Commercial Metals buys back Polish stake |
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Fri, 02 Mar 2007 19:11
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IRVING, Texas (AP) - Steel producer Commercial Metals Co. said Friday it purchased a 26.8 percent stake in its Polish steel mill, CMC Zawiercie SA, from the Polish Ministry of State Treasury for $59.5 million.Commercial Metals now holds about 99 percent of CMC Zawiercie shares outstanding.The Polish Ministry retained a minority stake in CMC Zawiercie, which primarily makes rebar and wire rod, when the mill was privatized in 1995. The Ministry continued to hold the shares following Commercial Metals' 2003 acquisition from Impexmetal SA of the mill's controlling stake.CMCZ is the second-largest steel producer in Poland with annual production of about 1.3 million metric tons.Commercial Metals shares fell 61 cents, or 2.2 percent, to $27.07 in afternoon trading on the New York Stock Exchange.Copyright 2007 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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