1. Vulcan Materials (VMC) for steel reinforcement.

2. Corning (GLW) for concrete reinforcement.

• Prestressed Concrete Strand (PC Strand): A high-strength steel strand primarily used for reinforcing concrete in infrastructure projects like bridges, parking decks, and building construction.
• Welded Wire Reinforcement (WWR): A grid of steel wires welded together, used to reinforce concrete slabs, walls, and pavements against cracking and improve structural integrity.
• Standard Reinforcing Wire: Steel wire primarily used as an essential component in various concrete products and construction applications.

Insteel Industries (IIIN) sells primarily to other companies within the construction industry. While the company's public filings do not disclose the names of individual major customer companies, they do identify the primary types of businesses that purchase their steel wire reinforcing products. These categories represent Insteel's major customers:

• Concrete Product Producers: These customers include manufacturers of various precast concrete products (e.g., pipes, beams, panels, hollow-core slabs, masonry units) and companies that produce ready-mix concrete. They integrate Insteel's steel wire reinforcement (such as welded wire reinforcement and rebar) into their concrete products for a wide array of construction applications.
• Distributors: A significant portion of Insteel's sales are to construction material distributors and specialized steel product distributors. These distributors serve as intermediaries, purchasing Insteel's products and then reselling them to a broader base of smaller contractors, fabricators, and other end-users across diverse construction segments.
• Contractors: This category encompasses a wide range of construction contractors, including general contractors, concrete contractors, and rebar fabricators. These companies purchase Insteel's products for direct use in various commercial, residential, and infrastructure projects, such as buildings, bridges, highways, foundations, and tilt-up construction.

Howard O. Woltz III, Chairman, President and Chief Executive Officer

Mr. Woltz has served in various capacities with Insteel Industries and its subsidiaries since 1978. He was appointed Chief Executive Officer in 1991, President and Chief Operating Officer in 1989, and Chairman in 2009. He served as President of Rappahannock Wire Company, formerly a subsidiary of Insteel Industries, from 1981 to 1989. Additionally, he served as President of Florida Wire and Cable, Inc. until its merger with Insteel Wire Products Company, an Insteel subsidiary, in 2002.

Scot R. Jafroodi, Vice President, Chief Financial Officer and Treasurer

Mr. Jafroodi joined Insteel Industries in 2005 and was appointed Chief Financial Officer effective January 2, 2023. Prior to his current role, he served as Vice President, Corporate Controller and Chief Accounting Officer from October 2020 to 2023, and held roles as Corporate Controller and Chief Accounting Officer from February 2007 to October 2020, and Corporate Controller from July 2005 to February 2007. Before joining Insteel, he was a Senior Manager at BDO Seidman, LLP from 2003 to 2005, and a Senior Manager at Deloitte & Touche USA LLP for 10 years prior to that. He is a certified public accountant.

Richard T. Wagner, Senior Vice President, Chief Operating Officer

Mr. Wagner has served in various capacities with Insteel Industries and its subsidiaries since 1992. From 1998 to 2020, he served as Vice President and General Manager of the Concrete Reinforcing Products Business Unit of Insteel Wire Products Company. Before joining Insteel, he held various positions with Florida Wire and Cable, Inc. since 1977.

James R. York, Senior Vice President, Sourcing and Logistics

Mr. York has served in various capacities with Insteel Industries and its subsidiaries since 1991. Prior to 2020, he was Vice President, Sales and Marketing for the Concrete Reinforcing Products Business Unit of Insteel Wire Products Company from 2002. Before that, he was Director of Sales and Marketing for Florida Wire and Cable, Inc. from 1997 to 2002.

Elizabeth C. Southern, Vice President, Administration, Secretary and Chief Legal Officer

Ms. Southern joined Insteel Industries in 2023. From 2011 to 2023, she held various senior management positions at Hanesbrands Inc., including Deputy General Counsel and Assistant Secretary, and Vice President, Human Resources. Earlier in her career, she was an associate attorney at Womble Bond Dickinson (US) LLP.

The most significant risk stems from the highly cyclical and seasonal nature of demand for its products, which is intrinsically linked to the broader construction industry and general economic conditions. Demand for Insteel's concrete reinforcing products, used across nonresidential, infrastructure, and residential construction, is sensitive to economic fluctuations. Prolonged economic downturns or sustained high interest rates, which are currently suppressing residential construction demand, can materially and adversely affect the company's financial performance.

