<SEC-DOCUMENT>0001193125-24-067405.txt : 20240503
<SEC-HEADER>0001193125-24-067405.hdr.sgml : 20240503
<ACCEPTANCE-DATETIME>20240314080128
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001193125-24-067405
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20240314

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			COMMERCIAL METALS Co
		CENTRAL INDEX KEY:			0000022444
		STANDARD INDUSTRIAL CLASSIFICATION:	STEEL WORKS, BLAST FURNACES  ROLLING MILLS (COKE OVENS) [3312]
		ORGANIZATION NAME:           	04 Manufacturing
		IRS NUMBER:				750725338
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0831

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		6565 N. MACARTHUR BLVD., SUITE 800
		STREET 2:		P O BOX 1046
		CITY:			IRVING
		STATE:			TX
		ZIP:			75039
		BUSINESS PHONE:		2146894300

	MAIL ADDRESS:	
		STREET 1:		6565 N. MACARTHUR BLVD., SUITE 800
		STREET 2:		PO BOX 1046
		CITY:			IRVING
		STATE:			TX
		ZIP:			75039

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	COMMERCIAL METALS CO
		DATE OF NAME CHANGE:	19920703
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 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">March&nbsp;14, 2024 </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>VIA EDGAR </U></B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">U.S. Securities and Exchange
Commission </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Division of Corporation Finance </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Office of
Manufacturing </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">100 F Street, N.E. </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Washington, D.C. 20549
</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Attention: Jeffrey Gordon and Jean Yu </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
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<TD VALIGN="top"><B>Re:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Commercial Metals Company</B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Form <FONT
STYLE="white-space:nowrap">10-K</FONT> for the Fiscal Year Ended August&nbsp;31, 2023</B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Form <FONT STYLE="white-space:nowrap">10-Q</FONT> for the
Quarterly Period Ended November&nbsp;30, 2023</B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Form <FONT STYLE="white-space:nowrap">8-K</FONT> Filed January&nbsp;8, 2024</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman"><B>File <FONT STYLE="white-space:nowrap">No.&nbsp;001-04304</FONT></B></P></TD></TR>
</TABLE></DIV> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Ladies and Gentlemen: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This letter sets forth the response of Commercial Metals Company (the &#147;<B><I>Company</I></B>&#148; or &#147;<B><I>CMC</I></B>&#148;) to
the comments of the staff of the Division of Corporation Finance (the &#147;<B><I>Staff</I></B>&#148;) of the U.S. Securities and Exchange Commission (the &#147;<B><I>Commission</I></B>&#148;) set forth in the Staff&#146;s letter, dated
February&nbsp;29, 2024, with respect to the above-referenced filings. For your convenience, the Staff&#146;s comments are set forth in bold below, followed by the responses of the Company. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Form <FONT STYLE="white-space:nowrap">10-Q</FONT> for the Quarterly Period Ended November&nbsp;30, 2023 </U></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Note 1. Nature of Operations and Accounting Policies, page 8 </U></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>We note that you changed your reportable segments to reflect a change in the manner in which your business
is managed during the first quarter of 2024. Additionally, it appears that you are incorporating your August&nbsp;31, 2023 annual financial statements on Form <FONT STYLE="white-space:nowrap">10-K</FONT> into a registration statement on Form <FONT
STYLE="white-space:nowrap">S-3.</FONT> Please tell us how you considered the need to revise your segment reporting financial statement footnote, description of business, MD&amp;A and other Form <FONT STYLE="white-space:nowrap">10-K</FONT>
disclosures as necessary to reflect the new reportable segments. The revised annual financial statements and related disclosures could be included in the registration statement or in a Form <FONT STYLE="white-space:nowrap">8-K</FONT> incorporated by
reference. </B></P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Response</U>: The Company respectfully acknowledges the Staff&#146;s comment and advises that it has not been
required to include the recast annual financial statements (or corresponding updates to the Business and MD&amp;A disclosures) in the Form <FONT STYLE="white-space:nowrap">S-3ASR</FONT> (No. <FONT STYLE="white-space:nowrap">333-252191)</FONT> (the
&#147;<B><I>Registration Statement</I></B>&#148;) because (1)&nbsp;the Registration Statement was filed with the Commission and effective prior to the time that the Company effected the change in segment reporting, and (2)&nbsp;the Company has not
made any offers or sales under the Registration Statement since effecting the change in reportable segments. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">U.S. Securities and Exchange Commission </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Division of Corporation Finance </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Office of Manufacturing </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">March 14, 2024 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> Page&nbsp;
 2
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Company originally filed the Registration Statement on January&nbsp;19, 2021 to register a class of debt
securities, and after such filing, the Company completed an underwritten shelf take-down for the issuance of $300&nbsp;million in aggregate principal amount of registered senior notes. In January 2022, the Company completed another underwritten
shelf take-down for the issuance of $600&nbsp;million in aggregate principal amount of registered senior notes. The Company has not made any offers or sales pursuant to the Registration Statement since the notes offering in January 2022, and the
