EX-99.2 3 q1fy2021earningsdeck-pos.htm EX-99.2
Q1 FY 2021 SUPPLEMENTAL SLIDES JANUARY 11, 2021

CAUTIONARY STATEMENTS This presentation contains or incorporates by reference a number of "forward-looking statements" within the meaning of the federal securities laws with respect to general economic conditions, key macro-economic drivers that impact our business, the effects of ongoing trade actions, the effects of continued pressure on the liquidity of our customers, potential synergies and organic growth provided by acquisitions and strategic investments, demand for our products, metal margins, the effect of the coronavirus ("COVID-19") and related governmental and economic responses thereto, the ability to operate our mills at full capacity, future supplies of raw materials and energy for our operations, share repurchases, legal proceedings, the undistributed earnings of our non-U.S. subsidiaries, U.S. non-residential construction activity, international trade, capital expenditures, our liquidity and our ability to satisfy future liquidity requirements, estimated contractual obligations and our expectations or beliefs concerning future events. These forward-looking statements can generally be identified by phrases such as we or our management "expects," "anticipates," "believes," "estimates," "intends," "plans to," "ought," "could," "will," "should," "likely," "appears," "projects," "forecasts," "outlook" or other similar words or phrases. There are inherent risks and uncertainties in any forward- looking statements. We caution readers not to place undue reliance on any forward-looking statements. Our forward-looking statements are based on management's expectations and beliefs as of the time this presentation is issued. Although we believe that our expectations are reasonable, we can give no assurance that these expectations will prove to have been correct, and actual results may vary materially. Except as required by law, we undertake no obligation to update, amend or clarify any forward-looking statements to reflect changed assumptions, the occurrence of anticipated or unanticipated events, new information or circumstances or any other changes. Important factors that could cause actual results to differ materially from our expectations include those described in Part I, Item 1A, Risk Factors, of our Annual Report on Form 10-K for the fiscal year ended August 31, 2020 and in Part II, Item 1A, Risk Factors of our subsequent Quarterly Reports on Form 10-Q as well as the following: changes in economic conditions which affect demand for our products or construction activity generally, and the impact of such changes on the highly cyclical steel industry; rapid and significant changes in the price of metals, potentially impairing our inventory values due to declines in commodity prices or reducing the profitability of our downstream contracts due to rising commodity pricing; impacts from COVID-19 on the economy, demand for our products and on our operations, including the responses of governmental authorities to contain COVID-19 and the impact from the distribution of various COVID-19 vaccines; excess capacity in our industry, particularly in China, and product availability from competing steel mills and other steel suppliers including import quantities and pricing; compliance with and changes in environmental laws and regulations, including increased regulation associated with climate change and greenhouse gas emissions; involvement in various environmental matters that may result in fines, penalties or judgments; potential limitations in our or our customers' abilities to access credit and non-compliance by our customers with our contracts; activity in repurchasing shares of our common stock under our repurchase program; financial covenants and restrictions on the operation of our business contained in agreements governing our debt; our ability to successfully identify, consummate and integrate acquisitions, and the effects that acquisitions may have on our financial leverage; risks associated with acquisitions generally, such as the inability to obtain, or delays in obtaining, required approvals under applicable antitrust legislation and other regulatory and third party consents and approvals; lower than expected future levels of revenues and higher than expected future costs; failure or inability to implement growth strategies in a timely manner; impact of goodwill impairment charges; impact of long-lived asset impairment charges; currency fluctuations; global factors, such as trade measures, military conflicts and political uncertainties, including the impact of the 2020 U.S. election on current trade regulations, such as Section 232 trade tariffs, tax legislation and other regulations which might adversely impact our business; availability and pricing of electricity, electrodes and natural gas for mill operations; ability to hire and retain key executives and other employees; competition from other materials or from competitors that have a lower cost structure or access to greater financial resources; information technology interruptions and breaches in security; ability to make necessary capital expenditures; availability and pricing of raw materials and other items over which we exert little influence, including scrap metal, energy and insurance; unexpected equipment failures; losses or limited potential gains due to hedging transactions; litigation claims and settlements, court decisions, regulatory rulings and legal compliance risks; risk of injury or death to employees, customers or other visitors to our operations; civil unrest, protests and riots; new and clarifying guidance with regard to interpretation of certain provisions of the Tax Cuts and Jobs Act that could impact our assessment; and increased costs related to health care reform legislation. 2Q1 FY21 Supplemental Slides | January 11, 2021

