Tube MillMarketing and Distribution OfficesStrategic Investments
Over 14,000 Employees Worldwide in 14 Different Countries
CMC Manufactures, Recycles, Markets and Distributes Steel and Metal Products and Related Materials and Services Through a Network of Over 200 Locations Worldwide
3CMC Overview June 2008
Vertical Integration
Product Diversification
Global Geographic Dispersion
CMC – Business Model
• Domestic Steel Minimills(Long Products)
• Copper Tube Minimill
• Downstream Operations: Rebar andStructural Fab, Joist, Deck, CRP, Domestic Steel Import, Fence Posts, Heat Treating, Other
• Locations Throughout the Sunbelt• Significant Regional Processor
of Ferrous and Nonferrous• Strategic Mill Support
• Poland -- Main Products are Rebar & Wire Rod; Mega Shredder on Site; Captive Scrap Branches
• Croatia Tubular Products
• Offices in 13 Countries• Physical Operations and Strategic Investments
―11% Investment in Czech Mill―Australian Service Centers―Belgian Pickling & Oiling 24%
Joint Venture• Consultants/Agents in 20 Countries• Rebar Fab; 2 Locations; More Underway• Wire Mesh; 2 locations in Poland
Effective 9/1/2007
5CMC Overview June 2008
How is CMC Different?
30 Consecutive Years of ProfitabilityBuild Markets, then Build Manufacturing/Processing OperationsVertically Integrated: Scrap Processing and Steel Fabrication are Hedges for the Steel and Copper Tubing MillsMarketing and Distribution – Consistently ProfitablePeople Development
Conservative Company with a Strong, Experienced Management Team
6CMC Overview June 2008
Conservative AccountingFast Depreciation RatesNo Significant Post-Retirement BenefitsHigh Correlation Between Hedging Strategy and Underlying AssetsNo Speculation or Position TakingNo Esoteric Financial InstrumentsVery Cautionary Bad Debt Reserves / Use of Credit InsuranceLIFO Inventory ValuationInvestment Grade Long-Term Debt and Commercial Paper
7CMC Overview June 2008
CMC’s Peer Group
Bayou Steel CorporationGerdau AmeriSteelMueller IndustriesNucor CorporationOregon Steel Mills, Inc.Quanex CorporationSchnitzer Steel IndustriesSteel DynamicsWolverine Tube Inc
Plus Private & International Players
CorusDavid J. Joseph (Nucor)DufercoGlencoreMittalOmnisource (Steel Dynamics)Sims (Metal Management)Stemcor
Peer Companies
8CMC Overview June 2008
Profitability» Net Income Return on Beginning Equity 10 - 14%
» Operating Profit ROA > 16%
Leverage» Long-Term Debt/Total Capitalization 30 - 40%
Coverage» EBITDA/Interest > 6x
Financial Objectives
9CMC Overview June 2008
Liquidity
$400 MM Commercial Paper Program
$200 MM A/R Securitization Agreement
Unsecured Bank Credit Lines
Revolvers Have Never Been Called On
Weighted Average Long-Term Interest Rate on Public Debt – 6.29%
10CMC Overview June 2008
Operating Profit by Segment
Domestic Mills
FY 2005
44%
14%14%18%18%
24%
Domestic Fabrication
CMCZ Recycling Marketing & Distribution
FY 2006
49%
16%16% 11%11%
15%
9%
FY 2007
42%
14%14% 13%13%
14%
17%
11CMC Overview June 2008
Consolidated Net Sales
2.7
4.6
6.37.2
8.3
$0$1$2$3$4$5$6$7$8$9
$10
2003 2004 2005 2006 2007
($ in Billions)
12CMC Overview June 2008
157
42
715
5
77 79
59
$0
$20
$40
$60
$80
$100
1998 1999 2000 2001 2002 2003 2004 2005 2006 2007
