Commercial Metals (CMC) 10-K 31 Oct 16 2016 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Aug. 31, 2016	Oct. 27, 2016	Feb. 29, 2016
Document And Entity Information [Abstract]
Trading Symbol	cmc
Entity Registrant Name	COMMERCIAL METALS CO
Entity Central Index Key	22,444
Document Type	10-K
Document Period End Date	Aug. 31, 2016
Amendment Flag	false
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	FY
Current Fiscal Year End Date	--08-31
I.R.S. Employer Identification No.	750,725,338
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		115,302,210
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Minimum Percentage of Share Ownership Deemed Affiliates			10.00%
Entity Public Float			$ 1,666,825,382

CONSOLIDATED STATEMENTS OF EARN

CONSOLIDATED STATEMENTS OF EARNINGS - USD ($) $ in Thousands	12 Months Ended
	Aug. 31, 2016	Aug. 31, 2015	Aug. 31, 2014
Net sales	$ 4,610,526	$ 5,988,605	$ 6,790,438
Costs and expenses:
Cost of goods sold	3,974,513	5,311,756	6,096,196
Selling, general and administrative expenses	437,084	443,275	448,943
Impairment of assets	40,028	9,839	3,305
Interest expense	62,231	77,760	77,037
Loss on debt extinguishment	11,480	0	0
Total costs and expenses	4,525,336	5,842,630	6,625,481
Earnings from continuing operations before income taxes	85,190	145,975	164,957
Income taxes	12,647	46,844	47,351
Earnings from continuing operations	72,543	99,131	117,606
Loss from discontinued operations before income taxes	(17,949)	(20,124)	(2,650)
Income taxes (benefit)	(168)	(436)	1,712
Loss from discontinued operations	(17,781)	(19,688)	(4,362)
Net earnings	54,762	79,443	113,244
Less net earnings attributable to noncontrolling interests	0	0	1
Net earnings attributable to CMC	$ 54,762	$ 79,443	$ 113,243
Basic earnings (loss) per share attributable to CMC:
Earnings from continuing operations	$ 0.63	$ 0.85	$ 1
Loss from discontinued operations	(0.15)	(0.17)	(0.04)
Net earnings	0.48	0.68	0.96
Diluted earnings (loss) per share attributable to CMC:
Earnings from continuing operations	0.62	0.84	0.99
Loss from discontinued operations	(0.15)	(0.17)	(0.04)
Net earnings	$ 0.47	$ 0.67	$ 0.95

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	12 Months Ended
	Aug. 31, 2016	Aug. 31, 2015	Aug. 31, 2014
Net earnings	$ 54,762	$ 79,443	$ 113,244
Foreign currency translation adjustment and other:
Foreign currency translation adjustment	(11,771)	(83,063)	7,586
Reclassification for translation loss (gain) realized upon sale of investment in foreign entity	12,597	(10,127)	0
Foreign currency translation adjustment and other	826	(93,190)	7,586
Net unrealized gain (loss) on derivatives:
Unrealized holding gain (loss), net of income taxes of $388, $(1,235), and $(526)	1,618	(2,467)	(1,848)
Reclassification for (gain) loss included in net earnings, net of income taxes of $(496), $949, and $237	(1,737)	1,758	1,268
Net unrealized loss on derivatives, net of income taxes of $(108), $(286), and $(289)	(119)	(709)	(580)
Defined benefit obligation:
Net loss, net of income taxes of $(54), $(101), and $14	(132)	(169)	(489)
Amortization of net loss, net of income taxes of $36, $35, and $212	104	99	1,392
Amortization of prior service credit, net of income taxes of $(14), $(14), and $(47)	(58)	(57)	(242)
Defined benefit obligation, net of income taxes of $(32), $(80), and $179	(86)	(127)	661
Other comprehensive income (loss)	621	(94,026)	7,667
Comprehensive income (loss)	$ 55,383	$ (14,583)	$ 120,911

CONSOLIDATED STATEMENTS OF COM4

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Aug. 31, 2016	Aug. 31, 2015	Aug. 31, 2014
Taxes, unrealized holding gain (loss) on derivatives	$ 388	$ (1,235)	$ (526)
Taxes, reclassification for loss (gain) on derivatives included in net earnings	(496)	949	237
Taxes, net unrealized loss on derivatives	(108)	(286)	(289)
Taxes, net loss of defined benefit obligation	(54)	(101)	14
Taxes, amortization of net loss of defined benefit obligation	36	35	212
Taxes, amortization of prior service credit of defined benefit obligation	(14)	(14)	(47)
Taxes, defined benefit obligation	$ (32)	$ (80)	$ 179

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Aug. 31, 2016	Aug. 31, 2015
Current assets:
Cash and cash equivalents	$ 517,544	$ 485,323
Accounts receivable (less allowance for doubtful accounts of $6,427 and $9,033)	765,784	900,619
Inventories, net	652,754	880,484
Other current assets	112,043	93,643
Current deferred tax assets	0	3,310
Assets of businesses held for sale	0	17,008
Total current assets	2,048,125	2,380,387
Property, plant and equipment:
Land	70,291	75,086
Buildings and improvements	487,305	489,500
Equipment	1,655,909	1,670,755
Construction in process	111,156	59,241
Property, plant and equipment, Gross	2,324,661	2,294,582
Less accumulated depreciation and amortization	(1,429,612)	(1,410,932)
Property, plant and equipment, Net	895,049	883,650
Goodwill	66,373	66,383
Other assets	121,322	109,531
Total assets	3,130,869	3,439,951
Current liabilities:
Accounts payable-trade	243,532	260,984
Accounts payable-documentary letters of credit	5	41,473
Accrued expenses and other payables	264,112	290,677
Current maturities of long-term debt	313,469	10,110
Notes payable	0	20,090
Liabilities of businesses held for sale	0	5,276
Total current liabilities	821,118	628,610
Deferred income taxes	63,021	55,803
Other long-term liabilities	121,351	101,919
Long-term debt	757,948	1,272,245
Total liabilities	1,763,438	2,058,577
Commitments and contingencies (Note 19)
Stockholders' equity:
Common stock, par value $0.01 per share; authorized 200,000,000 shares; issued 129,060,664 shares; outstanding 114,635,596 and 115,635,338 shares	1,290	1,290
Additional paid-in capital	358,745	365,863
Accumulated other comprehensive loss	(112,914)	(113,535)
Retained earnings	1,372,988	1,373,568
Less treasury stock, 14,425,068 and 13,425,326 shares at cost	(252,837)	(245,961)
Stockholders' equity attributable to CMC	1,367,272	1,381,225
Stockholders' equity attributable to noncontrolling interests	159	149
Total equity	1,367,431	1,381,374
Total liabilities and stockholders' equity	$ 3,130,869	$ 3,439,951

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Aug. 31, 2016	Aug. 31, 2015
Statement of Financial Position [Abstract]
Allowance for doubtful accounts	$ 6,427	$ 9,033
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	200,000,000	200,000,000
Common stock, shares issued	129,060,664	129,060,664
Common stock, shares outstanding	114,635,596	115,635,338
Treasury stock, shares	14,425,068	13,425,326

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Aug. 31, 2016	Aug. 31, 2015	Aug. 31, 2014
Cash flows from (used by) operating activities:
Net earnings	$ 54,762	$ 79,443	$ 113,244
Adjustments to reconcile net earnings to cash flows from (used by) operating activities:
Depreciation and amortization	126,940	132,779	136,004
Provision for losses on receivables, net	6,878	3,481	(1,760)
Share-based compensation	26,335	23,484	18,051
Amortization of interest rate swaps termination gain	(7,597)	(7,597)	(7,597)
Loss on debt extinguishment	11,480	0	0
Deferred income taxes	(3,889)	(13,071)	30,143
Tax expense from stock plans	1,697	1,213	4,426
Net gain on sale of a subsidiary, cost method investment and other	(2,591)	(8,489)	(13,833)
Write-down of inventory	15,555	37,652	5,015
Asset impairments	55,793	14,610	3,498
Changes in operating assets and liabilities, net of acquisitions:
Accounts receivable	142,510	206,633	(143,397)
Advance payments on sale of accounts receivable programs, net	(19,472)	(117,753)	120,957
Inventories	209,555	127,583	(191,356)
Accounts payable, accrued expenses and other payables	(43,577)	(180,517)	90,604
Changes in other operating assets and liabilities	12,486	14,010	(27,059)
Net cash flows from operating activities	586,865	313,461	136,940
Cash flows from (used by) investing activities:
Capital expenditures	(163,332)	(119,580)	(101,749)
Increase in restricted cash	(21,777)	0	0
Proceeds from the sale of subsidiaries	4,349	27,831	52,609
Proceeds from the sale of property, plant and equipment and other	5,113	14,925	17,572
Acquisitions, net of cash acquired	0	0	(15,693)
Net cash flows used by investing activities	(175,647)	(76,824)	(47,261)
Cash flows from (used by) financing activities:
Repayments on long-term debt	(211,394)	(11,335)	(7,677)
Cash dividends	(55,342)	(55,945)	(56,428)
Increase (decrease) in documentary letters of credit, net	(41,468)	(80,482)	11,753
Treasury stock acquired	(30,595)	(41,806)	0
Short-term borrowings, net change	(20,090)	7,802	6,315
Debt issuance and extinguishment costs	(11,127)	0	(431)
Stock issued under incentive and purchase plans, net of forfeitures	(6,034)	(1,492)	(1,488)
Tax expense from stock plans	(1,697)	(1,213)	(4,426)
Decrease in restricted cash	1	3,742	18,000
Contribution from (purchase of) noncontrolling interests	29	38	(15)
Net cash flows used by financing activities	(377,717)	(180,691)	(34,397)
Effect of exchange rate changes on cash	(1,280)	(5,548)	873
Increase in cash and cash equivalents	32,221	50,398	56,155
Cash and cash equivalents at beginning of year	485,323	434,925	378,770
Cash and cash equivalents at end of year	517,544	485,323	434,925
Noncash activities:
Liabilities related to additions of property, plant and equipment	$ 29,763	$ 19,921	$ 21,207