KEY TAKEAWAYS FROM TODAY’S CALL Q1 FY21 Supplemental Slides | January 11, 2021 3 Controlling the controllables • Cost improvements year-over-year in both North America and Europe Continued progress on strategic operational initiatives • Network optimization benefits • Growth in merchant bar and wire rod shipments Building for the future • 3rd Polish rolling line startup on target; Arizona 2 project moving forward as planned • Organic projects underway expected to add $135 million of through- the-cycle EBITDA Ongoing COVID-19 pandemic continues to cause uncertainty Financial position provides flexibility to fund growth, weather economic uncertainty, and pursue opportunistic M&A Q1 Core EBITDA1 of $157M Down 10% y/y Q1 Annualized ROIC2 of 10.3% Best N. America controllable level in two years Notes: [1] Core EBITDA is a non-GAAP measure. For a reconciliation of non-GAAP financial measures to the most directly comparable GAAP financial measures, see the appendix to this document. [2] Return on Invested Capital is defined as After-tax Operating Profit divided by (Total Assets less Cash & Cash Equivalents less Non-Interest Bearing Liabilities)

U P D A T E S O N K E Y P R O JE C T S Second Arizona Micro Mill • Expected FY ‘21 capital spend of $85 million • Expect to break ground in mid FY ‘21; target startup FY ‘23 • Replaces shuttered rebar capacity at Steel CA • Portion of investment to be funded by sale of land in Southern California • First in world to produce MBQ via a continuous-continuous process • Will further optimize our mill network and provide access to large underserved West Coast MBQ market Danieli 3 - Europe • Expected FY ‘21 capital spend of $20 million • Targeted commissioning in late FY ‘21 • 3rd rolling line at Polish mill • Adds significant production flexibility • Will utilize current excess melt capacity, adding roughly 200,000 tons of finished steel output • Helps to leverage fixed costs • Signed agreement to begin receiving renewable solar energy at existing Arizona micro mill • Completed closure of Steel California with decommissioning of rolling mill • Further progress in MBQ initiative − Increased volumes from prior year despite unchanged industry consumption • Strong cost management throughout North America vertical footprint drove benefits on both a sequential and year-over-year basis − Mill conversion costs per ton lowest in last two years • North America Steel Product margins pressured sequentially on higher scrap costs; partial offset from higher selling price • Volumes for all Steel Product categories increased from prior year, with particular strength in merchant bar and wire rod • Margins over scrap on Downstream Products remained near historical highs driven by strong pricing in backlog • Europe rebar volumes supported by resilient construction activity; merchant and wire rod demand benefited from increased industrial activity • Import pressures remain in Europe Q1 FY21 Supplemental Slides | January 11, 2021 4 P E R F O R M A N C E D R IV E R S OPERATIONAL UPDATE S T R A T E G IC IT E M S