Stock Repurchases($ in Millions)
13CMC Overview June 2008
Dividends Per Share
0.07 0.08 0.0850.115
0.171
0.33
$0.00
$0.05
$0.10
$0.15
$0.20
$0.25
$0.30
$0.35
$0.40
2002 2003 2004 2005 2006 2007
14CMC Overview June 2008
6352
110131
206
$0
$50
$100
$150
$200
$250
2003 2004 2005 2006 2007
Capital Expenditures($ in Millions)
Note: Excludes Acquisitions
15CMC Overview June 2008
LIFO Reserve($ in Millions)
0
50
100
150
200
250
1998 1999 2000 2001 2002 2003 2004 2005 2006 2007
223 8 6 8 17
92111
189
At August 31
241
16CMC Overview June 2008
Domestic Mills Net Sales
0.8
1.11.3
1.6 1.6
$0.0
$0.4
$0.8
$1.2
$1.6
$2.0
2003 2004 2005 2006 2007
($ in Billions)
Domestic Minimill and Fabrication Locations
Steel ManufacturingSteel FabricationSteel Joist & Deck PlantsHeat TreatingCopper Tube ManufacturingFence Post ManufacturingConstruction-Related Products WarehousingCastellated & Cellular Beam Fabrication
18CMC Overview June 2008
Copper Tube Manufacturing
Copper Tube Minimill: Melt Scrap/Cast/Extrude/Draw
Located in New Market, Virginia
Markets: More than 30 States
80 Million Pound Capacity
Water Tubing for Plumbing, Air Conditioning and Refrigeration
Value-Added Products – Line Sets
19CMC Overview June 2008
Copper Tube Manufacturing Shipments
61.968.4 66.6 65.7
52.5
0
20
40
60
80
100
2003 2004 2005 2006 2007
(in Millions of Pounds)
20CMC Overview June 2008
0200400600800
1,0001,2001,4001,6001,8002,0002,2002,4002,6002,800
1998 1999 2000 2001 2002 2003 2004 2005 2006 2007
CMC-TX CMC-AL CMC-AR CMC-SC
Domestic Steel Mill Shipments(Tons 000’s)
2,008
1,6851,853 1,903
2,1712,284
2,4012,266
2,4922,250
21CMC Overview June 2008
48%
18%
Domestic Steel Mill Shipments by RegionFiscal 2007
34%
22CMC Overview June 2008
Steel MinimillsCapacity (Tons 000’s)
Melting Rolling
CMC Steel Alabama: Birmingham, AL 650 575(mid-size structural products)
CMC Steel Arkansas: Magnolia, AR 0 150(posts, rebar, flats, angles, squares)
CMC Steel South Carolina: Cayce, SC 700 800(full line bar size products)
CMC Steel Texas: Seguin, TX 900 900(full line bar size products)
CMC Zawiercie: Zawiercie, Poland 1,500 1,100(rebar and wire rod)
Total 3,750 3,525
23CMC Overview June 2008
MIL
LM
ILL
Domestic Steel Mill Facilities
MEL
TM
ELT
CMC Steel Alabama
90 NTDC Fce
72 MVAXfrmr
28”
21 MVAXfrmr LMS
Ind Stir
14 stand in-line continuous mill with quick changecapability on 9 stands100 tph reheat furnace capacityIn-line straightening & stacking
Melt Capacity:
90 tph
CMC Steel Arkansas
Rail slitting & re-rolling;billet rolling12 stand in-line mill(12 passes continuous; 14 passes using 3 hi)
40 tph reheat furnaceIn-line bundling2000 fpm finishing speed
24CMC Overview June 2008
17 stand in-line continuousmill (all conventional)with quick change on all 17 stands
160 tph capacity; 3,300 fpm finishing and In-line straightening/stacking/bundlingProfile gauge
MIL
LM
ILL
Domestic Steel Mill Facilities
MEL
TM
ELT 120 NT
AC Fce80 MVAXfrmr
25 MVAXfrmr
24”
LMSInd Stir
17 stand in-line continuous mill (7 stand cantilever rougher) with quick change capability150 tph reheat furnace capacity3,000 fpm finishing speedIn-line bundlingProfile gauge
Melt Capacity:
130 tph
84NTAC Fce
80 MVAXfrmr
22”
LMSInd Stir