CONSOLIDATED STATEMENTS OF STOC

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-In Capital	Accumulated Other Comprehensive Loss	Retained Earnings	Treasury Stock	Noncontrolling Interests
Beginning balance at Aug. 31, 2013	$ 1,396,678	$ 1,290	$ 363,772	$ (27,176)	$ 1,293,255	$ (234,619)	$ 156
Beginning balance, shares at Aug. 31, 2013		129,060,664
Beginning balance, treasury stock, shares at Aug. 31, 2013						(12,049,674)
Net earnings	113,244				113,243		1
Other comprehensive income (loss)	7,667			7,667
Cash dividends	(56,428)				(56,428)
Issuance of stock under incentive and purchase plans, net of forfeitures	(1,488)		(17,613)			$ 16,125
Issuance of stock under incentive and purchase plans, net of forfeitures, shares						818,272
Stock-based compensation	17,574		17,574
Tax expense from stock-based plans	(4,426)		(4,426)
Contribution from (purchase of) noncontrolling interests	(15)		31				(46)
Ending balance at Aug. 31, 2014	1,472,806	$ 1,290	359,338	(19,509)	1,350,070	$ (218,494)	111
Ending balance, shares at Aug. 31, 2014		129,060,664
Ending balance, treasury stock, shares at Aug. 31, 2014						(11,231,402)
Net earnings	79,443				79,443
Other comprehensive income (loss)	(94,026)			(94,026)
Cash dividends	(55,945)				(55,945)
Treasury stock acquired, shares						(2,902,218)
Treasury stock acquired	(41,806)					$ (41,806)
Issuance of stock under incentive and purchase plans, net of forfeitures	(1,492)		(15,831)			$ 14,339
Issuance of stock under incentive and purchase plans, net of forfeitures, shares						708,294
Stock-based compensation	19,621		19,621
Tax expense from stock-based plans	(1,213)		(1,213)
Contribution from (purchase of) noncontrolling interests	38						38
Reclassification of share-based liability awards	3,948		3,948
Ending balance at Aug. 31, 2015	$ 1,381,374	$ 1,290	365,863	(113,535)	1,373,568	$ (245,961)	149
Ending balance, shares at Aug. 31, 2015	129,060,664	129,060,664
Ending balance, treasury stock, shares at Aug. 31, 2015	(13,425,326)					(13,425,326)
Net earnings	$ 54,762				54,762
Other comprehensive income (loss)	621			621
Cash dividends	(55,342)				(55,342)
Treasury stock acquired, shares						(2,255,069)
Treasury stock acquired	(30,595)					$ (30,595)
Issuance of stock under incentive and purchase plans, net of forfeitures	(6,034)		(29,753)			$ 23,719
Issuance of stock under incentive and purchase plans, net of forfeitures, shares						1,255,327
Stock-based compensation	21,278		21,278
Tax expense from stock-based plans	(1,697)		(1,697)
Contribution from (purchase of) noncontrolling interests	29		19				10
Reclassification of share-based liability awards	3,035		3,035
Ending balance at Aug. 31, 2016	$ 1,367,431	$ 1,290	$ 358,745	$ (112,914)	$ 1,372,988	$ (252,837)	$ 159
Ending balance, shares at Aug. 31, 2016	129,060,664	129,060,664
Ending balance, treasury stock, shares at Aug. 31, 2016	(14,425,068)					(14,425,068)

CONSOLIDATED STATEMENTS OF STO9

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Parenthetical) - $ / shares	12 Months Ended
	Aug. 31, 2016	Aug. 31, 2015	Aug. 31, 2014
Statement of Stockholders' Equity [Abstract]
Cash dividends per share	$ 0.48	$ 0.48	$ 0.48

