v3.26.3
SEGMENT INFORMATION
 12 Months Ended
Aug. 31, 2026
Segment Reporting [Abstract]  
SEGMENT INFORMATION
NOTE 18. 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 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 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, 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 BRP assets and short-term investments, expenses of the Company's corporate headquarters and functions, litigation-related expenses,
transaction 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 tables present net sales and the significant expense categories that are included in adjusted EBITDA and regularly provided to the Company's CODM:
Year Ended August 31, 2026
(in thousands)North America Steel GroupConstruction Solutions GroupEurope Steel GroupTotal
Net sales to external customers$6,998,164 $1,338,651 $1,020,121 $9,356,936 
Intersegment net sales84,973 37,966 3,652 126,591 
$7,083,137 $1,376,617 $1,023,773 $9,483,527 
Reconciliation of net sales
Corporate and Other, excluding eliminations36,968 
Eliminations(126,591)
Total consolidated net sales$9,393,904 
Less:
Cost of goods sold5,817,405 985,468 968,993 
Selling, general and administrative expenses349,677 238,448 31,663 
Add:
Depreciation and amortization(1)
210,614 139,419 36,631 
Asset impairments(1)
— 17 4 
Unrealized loss on undesignated commodity hedges(1)
7,871 — — 
Adjusted EBITDA reportable segments$1,134,540 $292,137 $59,752 $1,486,429 
Reconciliation of profit or loss
Interest expense143,337 
Depreciation and amortization395,921 
Asset impairments21 
Unrealized loss on undesignated commodity hedges
7,871 
Corporate and Other expenses228,268 
Earnings before income taxes$711,011 
Capital expenditures$458,052 $70,706 $43,574 
Assets4,885,782 3,488,309 770,722 
__________________________________
(1) Depreciation and amortization, asset impairments 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.
Year Ended August 31, 2025
(in thousands)North America Steel GroupConstruction Solutions GroupEurope Steel GroupTotal
Net sales to external customers$6,083,849 $747,486 $918,320 $7,749,655 
Intersegment net sales66,953 58,596 2,839 128,388 
$6,150,802 $806,082 $921,159 $7,878,043 
Reconciliation of net sales
Corporate and Other, excluding eliminations48,825 
Eliminations(128,388)
Total consolidated net sales$7,798,480 
Less:
Cost of goods sold5,286,310 547,607 859,269 
Selling, general and administrative expenses316,900 168,718 27,358 
Add:
Depreciation and amortization(1)
197,314 43,744 34,746 
Asset impairments(1)
383 4,220 4 
Unrealized gain on undesignated commodity hedges(1)
(2,804)— — 
Adjusted EBITDA reportable segments$742,485 $137,721 $69,282 $949,488 
Reconciliation of profit or loss
Interest expense45,498 
Depreciation and amortization285,877 
Asset impairments4,607 
Unrealized gain loss on undesignated commodity hedges
(2,804)
Corporate and Other expenses508,765 
Earnings before income taxes$107,545 
Capital expenditures$323,517 $38,315 $33,613 
Assets4,306,295 883,232 750,370 
__________________________________
(1) Depreciation and amortization, asset impairments 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.
Year Ended August 31, 2024
(in thousands)North America Steel GroupConstruction Solutions GroupEurope Steel GroupTotal
Net sales to external customers$6,309,730 $717,397 $848,566 $7,875,693 
Intersegment net sales73,376 33,357 3,044 109,777 
$6,383,106 $750,754 $851,610 $7,985,470 
Reconciliation of net sales
Corporate and Other, excluding eliminations50,279 
Eliminations(109,777)
Total consolidated net sales$7,925,972 
Less:
Cost of goods sold$5,319,787 $512,883 $839,872 
Selling, general and administrative expenses316,224 152,286 23,448 
Add:
Depreciation and amortization(1)
192,697 43,945 34,077 
Asset impairments(1)
6,558 — 150 
Unrealized gain on undesignated commodity hedges(1)
(1,962)— — 
Adjusted EBITDA reportable segments$944,388 $129,530 $22,517 $1,096,435 
Reconciliation of profit or loss
Interest expense47,893 
Depreciation and amortization280,367 
Asset impairments6,708 
Unrealized gain on undesignated commodity hedges
(1,962)
Corporate and Other expenses127,758 
Earnings before income taxes$635,671 
Capital expenditures$250,599 $20,479 $44,726 
Assets4,219,603 861,025 677,697 
__________________________________
(1) Depreciation and amortization, asset impairments 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.
The following tables present a reconciliation of certain financial information to consolidated totals for the reportable segments:
Year Ended August 31, 2026
(in thousands)Reportable Segments TotalCorporate and OtherConsolidated Total
Depreciation and amortization$386,664 $9,257 $395,921 
Capital expenditures572,332 7,512 579,844 
Assets9,144,813 1,113,084 10,257,897 

