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Commercial Metals Buying GAM Steel

Commercial Metals Co. said on Thursday that it has signed an agreement to buy G.A.M. Steel Pty. Ltd., an Australia-based steel distributor.

IRVING, Texas (AP) -- Commercial Metals Co., which makes and recycles steel and metal products and offers related services, said on Thursday that it has signed an agreement to buy G.A.M. Steel Pty. Ltd., an Australia-based steel distributor.

Terms of the deal were not announced.

CMC said G.A.M. will continue to operate independently. CMC said the acquisition will add to its already "significant position" in steel marketing and distribution in Australia.

G.A.M. is based in Derrimut, Australia, a suburb of Melbourne. It distributes and processes steel for structural fabrication, rural, and manufacturing customers.

CMC shares fell 6 cents to close at $14.84 on Thursday. They rose a penny in aftermarket trading.

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