174 156 (19) 3 (0) (2) 0 20 40 60 80 100 120 140 160 180 200 Q1 2020 North America Segment EBITDA Europe Segment EBITDA Corporate & Eliminations Non-Operating Items Q1 2021 Q1 FY21 Supplemental Slides | January 11, 2021 5 CONSOLIDATED OPERATING RESULTS – QUARTERLY Q1 ’20 Q2 ’20 Q3 ’20 Q4 ’20 Q1 ‘21 External Finished Steel Tons Shipped1 1,462 1,445 1,475 1,541 1,518 Core EBITDA $174,413 $145,257 154,815 $175,994 $156,561 Core EBITDA per Ton of Finished Steel Shipped $119 $101 $105 $114 $103 Adjusted Earnings from Continuing Operations $87,763 $63,596 $70,367 $95,307 $69,778 Performance Summary Units in 000’s unless noted otherwise • Primarily due to $5.2 million facility closure costs related to employee and contract termination expenses at Steel California • Primarily due to $3.6 million impairment costs related to write-down of assets at Steel California • $1.3 million benefit related to a labor cost government refund in Europe Non-Operating Charges / Benefits Figures are pre-tax for Q1 2021 in $ millions Core EBITDA Bridge – Q1 2020 to Q1 2021 $ Millions [1] External Finished Steel Tons Shipped equal to shipments of Steel Products plus Downstream Products Other Note: Core EBITDA and Adjusted earnings from continuing operations are non-GAAP measures. For a reconciliation of non-GAAP financial measures to the most directly comparable GAAP financial measures, see the appendix to this document.

155 144 145 150 139 730 758 710 731 697 400 369 385 363 346 0 20 40 60 80 100 120 140 160 180 0 100 200 300 400 500 600 700 800 Q1 ’20 Q2 ’20 Q3 ’20 Q4 ‘20 Q1 '21 Adjusted EBITDA per Ton of Finished Steel Shipped Downstream Products Margin Over Scrap (1 Qtr Lag) Steel Products Margin Over Scrap 85 100 115 Q1 ’20 Q2 ’20 Q3 ’20 Q4 ‘20 Q1 '21 Wgt Avg Finished Steel Margin Over Scrap Controllable Costs EBITDA per ton Q1 FY21 Supplemental Slides | January 11, 2021 6 NORTH AMERICA – QUARTERLY Q1 ’20 Q2 ’20 Q3 ’20 Q4 ’20 Q1 ‘21 External Finished Steel Tons Shipped1 1,124 1,065 1,101 1,161 1,121 Adjusted EBITDA $174,732 $152,831 $159,394 $174,219 $155,634 Adjusted EBITDA per Ton of Finished Steel Shipped $155 $144 $145 $150 $139 Adjusted EBITDA Margin 14.4% 13.2% 13.7% 14.2% 13.0% Performance Summary Units in 000’s unless noted otherwise • Reduction in controllable costs within vertically integrated chain − Biggest drivers were mill conversion costs and downstream operating costs • Negatively impacted by narrowing of margins on Steel Products • Primarily due to Segment incurred $5.2 million of facility closure costs related to Steel California Key Performance Drivers Q1 2021 vs Q1 2020 North America – Key Margins $ / ton D P a n d S P M a rg in O v e r S c ra p A d ju s te d E B IT D A p e r to n North America Indexed Margins and Controllable Cost $ / ton of external finished steel shipped Notes: [1] External Finished Steel Tons Shipped equal to shipments of Steel Products plus Downstream Products [2] Steel Products Margin Over Scrap equals Average Selling Price minus Cost of ferrous scrap utilized [3] Downstream Products Margin Over Scrap equals Average Selling Price minus Cost of ferrous scrap utilized [2] [3]

