Commercial Metals Company Settles Antitrust Class Action Lawsuit

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Mar 14, 2014, 04:30 ET

IRVING, Texas, March 14, 2014 /PRNewswire/ -- Commercial Metals Company (NYSE: CMC) today announced that it has reached final settlement in the Standard Iron Works v. Arcelor Mittal et al. lawsuit in the amount of approximately $4 million, which the Company estimates is less than the anticipated cost to the Company of continuing to defend the lawsuit. The class action litigation, filed in September 2008 on behalf of the direct purchasers of steel products, alleged violation of the federal antitrust laws by eight U.S. steel producers through allegedly concerted restrictions on production. Commercial Metals Company has denied from the outset any and all wrongdoing in connection with the claims that have or could have been alleged against the Company in the lawsuit, and the agreed upon settlement contains no admission of liability from the Company. The settlement requires preliminary and final approval by the Court, which the Company anticipates it will receive. Despite the Company's belief, after extensive discovery and investigation of the facts, that the claims lack merit and that it has full and complete defenses to all of the claims asserted against it, the Company agreed to enter into the settlement to avoid further expense, inconvenience, and distraction of burdensome and protracted litigation.

About Commercial Metals Company

Commercial Metals Company and its subsidiaries manufacture, recycle and market steel and metal products, related materials and services through a network including steel minimills, steel fabrication and processing plants, construction-related product warehouses, metal recycling facilities and marketing and distribution offices in the United States and in strategic international markets.

Forward-Looking Statements

This news release contains forward-looking statements regarding litigation costs and the settlement of the antitrust class action lawsuit. These forward-looking statements generally can be identified by phrases such as we, the Company or its management "expects," "anticipates," "believes," "estimates," "intends," "plans to," "ought," "could," "will," "should," "likely," "appears," "projects," "forecasts," "outlook," or other similar words or phrases. There are inherent risks and uncertainties in any forward-looking statements. Variances will occur and some could be materially different from our current opinion. Except as required by law, the Company undertakes no obligation to update, amend or clarify any forward-looking statements to reflect events, new information or otherwise.

SOURCE Commercial Metals Company