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Pay vs Performance Disclosure
U_pure in Millions
 12 Months Ended
Aug. 31, 2025
USD ($)
Aug. 31, 2024
USD ($)
Aug. 31, 2023
USD ($)
Aug. 31, 2022
USD ($)
Aug. 31, 2021
USD ($)
Pay vs Performance Disclosure          
Pay vs Performance Disclosure, Table

Pay Versus Performance Disclosure

In accordance with rules adopted by the SEC pursuant to the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, we provide the following disclosure regarding executive compensation for our principal executive officers (“PEOs”) and Non-PEO NEOs and Company performance for the fiscal years listed below. The Compensation Committee did not consider the pay versus performance disclosure below in making its pay decisions for any of the years shown.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average
Summary

 

Average

 

Value of Initial Fixed
$100 Investment
Based on:(4)

 

 

 

 

 

 

Year

Summary
Compensation
Table Total for
PEO 1(1)
($)

 

Summary
Compensation
Table Total for
PEO 2(1)
($)

 

Compensation
Actually
Paid to
PEO 1(1)(2)(3)
($)

 

Compensation
Actually
Paid to
PEO 2(1)(2)(3)
($)

 

Compensation
Table Total for
Non-PEO
NEOs(1) 
($)

 

Compensation
Actually Paid
to Non-PEO
NEOs(1)(2)(3) 
($)

 

TSR
($)

 

Peer
Group
TSR
($)

 

Net
Income
($ Millions)

 

Adjusted
EBITDA (Comp)(5)
($ Millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2025

 

—

 

 

8,022,901

 

 

—

 

 

8,798,890

 

 

2,398,806

 

 

2,580,896

 

 

298.08

 

 

373.99

 

 

84.7

 

 

803

 

 

2024

 

—

 

 

6,579,555

 

 

—

 

 

6,816,253

 

 

2,576,388

 

 

3,248,664

 

 

273.02

 

 

361.69

 

 

482.6

 

 

964

 

 

2023

 

9,603,625

 

 

—

 

 

20,834,770

 

 

—

 

 

2,648,855

 

 

4,195,063

 

 

282.94

 

 

376.11

 

 

859.8

 

 

1,367

 

 

2022

 

10,207,641

 

 

—

 

 

20,007,324

 

 

—

 

 

2,768,137

 

 

4,201,966

 

 

201.02

 

 

305.08

 

 

1,217.3

 

 

1,472

 

 

2021

 

9,054,252

 

 

—

 

 

19,888,683

 

 

—

 

 

2,357,005

 

 

3,608,516

 

 

159.38

 

 

265.38

 

 

412.9

 

 

762

 

 

 

(1)
Barbara R. Smith was our PEO for fiscal years 2018 through 2023 (“PEO 1”). Peter R. Matt is our PEO beginning with fiscal year 2024 (“PEO 2”). The individuals comprising the Non-PEO NEOs for each year presented are listed below.

 

2021

2022

2023

2024

2025

Paul Lawrence

Paul Lawrence

Peter Matt

Paul Lawrence

Paul Lawrence

Jody Absher

Jody Absher

Paul Lawrence

Jody Absher

Kekin Ghelani

Jennifer Durbin

Jennifer Durbin

Jody Absher

Jennifer Durbin

Jody Absher

Tracy L. Porter

Ty L. Garrison

Jennifer Durbin

Barbara R. Smith

Jennifer Durbin

Tracy L. Porter

Ty L. Garrison

Ty L. Garrison

 

 

(2)
The amounts shown for Compensation Actually Paid have been calculated in accordance with Item 402(v) of Regulation S-K and do not reflect compensation actually earned, realized, or received by the Company’s NEOs. These amounts reflect the Summary Compensation Table Total with certain adjustments as described in footnote 3 below.
(3)
Compensation Actually Paid reflects the exclusions and inclusions of certain amounts for the PEOs and the Non-PEO NEOs as set forth below. Equity values are calculated in accordance with FASB ASC Topic 718. Amounts in the Exclusion of Stock Awards column are the totals from the Stock Awards column set forth in the Summary Compensation Table.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year

 

Summary
Compensation
Table Total for
PEO 2
($)

 

Exclusion of
Stock Awards
for PEO 2
($)

 

Inclusion of
Equity Values
for PEO 2
($)

 