Notes: [1] External Finished Steel Tons Shipped equal to shipments of Steel Products plus Downstream Products [2] Steel Products Margin Over Scrap equals Average Selling Price minus Cost of ferrous scrap utilized 34 35 38 60 36 217 198 198 196 199 0 10 20 30 40 50 60 70 100 120 140 160 180 200 220 240 Q1 ’20 Q2 ’20 Q3 ’20 Q4 ‘20 Q1 '21 Adjusted EBITDA per Ton of Finished Steel Shipped Steel Products Margin Over Scrap 40 100 160 Q1 ’20 Q2 ’20 Q3 ’20 Q4 ‘20 Q1 '21 Steel Product Margins Over Scrap Controllable Costs EBITDA per ton Q1 FY21 Supplemental Slides | January 11, 2021 7 EUROPE– QUARTERLY Q1 ’20 Q2 ’20 Q3 ’20 Q4 ’20 Q1 ‘21 External Finished Steel Tons Shipped1 338 380 374 380 397 Adjusted EBITDA $11,359 $13,451 $14,270 $22,927 $14,470 Adjusted EBITDA per Ton of Finished Steel Shipped $34 $35 $38 $60 $36 Adjusted EBITDA Margin 6.9% 7.5% 8.2% 12.7% 7.4% Performance Summary Units in 000’s unless noted otherwise • Strong volumes driven by increased industrial demand for merchant product and wire rod • Reduced controllable costs; strong mill conversion cost performance • Negatively impacted by narrowing of margins on Steel Products − Imports into Central Europe created challenging price environment • $1.3 million benefit related to a labor cost government refund in Europe Key Performance Drivers Q1 2021 vs Q1 2020 Europe – Key Margins $ / ton S te e l P ro d u c t M a rg in O v e r S c ra p A d ju s te d E B IT D A p e r to n Europe Indexed Margins and Controllable Cost $ / ton of finished product shipped [2]

($4) ($26) ($108) $73 $149 $226 $217 ($150) ($100) ($50) $0 $50 $100 $150 $200 $250 FY 2015 FY 2016 FY 2017 FY 2018 FY 2019 FY 2020 LTM Q1 FY'21 ADJUSTED EBITDA LESS CAPITAL EXPENDITURES AND DISBURSEMENTS TO STAKEHOLDERS 1 CMC’s cash flow capabilities have been greatly enhanced through our strategic transformation − Will fund current projects using organic cash generation FY 2021 capital expenditures expected in a range of $200 million to $225 million Spend on 2nd Arizona micro mill and Danieli 3 of $85 million and $20 million, respectively Source: Public filings, Internal data Notes: 1. Adjusted EBITDA less Capital Expenditures and Disbursements to Stakeholders is a non-GAAP financial measure. For a reconciliation of non-GAAP financial measures to the most directly comparable GAAP financial measures, see the appendix to this document. CASH FLOW PROFILE Q1 FY21 Supplemental Slides | January 11, 2021 8

27 53 72 179 347 $465 $330 $350 $300 $350 2021 2022 2023 2024-2025 2026 2027 Revolver BALANCE SHEET STRENGTH U.S. Accounts Receivables Facility Poland Credit Facilities Poland Accounts Receivable Facility (US$ in millions) Revolving Credit Facility 5.375% Notes Cash and Cash Equivalents 4.875% Notes 5.750% Notes DEBT MATURITY PROFILE PROVIDES STRATEGIC FLEXIBILITY DEBT MATURIT Y SCHEDULE Q1 FY’21 LIQUIDIT Y (US$ in millions) Source: Public filings Q1 FY21 Supplemental Slides | January 11, 2021 9 Poland Term Loan

46% 42% 37% 33% 32% 24% 18% 21% 0% 10% 20% 30% 40% 50% 60% Q2 2019 Q3 2019 Q4 2019 Q1 2020 Q2 2020 Q3 2020 Q4 2020 Q1 2021 3.9x 3.2x 2.5x 1.9x 1.6x 1.2x 0.9x 1.1x NM 0.5x 1.0x 1.5x 2.0x 2.5x 3.0x 3.5x 4.0x 4.5x Q2 2019 Q3 2019 Q4 2019 Q1 2020 Q2 2020 Q3 2020 Q4 2020 Q1 2021 Source: Public filings, Internal data Notes: 1. Total debt is defined as long-term debt plus current maturities of long-term debt and short-term borrowings. 2. Net Debt is defined as total debt less cash & cash equivalents. 3. EBITDA depicted is adjusted EBITDA from continuing operations on a trailing 12 month basis. 4. Net debt-to-capitalization is defined as net debt on CMC’s balance sheet divided by the sum of total debt and shareholders’ equity 5. Net Debt to EBITDA and Net Debt to Capitalization are non-GAAP financial measures. For a reconciliation of non-GAAP financial measures to the most directly comparable GAAP financial measures, see the appendix to this document LEVERAGE PROFILE Financial strength gives us the flexibility to fund our announced projects, navigate current economic uncertainties, and pursue opportunistic M&A NET DEBT1,2 / EBITDA3 Q1 FY21 Supplemental Slides | January 11, 2021 10 NET DEBT-TO-CAPITALIZATION4