Registration Statement expired on January&nbsp;19, 2024 on the third anniversary of filing. The Registration Statement included the undertaking required by Item 512(a) of Regulation <FONT STYLE="white-space:nowrap">S-K</FONT> which requires updating
the prospectus &#147;during any period in which offers or sales are being made&#148; for any &#147;fundamental change.&#148; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">On January&nbsp;8, 2024, the
Company filed a Form <FONT STYLE="white-space:nowrap">10-Q</FONT> for the first full quarter of fiscal 2024<SUP STYLE="font-size:75%; vertical-align:top">1</SUP>, in which it reported financial results reflecting a realigned reporting structure,
with three reportable segments: North America Steel Group, Europe Steel Group, and Emerging Businesses Group. The realignment of segments impacts only the Company&#146;s segment reporting and does not affect the Company&#146;s previously reported
consolidated results. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Company will include recast annual financial statements, together with updated Business and MD&amp;A disclosures, in its Form <FONT
STYLE="white-space:nowrap">10-K</FONT> for the fiscal year ending August&nbsp;31, 2024 (the &#147;<B><I>2024 Form <FONT STYLE="white-space:nowrap">10-K</FONT></I></B>&#148;). The Company acknowledges that this requirement to retrospectively recast
audited financial statements may be accelerated in the event that financial statements are required in a registration statement or proxy statement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">However, because the Company has not made any offers or sales under the Registration Statement since filing the first post-event Form <FONT
STYLE="white-space:nowrap">10-Q</FONT> on January&nbsp;8, 2024, no update to the annual financial statements (or corresponding Business or MD&amp;A disclosures) is required. If the Company had completed a shelf takedown after January&nbsp;8, 2024
and before the Registration Statement expired, management would have been required to determine whether the change in segment reporting constituted a &#147;fundamental change,&#148; and if it did constitute a fundamental change, file a Form <FONT
STYLE="white-space:nowrap">8-K</FONT> with recast annual financial statements together with updated Business, MD&amp;A and related disclosures. See Sections 13110.2 and 13310.1 of the Division of Corporation Finance Financial Reporting Manual. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In addition, while the Company does not have any current plans to file a new registration statement, the Company acknowledges that if it determines to file a
new Form <FONT STYLE="white-space:nowrap">S-3</FONT> prior to the time that the recast annual financial statements are included in the Company&#146;s 2024 Form <FONT STYLE="white-space:nowrap">10-K,</FONT> then it will consider the updating
requirements in Item 11(b)(ii) of Form <FONT STYLE="white-space:nowrap">S-3.</FONT> </P> <P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:11%">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">The Company&#146;s fiscal year ends August 31.
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">U.S. Securities and Exchange Commission </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Division of Corporation Finance </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Office of Manufacturing </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">March 14, 2024 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> Page&nbsp;
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Form <FONT STYLE="white-space:nowrap">8-K</FONT> Filed January&nbsp;8, 2024 </U></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Exhibit No.&nbsp;99.1, page 12 </U></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>2.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>We note you adjust certain <FONT STYLE="white-space:nowrap">non-GAAP</FONT> financial measures for
&#147;Mill operational commissioning costs.&#148; Please explain to us how you determined these adjustments are appropriate based on the guidance in Question 100.01 of the Division of Corporation Finance&#146;s Compliance&nbsp;&amp; Disclosure
Interpretations on <FONT STYLE="white-space:nowrap">Non-GAAP</FONT> Financial Measures or tell us how you plan to revise your <FONT STYLE="white-space:nowrap">non-GAAP</FONT> financial measures in future filings. </B></P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Response</U>: The Company respectfully acknowledges the Staff&#146;s comment and advises that it has considered Question 100.01 of the Division of
Corporation Finance&#146;s Compliance&nbsp;&amp; Disclosure Interpretations on <FONT STYLE="white-space:nowrap">Non-GAAP</FONT> Financial Measures (the <FONT STYLE="white-space:nowrap">&#147;Non-GAAP</FONT> C&amp;DIs&#148;), noting the Staff&#146;s
view that presenting a <FONT STYLE="white-space:nowrap">non-GAAP</FONT> financial measure that eliminates items that are normal, recurring, cash operating expenses necessary to operate a registrant&#146;s business is an example of a measure that
could be misleading. For the reasons discussed below, the Company believes the adjustments for &#147;Mill operational commissioning costs&#148; are appropriate considering the Company&#146;s particular facts and circumstances, and such adjustments
do not result in <FONT STYLE="white-space:nowrap">non-GAAP</FONT> financial measures that are misleading. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&#147;Mill operational commissioning
costs&#148; relate to the Company&#146;s third micro mill, which was placed into service during the fourth quarter of fiscal 2023 (the &#147;2023 micro mill&#148;). &#147;Mill operational commissioning costs&#148; represent costs incurred after the
assets are in the condition for their intended use but during the final stages of testing and commissioning, until the point at which the 2023 micro mill is fully operational. The 2023 micro mill is the first of its kind in the world, allowing
production of merchant bar quality products in a single strand continuous process. The Company anticipates producing both rebar and merchant bar at this facility. Other micro mills throughout the world produce only rebar. While current production at