21.5 MVAXfrmr
Melt Capacity:
100 tph
CMC Steel South Carolina CMC Steel Texas
25CMC Overview June 2008
#1 Furnace #2 Furnace
Bar Mill18 stand in-line continuous mill with quick change capability on 6 stands; 120 metric tph reheat furnace capacity;16 meters per second finishing speed;In-line stacking and bundling
Wire Rod MillDual strand double rodblock 17 stand mill plus8 strand wire rod block;100 metric tph reheat furnace capacityMaximum speed 55 meters per second
135 NTAC Fce
105 MVAXfrmr
22”
LMS Porous Plug Stirring
60 MVAXfrmr
Melt Capacity:
117 mtph
CMCZ Steel Mill Facility
135 NTAC Fce
105 MVAXfrmr
22”
LMS60 MVAXfrmr
Melt Capacity:
84 mtph
Porous Plug Stirring
MIL
LM
ILL
MEL
TM
ELT
26CMC Overview June 2008
CMC Steel Alabama
Medium Section MillRoutine Efficient DC Furnace OperationContinuous Cost / Productivity/Quality ImprovementsGrowth in South Central U.S.A.FY 2007
– Tons Melted 614,000– Tons Rolled 669,000– Tons Shipped 654,000
27CMC Overview June 2008
CMC Steel Arkansas
USA’s Leading Fence Post Provider
Modern, Efficient Rail Reroller– Posts/Rebar/Bed Angles/Earth Bar
Low Cost Producer of Posts
Roll Billets Into Niche Products– Flats/Angles/Rounds
FY 2007 Tons Shipped – 130,000
28CMC Overview June 2008
CMC Steel South Carolina
Growth in Southeast U.S.A.State-of-the-Art, Quick Change, High Productivity Bar MillFY 2007
– Tons Melted 649,000 – Tons Rolled 669,000 – Tons Shipped 654,000
29CMC Overview June 2008
CMC Steel TexasLow Cost ProducerFlexible, High Productivity Bar MillBroad Product Range
– Rebar, Merchant Bar, and SBQNew Caster Fiscal 2006Strong Customer BaseTrucking Fleet Backhauls ScrapGrowth in Southwest U.S.A.FY 2007
– Tons Melted 859,000– Tons Rolled 730,000– Tons Shipped 869,000
CMC Steel Mill Products
5.5 – 11.0mmWire Rod
Rail anchors;jail bars;Other
Earth bar;concrete form bar; sign posts
SpecialSections
.95#, 1.25#,1.33#
All sizesFence Post3” – 6”3” – 6”3” – 8”Channels
25.0 – 51.0mm1” – 4”1” – 4”1” – 2”3” – 7”Angles
40.0 – 52.0mm1/2” – 3-1/2”1/2” – 2”Squares
25.0 – 100.0mm2” – 6”1-1/2” – 6”1-1/2” – 3”3” – 12”Flats
16.0 – 52.0mm1/2” – 3-1/2”1/2” – 3”1/2” – 1”RoundsSBQ & MBQ
10.0 – 40.0mm#3–18#3–18#3–6Rebar
CMCZCMC Steel TXCMC Steel SCCMC Steel ARCMC Steel ALPRODUCTS
30CMC Overview October 2007
31CMC Overview June 2008
Inter-Segment Dealings
46%Steel Purchased by Domestic Fabrication Segment fromDomestic Steel Mills
33%Steel Produced by Domestic Steel Mills and Sold toDomestic Fabrication
31%Ferrous Scrap Processed by Texas/South Carolina Shredders
20%Ferrous Scrap and Rail Sourced by Domestic SteelMills from Steel Scrap Yards
16%Ferrous Scrap Purchased by Domestic Steel Millsfrom CMC Recycling
As % of Total Requirement
32CMC Overview June 2008
Domestic Steel Mill Customers
FabricatorsOther OEM’s
Other OEM’sCold Drawers
Sucker Rod Mfg.Trailer Mfg.
Forge ShopsOther OEM’sManufacturersTower Mfg.
Service CentersService CentersService CentersMobile Home Mfg.
ContractorsContractorsLumber YardsService Centers
FabricatorsFabricatorsFarm Co-Ops/Distributors
Fabricators
CMC Steel TXCMC Steel SCCMC Steel ARCMC Steel AL
33CMC Overview June 2008
Steel DynamicsSteel Dynamics
Nucor Corp.Nucor Corp.W. Silver Inc.Nucor Corp.