Q1 FY21 Supplemental Slides | January 11, 2021 11 A P P E N D IX : N O N -G A A P R E C O N C IL IA T IO N S

3 MONTHS ENDED 12 MONTHS ENDED 11/30/2020 8/31/2020 5/31/2020 2/29/2020 11/30/2019 8/31/2019 11/30/2020 8/31/2020 8/31/2019 8/31/2018 8/31/2017 Earnings from continuing operations $63,911 $67,782 $64,169 $63,596 $82,755 $85,880 $259,458 $278,302 $198,779 $135,237 $50,175 Interest expense 14,259 13,962 15,409 15,888 16,578 17,702 59,518 61,837 71,373 40,957 44,151 Income taxes 21,593 18,495 23,804 22,845 27,332 16,826 86,737 92,476 69,681 30,147 15,276 Depreciation and amortization 41,799 41,654 41,765 41,389 40,941 41,051 166,607 165,749 158,653 131,508 124,490 Asset impairments 3,594 1,098 5,983 – 530 369 10,675 7,611 384 14,372 1,730 Amortization of acquired unfavorable contract backlog (1,523) (10,691) (4,348) (5,997) (8,331) (16,582) (22,559) (29,367) (74,784) – – Non-cash equity compensation 9,062 9,875 6,170 7,536 8,269 7,758 32,643 31,850 25,106 24,038 21,469 Facility closure 5,214 2,903 1,863 – 6,339 – 9,980 11,105 – – – Labor cost government refund (1,348) (2,985) – – – – (4,333) (2,985) – – – Acquisition settlement – 32,123 – – – – 32,123 32,123 – – – Debt extinguishment costs – 1,778 – – – – 1,778 1,778 – – 22,672 Acquisition and integration related costs and other – – – – – 6,177 – – 41,958 25,507 – Purchase accounting effect on inventory – – – – – – – – 10,315 – – Mill operational start-up costs 1 – – – – – – – – – 13,471 – CMC Steel Oklahoma incentives – – – – – – – – – (3,000) – Severance – – – – – – – – – – 8,129 Core EBITDA from continuing operations 2 $156,561 $175,994 $154,815 $145,257 $174,413 $159,181 $632,627 $650,479 $501,465 $412,237 $288,092 CORE EBITDA FROM CONTINUING OPERATIONS RECONCILIATION Q1 FY21 Supplemental Slides | January 11, 2021 12 ($ in thousands) Source: Public filings Notes: 1. Net of interest, taxes, depreciation and amortization, impairments, and non-cash equity compensation 2. See page 17 for definitions of non-GAAP financial measures