NATURE OF OPERATIONS

NATURE OF OPERATIONS	12 Months Ended
	Aug. 31, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
NATURE OF OPERATIONS	NOTE 1. NATURE OF OPERATIONS Nature of Operations Through its global operations and marketing offices, Commercial Metals Company ("CMC," and together with its consolidated subsidiaries, the "Company") manufactures, recycles and markets steel and metal products, related materials and services through a network including steel mills, commonly referred to as "minimills" or "micro-mills," steel fabrication and processing facilities, construction-related product warehouses, metal recycling facilities and marketing and distribution offices in the United States ("U.S.") and in strategic international markets. The Company has five business segments across two geographic divisions. The CMC Americas Division includes three segments: Americas Recycling, Americas Mills and Americas Fabrication. The CMC International Division includes two segments: International Mill and International Marketing and Distribution. Americas Recycling The Americas Recycling segment processes scrap metals for use as a raw material by manufacturers of new metal products. This segment sells scrap metals to steel mills and foundries, aluminum sheet and ingot manufacturers, brass and bronze ingot makers, copper refineries and mills, secondary lead smelters, specialty steel mills, high temperature alloy manufacturers and other consumers. Americas Mills The Americas Mills segment manufactures finished long steel products including reinforcing bar ("rebar"), merchant bar, light structural, and other special sections as well as semi-finished billets for re-rolling and forging applications. This segment's products are sold to the construction, service center, transportation, steel warehousing, fabrication, energy, petrochemical and original equipment manufacturing industries. The Americas Mills segment also includes ten scrap processing facilities and two scrap metal shredders that directly support the steel mills. Americas Fabrication The Americas Fabrication segment consists of rebar and structural fabrication operations, fence post manufacturing facilities, construction-related product facilities and facilities that heat-treat steel to strengthen and provide flexibility. Fabricated steel products are used primarily in the construction of commercial and non-commercial buildings, hospitals, convention centers, industrial plants, power plants, highways, bridges, arenas, stadiums and dams. International Mill The International Mill segment is comprised of all mill, recycling and fabrication operations located in Poland. This segment manufactures rebar, merchant bar, and wire rod as well as semi-finished billets. In addition, this segment's fabrication operations sell fabricated rebar, fabricated mesh, assembled rebar cages and other rebar by-products. The International Mill's products are sold primarily to fabricators, manufacturers, distributors and construction companies. International Marketing and Distribution The International Marketing and Distribution segment includes international operations for the sale, distribution and processing of steel products, ferrous and nonferrous metals and other industrial products. Additionally, this segment includes two of the Company's marketing and distribution divisions headquartered in the United States and also operates a recycling facility in Singapore. The International Marketing and Distribution segment buys and sells primary and secondary metals, fabricated metals, semi-finished, long and flat steel products and other industrial products. This segment sells its products to customers, primarily manufacturers, in the steel, nonferrous metals, metal fabrication, chemical, refractory, construction and transportation industries.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
	Aug. 31, 2016
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Consolidation The consolidated financial statements include the accounts of the Company and its wholly owned and majority owned subsidiaries and certain variable interest entities ("VIEs") for which the Company is the primary beneficiary. Intercompany account balances and transactions have been eliminated. Upon inception of an arrangement with a potential VIE, the Company performs an assessment of the contractual agreements that define the ownership structure, risks, responsibilities, indebtedness, voting rights and board representation of the respective parties when determining whether it is the primary beneficiary of the entity. The Company concludes that it is the primary beneficiary and consolidates the VIE if it has both (a) the power to direct the activities that most significantly impact the economic performance of the VIE and (b) the obligation to absorb losses of, or the right to receive benefits from, the variable interest entity that potentially could be significant to the VIE. The Company's assessment of whether it is the primary beneficiary of the VIE is continuously performed. The equity method of accounting is used for investments in affiliates in which the Company has the ability to exert significant influence, but does not have effective control. Investments in affiliates which are 20% or less owned are accounted for using the cost method of accounting. As of August 31, 2016 , the Company had no investments accounted for under the equity or cost method of accounting. Use of Estimates The preparation of the Company's consolidated financial statements in accordance with accounting principles generally accepted in the United States ("GAAP") requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and reported amounts of net sales and expenses during the reporting period. Significant items subject to such estimates and assumptions include the valuation of assets received in acquisitions; the carrying value of long-lived assets, including goodwill; valuation allowances for receivables, inventories and deferred income taxes; percentage of completion accounting method for revenue recognition; share-based compensation; potential litigation claims and settlements; environmental liabilities; and the carrying value of assets held for sale. Actual results could differ significantly from these estimates and assumptions. Cash and Cash Equivalents Cash and cash equivalents include cash on deposit and short-term, highly-liquid investments with original maturities of three months or less at the date of purchase. Revenue Recognition The Company recognizes sales when title passes to the customer either when goods are shipped or when they are delivered based upon the terms of the sale, there is persuasive evidence of an arrangement, the price is fixed or determinable and collectability is reasonably assured. When the Company estimates that a firm purchase commitment from a customer will result in a loss, the Company accrues the entire loss as soon as it is probable and estimable. The Company accounts for certain fabrication projects based on the percentage of completion accounting method, based primarily on contract cost incurred to date compared to total estimated contract cost. Changes to total estimated contract cost, or loss, if any, are recognized in the period in which they are determined. Sales recognized in excess of amounts billed of $19.4 million and $25.0 million are classified as current assets and are reflected in accounts receivable on the Company's consolidated balances sheets as of August 31, 2016 and 2015 , respectively. Accounts receivable included retainage of $38.7 million and $40.7 million as of August 31, 2016 and 2015, respectively. Shipping and other transportation costs billed to customers are included in net sales and the related costs incurred are reflected in cost of goods sold in the Company's consolidated statements of earnings. Allowance for Doubtful Accounts The Company maintains an allowance for doubtful accounts to reflect its estimate of the uncollectability of accounts receivable. These reserves are based on historical trends, current market conditions and customers' financial condition. The Company maintains both corporate and divisional credit departments. Credit limits are set for each customer. Some of the Company's divisions use credit insurance or letters of credit to ensure prompt payment in accordance with the terms of sale. Generally, collateral is not required. Approximately 30% and 35% of total receivables at August 31, 2016 and 2015 , respectively, were secured by credit insurance or letters of credit. Inventories, Net At August 31, 2016 , inventories were stated at the lower of cost or net realizable value. At August 31, 2015 , inventories were stated at the lower of cost or market. Inventory cost for most operations in the CMC Americas segments and our International Mill Segment is determined by the weighted average cost method. Inventory cost for our International Marketing and Distribution segment is determined by the specific identification method. Elements of cost in finished goods inventory in addition to the cost of material include depreciation, amortization, utilities, consumable production supplies, maintenance, production, wages and transportation costs. Additionally, the costs of departments that support production, including materials management and quality control, are allocated to inventory. In the first quarter of fiscal 2016, the Company elected to change its accounting method for valuing its U.S. inventories that used the last-in, first-out ("LIFO") method to the weighted average cost method for its Americas Mills, Americas Recycling, and Americas Fabrication segments and to the specific identification method for its steel trading division headquartered in the U.S. in its International Marketing and Distribution segment. At September 1, 2015, prior to the accounting method change, 51% of the Company's total net inventories were valued using LIFO. The Company believes the changes are preferable because weighted average cost or specific identification (1) results in better matching of revenues and expenses and better reflects the current value of inventory in the Company's consolidated balance sheet, (2) more closely aligns with the physical flow of these inventories, (3) are the methods the Company uses to monitor the financial results of these segments and this division for operational and financial planning, (4) eliminates the manual LIFO calculation and quarterly LIFO estimation process resulting in greater precision in determining quarterly cost of goods sold and inventory balances and reducing the administrative burden to report inventories because the information systems calculate inventory using the weighted average cost or the specific identification methods, and (5) improves comparability with the Company's peers. Additionally, the Company believes that the change to using weighted average cost at its Americas Mills, Americas Recycling, and Americas Fabrication segments increases consistency in inventory costing as its International Mill segment uses the weighted average cost method. The Company applied this change in accounting principle retrospectively to all prior periods presented herein. The cumulative effect of these accounting changes resulted in a $124.2 million increase in retained earnings as of September 1, 2014. Additionally, in the first quarter of fiscal 2016, the Company elected to change its accounting method for valuing its inventories in its International Marketing and Distribution segment, except for its steel trading division headquartered in the U.S., from the first-in, first-out ("FIFO") method to the specific identification method. At September 1, 2015, prior to the accounting method change, 38% of the Company's total net inventories were valued using the FIFO method. The Company believes the change from FIFO to specific identification is preferable because it (1) results in better matching of revenues with expenses, (2) more closely aligns with the physical flow of these inventories, and (3) is the method the Company uses to monitor the financial results of the segment for operational and financial planning. Because this change in accounting principle was immaterial in all prior periods, it was not applied retrospectively. The change did not have a material impact on our consolidated financial statements as of and for the year ended August 31, 2016 . As a result of the retrospective application of the change in accounting principle from LIFO to weighted average cost or specific identification, certain financial statement line items in the Company's consolidated balance sheet as of August 31, 2015 and its consolidated statements of earnings and consolidated statement of cash flows for the 2015 and 2014 fiscal years were adjusted as presented below. (in thousands, except share data) As Originally Reported Effect of Change As Adjusted Consolidated Statement of Earnings for the year ended August 31, 2015: Cost of goods sold $ 5,213,203 $ 98,553 $ 5,311,756 Income taxes 83,206 (36,362 ) 46,844 Earnings from continuing operations 161,322 (62,191 ) 99,131 Net earnings attributable to CMC 141,634 (62,191 ) 79,443 Basic earnings per share attributable to CMC: Earnings from continuing operations $ 1.39 $ (0.54 ) $ 0.85 Net earnings 1.22 (0.54 ) 0.68 Diluted earnings per share attributable to CMC: Earnings from continuing operations $ 1.37 $ (0.53 ) $ 0.84 Net earnings 1.20 (0.53 ) 0.67 Consolidated Statement of Earnings for the year ended August 31, 2014: Cost of goods sold $ 6,109,338 $ (13,142 ) $ 6,096,196 Income taxes 42,724 4,627 47,351 Earnings from continuing operations 109,091 8,515 117,606 Net earnings attributable to CMC 115,551 (2,308 ) 113,243 Basic earnings per share attributable to CMC: Earnings from continuing operations $ 0.93 $ 0.07 $ 1.00 Net earnings 0.98 (0.02 ) 0.96 Diluted earnings per share attributable to CMC: Earnings from continuing operations $ 0.92 $ 0.07 $ 0.99 Net earnings 0.97 (0.02 ) 0.95 Consolidated Balance Sheet as of August 31, 2015: Inventories, net $ 781,371 $ 99,113 $ 880,484 Current deferred tax assets 29,137 (25,827 ) 3,310 Accrued expenses and other payables 279,415 11,262 290,677 Retained earnings 1,311,544 62,024 1,373,568 Consolidated Statement of Cash Flows for the year ended August 31, 2015: Net earnings $ 141,634 $ (62,191 ) $ 79,443 Deferred income taxes 23,291 (36,362 ) (13,071 ) Write-down of inventories 15,935 21,717 37,652 Inventories working capital change 50,747 76,836 127,583 Consolidated Statement of Cash Flows for the year ended August 31, 2014: Net earnings $ 115,552 $ (2,308 ) $ 113,244 Deferred income taxes 32,348 (2,205 ) 30,143 Net gain on sale of a subsidiary, cost method investment and other (31,356 ) 17,523 (13,833 ) Write-down of inventories 4,000 1,015 5,015 Inventories working capital change (177,331 ) (14,025 ) (191,356 ) The effect of the change in accounting principle is net of the effect of lower of cost or market adjustments. The following table shows the effect of the change in accounting principle from LIFO to weighted average cost or specific identification on earnings from continuing operations, net earnings attributable to CMC and the related basic and diluted earnings per share attributable to CMC for the fiscal year ended August 31, 2016 . (in thousands, except share data) As Computed Under LIFO As Reported Under New Inventory Costing Methodologies Effect of Change Consolidated Statement of Earnings for the year ended August 31, 2016: Earnings from continuing operations $ 90,400 $ 72,543 $ (17,857 ) Net earnings attributable to CMC 72,619 54,762 (17,857 ) Basic earnings per share attributable to CMC: Earnings from continuing operations $ 0.78 $ 0.63 $ (0.15 ) Net earnings 0.63 0.48 (0.15 ) Diluted earnings per share attributable to CMC: Earnings from continuing operations $ 0.77 $ 0.62 $ (0.15 ) Net earnings 0.62 0.47 (0.15 ) Property, Plant and Equipment Property, plant and equipment are recorded at cost. Maintenance is expensed as incurred. Leasehold improvements are amortized over the shorter of their estimated useful lives or the lease term. Depreciation and amortization is recorded on a straight-line basis over the following estimated useful lives: Buildings 7 to 40 years Land improvements 3 to 25 years Leasehold improvements 3 to 15 years Equipment 3 to 25 years The Company evaluates impairment of its property, plant and equipment whenever events or changes in circumstances indicate that the carrying value may not be recoverable. For each asset or group of assets held for use with indicators of impairment, the Company compares the sum of the expected future cash flows generated by the asset or group of assets with its associated net carrying value. If the net carrying value of the asset or group of assets exceeds expected undiscounted future cash flows, the excess of the net book value over estimated fair value is charged to impairment loss in the accompanying combined statements of earnings. Properties held for sale are reported at the lower of their carrying amount or their estimated sales price, less estimated costs to sell. New Markets Tax Credits In the second quarter of fiscal 2016, the Company entered into a financing transaction related to the development, construction and equipping of a steel micro-mill in Durant, Oklahoma, which qualified under the New Markets Tax Credit Program ("NMTC Program") provided for in the Community Renewal Tax Relief Act of 2000 (the "Act"). The NMTC Program is intended to induce capital investment in qualified low-income communities. The Act permits taxpayers to claim credits (tax credit investors) against federal income taxes for up to 39% of qualified investments in certain community development entities ("CDEs"). CDEs are privately managed entities that are certified to make qualified low-income community investments to qualified projects. This transaction includes a put/call provision whereby the Company may be obligated or entitled to repurchase the tax credit investor's interest in the entities established to claim the tax