CMC · CIK 0000022444
What Commercial Metals Co. told the SEC could break it.
2 self-disclosed vulnerabilities, pulled from its own filings — each in the company’s words, with the source. This is the risk register almost nobody reads.
A limited set so far — we surface every cited disclosure we’ve extracted for CMC. More may follow as additional filings are processed.
In its own words
What could break it.
Commodity & input dependence
- ferrous scrap input / steel metal-margin spreadmedium
CMC's profitability depends on the metal-margin spread between ferrous scrap input cost (~$333/ton in 2025) and steel selling prices; compression in steel and downstream metal margins drove an 83% drop in FY2025 net earnings.
“compression in steel and downstream products metal margins, contributed to the decrease in consolidated net earnings.”
Regulatory & policy
- Section 232 steel tariffs (25%→50%)medium
Section 232 steel tariffs were restored/expanded to 25% (March 12, 2025) then raised to 50% for all countries except the U.K. (June 4, 2025) and extended to fabricated steel products; favorable to CMC's domestic market but its benefit reverses if tariffs are relaxed or repealed.
“On February 10, 2025, President Trump issued an Executive Order to restore and expand Section 232's 25% tariffs on steel imports from all sources, effective March 12, 2025, ending country and product exemptions, and broadening the application of the tariffs to fabricated steel products. Effective June 4, 2025, the tariffs on steel imports were increased to 50% for all countries other than the U.K., which continues to be subject to 25% tariffs.”
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