Another prominent risk involves fluctuations in the cost and availability of its primary raw material: hot-rolled carbon steel wire rod. Insteel Industries is subject to inflationary risks, and while the company generally aims to adjust selling prices to pass through cost increases, the timing and magnitude of these adjustments can vary based on market conditions and competitive factors, potentially impacting profit margins. Trade policies, such as tariffs on imported steel, can also lead to increased raw material costs.

Finally, the company's manufacturing facilities are exposed to operational risks, including unexpected equipment failures, operational interruptions, and catastrophic losses from unforeseen events like fires, explosions, accidents, adverse weather conditions, or transportation disruptions. Such events could result in plant shutdowns, periods of reduced production, or unexpected downtime, potentially necessitating substantial capital expenditures for resolution.

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Insteel Industries (IIIN) primarily manufactures and markets prestressed concrete strand (PC strand) and welded wire reinforcement (WWR), including engineered structural mesh, concrete pipe reinforcement, and standard welded wire reinforcement. The company is the largest producer of both welded wire reinforcement and PC strand in the United States, with the majority of its revenue generated domestically.

For its main product, welded wire reinforcement, the addressable market size is as follows:

• Welded Wire Reinforcement (WWR): The North American Welded Wire Mesh Market was valued at approximately USD 2.0 billion in 2024 and is projected to reach USD 3.0 billion by 2034, growing at a Compound Annual Growth Rate (CAGR) of 4.2%.

Information to size the addressable markets specifically for Prestressed Concrete Strand (PC strand), Drawn Wire, or Formed Wire, in a manner directly relevant to Insteel Industries' specialized use within concrete construction, is not distinctly available in the provided search results.

Insteel Industries (IIIN) is anticipated to drive future revenue growth over the next 2-3 years through several key factors:

1. Increased Demand from Infrastructure and Nonresidential Construction: Analysts project that Insteel's revenues will grow due to increased federal infrastructure spending and a robust demand in nonresidential construction, particularly in public works and data center projects. This momentum is expected to significantly boost shipment volumes.
2. Strategic Acquisitions: Insteel has actively pursued and completed strategic acquisitions in fiscal year 2025, such as Engineered Wire Products and O'Brien Wire Products. These acquisitions are designed to strengthen the company's market position, consolidate operations, and contribute positively to overall performance and shipment growth.
3. Facility Modernization and Product Expansion Initiatives: The company plans capital expenditures focused on reinvesting in the business to drive growth and improve cost productivity. These investments include ongoing facility modernization and efforts to broaden product offerings, which are expected to enhance operational efficiency and support revenue growth.
4. Pricing Power and Favorable Spreads: Insteel has demonstrated an ability to implement price increases and benefit from wider spreads between selling prices and raw material costs. This is supported by tight steel markets and, at times, higher tariffs, contributing to stronger revenue and improved gross margins.

Share Repurchases

• In fiscal year 2025, Insteel Industries repurchased common stock totaling $2.3 million, representing 76,447 shares.
• In fiscal year 2024, the company repurchased $1.8 million of common stock, which equated to 58,099 shares.
• As of September 27, 2025, a balance of $17.1 million remained authorized for future share repurchases under the existing program.

Share Issuance

• The number of outstanding common shares decreased slightly from 19,505,808 as of July 21, 2022, to 19,416,462 as of October 21, 2025.
• An amendment to the 2015 Equity Incentive Plan in February 2020 authorized up to an additional 750,000 shares for future grants, with 738,000 shares available as of January 2, 2021.

Outbound Investments

• On October 21, 2024 (fiscal year 2025), Insteel acquired substantially all the assets of Engineered Wire Products, Inc. (EWP) and certain related assets of Liberty Steel Georgetown, Inc. (LSG) for an adjusted purchase price of $67.0 million.
• On November 26, 2024 (fiscal year 2025), the company purchased certain assets of O'Brien Wire Products of Texas, Inc. (OWP) for $5.1 million.
• These acquisitions were undertaken to expand Insteel's geographic footprint and enhance its competitive position, leading to the consolidation of welded wire reinforcement (WWR) operations.

Capital Expenditures

• Capital expenditures for fiscal year 2025 decreased to $8.2 million from $19.1 million in fiscal year 2024, primarily due to a temporary slowdown caused by integration activities related to recent acquisitions.
• For fiscal year 2026, Insteel expects capital expenditures to increase to approximately $20.0 million.
• The planned capital spending in fiscal year 2026 is focused on cost and productivity improvement initiatives, recurring maintenance, broadening product offerings, and enhancing information systems infrastructure.