Exhibit 99.1
COMMERCIAL METALS COMPANY ANNOUNCES TENDER OFFER
FOR $100 MILLION OF 7.20% NOTES DUE 2005
Dallas -- October 31, 2003 -- Commercial Metals Company (CMC: NYSE),
headquartered in Irving, Texas, today announced that it is offering to purchase
for cash any and all of its $100 million outstanding 7.20% Notes due 2005 (the
"Notes") through a tender offer. The tender offer is scheduled to expire at
12:00 p.m. (noon) New York City time, on November 7, 2003, unless extended or
earlier terminated (the "Expiration Time").
The purchase price for each $1,000 principal amount of the Notes properly
tendered and accepted for payment will be determined in the manner described in
the Offer to Purchase dated October 31, 2003 (the "Offer to Purchase") by
reference to a fixed spread of 60 basis points over the bid side yield (as
quoted on Bloomberg Screen PX4 at 3:00 p.m., New York City time, on the second
business day preceding the date on which the offer expires) of the 1.50% U.S.
Treasury Notes due July 31, 2005, calculated to the maturity of the Notes, plus
accrued and unpaid interest on the Notes up to, but not including, the date of
payment of the purchase price. The table below illustrates how the purchase
price for each $1,000 principal amount of each Note tendered and accepted for
payment pursuant to the tender offer will be determined.
<Table>
<Caption>
Aggregate
Principal Bloomberg
CUSIP Amount Reference Reference
Number Outstanding Security Treasury Security Page Fixed Spread
- ------------------ ----------------- ----------------- ------------------- -------------- ---------------
201723AA1 $100,000,000 7.20% Notes due 1.50% due PX4 60 bp
2005 July 31, 2005
</Table>
The terms and conditions of the tender offer, including the conditions to
CMC's obligation to accept the Notes tendered and pay the purchase price, are
set forth in the Offer to Purchase and related Letter of Transmittal. CMC may
amend, extend or, subject to certain conditions, terminate the tender offer.
Notes tendered pursuant to the offer may be withdrawn at any time prior to the
Expiration Time. Tendered Notes may not be withdrawn after the Expiration Time.
The offer is conditioned upon at least $70 million in aggregate principal amount
of Notes being tendered and not withdrawn as well as certain other conditions as
described in the Offer to Purchase.
(more)
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Goldman Sachs & Co. is acting as dealer manager. Questions concerning
the terms of the tender offer may be directed to Goldman, Sachs & Co., at
800-828-3182 (toll free) or 212-357-3019 (collect). Questions concerning the
procedures for tendering Notes or requests for the Offer to Purchase documents
may be directed to Mellon Investor Services LLC, the Information Agent and
Tender Agent, at 888-509-7937.
This press release shall not constitute a tender offer to purchase or a
solicitation of acceptance of the tender offer, which may be made only pursuant
to the terms of the Offer to Purchase and related Letter of Transmittal. In any
jurisdiction where the laws require the tender offer to be made by a licensed
broker or dealer, the tender offer shall be deemed made on behalf of CMC by
Goldman, Sachs & Co. or one or more registered brokers or dealers under the laws
of such jurisdiction.
Commercial Metals Company and subsidiaries manufacture, recycle and
market steel and metal products, related materials and services through a
network including 4 steel minimills, 33 steel fabrication plants, a castellated
and cellular beam fabricating plant, 5 steel joist plants, 4 steel fence post
manufacturing plants, 2 heat treating plants, a railcar rebuilding facility, 29
construction-related product warehouses, a railroad salvage company, a copper
tube mill, 44 metal recycling facilities and 16 marketing and distribution
offices in the United States and in strategic overseas markets.
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Contact: Bill Larson
Vice President & Chief Financial Officer
214.689.4325
www.commercialmetals.com
2004-03