v3.26.1
BUSINESS SEGMENTS
 6 Months Ended
Feb. 28, 2026
Segment Reporting [Abstract]  
Business segments
NOTE 15. SEGMENT INFORMATION

The Company's operating segments engage in business activities from which they may earn revenues and incur expenses and for which discrete financial information is available. The Company's Chief Operating Decision Maker ("CODM") is the President and Chief Executive Officer. The CODM uses adjusted EBITDA to evaluate the underlying operational performance of the Company’s reportable segments and to guide strategic decisions aligned with Company-wide objectives, as it provides a consistent and comparable view of operating results across segments. In doing so, the CODM considers the performance of this measure relative to historical, planned and forecasted financial information when making decisions about capital and personnel allocation.

Adjusted EBITDA is equal to earnings or losses before interest expense, income taxes, depreciation and amortization expense, impairment expense and unrealized gains and losses on undesignated commodity hedges.

The Company structures its business into three reportable segments: North America Steel Group, Construction Solutions Group and Europe Steel Group. See Note 1, Nature of Operations and Summary of Significant Accounting Policies herein as well as in the 2025 Form 10-K, for more information about the reportable segments, including the types of products and services from which each reportable segment derives its net sales. Corporate and Other contains earnings or losses on assets and liabilities related to the Company's benefit restoration plan assets and short-term investments, expenses of the Company's corporate headquarters, litigation-related expenses, interest expense related to long-term debt and intercompany eliminations. Certain corporate administrative expenses are allocated to the segments based upon the nature of the expense.
The following table summarizes certain financial information by reportable segment and Corporate and Other, as applicable:

 Three Months Ended February 28, 2026
(in thousands)North America Steel GroupConstruction Solutions GroupEurope Steel GroupTotal
Net sales to external customers:$1,608,321 $314,425 $200,014 $2,122,760 
Intersegment net sales24,171 8,675 804 33,650 
$1,632,492 $323,100 $200,818 $2,156,410 
Reconciliation of net sales:
Corporate and Other, excluding eliminations9,258 
Eliminations(33,650)
Total consolidated net sales $2,132,018 
Less:
Cost of goods sold1,326,322 246,918 204,106 
Selling, general and administrative expenses85,769 62,691 7,169 
Add:
Depreciation and amortization(1)
51,252 39,929 9,029 
Unrealized gain on undesignated commodity hedges(1)
(1,979)— — 
Adjusted EBITDA reportable segments$269,674 $53,420 $(1,428)$321,666 
Reconciliation of profit or loss
Interest expense40,928 
Depreciation and amortization102,567 
Unrealized gain on undesignated commodity hedges
(1,979)
Corporate and Other expenses70,410 
Earnings before income taxes
$109,740 
Capital expenditures94,609 15,433 11,055 
__________________________________
(1) Depreciation and amortization and unrealized gain on undesignated commodity hedges are included in either cost of goods sold or SG&A expenses when those expenses are provided to the CODM.
 Six Months Ended February 28, 2026
(in thousands)North America Steel GroupConstruction Solutions GroupEurope Steel GroupTotal
Net sales to external customers:$3,269,379 $512,702 $447,664 $4,229,745 
Intersegment net sales41,945 18,756 1,657 62,358 
$3,311,324 $531,458 $449,321 $4,292,103 
Reconciliation of net sales:
Corporate and Other, excluding eliminations22,580 
Eliminations(62,358)
Total consolidated net sales $4,252,325 
Less:
Cost of goods sold2,690,124 388,484 443,231 
Selling, general and administrative expenses165,497 100,657 14,796 
Add:
Depreciation and amortization(1)
101,793 50,684 18,207 
Unrealized loss on undesignated commodity hedges(1)
6,084 — — 
Adjusted EBITDA reportable segments$563,580 $93,001 $9,501 $666,082 
Reconciliation of profit or loss
Interest expense65,776 
Depreciation and amortization175,289 
Unrealized loss on undesignated commodity hedges
6,084 
Corporate and Other expenses126,258 
Earnings before income taxes
$292,675 
Assets$4,634,875 $3,478,040 $742,874 
Capital expenditures$194,236 $24,368 $24,997 
__________________________________
(1) Depreciation and amortization and unrealized loss on undesignated commodity hedges are included in either cost of goods sold or SG&A expenses when those expenses are provided to the CODM.
 Three Months Ended February 28, 2025
(in thousands)North America Steel GroupConstruction Solutions GroupEurope Steel GroupTotal
Net sales to external customers:$1,386,848 $158,864 $198,029 $1,743,741 
Intersegment net sales16,498 13,253 619 30,370 
$1,403,346 $172,117 $198,648 $1,774,111 
Reconciliation of net sales:
Corporate and Other, excluding eliminations10,635 
Eliminations(30,370)
Total consolidated net sales $1,754,376 
Less:
Cost of goods sold1,242,746 120,638 200,895 
Selling, general and administrative expenses81,218 38,824 5,210 
Add:
Depreciation and amortization(1)
49,053 10,864 8,206 
Unrealized loss on undesignated commodity hedges(1)
8,136 — — 
Asset impairments383 — 3 
Adjusted EBITDA reportable segments$136,954 $23,519 $752 $161,225 
Reconciliation of profit or loss
Interest expense11,167 
Depreciation and amortization70,584 
Asset impairments386 
Unrealized loss on undesignated commodity hedges
8,136 
Corporate and Other expenses34,852 
Earnings before income taxes
$36,100 
Capital expenditures$64,217 $11,948 $9,668 
__________________________________
(1) Depreciation and amortization and unrealized loss on undesignated commodity hedges are included in either cost of goods sold or SG&A expenses when those expenses are provided to the CODM.
 Six Months Ended February 28, 2025
(in thousands)North America Steel GroupConstruction Solutions GroupEurope Steel GroupTotal
Net sales to external customers:$2,905,485 $328,279 $407,436 $3,641,200 
Intersegment net sales32,610 25,046 1,236 58,892 
$2,938,095 $353,325 $408,672 $3,700,092 
Reconciliation of net sales:
Corporate and Other, excluding eliminations22,778 
Eliminations(58,892)
Total consolidated net sales $3,663,978 
Less:
Cost of goods sold2,557,033 249,974 386,551 
Selling, general and administrative expenses162,349 78,724 12,152 
Add:
Depreciation and amortization(1)
97,927 21,552 16,619 
Unrealized loss on undesignated commodity hedges(1)
6,110 — — 
Asset impairments383 — 3 
Adjusted EBITDA reportable segments$323,133 $46,179 $26,591 $395,903 
Reconciliation of profit or loss
Interest expense22,489 
Depreciation and amortization141,021 
Asset impairments386 
Unrealized loss on undesignated commodity hedges
6,110 
Corporate and Other expenses421,097 
Loss before income taxes
$(195,200)
Assets$4,223,610 $834,722 $660,260 
Capital expenditures$160,689 $19,646 $20,018 
__________________________________
(1) Depreciation and amortization and unrealized loss on undesignated commodity hedges are included in either cost of goods sold or SG&A expenses when those expenses are provided to the CODM.

The following table presents a reconciliation of certain financial information to consolidated totals for the reportable segments:

 Three Months Ended February 28, 2026
(in thousands)Reportable Segments TotalCorporate and OtherConsolidated Total
Depreciation and amortization100,210 $2,357 $102,567 
Capital expenditures121,097 1,598 122,695 
 Six Months Ended February 28, 2026
(in thousands)Reportable Segments TotalCorporate and OtherConsolidated Total
Depreciation and amortization$170,684 $4,605 $175,289 
Capital expenditures243,601 4,531 248,132 
Assets8,855,789 705,804 9,561,593 
 Three Months Ended February 28, 2025
(in thousands)Reportable Segments TotalCorporate and OtherConsolidated Total
Depreciation and amortization$68,123 $2,461 $70,584 
Capital expenditures85,833 434 86,267 

