EX-99.2 3 q42022-supplementalslide.htm EX-99.2
RE COMMERCIAL METALS COMPANY Q 4 F Y ’ 2 2 S u p p l e m e n t a l S l i d e s

Forward-Looking Statements Q4 FY22 Supplemental Slides │ October 13, 2022 2 This presentation contains “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 COVID-19 and related governmental and economic responses thereto, the ability to operate our steel mills at full capacity, future availability and cost of supplies of raw materials and energy for our operations, share repurchases, legal proceedings, construction activity, international trade, the impact of Russia’s invasion of Ukraine, capital expenditures, tax credits, our liquidity and our ability to satisfy future liquidity requirements, estimated contractual obligations, the expected capabilities and benefits of new facilities, the timeline for execution of our growth plan, and our expectations or beliefs concerning future events. The statements in this presentation that are not historical statements, are forward-looking statements. These forward-looking statements can generally be identified by phrases such as we or our management "expects," "anticipates," "believes," "estimates," "future," "intends," "may," "plans to," "ought," "could," "will," "should," "likely," "appears," "projects," "forecasts," "outlook" or other similar words or phrases, as well as by discussions of strategy, plans, or intentions. Our forward-looking statements are based on management’s expectations and beliefs as of the date of this presentation. 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, 2021, and 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, global supply chain and on our operations, including the responses of governmental authorities to contain COVID-19 and the impact 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; the impact of the Russian invasion of Ukraine on the global economy, inflation, energy supplies and raw materials, which is uncertain but may prove to negatively impact our business and operations; increased attention to environmental, social and governance (“ESG”) matters, including any targets or other ESG or environmental justice initiatives; compliance with and changes in existing and future laws, regulations and other legal requirements and judicial decisions that govern our business, including increased environmental regulations associated with climate change and greenhouse gas emissions; involvement in various environmental matters that may result in fines, penalties or judgments; evolving remediation technology, changing regulations, possible third-party contributions, the inherent uncertainties of the estimation process and other factors that may impact amounts accrued for environmental liabilities; potential limitations in our or our customers' abilities to access credit and non- compliance of their contractual obligations, including payment obligations; 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 realize any or all of the anticipated synergies or other benefits of acquisitions; 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; operating and startup risks, as well as market risks associated with the commissioning of new projects could prevent us from realizing anticipated benefits and could result in a loss of all or a substantial part of our investments; 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 or other indefinite lived intangible asset impairment charges; impact of long-lived asset impairment charges; currency fluctuations; global factors, such as trade measures, military conflicts and political uncertainties, including changes to current trade regulations, such as Section 232 trade tariffs and quotas, 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; and civil unrest, protests and riots.

3  Vertical structure optimizes returns through the entire value chain  Disciplined capital allocation focused on maximizing returns for our shareholders Q4 FY22 Supplemental Slides │ October 13, 2022  Leading positions in core product and geographical markets  Focused strategy that leverages capabilities, competitive strengths, and market knowledge  Strong balance sheet and cash generation provides flexibility to execute on strategy A Clear Path to Value Creation

Fiscal 2022 was a record year • Solid execution enables CMC to capitalize on very strong market environment North America segment entering FY 2023 from a position of strength • Internal and external near-term leading indicators point toward resilience • Anticipate that enlarged federal infrastructure package will impact construction activity starting in 2023 • Addition of Tensar, and spring 2023 startup of Arizona 2, positions CMC to capitalize on favorable market trends Europe production assets built to navigate economic volatility • Advantageous energy cost position with strong operational flexibility Continued commitment to enhanced shareholder distributions • Recently increased quarterly dividend by 14%; completed nearly one-third of share repurchase authorization during fourth quarter Strong financial position • Balance sheet strength and cash flow profile provide capital allocation flexibility Key Takeaways From Today’s Call Q4 FY22 Supplemental Slides │ October 13, 2022 4 $1.55 billion FY 2022 Core EBITDA(1) 1 Core EBITDA and return on invested capital are non-GAAP financial measures. For definitions and reconciliations of non-GAAP financial measures to the most directly comparable GAAP financial measures, see the appendix to this document $1.22 billion $9.95 26% FY 2022 Net Earnings FY 2022 EPS FY 2022 ROIC(1) ✔ ✔ ✔ ✔ ✔

 Record Core EBITDA of $1.55 billion; up approximately 90% from previous best  On-the-ground humanitarian assistance to Ukrainian refugees − CMC’s team in Poland provided logistics, food, shelter, and comfort to hundreds of refugees; opened their homes and made Company facilities available  Significant progress executing CMC’s strategic growth plan − Completed Tensar acquisition, adding a meaningful new growth platform − Timing of Arizona 2 commissioning is on-track; startup expected in spring 2023 − Announced fourth micro mill to be located in the Eastern U.S.; finalizing site selection  Shareholder distributions were nearly 4x the level of FY 2021, driven by a combination of share repurchases and enhanced dividend payments  Launched carbon-neutral line of long steel products – RebarZero − Provides construction industry with a net-zero solution, from mill to the job-site  CMC Europe generated record financial performance, despite disruptions related to the Ukraine war, the ongoing European energy crisis, and global supply chain challenges Fiscal Year 2022 Accomplishments 5Q4 FY22 Supplemental Slides │ October 13, 2022