3 MONTHS ENDED 12 MONTHS ENDED 11/30/2020 8/31/2020 5/31/2020 2/29/2020 11/30/2019 8/31/2019 11/30/2020 8/31/2020 8/31/2019 8/31/2018 8/31/2017 Earnings from continuing operations $63,911 $67,782 $64,169 $63,596 $82,755 $85,880 $259,458 $278,302 $198,779 $135,237 $50,175 Facility closure 5,214 2,903 1,863 – 6,339 – 9,980 11,105 – – – Asset impairments 3,594 1,098 5,983 – – – 10,675 7,081 – 12,136 – Labor cost government refund (1,348) (2,985) – – – – (4,333) (2,985) – – – Acquisition settlement – 32,123 – – – – 32,123 32,123 – – – Debt extinguishment costs – 1,778 – – – – 1,778 1,778 – – 17,799 Acquisition and integration related costs and other – – – – – 6,177 – – 41,958 25,507 – CMC Steel Oklahoma incentives – – – – – – – – – (3,000) – Purchase accounting effect on inventory – – – – – – – – 10,315 – – Mill operational start-up costs – – – – – – – – – 18,016 – Severance – – – – – – – – – – 8,129 Total adjustments (pre-tax) $7,460 $34,917 $7,846 – $6,339 $6,177 $50,223 $49,102 $52,273 $52,659 $25,928 Tax impact TCJA impact – – – – – – – – $7,550 $10,600 – International reorganization – – – – – – – – – (9,200) – Related tax effects on adjustments (1,593) (7,392) (1,648) – (1,331) (1,297) (10,633) (10,371) (10,977) (13,236) (9,075) Total tax impact ($1,593) ($7,392) ($1,648) – ($1,331) ($1,297) ($10,633) ($10,371) ($3,427) ($11,836) ($9,075) Adjusted earnings from continuing operations 1 $69,778 $95,307 $70,367 $63,596 $87,763 $90,760 $299,048 $317,033 $247,625 $176,060 $67,028 Adjusted earnings from continuing operations per diluted share $0.58 $0.79 $0.59 $0.53 $0.73 $0.76 $2.47 $2.64 $2.08 $1.49 $0.57 ADJUSTED EARNINGS FROM CONTINUING OPERATIONS RECONCILIATION Q1 FY21 Supplemental Slides | January 11, 2021 13 ($ in thousands) Source: Public filings Notes: 1. Net of interest, taxes, depreciation and amortization, impairments, and non-cash equity compensation 2. See page 17 for definitions of non-GAAP financial measures

3 MONTHS ENDED 12 MONTHS ENDED 11/30/2020 8/31/2020 5/31/2020 2/29/2020 11/30/2019 North America Adjusted EBITDA from continuing operations $155,634 $174,219 $159,394 $152,831 $174,732 North America net sales 1,195,013 1,224,849 1,167,081 1,161,283 1,216,720 North America Adjusted EBITDA Margin 13.0% 14.2% 13.7% 13.2% 14.4% Europe Adjusted EBITDA from continuing operations $14,470 $22,927 $14,270 $13,451 $11,359 Europe net sales 194,596 179,855 173,817 180,079 165,389 Europe Adjusted EBITDA Margin 7.4% 12.7% 8.2% 7.5% 6.9% ADJUSTED SEGMENT EBITDA MARGIN Q1 FY21 Supplemental Slides | January 11, 2021 14 ($ in thousands) Source: Public filings

12 MONTHS ENDED 3 MONTHS ENDED 11/30/2020 8/31/2020 8/31/2019 8/31/2018 8/31/2017 8/31/2016 8/31/2015 11/30/2020 11/30/2019 Earnings from continuing operations $259,458 $278,302 $198,779 $135,237 $50,175 $62,001 $58,583 $63,911 $82,755 Interest expense 59,518 61,837 71,373 40,957 44,151 62,121 76,456 14,259 16,578 Income taxes 86,737 92,476 69,681 30,147 15,276 13,976 36,097 21,593 27,332 Depreciation and amortization 166,607 165,749 158,653 131,508 124,490 127,111 135,559 41,799 40,941 Asset impairments 10,675 7,611 384 14,372 1,730 40,028 2,573 3,594 530 Amortization of acquired unfavorable contract backlog (22,559) (29,367) (74,784) – – – – (1,523) (8,331) Adjusted EBITDA from continuing operations $560,436 $576,608 $424,086 $352,221 $235,822 $305,237 $309,268 $143,633 $159,805 Capital expenditures and disbursements to stakeholders Capital expenditures 179,260 187,618 138,836 174,655 213,120 163,332 119,580 37,201 45,559 Interest expense 59,518 61,837 71,373 40,957 44,151 62,121 76,456 14,259 16,578 Cash income taxes 47,123 44,499 7,977 7,198 30,963 50,201 61,000 4,743 2,119 Dividends 57,224 57,056 56,537 56,076 55,514 55,342 55,945 14,406 14,238 Total capital expenditures and disbursements to stakeholders $343,125 $351,010 $274,723 $278,886 $343,748 $330,996 $312,981 $70,609 $78,494 Adjusted EBITDA less capital expenditures and disbursements to stakeholders $217,311 $225,598 $149,363 $73,335 ($107,926) ($25,759) ($3,713) $73,024 $81,311 ADJUSTED EBITDA LESS CAPITAL EXPENDITURES AND DISBURSEMENTS TO STAKEHOLDERS Q1 FY21 Supplemental Slides | January 11, 2021 15 ($ in thousands) Source: Public filings Note: 1. See page 17 for definitions of non-GAAP financial measures

