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                                                              EXHIBIT 10(iii)(e)

COMMERCIAL METALS COMPANY KEY EMPLOYEE
ANNUAL INCENTIVE PLAN


PURPOSE
The objectives for the Annual Incentive Plan are to:

o    Pay for short-term results which help drive longer term shareholder value
     creation for Commercial Metals Company including achieving annual business
     and financial performance targets;

o    Encourage senior management to promote the interests of the Company and
     subsidiaries by linking compensation to the Company's consolidated
     financial results;

o    Maintain an entrepreneurial culture among key management employees by
     linking compensation to results for their business unit or area of
     responsibility;

o    Communicate expectations, results, and incentive payouts in a clear,
     unambiguous way;

o    Provide total cash compensation levels that are competitive with or above
     the market, esp