1,746 0 50 100 150 200 250 300 350 400 450 500 0 200 400 600 800 1,000 1,200 1,400 1,600 1,800 2,000 FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 Adjusted EBITDA Per Ton of Finished Steel Shipped Adding Another Year To A Track Record of Success 6Q4 FY22 Supplemental Slides │ October 13, 2022 1,554 0 50 100 150 200 250 300 350 400 0 250 500 750 1,000 1,250 1,500 1,750 2,000 FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 North America Adjusted EBITDA Per Ton of Finished Steel Shipped 346 0 50 100 150 200 250 300 350 400 0 50 100 150 200 250 300 350 400 FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 Europe Adjusted EBITDA Per Ton of Finished Steel Shipped Ad ju st ed E BI TD A ($ ‘0 00 s) Ad ju st ed E BI TD A ($ ‘0 00 s) $ per ton $ per ton Annual North America Segment Adjusted EBITDA Annual Europe Segment Adjusted EBITDA Annual Consolidated Adjusted EBITDA Ad ju st ed E BI TD A ($ ‘0 00 s) $ per ton Return on Invested Capital 25.5% FY ‘22 3.8% FY ‘17 Total Shareholder Equity per Share1 $27.97 FY ‘22 $12.10 FY ‘17 5 consecutive years of y/y improvement 132% increase in equity per common share [1] Total shareholder equity per share defined as year-end total stockholder equity divided by year-end common shares outstanding as reported on the Company’s balance sheet

7.8% achieved 2.7 % currently Co nt en t 0.82 MT CO2e / MT 1.89 MT CO2e / MT 20.62 GJ / MT 28.60 m3 / MT 69.5% of content 0.197 0.698 3.710 1.241 2.0% Scope 1 Scope 1-3 Energy Intensity Water Intake Virgin Material G H G E m is si on s En er gy U se W at er U se Industry AverageCMC Performance 63% lower than industry average 96% lower than industry average 67.5 percentage points lower than industry average A Clearly Sustainable Future – Proud of Our Progress 7 Reduce our Scope 1 and 2 GHG emissions intensity by 20% 2030 Goals1 Increase our renewable energy usage by 12% points Reduce our energy consumption intensity by 5% [1] Represents progress on environmental goals as of fiscal year 2021, compared to fiscal year 2019 Sources: CMC 2021 Sustainability Report; scope 1 emissions based on direct emissions reported to the U.S. Environmental Protection Agency; virgin material content for industry based on data from Bureau of International Recycling; all other industry data sourced from the World Steel Association Q4 FY22 Supplemental Slides │ October 13, 2022 With GHG emissions intensity already below the 2040 Paris Climate Agreement industry target, CMC has set lower emissions targets 82% lower than industry average 6.2% currently Progress on 2030 Goals1 Reduce our water withdrawal intensity by 8% 7.8% currently At CMC, good business always aligns with good environmental practices: • Environmental Stewardship • Product Stewardship • Reducing and managing our environmental impactR E S P E C T FOR OUR ENVIRONMENT

Resilient Markets, Resilient Company Key construction indicators continue to point toward strength over the near-term. Looking further ahead, several structural trends are underway that could provide meaningful tailwinds to activity. CMC is positioned well to capitalize on upside or respond to softness. Q4 FY22 Supplemental Slides │ October 13, 2022 8 Architectural Billings Index Federal Infrastructure Package Arizona 2 Startup (spring 2023) • 65% increase in funding for surface transportation compared to prior federal package • Expected to add 1.5 million tons of incremental annual rebar consumption • Related projects expected to enter pipeline in CY 2023 Dodge Momentum Index • August reading was second highest in 14 years • Commercial and institutional non-residential starts showing strength CMC Downstream Bid Activity • Average pricing reached a new record in 4Q 2022; volumes second highest ever • Good activity across sectors and geographies • Points to expansion in non-residential spending over next 9 to 12 months • 19 consecutive months of expansionary readings; Southern U.S. is the strongest region Non-res Investment Following Residential • Local infrastructure and non-residential investments to support newly formed residential communities (generally trails residential by 12 to 18 months) Reshoring of Critical Industries • Several massive projects already underway • Continued emergence of new global supply chain rebalancing likely to add more target industries • Ukraine war revealed vulnerabilities of key industrial commodities to unexpected events • Expected to add 500,000 tons of low-cost production with ability to flex between rebar and merchant bar Tensar Acquisition • Increases CMC’s exposure to infrastructure • Customer value proposition enhanced by environment of labor and material shortages • Extends CMC’s market reach into new markets such as asphalt and rail Record Downstream Backlog • Currently at historically high volume and average pricing levels Working Capital Release • CMC has invested roughly $900 million in working capital since end of FY 2020 Highly Flexible Operations Network • Ability to optimize production across facilities and products in various demand scenarios Construction Leading Indicators Structural Trends Company PositioningConstruction Market Indicators and Trends Up si de F le xi bi lit y Do w ns id e Pr ot ec tio n