GerdauAmeriSteel
GerdauAmeriSteel
Jersey Shore Steel
GerdauAmeriSteel
Border SteelBayou SteelChicago Heights SteelBayou Steel
CMC Steel TXCMC Steel SCCMC Steel ARCMC Steel AL
Domestic Steel Mill Competitors
34CMC Overview June 2008
Second Largest Steel Producer in Poland
Minimill Capacity 1.1 Million Tons
Goal is 70% Domestic and 30% Export Sales
Main Products are Rebar, Wire Rod, and Merchants
Mega Shredder and Fab Shop in 2006
FY 2007– Tons Melted 1,458,000– Tons Rolled 1,130,000
– Tons Shipped 1,366,000
CMC Zawiercie
35CMC Overview June 2008
Established 1948; Acquired September 2007Manufactures Seamless, Welded and Cold Processed Pipe
1,400 Employees300,000 MT Rolling Capacity
– 170,000 Welded Tubes
– 70,000 Heavy Walled Seamless Pipe
– 35,000 Medium Section Seamless Pipe
– 25,000 Cold Drawn Tubes
– Melt Shop – 70,000 Blooms
Turnaround; Manufacturing at Less Than 20% of Capacity at Acquisition
CMC Sisak
36CMC Overview June 2008
CMC Houston Steel, Houston, TX
CMC Fontana SteelEtiwanda, San Marcos & Stockton, CA
CMC Economy Steel, Las Vegas, NV
CMC Capitol SteelBaton Rouge, Lumberton & Slidell, LA
CMC Capitol City Steel, Buda, TXCMC Alamo Steel, Waco, TX
CMC Rebar Arizona, Chandler, AZ
CMC Rebar, Dallas, Ft. Worth, Melissa & Waxahachie, TX; Albuquerque, NM; Keithville, LA; Little Rock, AR; Oklahoma City & Tulsa, OK
CMC Kilroy Steel, Cleveland, OH
SteelWhsng.
CMC Rebar Fabricators, Bloomington, CACMC Rebar Corpus Christi, Corpus Christi, TXCMC Rebar Carolinas, Gastonia, NC & Columbia, SC
CRP& Other
StructuralFab
RebarFabFabrication Shops
37CMC Overview June 2008
CMC Texas Cold Finished Steel, Houston, TX
CMC Rebar Virginia, Farmville & Fredericksburg, VA
CMC Rebar San Antonio, Helotes, TXCMC Rebar Golden Gate, Emeryville, CA
CMC Rebar Georgia, Atlanta & Lawrencville, GACMC Rebar Fresno, Fresno, CA
CMC Rebar FloridaJacksonville, Ft. Myers & Kissimmee, FL
CMC Southern States Steel, Beaumont, TX
CMC South Carolina Steel, Taylors & N. Charleston, SC
CMC Safety Steel Service, Victoria, TX
SteelWhsng.
CMC Valley Steel, Harlington, TX
CMC Sterling Steel, Houston, TXCMC Steel Fabricators, Seguin, TX
CRP& Other
StructuralFab
RebarFabFabrication Shops
38CMC Overview June 2008
Castellated & CellularBeams
CMC Steel ProductsHope, AR; Farmville, VA
Railroad Track DismantlingCMC RailMagnolia, AR
Scrap Metal RecyclingCMC Metal Recycling
Alexander City & Birmingham, AL; Augusta, GA; Austin (2) & Seguin (2),TX; Cayce, Florence, Gaston, Lexington, No. Augusta & Spartanburg, SC
Shortspan and LongspanJoists; Steel Decking
CMC Joist & DeckHope, AR; Starke, FL; Iowa Falls, IA; South Plainfield & Summit, NJ;Fallon, NV; New Columbia, PA; Eastover & Rock Hill, SC; Juarez, Mex.
