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BUSINESS SEGMENTS | 9 Months Ended
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May 31, 2025
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 May 31, |  | Nine Months Ended May 31,
(in thousands) |  | 2025 |  | 2024 |  | 2025 |  | 2024
Net sales to external customers: |  |  |  |  |  |  |  |
North America Steel Group |  | $ | 1,562,286 |  |  | $ | 1,671,358 |  |  | $ | 4,467,771 |  |  | $ | 4,750,210 |
Europe Steel Group |  | 247,590 |  |  | 208,806 |  |  | 655,026 |  |  | 626,481 |
Emerging Businesses Group |  | 197,454 |  |  | 188,593 |  |  | 525,733 |  |  | 521,826 |
Reportable segments total |  | 2,007,330 |  |  | 2,068,757 |  |  | 5,648,530 |  |  | 5,898,517 |
Corporate and Other |  | 12,654 |  |  | 9,728 |  |  | 35,432 |  |  | 31,306 |
Total |  | $ | 2,019,984 |  |  | $ | 2,078,485 |  |  | $ | 5,683,962 |  |  | $ | 5,929,823 |
Adjusted EBITDA: |  |  |  |  |  |  |  |
North America Steel Group |  | $ | 185,984 |  |  | $ | 246,304 |  |  | $ | 503,007 |  |  | $ | 735,418 |
Europe Steel Group |  | 3,593 |  |  | (4,192) |  |  | 30,184 |  |  | 26,139 |
Emerging Businesses Group |  | 40,912 |  |  | 38,220 |  |  | 87,091 |  |  | 87,011 |
Reportable segments total |  | $ | 230,489 |  |  | $ | 280,332 |  |  | $ | 620,282 |  |  | $ | 848,568 |
|  | May 31, 2025 |  | August 31, 2024
Total assets: |  |  |  |
North America Steel Group |  | $ | 4,277,108 |  |  | $ | 4,219,603 |
Europe Steel Group |  | 731,845 |  |  | 677,697 |
Emerging Businesses Group |  | 866,444 |  |  | 861,025 |
Reportable segments total |  | 5,875,397 |  |  | 5,758,325 |
Corporate and Other |  | 1,118,426 |  |  | 1,059,514 |
Total |  | $ | 6,993,823 |  |  | $ | 6,817,839 |
The following table presents a reconciliation of net earnings (loss) to adjusted EBITDA for the reportable segments:
|  | Three Months Ended May 31, |  | Nine Months Ended May 31,
(in thousands) |  | 2025 |  | 2024 |  | 2025 |  | 2024
Net earnings (loss) |  | $ | 83,126 |  |  | $ | 119,440 |  |  | $ | (67,119) |  |  | $ | 381,560 |
Interest expense |  | 10,864 |  |  | 12,117 |  |  | 33,353 |  |  | 35,751 |
Income tax expense (benefit) |  | 26,386 |  |  | 40,867 |  |  | (18,569) |  |  | 120,361 |
Depreciation and amortization |  | 72,376 |  |  | 70,692 |  |  | 213,397 |  |  | 208,177 |
Asset impairments |  | 785 |  |  | 146 |  |  | 1,171 |  |  | 150 |
Corporate and Other expenses |  | 36,952 |  |  | 37,070 |  |  | 458,049 |  |  | 102,569 |
Adjusted EBITDA reportable segments |  | $ | 230,489 |  |  | $ | 280,332 |  |  | $ | 620,282 |  |  | $ | 848,568 |
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 May 31, 2025
(in thousands) |  | North America Steel Group |  | Europe Steel Group |  | Emerging Businesses Group |  | Corporate and Other |  | Total
Major product: |  |  |  |  |  |  |  |  |  |
Raw materials |  | $ | 331,123 |  |  | $ | 6,501 |  |  | $ | — |  |  | $ | — |  |  | $ | 337,624 |
Steel products |  | 666,298 |  |  | 198,228 |  |  | — |  |  | — |  |  | 864,526 |
Downstream products |  | 506,639 |  |  | 33,639 |  |  | 46,002 |  |  | — |  |  | 586,280 |
Construction products |  | — |  |  | — |  |  | 78,219 |  |  | — |  |  | 78,219 |
Ground stabilization solutions |  | — |  |  | — |  |  | 68,560 |  |  | — |  |  | 68,560 |
Other |  | 58,226 |  |  | 9,222 |  |  | 4,673 |  |  | 12,654 |  |  | 84,775 |
Net sales to external customers |  | 1,562,286 |  |  | 247,590 |  |  | 197,454 |  |  | 12,654 |  |  | 2,019,984 |
Intersegment net sales, eliminated in consolidation |  | 17,317 |  |  | 730 |  |  | 17,564 |  |  | (35,611) |  |  | — |