credits related to their investments in the Durant, Oklahoma steel micro-mill project. The Company has concluded that these entities are VIEs, of which the Company is the primary beneficiary and has consolidated the entities in accordance with the accounting standard for consolidation. The tax credit investor's contribution, net of fees, is included in other long-term liabilities on the consolidated balance sheet. See Note 12, New Markets Tax Credit Transactions, to the consolidated financial statements. Goodwill and Other Intangible Assets Goodwill is tested for impairment at the reporting unit level annually in the fourth quarter and whenever events or circumstances indicate that the carrying value may not be recoverable. The Company's reporting units represent an operating segment or one level below an operating segment. The Company utilizes the two-step quantitative approach to evaluate goodwill for impairment. The Company performs the first step of the test by comparing the estimated fair value of each reporting unit to its carrying value, including goodwill. If the carrying amount of a reporting unit exceeds its fair value, the Company performs the second step of the test to measure the amount of impairment, if any. In the second step of the test, the Company allocates the fair value of the reporting unit to the assets and liabilities of the reporting unit to determine the implied fair value of the goodwill. If the carrying amount of the reporting unit's goodwill exceeds the implied value of goodwill, an impairment loss is recognized. The fair value of each reporting unit is estimated using an income approach based on the present value of expected future cash flows and a market approach based on valuation metrics of comparable peer companies and a reconciliation of the Company's estimate of the aggregate fair value of the reporting units to the Company's market capitalization, including a control premium. The determination of fair value involves a number of significant assumptions and estimates, including discount rates, volumes, prices, capital expenditures and the impact of current market conditions. These estimates could be materially impacted by adverse changes in these assumptions. For fiscal years 2016 and 2014, the annual goodwill impairment analysis did not result in any impairment charges at any of the Company's reporting units. For fiscal year 2015 , the Company recorded a goodwill impairment charge of $7.3 million related to its Americas Recycling segment. See Note 7, Goodwill and Other Intangible Assets, for additional details of this impairment charge. As of August 31, 2016 and 2015 , one of the Company's reporting units within the Americas Fabrication reporting segment comprised $51.3 million of the Company's total goodwill. Goodwill at the Company's other reporting units was not material at August 31, 2016 and 2015 . Intangible assets with finite lives are amortized on a straight-line basis over their estimated useful lives and are reviewed for impairment whenever events or changes in circumstances indicate that the carrying value may not be recoverable. Impairment charges are recorded on finite-lived intangible assets when indicators of impairment are present and the undiscounted cash flows estimated to be generated by those assets are less than the assets' carrying amounts. During fiscal 2016 and 2015 , impairment charges within the Company's intangible assets with finite lives were not material. Contingencies The Company accrues for claims and litigation, including environmental investigation and remediation costs, when they are both probable and the amount can be reasonably estimated. Environmental costs are based upon estimates regarding the sites for which the Company will be responsible, the scope and cost of work to be performed at each site, the portion of costs that will be shared with other parties and the timing of remediation. Where timing and amounts cannot be reasonably determined, a range is estimated and the lower end of the range is typically recorded. Stock-Based Compensation The Company recognizes stock-based equity awards and liability awards at fair value in the financial statements. The fair value of each stock-based equity award is estimated at the date of grant using the Black-Scholes or Monte Carlo pricing model. Total compensation cost of the stock-based equity award is amortized over the requisite service period using the accelerated method of amortization for grants with graded vesting or using the straight-line method for grants with cliff vesting. Stock-based liability awards are measured at fair value at the end of each reporting period and will fluctuate based on the price of CMC common stock and performance relative to the targets. Accounts Payable — Documentary Letters of Credit In order to facilitate certain trade transactions, the Company utilizes documentary letters of credit to provide assurance of payment to its suppliers. These letters of credit are typically for payment at a future date conditional upon the bank determining the documentation presented to be in strict compliance with all terms and conditions of the letters of credit. Banks issue these letters of credit under uncommitted lines of credit, which are in addition to and separate from the Company's contractually committed revolving credit agreement. In some cases, if the Company's suppliers choose to discount the future dated obligation, the Company may pay the fee associated with the discount. Income Taxes CMC and its U.S. subsidiaries file a consolidated federal income tax return. Deferred income taxes are provided for temporary differences between financial statement and income tax bases of assets and liabilities. The principal differences are described in Note 15, Income Tax. Benefits from income tax credits are reflected currently in earnings. The Company intends to indefinitely reinvest all undistributed earnings of non-U.S. subsidiaries. The Company records income tax positions based on a more likely than not threshold that the tax positions will be sustained on examination by the taxing authorities having full knowledge of all relevant information. Foreign Currencies The functional currencies of the Company's Australian, German, Polish, United Kingdom and certain Chinese, Singaporean and Thai operations are their local currencies. The Company's remaining international subsidiaries' functional currency is the U.S. dollar. Translation adjustments are reported as a component of accumulated other comprehensive loss. Transaction gains (losses) from transactions denominated in currencies other than the functional currencies were $(13.9) million , $(45.4) million and $9.0 million for the years ended August 31, 2016 , 2015 and 2014 , respectively, and are included in selling, general and administrative expenses in the Company's consolidated statements of earnings. Derivative Financial Instruments The Company recognizes all derivatives as either assets or liabilities in the consolidated balance sheets and measures those instruments at fair value. Derivatives that are not designated as hedges are adjusted to fair value through net earnings. Changes in the fair value of derivatives that are designated as hedges are recognized in two fashions depending on the nature of the hedge. In the case of fair value hedges, changes are recognized as an offset against the change in fair value of the hedged balance sheet item. When the derivative is designated as a cash flow hedge and is highly effective, changes are recognized as other comprehensive income. The ineffective portion of a change in fair value for derivatives designated as hedges is recognized in net earnings. When a derivative instrument is sold, terminated, exercised, or expires, the gain or loss is recorded in the consolidated statement of earnings for fair value hedges, and the cumulative unrealized gain or loss, which had been recognized in the statement of comprehensive income, is reclassified to the consolidated statement of earnings for cash flow hedges. Additionally, when hedged items are sold or extinguished, or the anticipated transaction being hedged is no longer expected to occur, the Company recognizes the gain or loss on the designated hedged financial instrument. Fair Value The Company has established a fair value hierarchy which prioritizes the inputs to the valuation techniques used to measure fair value into three levels. These levels are determined based on the lowest level input that is significant to the fair value measurement. Level 1 represents unadjusted quoted prices in active markets for identical assets and liabilities. Level 2 represents quoted prices for similar assets and liabilities in active markets (other than those included in Level 1) which are observable, either directly or indirectly. Level 3 represents valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable. Recently Adopted Accounting Pronouncements In the fourth quarter of fiscal 2016, the Company adopted guidance issued by the Financial Accounting Standards Board (the "FASB") requiring an entity to present debt issuance costs related to a recognized debt liability as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The adoption of this guidance was applied retrospectively and did not have a material impact on the consolidated financial statements. In the second quarter of fiscal 2016, the Company adopted guidance issued by the FASB requiring deferred tax liabilities and assets to be classified as noncurrent in a classified statement of financial position. This change in accounting principle simplifies the presentation of deferred income taxes. This change was applied prospectively, and prior periods presented were not adjusted. In the first quarter of fiscal 2016, the Company adopted guidance issued by the FASB changing the requirements for reporting discontinued operations if the disposal of a component of an entity, or a group of components of an entity, represents a strategic shift that has, or will have, a major effect on an entity's operations and financial results. The guidance requires expanded disclosures for discontinued operations and also requires entities to disclose the pre-tax profit or loss of an individually significant component of an entity that does not qualify for discontinued operations reporting. The guidance changed the Company's practice of assessing discontinued operations and the presentation and disclosure in the Company's consolidated financial statements. The guidance was adopted on a prospective basis and did not have a material impact on the Company's consolidated financial statements. In the first quarter of fiscal 2016, the Company adopted guidance issued by the FASB requiring entities to measure inventory, other than that measured using LIFO or the retail inventory method, at the lower of cost or net realizable value, which is defined as estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal and transportation. The guidance changes the Company's practice of measuring inventory at the lower of cost or market, which included net realizable value, replacement cost and net realizable value plus normal profit margin. The guidance was adopted on a prospective basis and did not have a material impact on the Company's consolidated financial statements. Recently Issued Accounting Pronouncements In August 2016, the FASB issued guidance intended to reduce diversity in practice in how certain cash receipts and cash payments are presented and classified in the statement of cash flows. This guidance is effective for fiscal years, and interim reporting periods therein, beginning after December 15, 2017, with early adoption permitted. The provisions of this guidance are to be adopted retrospectively. The Company does not expect this guidance to have a material impact on its consolidated financial statements. In March 2016, the FASB issued guidance simplifying several aspects of accounting for share-based payment transactions, including recognizing excess tax benefits and deficiencies as income tax expense or benefit in the statement of earnings, classifying excess tax benefits and expenses as an operating activity within the statement of cash flows, and an option to recognize gross stock compensation expense with actual forfeitures recognized as they occur. The provisions of this guidance related to excess tax benefits and deficiencies are to be applied on a prospective basis. If elected, the provisions of this guidance related to forfeitures are to be applied using a modified retrospective approach. This guidance is effective for fiscal years, and interim periods therein, beginning after December 15, 2016, with early adoption permitted. The Company is currently evaluating the impact this guidance will have on its consolidated financial statements. In February 2016, the FASB issued guidance requiring a lessee to recognize a right-of-use asset and a lease liability on its balance sheet for all leases with terms of twelve months or greater. This guidance is effective for fiscal years, and interim reporting periods therein, beginning after December 15, 2018 with early adoption permitted. The provisions of this guidance are to be applied using a modified retrospective approach, with elective reliefs, which requires application of the guidance for all periods presented. The Company is currently evaluating the impact of this guidance on its consolidated financial statements. In January 2016, the FASB issued guidance to improve the accounting models for financial instruments. Specifically, the new guidance (i) requires equity investments be measured at fair value, or at cost adjusted for changes in observable prices less impairment for equity investments without readily determinable fair values, with changes in fair value recognized in net income; (ii) requires a qualitative assessment to identify impairment for equity investments without readily determinable fair values; (iii) eliminates the requirement to disclose the method(s) and significant assumptions used to estimate the fair value for financial instruments measured at amortized cost on the balance sheet; (iv) requires use of the exit price notion when measuring the fair value of financial instruments; (v) requires entities that elect the fair value option for financial liabilities to recognize changes in fair value related to instrument-specific credit risk in other comprehensive income; (vi) requires separate presentation of financial assets and financial liabilities by measurement category and form of financial asset on the balance sheet or the accompanying notes to the financial statements; and (vii) clarifies that entities must assess valuation allowances for deferred taxes related to available-for-sale debt securities in combination with their other deferred tax assets. This guidance is effective for fiscal years, and interim reporting periods therein, beginning after December 15, 2017. Early adoption is permissible, but limited in application. The Company does not expect this guidance to have a material impact on its consolidated financial statements. In September 2015, the FASB issued guidance requiring the acquirer in a business combination to recognize adjustments to provisional amounts that are identified during the measurement period in the reporting period in which the adjustment amounts are determined. Additionally, the effect on earnings of changes in depreciation, amortization or other income effects, if any, as a result of the change to the provisional amounts, must be calculated as if the accounting had been completed at the acquisition date. This guidance is effective for fiscal years, and interim reporting periods therein, beginning after December 15, 2015 with early adoption permitted. The Company does not expect this guidance to have a material impact on its consolidated financial statements. In April 2015, the FASB issued guidance clarifying the circumstances under which an entity would account for fees paid in a cloud computing arrangement as a license of internal-use software. This guidance is effective for fiscal years, and interim reporting periods therein, beginning after December 15, 2015. The Company does not expect this guidance to have a material impact on its consolidated financial statements. In February 2015, the FASB issued guidance modifying the evaluation of whether limited partnerships and similar legal entities are VIEs or voting interest entities. This guidance also eliminates the presumption that a general partner should consolidate a limited partnership and affects the consolidation analysis of reporting entities that are involved with VIEs, particularly those that have fee arrangements and related party relationships. This guidance is effective for fiscal years, and interim reporting periods therein, beginning after December 15, 2015, with early adoption permitted. Entities may elect to apply this guidance either on a retrospective or a modified retrospective basis. The Company does not expect this guidance to have a material impact on its consolidated financial statements. In January 2015, the FASB issued guidance eliminating the concept of extraordinary items. Under this guidance an entity will no longer be allowed to separately disclose extraordinary items, net of tax, in the income statement after income from continuing operations if an event or transaction is unusual in nature and occurs infrequently. This guidance is effective for fiscal years, and interim reporting periods therein, beginning after December 15, 2015, with early adoption permitted. The Company plans to adopt this guidance prospectively. The Company does not expect this guidance to have a material impact on its consolidated financial statements. In August 2014, the FASB issued guidance requiring management to evaluate whether there are conditions and events that raise substantial doubt about the entity's ability to continue as a going concern and to provide disclosures in certain circumstances. The new guidance was issued to reduce diversity in the timing and con

