Commercial Metals Co. (CMC) announced Tuesday morning that it has agreed to acquire certain U.S. rebar steel mill and fabrication assets from Gerdau S.A. for $600 million in cash.
Commercial Metals gapped up sharply Tuesday and climbed for the bulk of the morning. Profit taking set in during the afternoon, but the stock still finished up by 1.45 at $22.77 on above average volume. Commercial Metals leaped to over a 10-month high.
by RTT Staff Writer
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