 Six Months Ended February 28, 2025
(in thousands)Reportable Segments TotalCorporate and OtherConsolidated Total
Depreciation and amortization$136,098 $4,923 $141,021 
Capital expenditures200,353 4,101 204,454 
Assets5,718,592 971,118 6,689,710 

Disaggregation of Revenue

The following tables display net sales to external customers by reportable segment and Corporate and Other, disaggregated by major product. Precast products represent sales of products from our precast platform, as defined in Note 2, Acquisitions, and excludes other revenue, such as delivery fees and other service revenue.
Three Months Ended February 28, 2026
(in thousands)North America Steel GroupConstruction Solutions GroupEurope Steel GroupCorporate and OtherTotal
Major product:
Raw materials$357,548 $— $5,265 $— $362,813 
Steel products670,831 — 166,083 — 836,914 
Downstream products505,260 37,453 19,507 — 562,220 
Precast products— 141,604 — — 141,604 
Construction products— 78,371 — — 78,371 
Ground stabilization solutions— 49,882 — — 49,882 
Other74,682 7,115 9,159 9,258 100,214 
Net sales to external customers1,608,321 314,425 200,014 9,258 2,132,018 
Intersegment net sales, eliminated in consolidation24,171 8,675 804 (33,650)— 
Net sales$1,632,492 $323,100 $200,818 $(24,392)$2,132,018 
Six Months Ended February 28, 2026
(in thousands)North America Steel GroupConstruction Solutions GroupEurope Steel GroupCorporate and OtherTotal
Major product:
Raw materials$721,600 $— $11,311 $— $732,911 
Steel products1,396,722 — 358,605 — 1,755,327 
Downstream products1,037,013 72,698 55,224 — 1,164,935 
Precast products— 141,604 — — 141,604 
Construction products— 164,338 — — 164,338 
Ground stabilization solutions— 122,473 — — 122,473 
Other114,044 11,589 22,524 22,580 170,737 
Net sales to external customers3,269,379 512,702 447,664 22,580 4,252,325 
Intersegment net sales, eliminated in consolidation41,945 18,756 1,657 (62,358)— 
Net sales$3,311,324 $531,458 $449,321 $(39,778)$4,252,325 
Three Months Ended February 28, 2025
(in thousands)North America Steel GroupConstruction Solutions GroupEurope Steel GroupCorporate and OtherTotal
Major product:
Raw materials$317,841 $— $5,141 $— $322,982 
Steel products592,549 — 159,344 — 751,893 
Downstream products428,459 41,179 25,278 — 494,916 
Construction products— 65,731 — — 65,731 
Ground stabilization solutions— 48,194 — — 48,194 
Other47,999 3,760 8,266 10,635 70,660 
Net sales to external customers1,386,848 158,864 198,029 10,635 1,754,376 
Intersegment net sales, eliminated in consolidation16,498 13,253 619 (30,370)— 
Net sales$1,403,346 $172,117 $198,648 $(19,735)$1,754,376 
Six Months Ended February 28, 2025
(in thousands)North America Steel GroupConstruction Solutions GroupEurope Steel GroupCorporate and OtherTotal
Major product:
Raw materials$627,960 $— $10,426 $— $638,386 
Steel products1,218,014 — 321,481 — 1,539,495 
Downstream products956,057 73,557 58,912 — 1,088,526 
Construction products— 141,712 — — 141,712 
Ground stabilization solutions— 104,706 — — 104,706 
Other103,454 8,304 16,617 22,778 151,153 
Net sales to external customers2,905,485 328,279 407,436 22,778 3,663,978 
Intersegment net sales, eliminated in consolidation32,610 25,046 1,236 (58,892)— 
Net sales$2,938,095 $353,325 $408,672 $(36,114)$3,663,978