282% 671% 98% 314% 80% 141% – 100% 200% 300% 400% 500% 600% 700% 800% 1-year increase vs. 10-year average Spot Price (Avg of DE, IT, FR) Polish National Avg CMC Europe Electricity / Ton Trade patterns have shifted meaningfully as a result of the Ukraine war and ongoing energy crisis. Net imports of rebar into the Polish market have declined, while at the same time, flows into the rest of Europe have increased significantly. Poland has benefited from the absence of Russian and Belarussian material and its favorable energy cost position relative to the broader E.U. The loss of sanctioned import material has been more than replaced by new entrants into the Western European market. 258,954 502,952 157,066 98,185 (284,006) (249,758) (69,647) (80,397) (300,000) (200,000) (100,000) 0 100,000 200,000 300,000 400,000 500,000 600,000 2021 2022 2021 2022 150,000 200,000 250,000 300,000 350,000 400,000 450,000 500,000 550,000 Favorably Positioned in Europe Q4 FY22 Supplemental Slides │ October 13, 2022 9 Q4 ‘22 Electricity Costs vs. Historical Periods CMC Europe vs. European Spot Pricing CMC Europe Finished Goods Shipments (trailing 4-quarter basis) 35% above long-term average Sources: Bloomberg, Nord Pool, TGE, Eurofer, Eurostat [1] Analysis separates the E.U. into Poland and the rest of the E.U. excluding Poland. Trade balances are calculated for and between these two regions. Imports Exports Net Imports E.U. (ex Poland) and Poland Net Rebar Imports1 (May to July 2021 vs. May to July 2022; see footnote for explanation) E.U. ex Poland Poland Import Destination Import Origin EU ex. Poland Poland Sanctioned Countries (92,822) (30,689) All Others +330,896 (2,699) Total Imports +238,074 (33,388) Imports from Outside the E.U. Change from May, June, July 2021 to 2022) Net Imports

• Significant increase in steel product margins over scrap in North America and Europe − Margins up $251 per ton y/y in North America, up $138 per ton y/y in Europe • Margins on sales of raw materials declined on both a sequential and y/y basis, but remained above the historical average • Downstream average selling price increased $104 per ton from the prior quarter, a reflection of ongoing repricing of CMC’s backlog driven by higher priced new contracts • Downstream backlog volume grew on a year-over-year basis for fifth consecutive quarter • North America controllable costs per ton of finished steel were up both sequentially and y/y on increased per unit purchase costs for freight, alloys, and energy • Energy costs in Europe segment increased from the fourth quarter of FY 2021, but were more than offset by favorable market dynamics − Hedged position provided large cost offset − Electricity rates in the Polish market have experienced less volatility compared to Western European countries • Q4 results in Europe dampened by impact of selling higher cost inventory into a declining price environment, and a weakening Polish Zloty • Supply chain destocking activity negatively impacted Q4 volumes in Europe, but rebounded late in the quarter and may signal an end to the inventory adjustment cycle • Q1 financial results are expected to be strong • Finished steel shipments should follow a normal seasonal pattern; historically down modestly from Q4 • Volumes in North America should be supported by a robust downstream backlog, as well as end market strength • Europe demand outlook is uncertain; however, Polish construction activity is expected to remain a source of stability and CMC’s Europe segment should benefit from a strong cost position relative to competitors • Margins over scrap in both North America and Europe are likely to decline from fourth quarter levels, driven by maintaining pricing for steel products competitive with increased volumes of lower priced imports of long steel products Pe rf or m an ce D riv er s O ut lo ok Q4 Operational Update 10Q4 FY22 Supplemental Slides │ October 13, 2022

256 419 158 4 0 9 0 50 100 150 200 250 300 350 400 450 Q4 2021 NA Segment EBITDA Europe Segment EBITDA Corp & Eliminations Other Non-Op Items Q4 2022 Q4 Consolidated Operating Results 11Q4 FY22 Supplemental Slides │ October 13, 2022 Q4 ‘21 Q1 ‘22 Q2 ‘22 Q3 ‘22 Q4 ’22 External Finished Steel Tons Shipped1 1,646 1,464 1,429 1,654 1,560 Core EBITDA2 $255,916 $326,806 $323,107 $483,913 $419,021 Core EBITDA per Ton of Finished Steel Shipped2 $155 $223 $226 $293 $269 Adjusted Earnings2 $154,240 $199,152 $187,553 $320,244 $294,924 Performance Summary Units in 000’s except per ton amounts • $1.0 million charge related to Tensar acquisition and integration • $6.5 million charge for purchase accounting effect on inventory valuation • $0.5 million related to asset impairments Non-Operating Charges (excluded from results above) Figures are pre-tax for Q4 2022 [1] External Finished Steel Tons Shipped equal to shipments of Steel Products plus Downstream Products [2] Core EBITDA, Core EBITDA per ton of finished steel shipped, and adjusted earnings 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. Core EBITDA Bridge – Q4 2021 to Q4 2022 $ Millions

