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Why Commercial Metals Shares Are Surging Today

Commercial Metals Company (NYSE:CMC) shares are trading higher after the company reported third-quarter FY24 net sales of $2.078 billion, beating the consensus of $2.034 billion. The company stated that fundamentals remain strong in North American markets, supporting stable to modestly improving steel product margins, healthy shipment levels, and steady downstream backlog volumes. Commercial Metals reported that the Europe Steel Group achieved nearly breakeven performance on an adjusted EBITDA basis in the third quarter. Market conditions remained stable compared to the previous quarter, with slight increases in finished steel pricing and product margins. The Europe Steel Group’s average selling price increased by $8 per ton from the second quarter of fiscal 2024. Core ...