The chairman of steel producer Commercial Metals Co. sold 30,000 shares of common stock under a prearranged trading plan, according to a Securities and Exchange Commission filing.
In a Form 4 filed Wednesday with the SEC, Stanley A. Rabin reported he sold the shares Wednesday for $30.49 to $30.90 apiece.
The stock sale was conducted under a prearranged 10b5-1 trading plan which allows company insiders to set up a program in advance for such transactions and proceed even if they come into possession of material nonpublic information.
Insiders file Form 4s with the SEC to report transactions in their companies' shares. Open market purchases and sales must be reported within two business days of the transaction.
Commercial Metals is based in Irving, Texas.
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