Commercial Metals Company (CMC) secured a preliminary anti‑dumping ruling from the U.S. Department of Commerce against rebar imported from Algeria, imposing a 127.32% margin on all Algerian rebar entering the United States. The ruling, issued on December 17 2025, was publicly supported by CMC on December 19 2025 and is part of a broader trade enforcement strategy that also covers Bulgaria, Egypt, and Vietnam.
The 127.32% margin applies to all Algerian rebar, including Tosyali Iron Steel Industry Algeria SPA and other producers. The Department of Commerce has scheduled a final determination for around March 3 2026, after which the duty will become enforceable. The ruling is a win for CMC’s Rebar Trade Action Coalition membership and reinforces the company’s margin‑enhancement program, which has been a key lever in its recent turnaround efforts.
The higher margin will raise the cost of Algerian rebar for U.S. buyers, giving domestic producers a pricing advantage. CMC expects the duty to reduce competitive pressure from lower‑priced imports and to support its pricing power in the North America Steel Group, which accounts for the majority of the company’s revenue. The ruling also signals continued Department of Commerce support for U.S. steelmakers, bolstering the trade protection environment that underpins CMC’s strategic transformation.
Despite the trade win, CMC’s financial performance has been under pressure. Revenue in 2025 fell 1.6% to $7.80 billion, and earnings dropped 82.6% to $84.66 million. Earnings per share for the twelve months ending August 31 2025 were $0.74, a steep decline from $4.14 in 2024. Adjusted EBITDA margin fell to 1.1% from 6.1% in 2024, reflecting lower pricing power and higher input costs across the North America and Europe Steel Groups.
Headwinds remain significant. CMC faces a $330 million antitrust penalty for exclusivity agreements in California, which the company is appealing. The legal risk, combined with macro‑economic uncertainty, tempers the positive impact of the anti‑dumping ruling. Management remains focused on cost discipline and strategic investments to stabilize margins and protect the company’s long‑term competitiveness.
Peter Matt, President and CEO, said, "The Department of Commerce’s defense of fair trade protects our domestic steelmakers and the skilled workers who build our nation. This ruling strengthens our pricing power and supports the broader trade protection environment that underpins our transformation."
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