179 244 268 322 327 645 658 741 808 876 466 548 605 638 717 0 50 100 150 200 250 300 350 0 100 200 300 400 500 600 700 800 900 1,000 Q4 '21 Q1 '22 Q2 '22 Q3 '22 Q4 '22 Adjusted EBITDA per Ton of Finished Steel Shipped Downstream Products Margin Over Scrap (1 Qtr Lag) Steel Products Margin Over Scrap 75 100 125 150 175 200 Q4 '21 Q1 '22 Q2 '22 Q3 '22 Q4 '22 Adjusted EBITDA per ton Wgt Avg Finished Steel ASP Wgt Avg Finished Steel Mgn Over Scrap Controllable Costs Key Performance Drivers Q4 2022 vs Q4 2021 Q4 North America 12Q4 FY22 Supplemental Slides │ October 13, 2022 Q4 ‘21 Q1 ‘22 Q2 ‘22 Q3 ’22 Q4 ’22 External Finished Steel Tons Shipped1 1,186 1,099 979 1,178 1,132 Adjusted EBITDA $212,018 $268,524 $262,148 $379,355 $370,516 Adjusted EBITDA per Ton of Finished Steel Shipped $179 $244 $268 $322 $327 Adjusted EBITDA Margin 12.8% 16.2% 16.2% 18.7% 18.5% Performance Summary Units in 000’s except per ton amounts (excludes California land sale) • Significant increase in steel product margins over scrap − Up $251 per ton y/y and $79 per ton sequentially • Expanded margins on sales of downstream products − Margin over scrap cost increased $231 per ton y/y − Full value chain profitability on sales of downstream products above long-term average • Positive contribution from Tensar − $9.6 million of adjusted EBITDA including $4.1 million charge related to purchase accounting effects on inventory • Controllable costs negatively impacted by freight, energy, and alloys − CMC remains very competitively positioned in comparison to the broader industry 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 prior quarter cost of ferrous scrap utilized North America – Key Margins $ / ton (excludes California land sale) DP a nd S P M ar gi n O ve r S cr ap Adjusted EBITDA per ton North America Indexed Margins and Controllable Costs Indexed - $ / ton of external finished steel shipped (excludes California land sale) [2] [3]

147 219 180 254 150 315 435 407 437 453 0 50 100 150 200 250 300 100 150 200 250 300 350 400 450 500 Q4 '21 Q1 '22 Q2 '22 Q3 '22 Q4 '22 Adjusted EBITDA per Ton Steel Products Margin Over Scrap 88 120 60 80 100 120 140 Key Performance Drivers Q4 2022 vs Q4 2021 Q4 Europe 13Q4 FY22 Supplemental Slides │ October 13, 2022 Q4 ‘21 Q1 ‘22 Q2 ’22 Q3 ’22 Q4 ’22 External Finished Steel Tons Shipped1 460 365 450 476 428 Adjusted EBITDA $67,676 $79,832 $81,149 $120,974 $64,096 Adjusted EBITDA per Ton of Finished Steel Shipped $147 $219 $180 $254 $150 Adjusted EBITDA Margin 18.4% 24.3% 20.5% 25.0% 15.5% Performance Summary Units in 000’s except per ton amounts • Significant increase in margin over scrap − Up $138 per ton y/y − A portion of the beneficial impact was eroded by selling higher cost inventory within a declining steel price environment • Supply chain destocking negatively impacted volumes during the first two months of the quarter − Shipments rebounded late in the quarter; potentially signaling an end to the destocking cycle for long steel • Increased energy costs and a weakening Polish Zloty Europe – Key Margins $ / ton Adjusted EBITDA per ton E.U. Crude Steel Production vs. CMC Europe Finished Steel Production Average of trailing three months indexed to Q4 FY 2018 [2] Notes: [1] External Finished Steel Tons Shipped equal to shipments of Steel Products [2] Steel Products Margin Over Scrap equals Average Selling Price minus Cost of ferrous scrap utilized [3] Data sourced from Worldsteel Association [4] Tensar contributed $0.5 million of adjusted EBITDA, which includes a $2.4 million charge related to purchase accounting effects on inventory St ee l P ro du ct M ar gi n O ve r S cr ap 3 E.U. 27 CMC Poland CMC Commissions 3rd Rolling Line

2 31 Disciplined Capital Allocation Strategy 14Q4 FY22 Supplemental Slides │ October 13, 2022 CMC Capital Allocation Priorities: $350 million share repurchase program ($188 million remaining) Quarterly dividend of $0.16 per share (increased 14% in Q4 2022) Shareholder Cash Distribution Programs in Place • Operating cash flow • Sale of southern California real estate ($313 million of gross proceeds) • $600 million notes issuance • $145 million tax-exempt bond1 • Funding of Tensar acquisition • Growth initiatives, investment in Arizona 2 micro mill • Share repurchases ($162 million in FY 2022; $106 million in Q4) • Opportunistic redemption of 2027 notes Value-Generating Growth Shareholder Distributions Debt Management CMC will prudently allocate capital while maintaining a strong and flexible balance sheet 2022 Sources of Cash 2022 Uses of Cash Notes: [1] Use of cash raised from offering of tax-exempt bond is limited to funding of Arizona 2 project