Source: Public filings Note: 1. See page 17 for definitions of non-GAAP financial measures NET DEBT TO EBITDA AND NET DEBT TO CAPITALIZATION RECONCILIATIONS Investor Presentation | January 2021 16 ($ in thousands) 3 MONTHS ENDED 11/30/2020 8/31/2020 5/31/2020 2/29/2020 11/30/2019 8/31/2019 5/31/2019 2/28/2019 11/30/2018 8/31/2018 5/31/2018 Long-term debt $1,064,893 $1,065,536 $1,153,800 $1,144,573 $1,179,443 $1,227,214 $1,306,863 $1,310,150 $1,307,824 $1,138,619 $1,139,103 Current maturities of long-term debt and short term borrowings 20,701 18,149 17,271 22,715 13,717 17,439 54,895 88,902 29,083 19,746 19,874 Total Debt $1,085,594 $1,083,685 $1,171,071 $1,167,288 $1,193,160 $1,244,653 $1,361,758 $1,399,052 $1,336,907 $1,158,365 $1,158,977 Less: Cash and cash equivalent 465,162 542,103 462,110 232,442 224,797 192,461 120,315 66,742 52,352 622,473 600,444 Net Debt $620,432 $541,582 $708,961 $934,846 $968,363 $1,052,192 $1,241,443 $1,332,310 $1,284,555 $535,892 $558,533 Earnings from continuing operations $63,911 $67,782 $64,169 $63,596 $82,755 $85,880 $78,551 $14,928 $19,420 $51,260 $42,325 Interest expense 14,259 13,962 15,409 15,888 16,578 17,702 18,513 18,495 16,663 15,654 11,511 Income taxes 21,593 18,495 23,804 22,845 27,332 16,826 29,105 18,141 5,609 6,682 13,312 Depreciation and amortization 41,799 41,654 41,765 41,389 40,941 41,051 41,181 41,245 35,176 32,610 32,949 Asset impairments 3,594 1,098 5,983 – 530 369 15 – – 840 935 Amortization of acquired unfavorable contract backlog (1,523) (10,691) (4,348) (5,997) (8,331) (16,582) (23,394) (23,476) (11,332) – – Adjusted EBITDA from continuing operations $143,633 $132,300 $146,782 $137,721 $159,805 $145,246 $143,971 $69,333 $65,536 $107,046 $101,032 Trailing 12 month Adjusted EBITDA from continuing operations $560,436 $576,608 $589,554 $586,743 $518,355 $424,086 $385,886 $342,947 Total Debt $1,085,594 $1,083,685 $1,171,071 $1,167,288 $1,193,160 $1,244,653 $1,361,758 $1,399,052 $1,336,907 $1,158,365 $1,158,977 Total stockholders' equity 1,934,899 1,889,413 1,800,662 1,758,055 1,701,697 1,624,057 1,564,195 1,498,496 1,489,027 1,493,583 1,452,902 Total Capitalization $3,020,493 $2,973,098 $2,971,733 $2,925,343 $2,894,857 $2,868,710 $2,925,953 $2,897,548 $2,825,934 $2,651,948 $2,611,879 Net Debt to Trailing 12 month Adjusted EBITDA from continuing operations 1.1x 0.9x 1.2x 1.6x 1.9x 2.5x 3.2x 3.9x Net Debt to Capitalization 21% 18% 24% 32% 33% 37% 42% 46%