ACCUMULATED OTHER COMPREHENSIVE

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)	12 Months Ended
	Aug. 31, 2016
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)	NOTE 3. ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) Accumulated other comprehensive loss ("AOCI"), net of income taxes, was comprised of the following: (in thousands) Foreign Currency Translation Unrealized Gain (Loss) on Derivatives Defined Benefit Obligation Total Accumulated Other Comprehensive Income (Loss) Balance at September 1, 2013 $ (27,477 ) $ 3,594 $ (3,293 ) $ (27,176 ) Other comprehensive income (loss) before reclassifications 7,586 (1,848 ) (489 ) 5,249 Amounts reclassified from AOCI — 1,268 1,150 2,418 Net other comprehensive income (loss) 7,586 (580 ) 661 7,667 Balance at August 31, 2014 (19,891 ) 3,014 (2,632 ) (19,509 ) Other comprehensive loss before reclassifications (83,063 ) (2,467 ) (169 ) (85,699 ) Amounts reclassified from AOCI (10,127 ) 1,758 42 (8,327 ) Net other comprehensive loss (93,190 ) (709 ) (127 ) (94,026 ) Balance at August 31, 2015 (113,081 ) 2,305 (2,759 ) (113,535 ) Other comprehensive income (loss) before reclassifications (11,771 ) 1,618 (132 ) (10,285 ) Amounts reclassified from AOCI 12,597 (1,737 ) 46 10,906 Net other comprehensive income (loss) 826 (119 ) (86 ) 621 Balance at August 31, 2016 $ (112,255 ) $ 2,186 $ (2,845 ) $ (112,914 ) The significant items reclassified out of accumulated other comprehensive loss and the corresponding line items in the consolidated statements of earnings to which the items were reclassified were as follows: Year Ended August 31, Components of AOCI (in thousands) Location 2016 2015 2014 Foreign currency translation adjustments and other: Translation gain (loss) realized upon sale of investment in foreign entity Loss from discontinued operations before income taxes $ (12,597 ) $ 10,127 $ — Unrealized gain (loss) on derivatives: Commodity Cost of goods sold $ (493 ) $ (665 ) $ (160 ) Foreign exchange Net sales (380 ) 124 (232 ) Foreign exchange Cost of goods sold 2,283 (2,774 ) (1,698 ) Foreign exchange SG&A expenses 291 76 53 Interest rate Interest expense 532 532 532 2,233 (2,707 ) (1,505 ) Income tax effect Income taxes (496 ) 949 237 Net of income taxes $ 1,737 $ (1,758 ) $ (1,268 ) Defined benefit obligation: Amortization of net loss SG&A expenses $ (140 ) $ (134 ) $ (1,604 ) Amortization of prior service credit SG&A expenses 72 71 289 (68 ) (63 ) (1,315 ) Income tax effect Income taxes 22 21 165 Net of income taxes $ (46 ) $ (42 ) $ (1,150 ) Amounts in parentheses reduce earnings.

ACQUISITIONS

ACQUISITIONS	12 Months Ended
	Aug. 31, 2016
Business Combinations [Abstract]
Acquisitions	NOTE 4. ACQUISITIONS For the years ended August 31, 2016 and 2015 , the Company did not have any business acquisitions. On June 13, 2014, the Company completed the purchase of substantially all of the assets of Newell Recycling of San Antonio, LP ("Newell Recycling"), a recycling facility in San Antonio, Texas. This acquisition continued the vertical integration model of the Company by providing raw materials for its CMC Steel Texas location, established a larger recycling presence in San Antonio, Texas, and provided an opportunity for continued growth of the Company's recycling operations in the central Texas area. The operating results of this facility are included in the Americas Mills reporting segment. The acquisition of Newell Recycling was not material, individually or in the aggregate, to the Company's financial position or results of operations. Pro forma operating results for the acquisition are not presented, since the results would not be significantly different than reported results.

