1. A Nucor (NUE) focused on steel for construction and infrastructure.

2. Like a regional Nucor (NUE), specializing in rebar and fabricated steel products.

3. The steel equivalent of Vulcan Materials (VMC), providing essential construction inputs like rebar and fabricated steel.

Major products of Commercial Metals (CMC) include:

• Reinforcing Steel (Rebar): Steel bars used to strengthen concrete in various construction applications.
• Fabricated Rebar: Custom-cut, bent, and welded reinforcing steel prepared for specific construction projects.
• Merchant Bar Products: A range of steel bars in different shapes (e.g., rounds, angles, channels) utilized in manufacturing, fabrication, and general construction.
• Wire Rod: Coiled steel used as a raw material for drawing into wire, mesh, and other wire products.
• Structural Steel: Large steel sections such as beams and columns used as load-bearing components in major construction projects.

Major Customers of Commercial Metals (Symbol: CMC)

Commercial Metals (CMC) primarily sells its steel products and services to other companies, rather than directly to individuals. Their business model focuses on manufacturing and recycling steel, with products like rebar, merchant bar, and wire rod, which are essential inputs for various industries, particularly construction and infrastructure.

Due to the highly fragmented nature of their customer base and for competitive reasons, Commercial Metals does not publicly disclose the names of specific major customer companies that account for a significant portion of their revenue (e.g., 10% or more of net sales). Their customer base is diverse across many smaller accounts.

However, CMC's sales are primarily directed towards the following categories of businesses, which represent their key customer segments:

• Rebar Fabricators: These companies cut, bend, and weld rebar to specific project requirements. CMC operates its own fabrication facilities, but also sells to independent fabricators.
• General Contractors and Sub-contractors: Businesses involved in large-scale construction projects (commercial, residential, and infrastructure) are direct purchasers of CMC's steel products for use in buildings, bridges, roads, and other structures.
• Steel Service Centers and Distributors: These intermediaries purchase steel products in bulk from manufacturers like CMC and then distribute them to a wide array of smaller end-users, offering processing and inventory management services.
• Industrial Manufacturers: Various industrial companies utilize CMC's steel products as raw materials or components in their manufacturing processes.

Peter Matt President and Chief Executive Officer

Peter Matt was appointed President of Commercial Metals Company in April 2023 and Chief Executive Officer in September 2023. He has also served as a member of CMC's Board of Directors since June 2020. Before joining CMC, Mr. Matt served as the Executive Vice President and Chief Financial Officer of Constellium SE, a global aluminum fabrication company. He also spent 30 years in investment banking with Credit Suisse, holding various leadership positions, and was a managing partner for Tumpline Capital LLC. Mr. Matt is a board member for the FX Matt Brewing Company.

Paul Lawrence Senior Vice President and Chief Financial Officer

Paul Lawrence joined Commercial Metals Company in February 2016 as Vice President of Finance and was appointed Senior Vice President and Chief Financial Officer in November 2021. Prior to CMC, Mr. Lawrence worked with Gerdau from 2003 to 2016, where he held several financial leadership roles including North American Information Technology Leader, Assistant Vice President, and Corporate Controller. From 1998 to 2002, he held various financial positions with Co-Steel Inc., which was subsequently acquired by Gerdau SA.

Jody Absher Senior Vice President, Chief Legal Officer & Corporate Secretary

Jody Absher joined CMC's legal department in May 2011 and has previously served as General Counsel and Corporate Secretary. Prior to joining CMC, Ms. Absher was an associate at Haynes and Boone, LLP.

Jennifer Durbin Senior Vice President, Chief Human Resources & Communications Officer

Jennifer Durbin is responsible for CMC's Global Human Resources, overseeing talent attraction and retention, leadership development, compensation and benefits, and succession planning for a workforce of over 13,000 employees. She also manages CMC's external and internal communications strategy.

Ty Garrison Senior Vice President, Operational & Commercial Excellence

Ty Garrison holds the position of Senior Vice President, Operational & Commercial Excellence at Commercial Metals Company.

Key Risks to Commercial Metals (CMC)

1. Cyclicality of the Steel Industry and Macroeconomic Conditions: Commercial Metals' business is highly sensitive to the cyclical nature of industries such as commercial, government, and residential construction, as well as energy, metals service centers, petrochemical, and original equipment manufacturing. Significant fluctuations in demand for its products can occur due to global or regional economic conditions, geopolitical conflicts, energy prices, consumer demand, and government decisions on infrastructure spending. Economic downturns and uncertainty can negatively impact these sectors, thereby pressing steel pricing and margins.