Net sales |  | $ | 1,579,603 |  |  | $ | 248,320 |  |  | $ | 215,018 |  |  | $ | (22,957) |  |  | $ | 2,019,984 |
|  | Nine Months Ended May 31, 2025
(in thousands) |  | North America Steel Group |  | Europe Steel Group |  | Emerging Businesses Group |  | Corporate and Other |  | Total
Major product: |  |  |  |  |  |  |  |  |  |
Raw materials |  | $ | 959,083 |  |  | $ | 16,927 |  |  | $ | — |  |  | $ | — |  |  | $ | 976,010 |
Steel products |  | 1,884,312 |  |  | 519,709 |  |  | — |  |  | — |  |  | 2,404,021 |
Downstream products |  | 1,462,696 |  |  | 92,551 |  |  | 119,559 |  |  | — |  |  | 1,674,806 |
Construction products |  | — |  |  | — |  |  | 219,931 |  |  | — |  |  | 219,931 |
Ground stabilization solutions |  | — |  |  | — |  |  | 173,266 |  |  | — |  |  | 173,266 |
Other |  | 161,680 |  |  | 25,839 |  |  | 12,977 |  |  | 35,432 |  |  | 235,928 |
Net sales to external customers |  | 4,467,771 |  |  | 655,026 |  |  | 525,733 |  |  | 35,432 |  |  | 5,683,962 |
Intersegment net sales, eliminated in consolidation |  | 49,927 |  |  | 1,966 |  |  | 42,610 |  |  | (94,503) |  |  | — |
Net sales |  | $ | 4,517,698 |  |  | $ | 656,992 |  |  | $ | 568,343 |  |  | $ | (59,071) |  |  | $ | 5,683,962 |
|  | Three Months Ended May 31, 2024
(in thousands) |  | North America Steel Group |  | Europe Steel Group |  | Emerging Businesses Group |  | Corporate and Other |  | Total
Major product: |  |  |  |  |  |  |  |  |  |
Raw materials |  | $ | 396,954 |  |  | $ | 4,721 |  |  | $ | — |  |  | $ | — |  |  | $ | 401,675 |
Steel products |  | 648,618 |  |  | 167,705 |  |  | — |  |  | — |  |  | 816,323 |
Downstream products |  | 594,329 |  |  | 29,599 |  |  | 41,904 |  |  | — |  |  | 665,832 |
Construction products |  | — |  |  | — |  |  | 73,117 |  |  | — |  |  | 73,117 |
Ground stabilization solutions |  | — |  |  | — |  |  | 69,451 |  |  | — |  |  | 69,451 |
Other |  | 31,457 |  |  | 6,781 |  |  | 4,121 |  |  | 9,728 |  |  | 52,087 |
Net sales to external customers |  | 1,671,358 |  |  | 208,806 |  |  | 188,593 |  |  | 9,728 |  |  | 2,078,485 |
Intersegment net sales, eliminated in consolidation |  | 19,495 |  |  | 737 |  |  | 8,041 |  |  | (28,273) |  |  | — |
Net sales |  | $ | 1,690,853 |  |  | $ | 209,543 |  |  | $ | 196,634 |  |  | $ | (18,545) |  |  | $ | 2,078,485 |
|  | Nine Months Ended May 31, 2024
(in thousands) |  | North America Steel Group |  | Europe Steel Group |  | Emerging Businesses Group |  | Corporate and Other |  | Total
Major product: |  |  |  |  |  |  |  |  |  |
Raw materials |  | $ | 1,035,615 |  |  | $ | 12,572 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,048,187 |
Steel products |  | 1,918,686 |  |  | 501,417 |  |  | — |  |  | — |  |  | 2,420,103 |
Downstream products |  | 1,684,584 |  |  | 91,744 |  |  | 119,957 |  |  | — |  |  | 1,896,285 |
Construction products |  | — |  |  | — |  |  | 216,343 |  |  | — |  |  | 216,343 |
Ground stabilization solutions |  | — |  |  | — |  |  | 171,909 |  |  | — |  |  | 171,909 |
Other |  | 111,325 |  |  | 20,748 |  |  | 13,617 |  |  | 31,306 |  |  | 176,996 |
Net sales to external customers |  | 4,750,210 |  |  | 626,481 |  |  | 521,826 |  |  | 31,306 |  |  | 5,929,823 |
Intersegment net sales, eliminated in consolidation |  | 58,036 |  |  | 2,371 |  |  | 20,281 |  |  | (80,688) |  |  | — |
Net sales |  | $ | 4,808,246 |  |  | $ | 628,852 |  |  | $ | 542,107 |  |  | $ | (49,382) |  |  | $ | 5,929,823 |

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- Definition The entire disclosure for reporting segments including data and tables. 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