1
                                  EXHIBIT  11 

                   COMMERCIAL METALS COMPANY AND SUBSIDIARIES

          CALCULATION OF PRIMARY AND FULLY DILUTED EARNINGS PER SHARE*

                       ( In thousands except share data )


                                   
                                 
                                          YEAR  ENDED  AUGUST  31,                
                                          -------------------------------------------------------
                                                1996                1995               1994      
                                          ----------------    ---------------     ---------------
                                                                                      
  Net earnings                              $     46,024      $      38,208       $        26,170 

  Weighted average number                                                                         
       of shares outstanding                  15,106,882         14,895,475            14,649,810 
                                                                                                  
  Dilutive effect of stock option and                                                             
       purchase plans, after application                                                          
       of treasury stock method                  199,531            255,597               306,669 
                                                                                                  
  Adjustment for December 1993                                                                    
       four-for-three stock split                                                                 
                                                                                                  
                                                                                                  
  Shares used in calculating primary                                                              
       net earnings per share                  15,306,413        15,151,072            14,956,479 
                                                                                                  
                                            -------------     -------------       --------------- 
  Net earnings per share                            $3.01             $2.52                 $1.75 
                                            =============     =============       =============== 
                                                                                                  
                                                                     


 *Fully diluted earnings per share are identical to primary earnings per share.