Compensation
Actually Paid
to PEO 2
($)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2025

 

 

 

8,022,901

 

 

 

 

 

(5,505,805

)

 

 

 

 

6,281,794

 

 

 

 

 

8,798,890

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year

 

Average
Summary
Compensation
Table Total
for Non-PEO
NEOs
($)

 

Average
Exclusion of
Stock Awards
for Non-PEO
NEOs
($)

 

Average
Inclusion of
Equity
Values for
Non-PEO
NEOs
($)

 

Average
Compensation
Actually Paid
to Non-PEO
NEOs
($)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2025

 

 

 

2,398,806

 

 

 

 

 

(1,316,917

)

 

 

 

 

1,499,007

 

 

 

 

 

2,580,896

 

 

 

The amounts in the Inclusion of Equity Values in the tables above are derived from the amounts set forth in the following tables:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year

 

Year-End Fair
Value of
Equity Awards
Granted
During Year
That
Remained
Unvested as
of Last Day of
Year for PEO 2
($)

 

Change in
Fair Value
from Last
Day of Prior
Year to Last
Day of Year
of Unvested
Equity
Awards for
PEO 2
($)

 

Vesting-Date
Fair Value of
Equity Awards
Granted
During Year
that Vested
During Year
for PEO 2
($)

 

Change in Fair
Value from
Last Day of
Prior Year to
Vesting Date
of Unvested
Equity Awards
that Vested
During Year
for PEO 2
($)

 

Fair
Value at
Last Day
of Prior
Year of
Equity
Awards
Forfeited
During
Year for
PEO 2
($)

 

Value of
Dividends
or Other
Earnings
Paid on
Equity
Awards Not
Otherwise
Included
for PEO 2
($)

 

Total -
Inclusion
of Equity
Values for
PEO 2
($)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2025

 

 

 

6,109,161

 

 

 

 

 

394,618

 

 

 

 

 

—

 

 

 

 

 

(221,985

)

 

 

 

 

—

 

 

 

 

 

—

 

 

 

 

 

6,281,794

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year

 

Average
Year-End Fair
Value of
Equity Awards
Granted
During Year
That
Remained
Unvested as
of Last Day of
Year for
Non-PEO
NEOs
($)

 

Average
Change in Fair
Value from
Last Day of
Prior Year to
Last Day of
Year of
Unvested
Equity Awards
for Non-PEO
NEOs
($)

 

Average
Vesting-Date
Fair Value of
Equity Awards
Granted
During Year
that Vested
During Year
for Non-PEO
NEOs
($)

 

Average
Change in Fair
Value from
Last Day of
Prior Year to
Vesting Date
of Unvested
Equity Awards
that Vested
During Year
for Non-PEO
NEOs
($)

 

Average
Fair
Value at
Last Day
of Prior
Year of
Equity
Awards
Forfeited
During
Year for
Non-PEO
NEOs
($)

 

Average
Value of
Dividends
or Other
Earnings
Paid on
Equity
Awards
Not
Otherwise
Included
for
Non-PEO
NEOs
($)

 

Total -
Average
Inclusion of
Equity
Values for
Non-PEO
NEOs
($)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2025

 

 

 

1,454,582

 

 

 

 

 

62,727

 

 

 

 

 

—

 

 

 

 

 

(18,302

)

 

 

 

 

—

 

 

 

 

 

—

 

 

 

 

 

1,499,007

 

 

 

(4)
The Peer Group TSR set forth in this table utilizes the S&P 500 Steel Index which we also utilize in the stock performance graph required by Item 201(e) of Regulation S-K. The comparison assumes $100 was invested for the period starting August 31, 2020, through the end of the listed year in the Company and in the S&P 500 Steel Index, respectively. Historical stock performance is not necessarily indicative of future stock performance.
(5)
We determined Adjusted EBITDA (Comp) to be the most important financial performance measure used to link Company performance to Compensation Actually Paid to our PEO 2 and Non-PEO NEOs in fiscal year 2025. We defined Adjusted EBITDA (Comp) as the sum of the Company’s net earnings before interest expense, income taxes, depreciation and amortization expense, and the amortization of acquired unfavorable contract backlog. Adjusted EBITDA (Comp) is a non-GAAP financial measure. Please refer to Appendix A for reconciliations and other information related to Adjusted EBITDA (Comp).
        
