XML 48 R21.htm IDEA: XBRL DOCUMENT v3.24.4
BUSINESS SEGMENTS
 3 Months Ended
Nov. 30, 2024
Segment Reporting [Abstract]  
Business segments
NOTE 13. SEGMENT INFORMATION

The Company structures its business into three reportable segments: North America Steel Group, Europe Steel Group and Emerging Businesses Group. See Note 1, Nature of Operations and Summary of Significant Accounting Policies to the consolidated financial statements in the 2024 Form 10-K, for more information about the reportable segments, including the types of products and services from which each reportable segment derives its net sales.

Corporate and Other contains earnings or losses on assets and liabilities related to the Company's benefit restoration plan assets and short-term investments, expenses of the Company's corporate headquarters, litigation-related expenses, interest expense related to long-term debt and intercompany eliminations. Certain corporate administrative expenses are allocated to the segments based upon the nature of the expense.

The following table summarizes certain financial information by reportable segment and Corporate and Other, as applicable:

 Three Months Ended November 30,
(in thousands)20242023
Net sales to external customers:
North America Steel Group$1,518,637 $1,592,650 
Europe Steel Group209,407 225,175 
Emerging Businesses Group169,415 177,239 
   Reportable segments total1,897,459 1,995,064 
Corporate and Other12,143 7,987 
   Total$1,909,602 $2,003,051 
Adjusted EBITDA:
North America Steel Group$188,205 $266,820 
Europe Steel Group25,839 38,942 
Emerging Businesses Group22,660 30,862 
   Reportable segments total$236,704 $336,624 
November 30, 2024August 31, 2024
Total assets:
North America Steel Group$4,243,560 $4,219,603 
Europe Steel Group661,365 677,697 
Emerging Businesses Group841,310 861,025 
   Reportable segments total5,746,235 5,758,325 
Corporate and Other1,026,164 1,059,514 
   Total$6,772,399 $6,817,839 

The following table presents a reconciliation of net earnings (loss) to adjusted EBITDA for the reportable segments:
 Three Months Ended November 30,
(in thousands)20242023
Net earnings (loss)$(175,718)$176,273 
Interest expense11,322 11,756 
Income tax expense (benefit)(55,582)48,422 
Depreciation and amortization70,437 69,186 
Corporate and Other expenses386,245 30,987 
Adjusted EBITDA reportable segments$236,704 $336,624 
Disaggregation of Revenue

The following tables display net sales to external customers by reportable segment and Corporate and Other, disaggregated by major product:
Three Months Ended November 30, 2024
(in thousands)North America Steel GroupEurope Steel GroupEmerging Businesses GroupCorporate and OtherTotal
Major product:
Raw materials$310,119 $5,285 $— $— $315,404 
Steel products625,465 162,137 — — 787,602 
Downstream products527,598 33,634 32,378 — 593,610 
Construction products— — 75,981 — 75,981 
Ground stabilization solutions— — 56,512 — 56,512 
Other55,455 8,351 4,544 12,143 80,493 
Net sales to external customers1,518,637 209,407 169,415 12,143 1,909,602 
Intersegment net sales, eliminated in consolidation16,112 617 11,793 (28,522)— 
Net sales$1,534,749 $210,024 $181,208 $(16,379)$1,909,602 

Three Months Ended November 30, 2023
(in thousands)North America Steel GroupEurope Steel GroupEmerging Businesses GroupCorporate and OtherTotal
Major product:
Raw materials$313,655 $3,714 $— $— $317,369 
Steel products657,760 175,532 — — 833,292 
Downstream products577,002 38,628 37,546 — 653,176 
Construction products— — 77,759 — 77,759 
Ground stabilization solutions— — 57,323 — 57,323 
Other44,233 7,301 4,611 7,987 64,132 
Net sales to external customers1,592,650 225,175 177,239 7,987 2,003,051 
Intersegment net sales, eliminated in consolidation19,637 576 4,787 (25,000)— 
Net sales$1,612,287 $225,751 $182,026 $(17,013)$2,003,051