SALES OF ACCOUNTS RECEIVABLE

SALES OF ACCOUNTS RECEIVABLE	12 Months Ended
	Aug. 31, 2016
Transfers and Servicing [Abstract]
SALES OF ACCOUNTS RECEIVABLE	NOTE 5. SALES OF ACCOUNTS RECEIVABLE On July 29, 2016, the Company entered into a fifth amended $200.0 million U.S. sale of accounts receivable program which expires on August 15, 2019. Under the program, Commercial Metals Company contributes, and several of its subsidiaries sell without recourse, certain eligible trade accounts receivable to CMC Receivables, Inc. ("CMCRV"), a wholly owned subsidiary of CMC. CMCRV is structured to be a bankruptcy-remote entity formed for the sole purpose of buying and selling trade accounts receivable generated by the Company. CMCRV sells the trade accounts receivable in their entirety to two financial institutions. Under the amended U.S. sale of accounts receivable program, with the consent of both CMCRV and the program's administrative agent, the amount advanced by the financial institutions can be increased to a maximum of $300.0 million for all trade accounts receivable sold. The remaining portion of the purchase price of the trade accounts receivable takes the form of subordinated notes from the respective financial institutions. These notes will be satisfied from the ultimate collection of the trade accounts receivable after payment of certain fees and other costs. The Company accounts for sales of the trade accounts receivable as true sales, and the trade accounts receivable balances that are sold are removed from the consolidated balance sheets. The cash advances received are reflected as cash provided by operating activities on the Company's consolidated statements of cash flows. Additionally, the U.S. sale of accounts receivable program contains certain cross-default provisions whereby a termination event could occur if the Company defaulted under certain of its credit arrangements. The covenants contained in the receivables purchase agreement are consistent with the credit facility described in Note 11, Credit Arrangements. At August 31, 2016 and 2015 , under its U.S. sale of accounts receivable program, the Company had sold $215.9 million and $274.3 million of trade accounts receivable, respectively, to the financial institutions. At August 31, 2016 and 2015 , the Company had no advance payments outstanding on the sale of its trade accounts receivable. In addition to the U.S. sale of accounts receivable program described above, the Company's international subsidiaries in Europe and Australia sell, or have sold in the past, trade accounts receivable to financial institutions without recourse. These arrangements constitute true sales, and once the trade accounts receivable are sold, they are no longer available to the Company's creditors in the event of bankruptcy. In the third quarter of fiscal 2015, the Company phased out its existing European program and entered into a new, two year renewable, trade accounts receivable sales program with a different financial institution. The new agreement increased the facility limit from Polish zloty ("PLN") 200.0 million to PLN 220.0 million . The European program allows the Company's European subsidiaries to obtain an advance of up to 90% of eligible trade accounts receivable sold under the terms of the arrangement. In fiscal 2014, the Company phased out its existing Australian program and entered into a new, one year renewable, trade accounts receivable sales program with a different financial institution. Subsequently, through two amendments, the facility limit was reduced from A$75.0 million to A$40.0 million and the maturity extended for two years. Under the Australian program, trade accounts receivable balances are sold to a special purpose entity, which in turn sells 100% of the eligible trade accounts receivable of the Company's Australian entities to the financial institution. The financial institution will fund up to the facility limit for all trade accounts receivable sold, and the remaining portion of the purchase price of the trade accounts receivable is in the form of a subordinated note from the financial institution. This note will be satisfied from the ultimate collection of the trade accounts receivable after payment of certain fees and other costs. The Company accounts for sales of the trade accounts receivable as true sales, and the trade accounts receivable balances that are sold are removed from the consolidated balance sheets. The cash advances received are reflected as cash provided by operating activities on the Company's consolidated statements of cash flows. In October 2016, the Company's existing Australian program expired and the Company currently does not plan to enter into a new program. At August 31, 2016 and 2015 , under its European and Australian programs, the Company had sold $85.7 million and $97.9 million of trade accounts receivable, respectively, to third-party financial institutions and received advance payments of $8.3 million and $27.7 million , respectively. For the years ended August 31, 2016 , 2015 and 2014 , cash proceeds from the U.S. and international sale of accounts receivable programs were $400.8 million , $596.4 million and $688.2 million , respectively, and cash payments to the owners of accounts receivable were $420.3 million , $714.2 million and $567.2 million , respectively. For a nominal servicing fee, the Company is responsible for servicing the accounts receivable for the U.S. and Australian programs. Discounts on U.S. and international sales of trade accounts receivable were $1.7 million , $2.4 million and $3.9 million for the years ended August 31, 2016 , 2015 and 2014 , respectively, and are included in selling, general and administrative expenses in the Company's consolidated statements of earnings. The deferred purchase price on the Company's U.S. and international sale of trade accounts receivable programs is included in accounts receivable on the Company's consolidated balance sheets, except at August 31, 2015 . That year, the deferred purchase price on the G.A.M. Steel Pty. Ltd. sale of accounts receivable program was included in assets of businesses held for sale on the Company’s consolidated balance sheets. The following tables summarize the activity of the deferred purchase price receivables for the U.S. and international sale of accounts receivable programs: (in thousands) Total U.S. Australia* Europe Balance at September 1, 2013 $ 453,252 $ 358,822 $ 64,996 $ 29,434 Transfers of accounts receivable 4,243,471 3,347,103 487,583 408,785 Collections (4,239,242 ) (3,376,128 ) (446,196 ) (416,918 ) Program termination (72,312 ) — (72,312 ) — Balance at August 31, 2014 $ 385,169 $ 329,797 $ 34,071 $ 21,301 Transfers of accounts receivable 3,574,283 2,944,627 298,179 331,477 Collections (3,619,905 ) (3,004,646 ) (314,212 ) (301,047 ) Balance at August 31, 2015 $ 339,547 $ 269,778 $ 18,038 $ 51,731 Transfers of accounts receivable 2,389,297 1,933,477 175,593 280,227 Collections (2,439,096 ) (1,990,493 ) (166,969 ) (281,634 ) Balance at August 31, 2016 $ 289,748 $ 212,762 $ 26,662 $ 50,324 _________________________ * Includes the sale of accounts receivable activities related to discontinued operations and businesses sold. For the years ended August 31, 2016 and 2015 , transfers of accounts receivable were $45.8 million and $180.0 million , respectively, and collections were $61.7 million and $209.2 million , respectively.

INVENTORIES, NET

INVENTORIES, NET	12 Months Ended
	Aug. 31, 2016
Inventory Disclosure [Abstract]
INVENTORIES, NET	NOTE 6. INVENTORIES, NET At August 31, 2016 , inventories were stated at the lower of cost or net realizable value. At August 31, 2015 , inventories were stated at the lower of cost or market. See Note 2, Summary of Significant Accounting Policies, for further discussion of the adoption of the new accounting pronouncement. Effective September 1, 2015, the Company elected to change its accounting method for valuing all of its inventories that used the LIFO method to either the weighted average or specific identification methods. The Company applied this change in accounting principle retrospectively to all prior periods presented. See Note 2, Summary of Significant Accounting Policies, for further disclosures regarding this change in accounting principle. Additionally, effective September 1, 2015, the Company elected to change its accounting method for valuing all of its inventories in its International Marketing and Distribution segment, except for its steel trading division headquartered in the U.S., from the FIFO method to the specification identification method. This change in accounting principle was not material in all prior periods, and thus was not applied retrospectively. The change did not have a material impact on our consolidated financial statements as of and for the year ended August 31, 2016 . See Note 2, Summary of Significant Accounting Policies, for further disclosures regarding this change in accounting principle. The Company determines the inventory cost for its International Mill segment using the weighted average cost method. At August 31, 2016 , 60% of the Company's total net inventories were valued using the weighted average cost method, and 40% of the Company's total net inventories were valued using the specification identification method. The majority of the Company's inventories are in the form of semi-finished and finished goods. The Company’s business model, with the exception of the International Marketing and Distribution segment, is such that products are sold to external customers in various stages, from semi-finished billets through fabricated steel, leading these categories to be combined. Inventories in the International Marketing and Distribution segment are sold as finished goods. As such, work in process inventories were not material at August 31, 2016 and August 31, 2015 . At August 31, 2016 and August 31, 2015 , $77.9 million and $61.5 million , respectively, of the Company's inventories were in the form of raw materials. Inventory write-downs were $15.6 million , $37.7 million , and $5.0 million for the years ended August 31, 2016 , 2015 , and 2014 , respectively.

