Letterhead of Barbara R. Smith
Senior Vice President and Chief Financial Officer
Commercial Metals Company
Post Office Box 1046
Dallas, Texas 75221-1046
6565 North MacArthur Blvd., Suite 800
Irving, Texas 75039
Phone: 972-308-5199
March 24, 2014
Via EDGAR and Federal Express
Mr. John Cash
Branch Chief
Division of Corporation Finance
U.S. Securities and Exchange Commission
100 F Street NE
Washington, DC 20549
Re: | Commercial Metals Company |
Form 10-K for the fiscal year ended August 31, 2013
Filed October 28, 2013
File No. 1-4304
Dear Mr. Cash:
Commercial Metals Company (“the Company”) received your letter dated March 20, 2014 by fax on March 20, 2014. The Company submits the following response to your letter. For your ease of reference, we have included your original comment below and have provided our response after the comment.
Form 10-K for the fiscal year ended August 31, 2013
Consolidated Statements of Cash Flows, page 47
1. | We have read your response to prior comment two of our letter dated February 19, 2014. Based on the information you provided, it appears that the error related to the misclassification of documentary letters of credit is quantitatively material to your cash flows from operating and financing activities for the three months ended November 30, 2012, the six months ended February 28, 2013 and the nine months ended May 31, 2013. Please amend your Form 10-Q for the quarter ended November 30, 2013 to reclassify and properly reflect the changes in the documentary letters of credit balance in the statement of cash flows for the three months ended November 30, 2012. In addition, please ensure that you revise your statement of cash flows for the six months ended February 28, 2013 and the nine months ended May 31, 2013 when you include these statements in your future fiscal year 2014 Form 10-Qs. |
Response: The Company acknowledges the Staff’s comment. After receiving clarification from the Staff on this comment, the Company will correct the classification, and provide related explanatory disclosure, of the changes in the balance of documentary letters of credit in its statements of cash flows for the six months ended February 28, 2013 in its Form 10-Q for the quarter ended February 28, 2014 and for the nine months ended May 31, 2013 in its Form 10-Q for the quarter ended May 31, 2014, both of which the Company plans to file timely.
Mr. John Cash
March 24, 2014
Page 2
The Company acknowledges the following:
• | the Company is responsible for the adequacy and accuracy of the disclosure in its filing; and |
• | staff comments or changes to disclosure in response to staff comments do not foreclose the Commission from taking any action with respect to the filing; and |
• | the Company may not assert staff comments as a defense in any proceeding initiated by the Commission or any person under the federal securities laws of the United States. |
Please contact the undersigned at (972) 308-5199 or Adam R. Hickey at (972) 308-4317 if you have any questions or would like additional information in respect to these responses.
Very truly yours,
cc: | Joseph Alvarado, Chairman, President and Chief Executive Officer |
Paul K. Kirkpatrick, Vice President, General Counsel and Corporate Secretary
Adam R. Hickey, Vice President and Controller
Audit Committee of Board of Directors
Beth Flaming, Sidley Austin LLP
Gwen Mitchell, Deloitte & Touche LLP