997 5 37 11 140 155 279 380 1,270 $0 $200 $400 $600 $800 $1,000 $1,200 $1,400 FY 2015 FY 2016 FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 Cash Generation Profile 15Q4 FY22 Supplemental Slides │ October 13, 2022 Adjusted EBITDA Less Sustaining Capital Expenditures and Disbursements to Stakeholders1 (in millions) CMC’s cash flow capabilities have been greatly enhanced through our strategic transformation FY 2023 capital expenditures expected in a range of $450 million to $500 million Source: Public filings, Internal data [1] Adjusted EBITDA less Sustaining 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. Gain on California land sale

35 63 150 399 $673 $330 $300 $300 $300 $145 $400 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2047 Balance Sheet Strength 16Q4 FY22 Supplemental Slides │ October 13, 2022 [1] 2047 tax-exempt bonds were priced to yield 3.5%; coupon rate is 4.0% Source: Public filings Revolver U.S. Accounts Receivable Facility Poland Credit Facilities (US$ in millions) Revolving Credit Facility 4.125% Notes Cash and Cash Equivalents 4.875% Notes 3.875% Notes Debt maturity profile provides strategic flexibility Debt Maturity Profile Q4 FY’22 Liquidity (US$ in millions) 4.375% Notes 4.0% Bond1 Poland Accounts Receivable Facility

46% 42% 37% 33% 32% 24% 18% 21% 22% 20% 17% 18% 14% 24% 17% 0% 5% 10% 15% 20% 25% 30% 35% 40% 45% 50% 3.9x 3.2x 2.5x 1.9x 1.6x 1.2x 0.9x 1.1x 1.2x 1.0x 0.8x 0.7x 0.5x 0.7x 0.5x NM 0.5x 1.0x 1.5x 2.0x 2.5x 3.0x 3.5x 4.0x 4.5x Leverage Profile 17Q4 FY22 Supplemental Slides │ October 13, 2022 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 stockholders’ equity For a reconciliation of non-GAAP financial measures to the most directly comparable GAAP financial measures, see the appendix to this document. Financial strength gives us the flexibility to fund our announced projects, pursue opportunistic M&A, and distribute cash to shareholders Net Debt1,2 / EBITDA3 Net Debt-to-Capitalization4

Q4 FY22 Supplemental Slides │ October 13, 2022 18 Appendix: Non-GAAP Financial Reconciliations

3 MONTHS ENDED 8/31/2022 5/31/2022 2/28/2022 11/30/2021 8/31/2021 Net earnings $288,630 $312,429 $383,314 $232,889 $152,313 Interest expense 14,230 13,433 12,011 11,035 11,659 Income taxes 49,991 92,590 126,432 28,872 40,444 Depreciation and amortization 49,081 43,583 41,134 41,226 42,437 Amortization of acquired unfavorable contract backlog – – – – (1,495) Asset impairments 453 3,245 1,228 – 2,439 Adjusted EBITDA1 $402,385 $465,280 $564,119 $314,022 $247,797 Non-cash equity compensation 9,122 11,986 16,251 9,619 8,119 Loss on debt extinguishment – – 16,052 – – Gain on sale of assets – – (273,315) – – Facility closure – – – – – Acquisition and integration related costs and other 1,008 4,478 – 3,165 – Purchase accounting effect on inventory 6,506 2,169 – – – Core EBITDA1 $419,021 $483,913 $323,107 $326,806 $255,916 North America steel product shipments 700 779 652 699 771 North America downstream shipments 432 399 327 400 415 Europe steel product shipments 428 476 450 365 460 Total finished steel shipments 1,560 1,654 1,429 1,464 1,646 Core EBITDA per ton of finished steel shipped 269 293 226 223 155 Adjusted EBITDA and Core EBITDA – Last Five Quarters Q4 FY22 Supplemental Slides │ October 13, 2022 19[1] See page 26 for definitions of non-GAAP measures Figures in thousand $

Adjusted Earnings Q4 FY22 Supplemental Slides │ October 13, 2022 20[1] See page 26 for definitions of non-GAAP measures Figures in thousand $ 3 MONTHS ENDED 12 MONTHS ENDED 8/31/2022 5/31/2022 2/28/2022 11/30/2021 8/31/2021 8/31/2022 Net earnings $288,630 $312,429 $383,314 $232,889 $152,313 $1,217,262 Gain on sale of assets – – (273,315) – – (273,315) Loss on debt extinguishment – – 16,052 – – 16,052 Asset impairments 453 3,245 1,228 – 2,439 4,926 Acquisition and integration related costs and other 1,008 4,478 – 3,165 – 8,651 Purchase accounting effect on inventory 6,506 2,169 – – – 8,675 Total adjustments (pre-tax) $7,967 $9,892 ($256,035) $3,165 $2,439 ($235,011) Tax impact International restructuring – – – (36,237) – (36,237) Related tax effects on adjustments (1,673) (2,077) 60,274 (665) (512) 55,859 Total tax impact ($1,673) ($2,077) $60,274 ($36,902) ($512) $19,622 Adjusted earnings1 $294,924 $320,244 $187,553 $199,152 $154,240 $1,001,873 Average diluted shares outstanding (thousands) 120,457 122,780 122,852 122,798 122,376 122,372 Adjusted earnings per diluted share $2.45 $2.61 $1.53 $1.62 $1.26 $8.19

