Billionaire investor Carl Icahn offered to buy Commercial Metals Co. and combine it with his existing metals operations in a bid that values the Texas steel-scrap recycler and distributor at about $1.73 billion.

Icahn Enterprises LP, which owns a 10 percent stake in CMC, is offering $15 apiece for the other shares without any financing or due diligence conditions, he said yesterday in a letter to CMC directors.

The offer is 31 percent more than the stock’s Nov. 25 closing price. CMC jumped 24 percent to $14.17 in New York.

Icahn said he will sell “noncore” assets and appoint a new management team.

CMC will review the letter and respond in the best interests of the company and stockholders, the Irving, Texas-based company said in a separate statement.