GOODWILL AND OTHER INTANGIBLE A

GOODWILL AND OTHER INTANGIBLE ASSETS	12 Months Ended
	Aug. 31, 2016
Goodwill and Intangible Assets Disclosure [Abstract]
GOODWILL AND OTHER INTANGIBLE ASSETS	NOTE 7. GOODWILL AND OTHER INTANGIBLE ASSETS The following table details the changes in the carrying amount of goodwill by reportable segment: Americas International (in thousands) Recycling Mills Fabrication Mill Marketing and Distribution Consolidated Balance at September 1, 2014 Goodwill $ 9,751 $ 4,970 $ 57,637 $ 2,964 $ 8,805 $ 84,127 Accumulated impairment losses (2,484 ) — (493 ) (188 ) (6,643 ) (9,808 ) 7,267 4,970 57,144 2,776 2,162 74,319 Impairment (7,267 ) — — — — (7,267 ) Goodwill reclassified to assets held for sale (1) — — — — (6,643 ) (6,643 ) Accumulated impairment losses reclassified to assets held for sale (1) — — — — 6,643 6,643 Translation — — — (419 ) (250 ) (669 ) Balance at August 31, 2015 Goodwill 9,751 4,970 57,637 2,517 1,912 76,787 Accumulated impairment losses (9,751 ) — (493 ) (160 ) — (10,404 ) — 4,970 57,144 2,357 1,912 66,383 Translation — — — (80 ) 70 (10 ) Balance at August 31, 2016 Goodwill 9,751 4,970 57,637 2,432 1,982 76,772 Accumulated impairment losses (9,751 ) — (493 ) (155 ) — (10,399 ) $ — $ 4,970 $ 57,144 $ 2,277 $ 1,982 $ 66,373 (1) Includes $1.6 million of goodwill and $1.6 million of accumulated goodwill impairment losses related to assets that were sold during the fourth quarter of fiscal 2015. The annual goodwill impairment analysis did not result in any impairment charges in fiscal years 2016 or 2014. As of August 31, 2016 and 2015 , one of the Company's reporting units within the Americas Fabrication reporting segment comprised $51.3 million of the Company's total goodwill and the fair value exceeded the carrying value by 20% at August 31, 2016 . For all other reporting units with goodwill amounts as of August 31, 2016, the excess of the fair value over carrying value of each reporting unit was substantial. The Company estimates the fair value of its reporting units using a weighting of fair values derived from the income and market approaches. Under the income approach, the Company determines the fair value of a reporting unit based on the present value of estimated future cash flows. Cash flow projections are based on management's estimates of revenue growth rates and operating margins, taking into account industry and market conditions. The discount rate is based on a weighted average cost of capital adjusted for the relevant risk associated with the characteristics of the Company. The market approach, on the other hand, estimates fair value based on market multiples of revenue and earnings derived from comparable publicly-traded companies with similar operating and investment characteristics as the reporting unit. As noted above, at August 31, 2016 , the excess of one of the Company's reporting units within the Americas Fabrication segment exceeded the carrying value by 20% . The future occurrence of a potential indicator of impairment could include matters such as: a decrease in expected net earnings, adverse equity market conditions, a decline in current market multiples, a decline in our common stock price, a significant adverse change in legal factors or the general business climate, an adverse action or assessment by a regulator, a significant downturn in non-residential construction markets in the U.S., and continued high levels of imported steel into the U.S. In the event of significant adverse changes of the nature described above, it may be necessary for the Company to recognize a non-cash impairment of goodwill, which could have a material adverse effect on the Company's consolidated financial condition and results of operations. As a result of the Company's annual goodwill impairment analysis in the fourth quarter of fiscal 2015, the Company determined that the carrying amount of its Americas Recycling reporting unit exceeded its estimated fair value. The resulting impairment charge of $7.3 million was recorded within the Americas Recycling reporting segment in the fiscal year ended August 31, 2015. The weakened demand for ferrous scrap exports coupled with a lower near term forecast of future operating results were the contributing factors that led to the impairment charge recorded in fiscal 2015. The following intangible assets subject to amortization are included in other noncurrent assets on the Company's consolidated balance sheets: August 31, 2016 August 31, 2015 (in thousands) Gross Accumulated Amortization Net Gross Accumulated Amortization Net Customer base $ 6,160 $ 2,714 $ 3,446 $ 35,369 $ 28,814 $ 6,555 Favorable land leases 10,081 2,518 7,563 10,091 2,101 7,990 Non-competition agreements 1,600 371 1,229 1,629 217 1,412 Brand name 628 328 300 648 306 342 Other 101 58 43 101 52 49 Total $ 18,570 $ 5,989 $ 12,581 $ 47,838 $ 31,490 $ 16,348 Excluding goodwill, there are no other significant intangible assets with indefinite lives. Amortization expense for intangible assets for the years ended August 31, 2016 , 2015 and 2014 was $3.6 million , $6.9 million , and $5.1 million , respectively. At August 31, 2016 , the weighted average remaining useful life of these intangible assets, excluding the favorable land leases was 10 years. The weighted average life of the favorable land leases was 48 years. Estimated amounts of amortization expense for the next five years are as follows: Year Ended August 31, (in thousands) 2017 $ 1,098 2018 1,080 2019 1,039 2020 891 2021 881

LONG-LIVED ASSET IMPAIRMENT AND

LONG-LIVED ASSET IMPAIRMENT AND FACILITY CLOSURE COSTS	12 Months Ended
	Aug. 31, 2016
Restructuring and Related Activities [Abstract]
LONG-LIVED ASSET IMPAIRMENT AND FACILITY CLOSURE COSTS	NOTE 8. LONG-LIVED ASSET IMPAIRMENT AND FACILITY CLOSURE COSTS The Company decided to exit its steel trading business and its steel distribution business, each headquartered in Cardiff, Wales, United Kingdom, in the fourth quarter of fiscal 2016 and the fourth quarter of fiscal 2015, respectively. These operations are included in the Company's International Marketing and Distribution reporting segment. The expenses associated with exiting these businesses were not material in each respective fiscal year and were included in selling, general and administrative expenses in the Company's consolidated statements of earnings. During the first quarter of fiscal 2015, the Company decided to exit and sell its steel distribution business in Australia which met the definition of a discontinued operation. As a result, this business has been presented as a discontinued operation for all periods presented. During the third quarter of fiscal 2016, the Company recorded an impairment charge of $15.8 million , including the impact of an approximate $13.5 million accumulated foreign currency translation loss, on its remaining component of the Australian steel distribution business that was classified as held for sale at May 31, 2016. See Note 14, Fair Value, for further discussion of this impairment charge. Other expenses associated with exiting this business were not material for the years ended August 31, 2016 , 2015 , and 2014 . In the fourth quarter of fiscal 2014, the Company made the decision to exit its steel trading business headquartered in Zug, Switzerland. In connection with this decision, severance and other exit costs incurred by the Company were not material and were included in selling, general and administrative expenses in the Company's consolidated statements of earnings. The operation is included in the Company's International Marketing and Distribution reporting segment. The Company evaluates the carrying value of property, plant and equipment and finite-lived intangible assets whenever a change in circumstances indicates that the carrying value may not be recoverable. Based on continued margin and volume pressure in our Americas Recycling segment, which caused the Company to revise its estimate as to the timing of improvement in these metrics, during the fourth quarter of fiscal 2016 , management considered a triggering event to have occurred. As a result, the Company reviewed the undiscounted future cash flows for its Americas Recycling long-lived asset groups. The results of the undiscounted future cash flow analyses indicated the carrying amounts for certain long-lived asset groups subject to testing were not expected to be recovered. The Company estimated the fair value for these long-lived asset groups using market and income approaches. The fair value was then compared to the carrying values of the long-lived asset groups. The resulting non-recurring impairment charges of $38.9 million were recorded within the Americas Recycling reporting segment at August 31, 2016 .

SEVERANCE

SEVERANCE	12 Months Ended
	Aug. 31, 2016
Restructuring and Related Activities [Abstract]
SEVERANCE	NOTE 9. SEVERANCE The Company recorded consolidated severance cost of $3.2 million , $5.8 million and $3.7 million for the years ended August 31, 2016 , 2015 and 2014 , respectively. The severance cost recorded during fiscal 2016 , 2015 and 2014 was not individually material to any of the Company's segments. As of August 31, 2016 and 2015 , the remaining liability to be paid in the future related to termination benefits was not material .

BUSINESSES HELD FOR SALE, DISCO

BUSINESSES HELD FOR SALE, DISCONTINUED OPERATIONS AND DISPOSITIONS	12 Months Ended
	Aug. 31, 2016
Discontinued Operations and Disposal Groups [Abstract]
BUSINESSES HELD FOR SALE, DISCONTINUED OPERATIONS AND DISPOSITIONS	NOTE 10. BUSINESSES HELD FOR SALE, DISCONTINUED OPERATIONS AND DISPOSITIONS Businesses Held for Sale The Company did not have any businesses classified as held for sale at August 31, 2016 . As of August 31, 2015 , one component of the Australian steel distribution business was classified as held for sale. Assets and liabilities of the business held for sale on the Company’s consolidated balance sheet consisted of the following: Year Ended August 31, (in thousands) 2015 Assets: Accounts receivable $ 3,244 Inventories, net 12,514 Other current assets 41 Property, plant and equipment, net of accumulated depreciation and amortization 1,209 Assets of businesses held for sale $ 17,008 Liabilities: Accounts payable-trade $ 3,011 Accrued expenses and other payables 2,265 Liabilities of businesses held for sale $ 5,276 Discontinued Operations Despite focused efforts and substantial progress to stabilize and improve the results of the Australian distribution business, the Company determined that achieving acceptable financial returns would take additional time and investment. During the first quarter of fiscal 2015, the Company decided to exit and sell its steel distribution business in Australia and determined that the decision to exit this business met the definition of a discontinued operation. As a result, this business has been presented as a discontinued operation for all periods presented. The Australian steel distribution business was previously included in the International Marketing and Distribution reporting segment. During the fourth quarter of fiscal 2013, the Company decided to sell all of the capital stock of its wholly owned copper tube manufacturing operation, Howell Metal Company ("Howell"). The Company determined that the decision to sell this business met the definition of a discontinued operation. As a result, the Company included Howell in discontinued operations for all periods presented. Howell was previously included in the Americas Mills reporting segment. Financial information for discontinued operations was as follows: Year Ended August 31, (in thousands) 2016 2015 2014 Net sales $ 41,414 $ 173,065 $ 266,819 Loss before income taxes (17,949 ) (20,124 ) (2,650 ) Dispositions During the fourth quarter of fiscal 2015, the Company completed the sale of six locations that were a part of the Australian steel distribution business for proceeds of $26.4 million , subject to customary purchase price adjustments. The Company recognized an $8.1 million pre-tax gain on the sale, which included a currency translation gain of $10.1 million . Additionally, all operations ceased at three other locations that were part of the Australian steel distribution business. In the fourth quarter of fiscal 2016, the Company completed the sale of the one remaining Australian steel distribution location, excluding accounts receivable, for proceeds of $4.4 million , resulting in an immaterial impact to earnings from discontinued operations for fiscal year 2016. The results of the sales and the activity related to the Australian steel distribution business were included in discontinued operations in the consolidated statement of earnings for all periods presented. During the first quarter of fiscal 2014, the Company completed the sale of all of the outstanding capital stock of Howell for $58.5 million , resulting in a pre-tax gain of $6.3 million , which was included in discontinued operations in the consolidated statement of earnings for the year ended August 31, 2014. A portion of the proceeds totaling $3.2 million was placed in escrow and subsequently released to the Company in the second quarter of fiscal 2016. The Company disposed of the remaining assets held for sale of $1.1 million during the fourth quarter of fiscal 2014 with an immaterial impact to the consolidated statement of earnings.

