CMC Poland reduced shipments by 29% y/y in FY2023/2024

Polish long products manufacturer CMC Poland (a division of the US Commercial Metals Company) reduced shipments by 28.5% year-on-year – to 1.23 million short tons in FY2023/2024 (ended in August). This is stated in the CMC report.

In the period under review, the company almost halved shipments of rebar year-on-year to 364 thousand short tons, and commercial long products and other products by 17% y/y – to 870 thousand short tons. Net sales revenue decreased by 36% y/y – to $848.6 million, while adjusted EBIDTA decreased by 54% y/y – to $22.5 million.

In the fourth quarter of 2023/2024 (June-August), shipments of steel products by CMC’s Polish division fell by 18% y/y – to 319 thousand short tons. Rebar sales for the period decreased by 35% y/y – to 98 thousand tons.

According to CMC, the European market conditions in the fourth quarter of fiscal year 2023/2024 were similar to the previous quarter. Consumption of long products in the period remained significantly below historical levels.

“The positive impact of improved Polish demand for certain end-use products and regional supply discipline was largely offset by increased imports from neighboring countries looking for a market for products that are not consumed in their domestic markets,” the company said.

Earlier this year, CMC Poland predicted an improvement in demand for long products in the country amid improved economic data and government investment.