3 MOS ENDED 8/31/2022 Earnings before income taxes $338,621 Plus: interest expense 14,230 Plus: acquisition and integration related costs 1,008 Plus: loss on extinguishment of debt – Plus: asset impairments 453 Plus: purchase accounting effect on inventory 6,506 Less: gain on sale of assets 684 Operating profit - adjusted $361,502 Operating profit - adjusted $361,502 Less: income tax at statutory rate1 86,037 Net operating profit after tax $275,465 Assets $6,237,027 Less: cash and cash equivalents 672,596 Less: accounts payable 428,055 Less: accrued expenses and other payables 540,136 Invested capital $4,596,240 Annualized net operating profit after tax $1,101,858 Invested capital (Q4 2022 and Q3 2022 ending amounts) $4,661,039 Return on Invested Capital2 23.6% Annualized Return on Invested Capital – Q4 2022 Q4 FY22 Supplemental Slides │ October 13, 2022 21 [1] Federal statutory rate of 21% plus approximate impact of state level income tax [2] See page 26 for definitions of non-GAAP measures Figures in thousand $

12 MONTHS ENDED FISCAL QUARTERS FISCAL QUARTERS 8/31/2022 8/31/2021 8/31/2017 Q4 2022 Q3 2022 Q2 2022 Q1 2022 Q4 2021 Q3 2021 Q2 2021 Q1 2021 Q4 2020 Q4 2017 Q3 2017 Q2 2017 Q1 2017 Q4 2016 Earnings before income taxes $1,515,147 $534,465 $55,611 $338,621 $405,019 $509,746 $261,761 $192,757 $168,583 $87,371 $85,754 $86,243 ($45,551) $51,898 $40,355 $8,909 ($12,061) Plus: interest expense 50,709 51,904 44,118 14,230 13,433 12,011 11,035 11,659 11,965 14,021 14,259 13,962 5,939 12,448 12,439 13,292 12,563 Plus: acquisition and integration related costs 8,651 – – 1,008 4,478 – 3,165 – – – – 32,123 – – – – – Plus: loss on extinguishment of debt 16,052 16,841 22,672 – – 16,052 – – – 16,841 – 1,778 22,672 – – – – Plus: asset impairments 4,926 6,784 8,238 453 3,245 1,228 – 2,439 277 474 3,594 1,098 7,616 69 91 462 39,952 Plus: purchase accounting effect on inventory 8,675 – – 6,506 2,169 – – – – – – – – – – – – Less: gain on sale of assets (275,422) (10,334) – 684 (2,024) (273,099) (983) (4,457) (5,877) – – – – – – – Operating profit - adjusted $1,328,738 $599,660 $130,639 $361,502 $426,320 $265,938 $274,978 $206,855 $176,368 $112,830 $103,607 $135,204 ($9,324) $64,415 $52,885 $22,663 $40,454 Operating profit - adjusted $1,328,738 $599,660 $130,639 Less: income tax at statutory rate1 316,240 142,719 45,724 Net operating profit after tax $1,012,498 $456,941 $84,915 Assets $6,237,027 $6,103,702 $5,504,220 $4,725,258 $4,638,671 $4,391,075 $4,064,041 $4,016,668 $4,081,728 $2,975,131 $3,274,599 $3,131,833 $3,002,580 $3,130,869 Less: cash and cash equivalents 672,596 410,265 846,587 415,055 497,745 443,120 367,347 465,162 542,103 252,595 275,778 395,546 465,167 517,544 Less: accounts payable 428,055 492,947 414,025 424,919 450,723 340,238 309,413 252,953 266,102 226,456 345,974 307,488 224,395 243,532 Less: accrued expenses and other payables 540,136 474,653 383,622 410,305 475,384 456,394 341,903 339,545 454,977 274,972 258,288 220,433 202,847 264,112 Invested capital $3,974,372 $3,092,632 $2,207,977 $4,596,240 $4,725,837 $3,859,986 $3,474,979 $3,214,819 $3,151,323 $3,045,378 $2,959,008 $2,818,546 $2,221,108 $2,394,559 $2,208,366 $2,110,171 $2,105,681 Annualized net operating profit after tax $1,012,498 $456,941 $84,915 Invested capital (average of 5 prior qtrs ending amounts) $3,974,372 $3,092,632 $2,207,977 Return on Invested Capital2 25.5% 14.8% 3.8% Return on Invested Capital – FY 2022 & FY 2017 Q4 FY22 Supplemental Slides │ October 13, 2022 22 [1] Federal statutory rate of 21% plus approximate impact of state level income tax, for FY 2017 a statutory rate of 35% is used [2] See page 26 for definitions of non-GAAP measures Figures in thousand $