Heat Treating SteelCMC Impact MetalsPell City, AL; Struthers, OH; Chicora, PA
Product LineLocation
Significant Other Fabrication Operations
39CMC Overview June 2008
Studded “T” Steel Fence Posts
CMC Southern PostMagnolia, AR; West Columbia, SC; San Marcos, TX; Brigham City, UT
Concrete Accessories; Highway Products; Forming Systems
CMC Construction ServicesN. Little Rock, Sherwood & Springdale, AR; Phoenix & Tucson, AZ;Riverside, CA; Denver & Rifle, CO; Jacksonville, Orlando, & Tampa, FL;Boise, ID; Alexandria, Baton Rouge, Jefferson, Shreveport & Sulphur, LA;D’Iberville & Jackson, MS; Albuquerque, NM; Broken Arrow, OK;Charleston, Columbia & Greenville, SC; Amarillo, Austin, College Station,Conroe, Corpus Christi, Dallas, El Paso, Fort Worth, Houston (3), Lubbock,Melissa, Round Rock, San Antonio, & Texas City, TX; Salt Lake City, UT
Product LineLocation
Significant Other Fabrication Operations
40CMC Overview June 2008
Domestic Minimill and Scrap Processing Locations
Steel MinimillsCopper Tube MillCMC Recycling LocationsCMC Recycling ShreddersCMC Steel Group LocationsCMC Steel Group ShreddersRail Salvage Company
41CMC Overview June 2008
3,5281,0032,525Total5283525Nonferrous
3,0001,0002,000Ferrous
TotalDomesticMillsCMCR
Recycling Tons Capability(000’s)
42CMC Overview June 2008
Polish & Croatian Steel Minimills andMarketing and Distribution Locations
ProcessingMarketing and DistributionRepresentative OfficesAgentsInvestments and Joint VenturesSteel MinimillScrap ProcessingSteel FabricationPipe & Tube MillWire Mesh
43CMC Overview June 2008
Provide Niche Value-Added Physical Operationsin Special Situations
– Marketing and Distribution Emphasized– Warehouses in Australia– Steel Service Centers in Australia (Processing)
Partnering with Suppliers and Customers– Pickling and Oiling Steel Coils in Belgium– Czech Marketing and Trading Agreement
Physical Marketers, Not Screen Traders
Consistently Profitable
Marketing and DistributionStrategy
44CMC Overview June 2008
Marketing and Distribution SegmentLocations
Domestic– CMC Commonwealth Metals (Fort Lee, NJ)– CMC Cometals (Fort Lee, NJ)– CMC Dallas Trading (Irving, TX)
International– Australia– China– Germany– Hong Kong– India– Russia – Singapore– Switzerland– United Kingdom
45CMC Overview June 2008
Marketing and Distribution SegmentStrategic Investments
Trinecke (Czech Republic)
Europickling (Belgium)
46CMC Overview June 2008
Marketing and DistributionProducts and ServicesAluminum, Brass and Copper SemisIndustrial Products for Steel, Refractory, Foundry IndustriesNew Steel, Long and Flat ProductsSteel and Aluminum Re-Rolling StockProcessing, Heat Treating, Pickle and Oil
47CMC Overview June 2008
Marketing and DistributionServices Provided
• Integrity
• Market Knowledge
• Multiple Suppliers
• Competitive Bids
• Foreign LanguageCapability
• Contract Documentation
• Hedging
• Foreign Exchange
• Production Monitoringand Inspection
• L/C Arrangement
• Re-Packaging/Port Loading/Discharge
• Marine and InlandTransportation
• Insurance
• Customs Clearance
• Warehousing/JIT
• Technical Support
• Financing
• Claim Settlement
48CMC Overview June 2008
Marketing and DistributionSynergies Within CMC
Sales of Rails / Alloys / Complementary Steel and Copper Finished Goods to Domestic MillsPersonnel Seconded to CMCZImport for Domestic Fab StockMarket Intelligence
– World Metal Prices – Local– World Metal Prices – Import– Local Political/Economic Conditions– Freight Markets– Competitor Moves– M&A Opportunities– Joint China Strategy
49CMC Overview June 2008
$50$100$150$200$250$300$350$400$450$500$550$600$650$700
2002 2003 2004 2005 2006 2007
CMC
S&P 500
S&P Stl Ind
CMC
S&P 500
S&P Stl Ind
Commercial Metals Company $100.00 $648.86S&P 500 $100.00 $176.25S&P Steel Industry Group $100.00 $561.57
2002 2007
Stock Performance GraphFiscal Years
50CMC Overview June 2008
Maintain Investment Grade RatingReturn on Capital Criteria MetAccretive to Shareholders Within One YearWithin Our Current Scope of CompetencyProduct Line ExtensionGeographic ExpansionEnd-Use Market AttractiveInternational Assets Can Be AttractivePreference for Non-Union But Not an AbsoluteGreenfield Option
Acquisition Criteria
51CMC Overview June 2008
Our Core Competencies
We Know How to Treat Our Employees, Customers and SuppliersWe Know How to Make SteelWe Know How to Fabricate SteelWe Know How to Process ScrapWe Know How to Market Worldwide
– Buy– Sell– Transport– Finance
We Do it the RIGHT Way!
