BUSINESS SEGMENTS (Tables)

6 Months Ended

Feb. 28, 2026

Summary of certain financial information from continuing operations by reportable segment

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 Group		Construction Solutions Group		Europe Steel Group		Total
Net sales to external customers:	$	1,608,321	$	314,425	$	200,014	$	2,122,760
Intersegment net sales	24,171		8,675		804		33,650
	$	1,632,492	$	323,100	$	200,818	$	2,156,410
Reconciliation of net sales:
Corporate and Other, excluding eliminations							9,258
Eliminations							(33,650)
Total consolidated net sales							$	2,132,018
Less:
Cost of goods sold	1,326,322		246,918		204,106
Selling, general and administrative expenses	85,769		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 expense							40,928
Depreciation and amortization							102,567
Unrealized gain on undesignated commodity hedges							(1,979)
Corporate and Other expenses							70,410
Earnings before income taxes							$	109,740

Capital expenditures	94,609		15,433		11,055

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(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 Group		Construction Solutions Group		Europe Steel Group		Total
Net sales to external customers:	$	3,269,379	$	512,702	$	447,664	$	4,229,745
Intersegment net sales	41,945		18,756		1,657		62,358
	$	3,311,324	$	531,458	$	449,321	$	4,292,103
Reconciliation of net sales:
Corporate and Other, excluding eliminations							22,580
Eliminations							(62,358)
Total consolidated net sales							$	4,252,325
Less:
Cost of goods sold	2,690,124		388,484		443,231
Selling, general and administrative expenses	165,497		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 expense							65,776
Depreciation and amortization							175,289
Unrealized loss on undesignated commodity hedges							6,084
Corporate and Other expenses							126,258
Earnings before income taxes							$	292,675

Assets	$	4,634,875	$	3,478,040	$	742,874
Capital expenditures	$	194,236	$	24,368	$	24,997

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(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 Group		Construction Solutions Group		Europe Steel Group		Total
Net sales to external customers:	$	1,386,848	$	158,864	$	198,029	$	1,743,741
Intersegment net sales	16,498		13,253		619		30,370
	$	1,403,346	$	172,117	$	198,648	$	1,774,111
Reconciliation of net sales:
Corporate and Other, excluding eliminations							10,635
Eliminations							(30,370)
Total consolidated net sales							$	1,754,376
Less:
Cost of goods sold	1,242,746		120,638		200,895
Selling, general and administrative expenses	81,218		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 impairments	383		—		3
Adjusted EBITDA reportable segments	$	136,954	$	23,519	$	752	$	161,225
Reconciliation of profit or loss
Interest expense							11,167
Depreciation and amortization							70,584
Asset impairments							386
Unrealized loss on undesignated commodity hedges							8,136
Corporate and Other expenses							34,852
Earnings before income taxes							$	36,100

Capital expenditures	$	64,217	$	11,948	$	9,668

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(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 Group		Construction Solutions Group		Europe Steel Group		Total
Net sales to external customers:	$	2,905,485	$	328,279	$	407,436	$	3,641,200
Intersegment net sales	32,610		25,046		1,236		58,892
	$	2,938,095	$	353,325	$	408,672	$	3,700,092
Reconciliation of net sales:
Corporate and Other, excluding eliminations							22,778
Eliminations							(58,892)
Total consolidated net sales							$	3,663,978
Less:
Cost of goods sold	2,557,033		249,974		386,551
Selling, general and administrative expenses	162,349		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 impairments	383		—		3
Adjusted EBITDA reportable segments	$	323,133	$	46,179	$	26,591	$	395,903
Reconciliation of profit or loss
Interest expense							22,489
Depreciation and amortization							141,021
Asset impairments							386
Unrealized loss on undesignated commodity hedges							6,110
Corporate and Other expenses							421,097
Loss before income taxes							$	(195,200)

Assets	$	4,223,610	$	834,722	$	660,260
Capital expenditures	$	160,689	$	19,646	$	20,018

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(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.

Reconciliations of earnings from continuing operations to adjusted operating profit

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 Total	Corporate and Other		Consolidated Total
Depreciation and amortization	100,210	$	2,357	$	102,567
Capital expenditures	121,097	1,598		122,695


	Six Months Ended February 28, 2026
(in thousands)	Reportable Segments Total		Corporate and Other		Consolidated Total
Depreciation and amortization	$	170,684	$	4,605	$	175,289
Capital expenditures	243,601		4,531		248,132
Assets	8,855,789		705,804		9,561,593


	Three Months Ended February 28, 2025
(in thousands)	Reportable Segments Total		Corporate and Other		Consolidated Total
Depreciation and amortization	$	68,123	$	2,461	$	70,584
Capital expenditures	85,833		434		86,267


	Six Months Ended February 28, 2025
(in thousands)	Reportable Segments Total		Corporate and Other		Consolidated Total
Depreciation and amortization	$	136,098	$	4,923	$	141,021
Capital expenditures	200,353		4,101		204,454
Assets	5,718,592		971,118		6,689,710

Net sales by major product

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 Group		Construction Solutions Group		Europe Steel Group		Corporate and Other		Total
Major product:
Raw materials	$	357,548	$	—	$	5,265	$	—	$	362,813
Steel products	670,831		—		166,083		—		836,914
Downstream products	505,260		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
Other	74,682		7,115		9,159		9,258		100,214
Net sales to external customers	1,608,321		314,425		200,014		9,258		2,132,018
Intersegment net sales, eliminated in consolidation	24,171		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 Group		Construction Solutions Group		Europe Steel Group		Corporate and Other		Total
Major product:
Raw materials	$	721,600	$	—	$	11,311	$	—	$	732,911
Steel products	1,396,722		—		358,605		—		1,755,327
Downstream products	1,037,013		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
Other	114,044		11,589		22,524		22,580		170,737
Net sales to external customers	3,269,379		512,702		447,664		22,580		4,252,325
Intersegment net sales, eliminated in consolidation	41,945		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 Group		Construction Solutions Group		Europe Steel Group		Corporate and Other		Total
Major product:
Raw materials	$	317,841	$	—	$	5,141	$	—	$	322,982
Steel products	592,549		—		159,344		—		751,893
Downstream products	428,459		41,179		25,278		—		494,916
Construction products	—		65,731		—		—		65,731
Ground stabilization solutions	—		48,194		—		—		48,194
Other	47,999		3,760		8,266		10,635		70,660
Net sales to external customers	1,386,848		158,864		198,029		10,635		1,754,376
Intersegment net sales, eliminated in consolidation	16,498		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 Group		Construction Solutions Group		Europe Steel Group		Corporate and Other		Total
Major product:
Raw materials	$	627,960	$	—	$	10,426	$	—	$	638,386
Steel products	1,218,014		—		321,481		—		1,539,495
Downstream products	956,057		73,557		58,912		—		1,088,526
Construction products	—		141,712		—		—		141,712
Ground stabilization solutions	—		104,706		—		—		104,706
Other	103,454		8,304		16,617		22,778		151,153
Net sales to external customers	2,905,485		328,279		407,436		22,778		3,663,978
Intersegment net sales, eliminated in consolidation	32,610		25,046		1,236		(58,892)		—
Net sales	$	2,938,095	$	353,325	$	408,672	$	(36,114)	$	3,663,978