12 MONTHS ENDED 8/31/2022 8/31/2021 8/31/2020 8/31/2019 8/31/2018 8/31/2017 Net earnings $1,217,262 $412,865 $278,302 $198,779 $135,237 $50,175 Interest expense 50,709 51,904 61,837 71,373 40,957 44,151 Income taxes 297,885 121,153 92,476 69,681 30,147 15,276 Depreciation and amortization 175,024 167,613 165,749 158,653 131,508 124,490 Amortization of acquired unfavorable contract backlog – (6,035) (29,367) (74,784) – – Asset impairments 4,926 6,784 7,611 384 14,372 1,730 Adjusted EBITDA1 $1,745,806 $754,284 $576,608 $424,086 $352,221 $235,822 Non-cash equity compensation 46,978 43,677 31,850 25,106 24,038 21,469 Loss on debt extinguishment 16,052 16,841 1,778 – – 22,672 Gain on sale of assets (273,315) (10,334) – – – – Facility closure – 10,908 11,105 – – – Acquisition settlement – – 32,123 – – – Labor cost government refund – (1,348) (2,985) – – – Acquisition and integration related costs and other 8,651 – – 41,958 25,507 – Purchase accounting effect on inventory 8,675 – – 10,315 – – Mill operational start-up costs2 – – – 13,471 – CMC Steel Oklahoma incentives – – – (3,000) – Severance – – – – 8,129 Core EBITDA1 $1,552,847 $814,028 $650,479 $501,465 $412,237 $288,092 Shipments in thousand tons North America steel product shipments 2,830 3,050 2,816 2,699 1,708 1,466 North America downstream shipments 1,558 1,537 1,635 1,632 1,114 1,106 Europe steel product shipments 1,719 1,614 1,472 1,460 1,500 1,380 Total finished steel shipments 6,107 6,201 5,923 5,791 4,322 3,952 Adjusted EBITDA per ton of finished steel shipped $286 $122 $97 $73 $81 $60 Core EBITDA per ton of finished steel shipped $254 $131 $110 $87 $95 $73 12 MONTHS ENDED 8/31/2022 8/31/2021 8/31/2020 8/31/2019 8/31/2018 8/31/2017 Total stockholders' equity $3,286,429 $2,295,109 $1,889,413 $1,624,057 $1,493,583 $1,400,930 Common shares outstanding at year end 117,496 120,587 119,221 117,925 117,016 115,794 Shareholder equity per common share $27.97 $19.03 $15.85 $13.77 $12.76 $12.10 Adjusted EBITDA and Core EBITDA – FY 2017 to FY 2022 Q4 FY22 Supplemental Slides │ October 13, 2022 23 Figures in thousand $ [1] See page 26 for definitions of non-GAAP measures [2] Net of interest, taxes, depreciation and amortization, impairments, and non-cash equity compensation

[1] See page 26 for definitions of non-GAAP measures Adjusted EBITDA Less Sustaining Capital Expenditures and Disbursements to Stakeholders Q4 FY22 Supplemental Slides │ October 13, 2022 24 Figures in thousand $ 12 MONTHS ENDED 8/31/2022 8/31/2021 8/31/2020 8/31/2019 8/31/2018 8/31/2017 8/31/2016 8/31/2015 Net earnings $1,217,262 $412,865 $278,302 $198,779 $135,237 $50,175 $62,001 $58,583 Interest expense 50,709 51,904 61,837 71,373 40,957 44,151 62,121 76,456 Income taxes 297,885 121,153 92,476 69,681 30,147 15,276 13,976 36,097 Depreciation and amortization 175,024 167,613 165,749 158,653 131,508 124,490 127,111 135,559 Asset impairments 4,926 6,784 7,611 384 14,372 1,730 40,028 2,573 Amortization of acquired unfavorable contract backlog – (6,035) (29,367) (74,784) – – – – Adjusted EBITDA1 $1,745,806 $754,284 $576,608 $424,086 $352,221 $235,822 $305,237 $309,268 Sustaining capital expenditures and disbursements to stakeholders Sustaining capital expenditures (depreciation and amortization used as proxy) 175,024 167,613 165,749 158,653 131,508 124,490 127,111 135,559 Interest expense 50,709 51,904 61,837 71,373 40,957 44,151 62,121 76,456 Cash income taxes 229,316 140,950 44,499 7,977 7,198 30,963 50,201 61,000 Dividends 67,749 57,766 57,056 56,537 56,076 55,514 55,342 55,945 Less: Equity Compensation (46,978) (43,677) (31,850) (25,106) (23,929) (30,311) (26,355) (24,484) Total capital expenditures and disbursements to stakeholders $475,820 $374,556 $297,291 $269,434 $211,810 $224,807 $268,420 $304,476 Adjusted EBITDA less capital expenditures and disbursements to stakeholders1 $1,269,986 $379,728 $279,317 $154,652 $140,411 $11,015 $36,817 $4,792

