Recycler and manufacturer Commercial Metals Co. is considering a purchase offer from investor Carl Icahn worth $1.73 billion.

New York-based Icahn Enterprises LP said in a news release it has made a cash offer of $15 a share for all outstanding shares of Commercial Metals’ stock. With about 115.5 million shares outstanding, that would total about $1.73 billion. The Irving, Texas-based Commercial Metals, which recycles and makes steel and metal products, said in its news release that it “will review the letter and determine a response that is in the best interests of the company and its stockholders.”

Commercial Metals said it didn’t consider the move a formal offer but Icahn disagreed, saying “it is incumbent on the board to respond to our offer as soon as possible.”

Commercial Metals reported a net loss of $129.6 million, or $1.13 per diluted share, for its fiscal year ended Aug. 31, the result primarily of restructuring charges.