the Company&#146;s rebar-only micro mills represents approximately 25 different SKUs, the combined rebar and merchant bar that the Company intends to produce at the 2023 micro mill will represent approximately 200 different SKUs. The merchant bar
products anticipated to be produced at this micro mill will consist of a wide variety of shapes and sizes of long steel with much more stringent quality requirements. The higher quality requirements of the merchant bar products also require a
different finishing end to the mill, including an inline straightener, stacker and strapper that is separate from the rebar production finishing end. Additionally, the 2023 micro mill is the Company&#146;s first micro mill to utilize <FONT
STYLE="white-space:nowrap">Q-ONE</FONT> technology on an electric arc furnace, which provides measurable energy savings and precise electrical control during production, creating a more stable and consistent output. Also, the 2023 micro mill was
constructed with the capability to utilize new technology that connects the electric arc furnace directly to renewable energy sources. The innovative merchant bar production process, new technology and capability to connect to renewable energy
sources required additional testing throughout the commissioning phase. Furthermore, the 2023 micro mill was designed to have approximately 40% greater capacity than other micro mills constructed by the Company, providing added complexities during
the construction and commissioning process. This additional capacity, along with the merchant bar capability, requires the casting process to cast a billet that is significantly larger than billets cast by other micro mills. The size of the square
billets produced by the Company&#146;s existing micro mills are approximately 130mm by 130mm whereas the square billets produced by the 2023 micro mill are approximately 180mm by 180mm. This larger billet size not only adds a significant amount of
weight to the process but also requires much greater processing speed control throughout the casting and rolling processes of the mill. Due to the additional testing required as </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">U.S. Securities and Exchange Commission </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Division of Corporation Finance </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Office of Manufacturing </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">March 14, 2024 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> Page&nbsp;
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a result of the new processes and technology, as well as additional costs incurred due to delays caused by supply chain issues and availability of contract labor, the facility has not yet
operated at full capacity thus far during commissioning. The Company expects to continue increasing utilization rates at the 2023 micro mill during the second half of fiscal 2024 and operate at a normal utilization rate during fiscal 2025, such that
the adjustments for &#147;Mill operational commissioning costs&#148; related to the 2023 micro mill will cease after fiscal 2024. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Company&#146;s
decision to construct a new micro mill is opportunistic and ultimately discretionary. The mill operational commissioning costs are not expenses necessary to operate the Company&#146;s existing mills or perform other ongoing revenue generating
activities. To date, the Company has commissioned only three micro mills in its <FONT STYLE="white-space:nowrap">109-year</FONT> history; one commissioned in 2009, one commissioned in 2018, and the 2023 micro mill commissioned in 2023. In each case,
the micro mills have been transformational to the steel industry. For example, the 2009 micro mill was the first micro mill in the world to successfully operate and produce rebar in a single strand continuous process. The 2018 micro mill was the
first micro mill in the United States to produce <FONT STYLE="white-space:nowrap">hot-rolled,</FONT> spooled rebar. As a result of the development of new micro mills, the mill operational commissioning costs have recurred occasionally and at
irregular intervals; however, the Company believes it is necessary to adjust for these costs as they do not represent normal operating expenses related to the Company&#146;s recurring operations, revenue generating activities, or industry and
regulatory environment, and are considered transformative and unique compared to the Company&#146;s existing operations. In addition, as evidenced in historical adjustments, the commissioning costs vary each period based on the nature of the
strategic project and progress of commissioning and testing activities. If left unadjusted, the costs would affect the comparability of the Company&#146;s ongoing operating results. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Company also notes that Question 102.03 of the <FONT STYLE="white-space:nowrap">Non-GAAP</FONT> C&amp;DIs provides that &#147;[t]he fact that a registrant
cannot describe a charge or gain as <FONT STYLE="white-space:nowrap">non-recurring,</FONT> infrequent or unusual, however, does not mean that the registrant cannot adjust for that charge or gain. Registrants can make adjustments they believe are
appropriate, subject to Regulation G and the other requirements of Item 10(e) of Regulation <FONT STYLE="white-space:nowrap">S-K.&#148;</FONT> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The
Company has a robust <FONT STYLE="white-space:nowrap">non-GAAP</FONT> disclosure policy and review process and considered a number of different factors in determining that the adjustments for &#147;Mill operational commissioning costs&#148; were
appropriate and adhered to the Company&#146;s consistent guidelines applied to such adjustments. The Company&#146;s process includes review performed by a Disclosure Committee composed of the Company&#146;s Executive Leadership Team, including,
among others, the Chief Executive Officer, Chief Financial Officer, and Chief Legal Officer, and members of management, such as the Chief Accounting Officer, which meets quarterly to evaluate the appropriateness of the Company&#146;s disclosures,