Net Debt to Adjusted EBITDA and Net Debt to Capitalization Q4 FY22 Supplemental Slides │ October 13, 2022 25 Figures in thousand $ [1] See page 26 for definitions of non-GAAP measures 3 MONTHS ENDED 8/31/2022 5/31/2022 2/28/2022 11/30/2021 8/31/2021 5/31/2021 2/28/2021 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 $1,113,249 $1,115,478 $1,445,755 $1,007,801 $1,015,415 $1,020,129 $1,011,035 $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 388,796 423,091 27,554 56,896 54,366 56,735 22,777 20,701 18,149 17,271 22,715 13,717 17,439 54,895 88,902 29,083 19,746 19,874 Total debt $1,502,045 $1,538,569 $1,473,309 $1,064,697 $1,069,781 $1,076,864 $1,033,812 $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 equivalents 672,596 410,265 846,587 415,055 497,745 443,120 367,347 465,162 542,103 462,110 232,442 224,797 192,461 120,315 66,742 52,352 622,473 600,444 Net debt1 $829,449 $1,128,304 $626,722 $649,642 $572,036 $633,744 $666,465 $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 $288,630 $312,429 $383,314 $232,889 $152,313 $130,408 $66,233 $63,911 $67,782 $64,169 $63,596 $82,755 $85,880 $78,551 $14,928 $19,420 $51,260 $42,325 Interest expense 14,230 13,433 12,011 11,035 11,659 11,965 14,021 14,259 13,962 15,409 15,888 16,578 17,702 18,513 18,495 16,663 15,654 11,511 Income taxes 49,991 92,590 126,432 28,872 40,444 38,175 20,941 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 49,081 43,583 41,134 41,226 42,437 41,804 41,573 41,799 41,654 41,765 41,389 40,941 41,051 41,181 41,245 35,176 32,610 32,949 Asset impairments 453 3,245 1,228 – 2,439 277 474 3,594 1,098 5,983 – 530 369 15 – – 840 935 Amortization of acquired unfavorable contract backlog – – – – (1,495) (1,508) (1,509) (1,523) (10,691) (4,348) (5,997) (8,331) (16,582) (23,394) (23,476) (11,332) – – Adjusted EBITDA from continuing operations1 $402,385 $465,280 $564,119 $314,022 $247,797 $221,121 $141,733 $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 $1,745,806 $1,591,218 $1,347,059 $924,673 $754,284 $638,787 $564,448 $560,436 $576,608 $589,554 $586,743 $518,355 $424,086 $385,886 $342,947 Total debt $1,502,045 $1,538,569 $1,473,309 $1,064,697 $1,069,781 $1,076,864 $1,033,812 $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 3,286,429 3,142,169 2,869,947 2,486,189 2,295,109 2,156,597 2,009,492 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 $4,788,474 $4,680,738 $4,343,256 $3,550,886 $3,364,890 $3,233,461 $3,043,304 $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 0.5x 0.7x 0.5x 0.7x 0.8x 1.0x 1.2x 1.1x 0.9x 1.2x 1.6x 1.9x 2.5x 3.2x 3.9x Net debt to capitalization 17% 24% 14% 18% 17% 20% 22% 21% 18% 24% 32% 33% 37% 42% 46%

Definitions for non-GAAP financial measures Q4 FY22 Supplemental Slides │ October 13, 2022 26 ADJUSTED EARNINGS Adjusted earnings is a non-GAAP financial measure that is equal to earnings before debt extinguishment costs, certain gains on sale of assets, certain facility closure costs, asset impairments, purchase accounting effect on inventory and acquisition settlements, including the estimated income tax effects thereof. Adjusted earnings should not be considered as an alternative to net earnings or any other performance measure derived in accordance with GAAP. However, we believe that adjusted earnings 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 to evaluate our financial performance. Adjusted earnings may be inconsistent with similar measures presented by other companies. Adjusted earnings per diluted share (or adjusted EPS) is defined as adjusted earnings on a diluted per share basis. CORE EBITDA Core EBITDA is the sum of net earnings before interest expense and income taxes. It also excludes recurring non-cash charges for depreciation and amortization and asset impairments. Core EBITDA also excludes debt extinguishment costs, non-cash equity compensation, certain gains on sale of assets, certain facility closure costs, acquisition settlement costs and purchase accounting effect on inventory. Core EBITDA should not be considered an alternative to earnings (loss) from continuing operations or net earnings (loss), or as a better measure of liquidity than net cash flows from operating activities, as determined by GAAP. However, we believe that Core EBITDA 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. Additionally, Core EBITDA is the target benchmark for our annual and long-term cash incentive performance plans for management. Core EBITDA may be inconsistent with similar measures presented by other companies. ADJUSTED EBITDA Adjusted EBITDA is a non-GAAP financial measure. Adjusted EBITDA is the sum of the Company’s net earnings before interest expense, income taxes, depreciation and amortization expense, impairment expense, and amortization of acquired unfavorable contract backlog. Adjusted EBITDA should not be considered as an alternative to net earnings, or any other performance measure derived in accordance with GAAP. However, we believe that adjusted EBITDA 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 to evaluate our financial performance. Adjusted EBITDA may be inconsistent with similar measures presented by other companies. ADJUSTED EBITDA LESS CAPITAL EXPENDITURES AND DISBURSEMENTS TO STAKEHOLDERS Adjusted EBITDA less sustaining capital expenditures and disbursements to shareholders is defined as Adjusted EBITDA less depreciation and amortization (used as a proxy for sustaining capital expenditures) less interest expense, less cash income taxes less dividend payments plus stock-based compensation. NET DEBT Net debt is defined as total debt less cash and cash equivalents. RETURN ON INVESTED CAPITAL Return on Invested Capital is defined as: 1) after-tax operating profit divided by 2) total assets less cash & cash equivalents less non-interest-bearing liabilities. For annual measures, trailing 5-quarter averages are used for balance sheet figures. FREE CASH FLOW Free cash flow is defined as cash from operations less capital expenditures

Q4 FY22 Supplemental Slides │ October 13, 2022 27 Thank You