2. Raw Material and Input Price Volatility: The company's financial performance is significantly affected by rapid and substantial changes in the prices of metals, particularly steel scrap, and energy. Increased volatility in these commodity markets can lead to situations where manufacturing costs exceed projections or market prices for steel products decline, potentially forcing the liquidation of high-cost inventory at reduced margins or losses.

3. Intense Competition and Legal/Regulatory Risks: Commercial Metals operates in a highly competitive steel and metal recycling industry, facing numerous domestic and international players, including global steel manufacturers from Asia and Europe, which can exert pressure on margins and impact market dynamics. Additionally, the company is exposed to significant legal and regulatory risks, as evidenced by material impacts from adverse legal outcomes, such as a substantial litigation expense in fiscal year 2025. Compliance with stringent environmental and safety regulations also contributes to operational costs and complexity.

Increased adoption of mass timber construction. Mass timber products (such as Cross-Laminated Timber, Glued Laminated Timber) are gaining significant traction as a sustainable and efficient alternative to traditional steel and concrete in the construction industry, particularly for mid-rise and high-rise residential, office, and commercial buildings. This trend directly threatens the demand for Commercial Metals' core products, including steel rebar and structural steel, by offering a direct substitute material for primary structural elements.

Growing market share of alternative rebar materials like Fiberglass Reinforced Polymer (GFRP) rebar. GFRP rebar and other non-corrosive composite rebars are increasingly being specified and adopted as direct substitutes for traditional steel rebar in environments where corrosion resistance is critical, such as bridges, marine structures, and other infrastructure exposed to harsh conditions. This directly competes with and displaces demand for Commercial Metals' steel rebar products in these specific, but expanding, applications.

Commercial Metals Company (CMC) operates in several addressable markets related to steel and metal products and services. The primary markets for CMC's main products and services include:

• Steel Rebar: The global steel rebar market was estimated at USD 243.46 billion in 2024 and is projected to reach USD 325.32 billion by 2030, growing at a Compound Annual Growth Rate (CAGR) of 5.7% from 2025 to 2030. Another estimate places the global market at USD 292.65 billion in 2024, projected to hit USD 473.53 billion by 2034 with a CAGR of 4.93% from 2025 to 2034. The U.S. steel rebar market size is estimated to be US$6.2 billion in 2024 and is projected to reach US$8.2 billion by 2031, with a CAGR of 4.3% during the forecast period of 2025-2031.

• Long Steel Products: The global long steel products market size was valued at USD 796.14 billion in 2024 and is expected to grow at a CAGR of 3.62% from 2025 to 2032, reaching nearly USD 1,058.13 billion. Other estimates for the global market include USD 609.8 billion in 2024, expected to reach USD 956.2 billion by 2033 (CAGR of 4.87% during 2025-2033), and USD 730.10 billion in 2024, predicted to increase to USD 1,165.91 billion by 2034 (CAGR of 4.79% from 2025 to 2034). Rebar is the largest segment within long steel products.

• Metal Recycling: The global metal recycling market size was estimated at USD 850.04 billion in 2023 and is projected to reach USD 1,135.28 billion by 2030, growing at a CAGR of 4.0% from 2024 to 2030. Another report values the global metal recycling market at USD 253.3 billion in 2024, with a projection to reach USD 356.0 billion by 2033, exhibiting a CAGR of 3.9% during 2025-2033. The market is also forecast to reach $371,755.9 million by 2030, at a CAGR of 5.00% during the forecast period of 2024-2030.

• Steel and Fabricated Metal Fabrication: The global steel fabrication market was valued at USD 21.34 billion in 2024 and is projected to grow to USD 30.51 billion by 2035, with a CAGR of 3.30% from 2025 to 2035. Another source estimates the global steel fabrication market size at USD 215.43 billion in 2025, expected to reach USD 304.13 billion by 2030, at a CAGR of 7.14% during 2025-2030. For structural steel fabrication, the global market size was $166.33 billion in 2024 and is projected to reach $252.7 billion in 2029 at a CAGR of 9.0%. The U.S. prefabricated steel market size was estimated at USD 16.24 billion in 2022 and is expected to grow at a CAGR of 5.7% from 2023 to 2030, reaching USD 25.37 billion by 2030. The global fabricated metal market was valued at $21.4 billion in 2021 and is projected to reach $34.1 billion by 2031, growing at a CAGR of 4.8% from 2022 to 2031.