Company Selected Measure Name Adjusted EBITDA (Comp)        
Named Executive Officers, Footnote
(1)
Barbara R. Smith was our PEO for fiscal years 2018 through 2023 (“PEO 1”). Peter R. Matt is our PEO beginning with fiscal year 2024 (“PEO 2”). The individuals comprising the Non-PEO NEOs for each year presented are listed below.

 

2021

2022

2023

2024

2025

Paul Lawrence

Paul Lawrence

Peter Matt

Paul Lawrence

Paul Lawrence

Jody Absher

Jody Absher

Paul Lawrence

Jody Absher

Kekin Ghelani

Jennifer Durbin

Jennifer Durbin

Jody Absher

Jennifer Durbin

Jody Absher

Tracy L. Porter

Ty L. Garrison

Jennifer Durbin

Barbara R. Smith

Jennifer Durbin

Tracy L. Porter

Ty L. Garrison

Ty L. Garrison

 

 

        
Peer Group Issuers, Footnote
(4)
The Peer Group TSR set forth in this table utilizes the S&P 500 Steel Index which we also utilize in the stock performance graph required by Item 201(e) of Regulation S-K. The comparison assumes $100 was invested for the period starting August 31, 2020, through the end of the listed year in the Company and in the S&P 500 Steel Index, respectively. Historical stock performance is not necessarily indicative of future stock performance.
       
Adjustment To PEO Compensation, Footnote
(3)
Compensation Actually Paid reflects the exclusions and inclusions of certain amounts for the PEOs and the Non-PEO NEOs as set forth below. Equity values are calculated in accordance with FASB ASC Topic 718. Amounts in the Exclusion of Stock Awards column are the totals from the Stock Awards column set forth in the Summary Compensation Table.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year

 

Summary
Compensation
Table Total for
PEO 2
($)

 

Exclusion of
Stock Awards
for PEO 2
($)

 

Inclusion of
Equity Values
for PEO 2
($)

 

Compensation
Actually Paid
to PEO 2
($)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2025

 

 

 

8,022,901

 

 

 

 

 

(5,505,805

)

 

 

 

 

6,281,794

 

 

 

 

 

8,798,890

 

 

The amounts in the Inclusion of Equity Values in the tables above are derived from the amounts set forth in the following tables:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year

 

Year-End Fair
Value of
Equity Awards
Granted
During Year
That
Remained
Unvested as
of Last Day of
Year for PEO 2
($)

 

Change in
Fair Value
from Last
Day of Prior
Year to Last
Day of Year
of Unvested
Equity
Awards for
PEO 2
($)

 

Vesting-Date
Fair Value of
Equity Awards
Granted
During Year
that Vested
During Year
for PEO 2
($)

 

Change in Fair
Value from
Last Day of
Prior Year to
Vesting Date
of Unvested
Equity Awards
that Vested
During Year
for PEO 2
($)

 

Fair
Value at
Last Day
of Prior
Year of
Equity
Awards
Forfeited
During
Year for
PEO 2
($)

 

Value of
Dividends
or Other
Earnings
Paid on
Equity
Awards Not
Otherwise
Included
for PEO 2
($)

 

Total -
Inclusion
of Equity
Values for
PEO 2
($)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2025

 

 

 

6,109,161

 

 

 

 

 

394,618

 

 

 

 

 

—

 

 

 

 

 

(221,985

)

 

 

 

 

—

 

 

 

 

 

—

 

 

 

 

 

6,281,794

 

 
       
Non-PEO NEO Average Total Compensation Amount $ 2,398,806 $ 2,576,388 $ 2,648,855 $ 2,768,137 $ 2,357,005
Non-PEO NEO Average Compensation Actually Paid Amount $ 2,580,896 3,248,664 4,195,063 4,201,966 3,608,516
Adjustment to Non-PEO NEO Compensation Footnote
(3)
Compensation Actually Paid reflects the exclusions and inclusions of certain amounts for the PEOs and the Non-PEO NEOs as set forth below. Equity values are calculated in accordance with FASB ASC Topic 718. Amounts in the Exclusion of Stock Awards column are the totals from the Stock Awards column set forth in the Summary Compensation Table.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year

 

Average
Summary
Compensation
Table Total
for Non-PEO
NEOs
($)

 