including <FONT STYLE="white-space:nowrap">non-GAAP</FONT> financial measures. In their evaluation, the Disclosure Committee uses their knowledge of rules, regulations and guidance when concluding that an adjustment is appropriate and useful to
investors and would not result in a <FONT STYLE="white-space:nowrap">non-GAAP</FONT> measure that is misleading. Additionally, each reporting period the Company analyzes a table of historical <FONT STYLE="white-space:nowrap">non-GAAP</FONT>
disclosure adjustments to ensure it applies adjustments consistently and without bias, to avoid misleading investors. The Company&#146;s <FONT STYLE="white-space:nowrap">non-GAAP</FONT> financial measures and adjustments are analyzed across all
filings with the Commission and related investor materials. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The adjustments for &#147;Mill operational commissioning costs&#148; are reflected in the <FONT
STYLE="white-space:nowrap">non-GAAP</FONT> measures &#147;core EBITDA,&#148; &#147;adjusted earnings&#148; and &#147;adjusted earnings per diluted share.&#148; The Company believes the disclosure and reconciliations related to these <FONT
STYLE="white-space:nowrap">non-GAAP</FONT> measures allow investors and analysts to understand what the adjustments represent and why they are useful. Furthermore, in assessing the Company&#146;s performance, the
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">U.S. Securities and Exchange Commission </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Division of Corporation Finance </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Office of Manufacturing </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">March 14, 2024 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> Page&nbsp;
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Company&#146;s management team considers, among others, the <FONT STYLE="white-space:nowrap">non-GAAP</FONT> financial measure core EBITDA. Publicly disclosing a different version of the
performance measure, one not relied upon by management, could be misleading to investors and analysts. Nevertheless, the separate itemization of the mill operational commissioning costs allows investors and analysts to remove the adjustment in their
evaluation of the Company&#146;s operating results, if they so choose. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Company and its Disclosure Committee have considered the prescribed guidance
regarding <FONT STYLE="white-space:nowrap">non-GAAP</FONT> measures and determined that the adjustments for mill operational commissioning costs are appropriate considering the Company&#146;s particular facts and circumstances. Specifically, the
mill operational commissioning costs do not represent normal, recurring, cash operating expenses necessary to operate the Company&#146;s business, and the adjustments for these costs enable the Company to present the most useful information to
investors and analysts through enhanced comparability of operating performance from <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">period-to-period</FONT></FONT> without resulting in
<FONT STYLE="white-space:nowrap">non-GAAP</FONT> financial measures that are misleading. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">To provide enhanced clarity for investors, to the extent
materials furnished to or filed with the Commission in the future include <FONT STYLE="white-space:nowrap">non-GAAP</FONT> measures that reflect adjustments for &#147;Mill operational commissioning costs,&#148; the Company intends to disclose the
following additional information: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>The adjustment &#147;Mill operational commissioning costs&#148; represents costs incurred during the final stages of
testing and commissioning of the Company&#146;s third micro mill, until the point at which the micro mill is fully operational. </I></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">*
&#8195;* &#8195;* &#8195;* &#8195;* &#8195;* </P>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">U.S. Securities and Exchange Commission </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Division of Corporation Finance </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Office of Manufacturing </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">March 14, 2024 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> Page&nbsp;
 6
 </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">If you have any questions or require any additional information, please do not hesitate to
contact the undersigned at <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">972-308-5293</FONT></FONT> or by <FONT STYLE="white-space:nowrap">e-mail</FONT> at paul.lawrence@cmc.com. </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>

<TD WIDTH="100%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Very truly yours,</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Paul J. Lawrence</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Paul J. Lawrence</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Senior Vice President and Chief Financial Officer</TD></TR>
</TABLE></DIV> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="4%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="95%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">cc:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Peter Matt, President and Chief Executive Officer</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Jody Absher, Senior Vice President, Chief Legal Officer and Corporate Secretary</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Lindsay Sloan, Vice President and Chief Accounting Officer</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Audit
Committee of the Board of Directors</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Jennifer Wisinski, Esq., Haynes and Boone, LLP</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Rosebud Nau, Esq., Haynes and Boone, LLP</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Marty
DenBraber, Deloitte&nbsp;&amp; Touche LLP</P></TD></TR>
</TABLE>
</DIV></Center>

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