Commercial Metals Company (CMC) is poised for future revenue growth over the next 2-3 years, driven by a combination of strategic acquisitions, operational excellence initiatives, significant organic growth projects, and robust demand within its core construction markets.

Here are the key expected drivers:

1. Strategic Acquisitions and Expanded Precast Platform: CMC's recent acquisitions, such as Foley Products Company and CPMP, are expected to significantly enhance its portfolio and create a robust platform in the precast industry. These acquisitions are anticipated to be immediately accretive to earnings and cash flow per share, with projected annual run-rate synergies of $25 to $30 million of EBITDA by year three. This expansion into higher-margin precast concrete products and solutions will diversify revenue streams and strengthen CMC's market position.
2. "Transform, Advance and Grow" (TAG) Program: The company's enterprise-wide "Transform, Advance and Grow" (TAG) initiative is a key operational and commercial excellence program designed to generate sustainable margin improvements, reduce volatility, and enhance long-term financial performance. This program involves over 150 different initiatives across various business lines and support functions, with expected financial benefits starting in fiscal year 2025 and continuing in subsequent years. The TAG program aims to achieve these improvements through optimized logistics, lower insurance premiums, and commercial excellence.
3. Organic Growth Projects (Micro Mills): CMC is investing in organic growth projects, most notably the completion and ramp-up of new micro mills. The Arizona 2 micro mill is expected to reach full run-rate production by late 2024 or early 2025, increasing rebar and merchant bar volumes and enhancing supply capabilities to the Southwestern U.S. construction market. Additionally, a fourth micro mill under construction in West Virginia is aimed at enhancing supply capabilities to the Northeast and Mid-Atlantic markets, with capital spending of approximately $600 million for fiscal 2026 primarily for its completion. These new facilities are expected to lower costs, expand product reach, and unlock meaningful internal synergies.
4. Strong Construction Market Demand: CMC anticipates sustained strong demand in the construction markets, driven by several powerful structural trends. These include significant infrastructure investments, a resurgence in non-residential construction, and growth in energy projects. Positive signals from the Dodge Momentum Index and customer optimism indicate a potential recovery and sustained activity in construction. Over $2 trillion in corporate investments announced for 2025 further support an optimistic outlook for these sectors. Furthermore, the company expects to benefit from reshoring of manufacturing, artificial intelligence, and energy transition and generation growth.
5. Growth in Higher-Margin Fabricated Products and Solutions: CMC is strategically expanding its product portfolio, particularly focusing on higher-margin fabricated products and solutions for complex infrastructure projects. This includes the development of new specialized steel products and services to address evolving customer needs, which is directly tied to increasing market share and profitability. The Tensar line of innovative subgrade soil stabilization and foundation enhancement solutions, part of CMC's Emerging Businesses Group, has also shown strong performance and is expected to contribute to profitability.

Share Repurchases

• In January 2024, Commercial Metals Company's Board of Directors authorized an increase of $500 million to its existing common stock repurchase program, bringing the aggregate capacity to $850 million.
• Approximately $310 million of common stock had been repurchased under the existing program since its authorization in October 2021, as reported in January 2024.
• As of August 31, 2025, $205.0 million remained available under the current share repurchase authorization. The company repurchased $198.8 million in fiscal year 2025.

Share Issuance

• In fiscal year 2025, Commercial Metals Company issued $150 million in Series 2025 Bonds to support construction costs for new facilities.

Outbound Investments

• Commercial Metals Company is pursuing two major acquisitions, expected to close by the end of 2025: Concrete Pipe & Precast (CP&P) for $675 million and Foley Products Company for approximately $1.84 billion.
• For the fiscal year ended August 31, 2023, acquisitions, net of cash acquired, amounted to $234.7 million.

Capital Expenditures

• Capital expenditures for fiscal year 2025 were $402.8 million, primarily driven by the construction of a fourth micro mill, with total investment expected to be between $550 million and $600 million, net of government assistance.
• The company anticipates capital spending of approximately $600 million in fiscal year 2026.
• Over the last three fiscal years (2023-2025), a significant portion of total capital expenditures was allocated to the North America Steel Group segment: 88% in 2023, 77% in 2024, and 80% in 2025, primarily focused on mill and downstream operations.