Commercial Metals Company (CMC), a steel manufacturer in the United States, announced that it has made a deal to sell the land where its Steel California and Rebar Etiwanda operations are situated in Rancho Cucamonga.
The Steel California operations ceased in December 2020, while the existing customers of the Rebar Etiwanda operations will be served by other CMC fabrication locations. The site is planned to be repurposed for other industrial uses.
The completion of the transaction is expected to take place in the second quarter of CMC's fiscal year 2022. The agreement is projected to generate approximately US$300 million in profits, which will be used to partially offset the costs associated with CMC's new Arizona 2 micro mill. The facility is anticipated to begin production in the second half of the fiscal year 2023.
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