52CMC Overview June 2008
Opportunities
Downstream Value-Added Operations– Rebar Fabricating– Joist Manufacturing– Heat Treating– Expansion of Construction-Related Products– Small Structural Fabrication
Steel Mills– Geography Must Work (Underserved Markets)– Synergies with Current Operations– Offer an Expanded Product Line
53CMC Overview June 2008
Opportunities
Copper/Brass– Mill Position to Complement CMC Howell Metal
Recycling– Regional Strengthening (e.g., Yonack)
International– Early Stage Asia Expansion– More Physical Operations in Central Europe
and Australia
– Complement CMCZ
54CMC Overview June 2008
There is More to ComeSustainability
Macro Factors– Industry Consolidation Has Brought:
» Financially Stronger Companies with Longer-Term Outlooks
» Pricing Power Pendulum Swinging Towards Producers
» Greater Supply Discipline in Response to Demand Changes
» More Control Over Raw Material Inputs» Diversification of Sources of Earnings Power
55CMC Overview June 2008
There is More to ComeSustainability
Macro Factors– Historical Trend Has Developing Economies
More Metal Intensive» Industrialization is a Continuing Story
» Economic Development Drives Steel/Metals Consumption
– Global Infrastructure0
100
200
300
400
500
600
700
0 10 20 30 40
Stee
l Con
sum
ptio
n K
G P
er C
UK
France
Germany
Japan
ThailandChina
India
Australia
USA
Mexico
Source: IISI, World Bank, CMC EstimatesGDP is 2006, Steel Consumption Estimated 2005
Metal Consumption is the Driving Factor for Metal Pricing
Consumption Curve
0
200
400
600
800
1,000
1,200
1,400
USA U
K
Fran
ce
Ger
man
y
Japa
n
Thai
land
Mex
ico
Chi
na
Indi
a
Aus
tralia
Est. 2006 Population (in Millions)
US$ GDP Per Capita
57CMC Overview June 2008
Commercial Metals’ Factors– Diversification Limits Down Cycle Risk– Favorable Geography – Capital Assets in Sunbelt
Growth Areas and Central European Expansion Corridor
– Supply Chain Balance – Control Sufficient Scrap Capacity to Meet Mill Demand Which Has Sufficient Capacity to Meet Downstream Value-Added Operations’ Demand
– Vibrant End-Use Markets – Long Products for Construction, Service Centers, Agriculture, Non-Auto OEM’s
There is More to ComeSustainability
58CMC Overview June 2008
Commercial Metals’ Factors (Continued)– Profit Opportunities Long Cycle – Spot in
Recycling, Mid-Range in Mills, Longer Term in Fabricators/Distribution
– Market Upheavals Create Profit Opportunities for Worldwide Reach of Marketing & Distribution
– Proven Track Record – 30 Years of Annual Profitability; Only One Quarterly Loss OverThat Span
There is More to ComeSustainability
59CMC Overview June 2008
People
Markets
Sourcing
Why CMC Outperforms
60CMC Overview June 2008
Non-GAAP Financial Measuresand Regulation G
This written and verbal presentation may use financial statementmeasures considered non-GAAP financial measures by the Securities
and Exchange Commission (SEC). In compliance with the SEC’s Regulation G, we have
provided on our web site at
a reconciliation to the most comparable GAAP measure and other information that may be of interest to investors.
www.cmc.com
Investor Information
61CMC Overview June 2008
Forward Looking StatementsThis written and verbal presentation may contain forward-looking statements regarding the outlook for the Company's financial results including net earnings, product pricing and demand, production rates, inventory levels, impact of acquisitions, credit conditions and general market conditions. These forward-looking statements generally can be identified by phrases such as the company or its management “expect,” “anticipates,”“believe,” “ought,” “should,” “likely,” “appears,” “projected,” “forecast,” “outlook,”“will” or other words or phrases of similar impact. There is inherent risk and uncertainty in any forward-looking statements. Variances will occur and some could be materially different from management's current opinion. Developments that could impact the Company's expectations include construction activity, difficulties or delays in the execution of construction contracts resulting in cost overruns or contract disputes, metals pricing over which the Company exerts little influence, interest rate changes, increased capacity and product availability from competing steel minimills and other steel suppliers including import quantities and pricing, court decisions, industry consolidation or changes in production capacity or utilization, the ability to integrate acquisitions into operations; global factors including political and military uncertainties, credit availability, currency fluctuations, energy and supply prices and decisions by governments impacting the level of steel imports and pace of overall economic activity, particularly China.
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