DEFINITIONS FOR NON-GAAP FINANCIAL MEASURES ADJUSTED EARNINGS FROM CONTINUING OPERATIONS Adjusted earnings from continuing operations is a non-GAAP financial measure that is equal to earnings from continuing operations before certain facility closure costs, asset impairments, labor cost government refunds, acquisition settlements, debt extinguishment costs, acquisition and integration-related costs, CMC Steel Oklahoma incentives, the effect of purchase accounting adjustments on inventory, mill operational start-up costs and severance expenses, including the estimated income tax effects thereof. Adjusted earnings from continuing operations should not be considered as an alternative to earnings from continuing operations or any other performance measure derived in accordance with GAAP. However, we believe that adjusted earnings from continuing operations provides relevant and useful information to investors as it allows: (i) a supplemental measure of our ongoing core performance and (ii) the assessment of period-to-period performance trends. Management uses adjusted earnings from continuing operations to evaluate our financial performance. Adjusted earnings from continuing operations may be inconsistent with similar measures presented by other companies. Adjusted earnings from continuing operations per diluted share is defined as adjusted earnings from continuing operations on a diluted per share basis. CORE EBITDA FROM CONTINUING OPERATIONS Core EBITDA from Continuing Operations is a non-GAAP financial measure. Core EBITDA from continuing operations is the sum of earnings from continuing operations before interest expense and income taxes. It also excludes recurring non-cash charges for depreciation and amortization and asset impairments. Core EBITDA from continuing operations also excludes amortization of acquired unfavorable contract backlog, non-cash equity compensation, certain facility closure costs, labor cost government refunds, acquisition settlement costs, debt extinguishment costs, acquisition and integration- related costs, the effect of purchase accounting adjustments on inventory, mill operational start-up costs, CMC Steel Oklahoma incentives and severance expenses. Core EBITDA from continuing operations should not be considered an alternative to earnings (loss) from continuing operations or net earnings (loss) as determined by GAAP. However, we believe that Core EBITDA from continuing operations provides relevant and useful information, which is often used by analysts, creditors and other interested parties in our industry as it allows: (i) comparison of our earnings to those of our competitors; (ii) a supplemental measure of our ongoing core performance; and (iii) the assessment of period-to-period performance trends. Core EBITDA from continuing operations may be inconsistent with similar measures presented by other companies. ADJUSTED EBITDA FROM CONTINUING OPERATIONS Adjusted EBITDA from Continuing Operations is a non-GAAP financial measure. Adjusted EBITDA is the sum of the Company's earnings from continuing operations before interest expense, income taxes, depreciation and amortization expense, impairment expense, and amortization of acquired unfavorable contract backlog. Adjusted EBITDA from continuing operations should not be considered as an alternative to earnings from continuing operations or any other performance measure derived in accordance with GAAP. However, we believe that adjusted EBITDA from continuing operations provides relevant and useful information to investors as it allows: (i) a supplemental measure of our ongoing performance and (ii) the assessment of period-to-period performance trends. Management uses adjusted EBITDA from continuing operations to evaluation our financial performance. Adjusted EBITDA from continuing operations may be inconsistent with similar measures presented by other companies. ADJUSTED EBITDA LESS CAPITAL EXPENDITURES AND DISBURSEMENTS TO STAKEHOLDERS Adjusted EBITDA less capital expenditures and disbursements to shareholders is defined as Adjusted EBITDA less capital expenditures less interest expense, less cash income taxes less dividend payments. NET DEBT Net debt is defined as total debt less cash and cash equivalents. Q1 FY21 Supplemental Slides | January 11, 2021 17

THANK YOU CORPORATE OFFICE 6565 N. MacArthur Blvd Suite 800 Irving, TX 75039 Phone: (214) 689.4300 INVESTOR RELATIONS Phone: (972) 308.5349 Fax: (214) 689.4326 IR@cmc.com Q1 FY21 Supplemental Slides | January 11, 2021 18