CMC Increases Share Repurchase Program By $600 Mln

(RTTNews) - Commercial Metals Co. (CMC) on Wednesday said its board authorized a $600 million increase to the company's existing share repurchase program, bringing the program's total remaining repurchase capacity to approximately $717 million.

Since the program was authorized in October 2021, the company has repurchased about $733 million of shares.

"This share repurchase authorization reflects our confidence in the strength of our business, our long-term growth strategy, and our ability to continue generating strong cash flow", said Peter R. Matt, President and Chief Executive Officer.

CMC shares were up about 1% in pre-market trading after closing at $72.63 on Tuesday.