Average
Exclusion of
Stock Awards
for Non-PEO
NEOs
($)

 

Average
Inclusion of
Equity
Values for
Non-PEO
NEOs
($)

 

Average
Compensation
Actually Paid
to Non-PEO
NEOs
($)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2025

 

 

 

2,398,806

 

 

 

 

 

(1,316,917

)

 

 

 

 

1,499,007

 

 

 

 

 

2,580,896

 

 

The amounts in the Inclusion of Equity Values in the tables above are derived from the amounts set forth in the following tables:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year

 

Average
Year-End Fair
Value of
Equity Awards
Granted
During Year
That
Remained
Unvested as
of Last Day of
Year for
Non-PEO
NEOs
($)

 

Average
Change in Fair
Value from
Last Day of
Prior Year to
Last Day of
Year of
Unvested
Equity Awards
for Non-PEO
NEOs
($)

 

Average
Vesting-Date
Fair Value of
Equity Awards
Granted
During Year
that Vested
During Year
for Non-PEO
NEOs
($)

 

Average
Change in Fair
Value from
Last Day of
Prior Year to
Vesting Date
of Unvested
Equity Awards
that Vested
During Year
for Non-PEO
NEOs
($)

 

Average
Fair
Value at
Last Day
of Prior
Year of
Equity
Awards
Forfeited
During
Year for
Non-PEO
NEOs
($)

 

Average
Value of
Dividends
or Other
Earnings
Paid on
Equity
Awards
Not
Otherwise
Included
for
Non-PEO
NEOs
($)

 

Total -
Average
Inclusion of
Equity
Values for
Non-PEO
NEOs
($)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2025

 

 

 

1,454,582

 

 

 

 

 

62,727

 

 

 

 

 

—

 

 

 

 

 

(18,302

)

 

 

 

 

—

 

 

 

 

 

—

 

 

 

 

 

1,499,007

 

 
       
Compensation Actually Paid vs. Total Shareholder Return

Relationship between PEO and Non-PEO NEO Compensation Actually Paid and total shareholder return (“TSR”)

The following chart sets forth the relationship between Compensation Actually Paid to our PEOs, the average of Compensation Actually Paid to our Non-PEO NEOs, the Company’s cumulative TSR over the five most recently completed fiscal years, and the cumulative TSR for the S&P 500 Steel Index TSR over the same period.

 

img83583736_122.jpg

        
Compensation Actually Paid vs. Net Income

Relationship Between PEO and Non-PEO NEO Compensation Actually Paid and net income

The following chart sets forth the relationship between Compensation Actually Paid to our PEOs, the average of Compensation Actually Paid to our Non-PEO NEOs, and our net income during the five most recently completed fiscal years.

 

img83583736_123.jpg

        
Compensation Actually Paid vs. Company Selected Measure

Relationship Between PEO and Non-PEO NEO Compensation Actually Paid and Adjusted ebitda (comp)

The following chart sets forth the relationship between Compensation Actually Paid to our PEOs, the average of Compensation Actually Paid to our Non-PEO NEOs, and our Adjusted EBITDA (Comp) during the five most recently completed fiscal years.

img83583736_124.jpg

        
Total Shareholder Return Vs Peer Group

Relationship between PEO and Non-PEO NEO Compensation Actually Paid and total shareholder return (“TSR”)

The following chart sets forth the relationship between Compensation Actually Paid to our PEOs, the average of Compensation Actually Paid to our Non-PEO NEOs, the Company’s cumulative TSR over the five most recently completed fiscal years, and the cumulative TSR for the S&P 500 Steel Index TSR over the same period.

 

img83583736_122.jpg

        
Tabular List, Table

Tabular List of Most Important Financial Performance Measures

The following table presents the financial performance measures that the Company considers to have been the most important in linking Compensation Actually Paid to our PEO 2 and other NEOs for fiscal year 2025 to Company performance. The measures in this table are not ranked.