Year Ended August 31, 2025
(in thousands)Reportable Segments TotalCorporate and OtherConsolidated Total
Depreciation and amortization$275,804 $10,073 $285,877 
Capital expenditures395,445 7,376 402,821 
Assets5,939,897 1,231,937 7,171,834 

Year Ended August 31, 2024
(in thousands)Reportable Segments TotalCorporate and OtherConsolidated Total
Depreciation and amortization$270,719 $9,648 $280,367 
Capital expenditures315,804 8,467 324,271 
Assets5,758,325 1,059,514 6,817,839 

The following tables display net sales to external customers by reportable segment and Corporate and Other, disaggregated by major product:
Year Ended August 31, 2026
(in thousands)North America Steel GroupConstruction SolutionsEurope Steel GroupCorporate and OtherTotal
Major product:
Raw materials$1,658,409 $— $27,589 $— $1,685,998 
Steel products2,917,875 — 815,342 — 3,733,217 
Downstream products2,188,632 161,450129,915 — 2,479,997 
Precast products— 501,639 — — 501,639 
Construction products— 337,425— — 337,425 
Ground stabilization solutions— 305,820— — 305,820 
Other233,248 32,31747,275 36,968 349,808 
Net sales to external customers6,998,164 1,338,651 1,020,121 36,968 9,393,904 
Intersegment net sales, eliminated in consolidation84,973 37,966 3,652 (126,591)— 
Net sales$7,083,137 $1,376,617 $1,023,773 $(89,623)$9,393,904 
Year Ended August 31, 2025
(in thousands)North America Steel GroupConstruction SolutionsEurope Steel GroupCorporate and OtherTotal
Major product:
Raw materials$1,305,753 $— $22,859 $— $1,328,612 
Steel products2,564,107 — 727,372 — 3,291,479 
Downstream products1,993,761 163,409 129,841 — 2,287,011 
Construction products— 304,130 — — 304,130 
Ground stabilization solutions— 261,738 — — 261,738 
Other220,228 18,209 38,248 48,825 325,510 
Net sales to external customers6,083,849 747,486 918,320 48,825 7,798,480 
Intersegment net sales, eliminated in consolidation66,953 58,596 2,839 (128,388)— 
Net sales$6,150,802 $806,082 $921,159 $(79,563)$7,798,480 

Year Ended August 31, 2024
(in thousands)North America Steel GroupConstruction SolutionsEurope Steel GroupCorporate and OtherTotal
Major product:
Raw materials$1,311,995 $— $17,943 $— $1,329,938 
Steel products2,564,472 — 672,886 — 3,237,358 
Downstream products2,217,621 157,644 121,431 — 2,496,696 
Construction products— 290,304 — — 290,304 
Ground stabilization solutions— 250,941 — — 250,941 
Other215,642 18,508 36,306 50,279 320,735 
Net sales to external customers6,309,730 717,397 848,566 50,279 7,925,972 
Intersegment net sales, eliminated in consolidation73,376 33,357 3,044 (109,777)— 
Net sales$6,383,106 $750,754 $851,610 $(59,498)$7,925,972 

The Company allocates net sales to external customers based on the location of the customer. The following table presents net sales by geographic area of the Company's customers:
Year Ended August 31,
(in thousands)202620252024
Geographic area:
United States$7,613,968 $6,216,096 $6,465,388 
Poland678,924 617,623 583,320 
Other1,101,012 964,761 877,264 
Net sales$9,393,904 $7,798,480 $7,925,972 
The following table presents long-lived assets, net of accumulated depreciation and amortization, by geographic area:
August 31,
(in thousands)202620252024
Geographic area:
United States$3,428,151 $2,650,327 $2,499,949 
Poland254,730 256,248 236,326 
Other36,471 37,780 43,026 
Total long-lived assets, net$3,719,352 $2,944,355 $2,779,301