Adjusted EBITDA (Comp)

Adjusted Earnings (Comp)

Return on Invested Capital for Compensation Purposes (ROICC)

Total Shareholder Return (TSR)
       
Total Shareholder Return Amount $ 298.08 273.02 282.94 201.02 159.38
Peer Group Total Shareholder Return Amount 373.99 361.69 376.11 305.08 265.38
Net Income (Loss) $ 84,700,000 $ 482,600,000 $ 859,800,000 $ 1,217,300,000 $ 412,900,000
Company Selected Measure Amount 803 964 1,367 1,472 762
PEO Name   Peter R. Matt Barbara R. Smith Barbara R. Smith Barbara R. Smith
Measure:: 1          
Pay vs Performance Disclosure          
Name Adjusted EBITDA (Comp)        
Non-GAAP Measure Description
(5)
We determined Adjusted EBITDA (Comp) to be the most important financial performance measure used to link Company performance to Compensation Actually Paid to our PEO 2 and Non-PEO NEOs in fiscal year 2025. We defined Adjusted EBITDA (Comp) as the sum of the Company’s net earnings before interest expense, income taxes, depreciation and amortization expense, and the amortization of acquired unfavorable contract backlog. Adjusted EBITDA (Comp) is a non-GAAP financial measure. Please refer to Appendix A for reconciliations and other information related to Adjusted EBITDA (Comp).
        
Measure:: 2          
Pay vs Performance Disclosure          
Name Adjusted Earnings (Comp)        
Measure:: 3          
Pay vs Performance Disclosure          
Name ROICC)        
Measure:: 4          
Pay vs Performance Disclosure          
Name Total Shareholder Return (TSR)        
Barbara R. Smith [Member]          
Pay vs Performance Disclosure          
PEO Total Compensation Amount $ 0 $ 0 $ 9,603,625 $ 10,207,641 $ 9,054,252
PEO Actually Paid Compensation Amount 0 0 20,834,770 20,007,324 19,888,683
Peter R. Matt [Member]          
Pay vs Performance Disclosure          
PEO Total Compensation Amount 8,022,901 6,579,555 0 0 0
PEO Actually Paid Compensation Amount 8,798,890 $ 6,816,253 $ 0 $ 0 $ 0
PEO | Peter R. Matt [Member] | Aggregate Grant Date Fair Value of Equity Award Amounts Reported in Summary Compensation Table          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount (5,505,805)        
PEO | Peter R. Matt [Member] | Equity Awards Adjustments, Excluding Value Reported in Compensation Table          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 6,281,794        
PEO | Peter R. Matt [Member] | Year-end Fair Value of Equity Awards Granted in Covered Year that are Outstanding and Unvested          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 6,109,161        
PEO | Peter R. Matt [Member] | Year-over-Year Change in Fair Value of Equity Awards Granted in Prior Years That are Outstanding and Unvested          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 394,618        
PEO | Peter R. Matt [Member] | Vesting Date Fair Value of Equity Awards Granted and Vested in Covered Year          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 0        
PEO | Peter R. Matt [Member] | Change in Fair Value as of Vesting Date of Prior Year Equity Awards Vested in Covered Year          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount (221,985)        
PEO | Peter R. Matt [Member] | Prior Year End Fair Value of Equity Awards Granted in Any Prior Year that Fail to Meet Applicable Vesting Conditions During Covered Year          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 0        
PEO | Peter R. Matt [Member] | Dividends or Other Earnings Paid on Equity Awards not Otherwise Reflected in Total Compensation for Covered Year          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 0        
Non-PEO NEO | Aggregate Grant Date Fair Value of Equity Award Amounts Reported in Summary Compensation Table          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount (1,316,917)        
Non-PEO NEO | Equity Awards Adjustments, Excluding Value Reported in Compensation Table          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 1,499,007        
Non-PEO NEO | Year-end Fair Value of Equity Awards Granted in Covered Year that are Outstanding and Unvested          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 1,454,582        
Non-PEO NEO | Year-over-Year Change in Fair Value of Equity Awards Granted in Prior Years That are Outstanding and Unvested          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 62,727        
Non-PEO NEO | Vesting Date Fair Value of Equity Awards Granted and Vested in Covered Year          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 0        
Non-PEO NEO | Change in Fair Value as of Vesting Date of Prior Year Equity Awards Vested in Covered Year          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount (18,302)        
Non-PEO NEO | Prior Year End Fair Value of Equity Awards Granted in Any Prior Year that Fail to Meet Applicable Vesting Conditions During Covered Year          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 0        
Non-PEO NEO | Dividends or Other Earnings Paid on Equity Awards not Otherwise Reflected in Total Compensation for Covered Year          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount $ 0