CREDIT ARRANGEMENTS

CREDIT ARRANGEMENTS	12 Months Ended
	Aug. 31, 2016
Debt Disclosure [Abstract]
CREDIT ARRANGEMENTS	NOTE 11. CREDIT ARRANGEMENTS On June 26, 2014 , the Company entered into a fourth amended and restated credit agreement (the "Credit Agreement") with a revolving credit facility of $350.0 million and a maturity date of June 26, 2019 . The maximum availability under the Credit Agreement can be increased to $500.0 million with bank approval. The Company's obligation under the Credit Agreement is collateralized by its U.S. inventory. The Credit Agreement's capacity includes $50.0 million for the issuance of stand-by letters of credit and was reduced by outstanding stand-by letters of credit which totaled $3.0 million and $23.4 million at August 31, 2016 and 2015 , respectively. Under the Credit Agreement, the Company is required to comply with certain financial and non-financial covenants, including covenants to maintain: (i) an interest coverage ratio (consolidated EBITDA to consolidated interest expense, as each is defined in the Credit Agreement) of not less than 2.50 to 1.00 and (ii) a debt to capitalization ratio (consolidated funded debt to total capitalization, as each is defined in the Credit Agreement) that does not exceed 0.60 to 1.00 . In addition, beginning on the date three months prior to each maturity date of the Company's 2017 Notes and 2018 Notes, each as defined below, and each day thereafter that the 2017 Notes and the 2018 Notes are outstanding, the Company will be required to maintain liquidity of at least $150 million in excess of each of the outstanding aggregate principal amounts of the 2017 Notes and 2018 Notes. Loans under the Credit Agreement bear interest based on the Eurocurrency rate, a base rate, or the LIBOR rate. At August 31, 2016 , the Company's interest coverage ratio was 5.00 to 1.00 and the Company's debt to capitalization ratio was 0.44 to 1.00 . The Company had no amounts drawn under its revolving credit facilities at August 31, 2016 and 2015 . In May 2013 , the Company issued $330.0 million of 4.875% Senior Notes due May 2023 (the "2023 Notes"). Interest on these notes is payable semiannually. In August 2008 , the Company issued $500.0 million of 7.35% senior unsecured notes due August 2018 (the "2018 Notes"). During the third quarter of fiscal 2010, the Company entered into hedging transactions which reduced the Company's effective interest rate on these notes to 6.40% per annum. Interest on these notes is payable semiannually. In February 2016, the Company accepted for purchase approximately $100.2 million of the outstanding principal amount of its 2018 Notes through a cash tender offer. The Company recognized expenses of approximately $6.1 million related to the early extinguishment of this debt, which are included in loss on debt extinguishment in the consolidated statements of earnings for the year ended August 31, 2016 . In July 2007 , the Company issued $400.0 million of 6.50% senior unsecured notes due July 2017 (the "2017 Notes"). During the third quarter of fiscal 2011, the Company entered into hedging transactions which reduced the Company's effective interest rate on these notes to 5.74% per annum. Interest on these notes is payable semiannually. In February 2016, the Company accepted for purchase $100.0 million of the outstanding principal amount of its 2017 Notes though a cash tender offer. The Company recognized expenses of approximately $5.4 million related to the early extinguishment of this debt, which are included in loss on debt extinguishment in the consolidated statements of earnings for the year ended August 31, 2016 . During fiscal 2012, the Company terminated its existing interest rate swap transactions and received cash proceeds of approximately $52.7 million , net of customary finance charges. The resulting gain was deferred and is being amortized as a reduction to interest expense over the remaining term of the respective debt tranches. At August 31, 2016 and 2015 , the unamortized portion was $11.6 million and $19.2 million , respectively. Amortization of the deferred gain was $7.6 million for each of the years ended August 31, 2016 , 2015 and 2014 . The Company has uncommitted credit facilities available from U.S. and international banks. In general, these credit facilities are used to support trade letters of credit (including accounts payable settled under bankers' acceptances as described in Note 2, Summary of Significant Accounting Policies), foreign exchange transactions and short-term advances which are priced at market rates. Long-term debt, including the deferred gain from the termination of the interest rate swaps, was as follows: Weighted Average August 31, (in thousands) 2016 2015 2023 Notes 4.875% $ 330,000 $ 330,000 2018 Notes 6.40% 408,874 513,680 2017 Notes 5.74% 302,601 405,573 Other, including equipment notes 34,166 38,739 Total debt 1,075,641 1,287,992 Less debt issuance costs 4,224 5,637 Total Amounts Outstanding 1,071,417 1,282,355 Less current maturities 313,469 10,110 Long-Term Debt $ 757,948 $ 1,272,245 Interest on these notes is payable semiannually. At August 31, 2016 and 2015 , CMC Poland Sp. z.o.o. ("CMCP") had uncommitted credit facilities with several banks of PLN 175.0 million ( $44.8 million ) and PLN 215.0 million ( $56.9 million ), respectively. As of August 31, 2016, the uncommitted credit facilities have expiration dates ranging from November 2016 to March 2017, which CMCP intends to renew upon expiration. At August 31, 2016 , no amounts were outstanding under these facilities. During fiscal 2016 , CMCP had no borrowings or repayments under its uncommitted credit facilities. During fiscal 2015 , CMCP had total borrowings of $49.6 million and total repayments of $49.6 million under its uncommitted credit facilities. The scheduled maturities of the Company's long-term debt are as follows: Year Ending August 31, (in thousands) 2017 $ 311,094 2018 410,416 2019 8,297 2020 3,478 2021 527 Thereafter 330,172 Total excluding deferred gain of interest rate swaps 1,063,984 Deferred gain of interest rate swaps 11,657 Less debt issuance costs 4,224 Total long-term debt including current maturities $ 1,071,417 The Company capitalized $3.6 million of interest in the cost of property, plant and equipment during fiscal year 2016 , and immaterial amounts during fiscal years 2015 and 2014 . Cash paid for interest for the years ended August 31, 2016 , 2015 and 2014 was $74.7 million , $86.7 million and $85.6 million , respectively.

NEW MARKETS TAX CREDIT TRANSACT

NEW MARKETS TAX CREDIT TRANSACTIONS	12 Months Ended
	Aug. 31, 2016
Income Tax Disclosure [Abstract]
New Markets Tax Credit Transactions	NOTE 12. NEW MARKETS TAX CREDIT TRANSACTIONS In the second quarter of fiscal 2016, the Company entered into a financing transaction with U.S. Bancorp Community Development Corporation, a Minnesota corporation ("USBCDC"), related to the development, construction and equipping of a steel micro-mill in Durant, Oklahoma. To effect the transaction, USBCDC made a capital contribution to USBCDC Investment Fund 156, LLC, a Missouri limited liability company (the "Investment Fund"). Additionally, Commonwealth Acquisitions Holdings, Inc., a wholly owned subsidiary of CMC ("Commonwealth"), made a loan to the Investment Fund. The transaction qualified under the NMTC Program provided for in the Act. The NMTC Program is intended to induce capital investment in qualified low-income communities. The Act permits taxpayers to claim credits against federal income taxes for up to 39% of qualified investments in certain CDEs. CDEs are privately managed entities that are certified to make qualified low-income community investments to qualified projects. Commonwealth loaned $35.3 million to the Investment Fund at an interest rate of approximately 1.08% per year and with a maturity date of December 24, 2045 (the "Commonwealth Loan"). The Investment Fund also received capital contributions from USBCDC in the aggregate amount of $17.7 million (the "USBCDC Equity"). The Investment Fund used $51.5 million of the proceeds received from the Commonwealth Loan and the USBCDC Equity to make qualified equity investments ("QEIs") into certain CDEs, which, in turn, used $50.7 million of the QEIs to make loans to CMC Steel Oklahoma, LLC, a wholly owned subsidiary of CMC, with terms similar to the Commonwealth Loan and as partial financing for the construction, development and equipping of a new steel micro-mill in Durant, Oklahoma. The proceeds of the loans from the CDEs were recorded as restricted cash and included in other current assets in the accompanying consolidated balance sheet. During fiscal year 2016, the Company spent $27.2 million for qualified construction, development, and equipping activities for the micro-mill. The balance remaining in restricted cash was $21.7 million at August 31, 2016. By virtue of its capital contribution to the Investment Fund, USBCDC is entitled to substantially all of the benefits derived from the new markets tax credits ("NMTCs"). This transaction includes a put/call provision whereby the Company may be obligated or entitled to repurchase USBCDC's interest in the Investment Fund. The Company believes USBCDC will exercise the put option in December 2022 at the end of the recapture period. The value attributed to the put/call is de minimis. The NMTC is subject to 100% recapture for a period of seven years as provided in the Internal Revenue Code. The Company is required to be in compliance with various regulations and contractual provisions that apply to the NMTC Program. Non-compliance with applicable requirements could result in projected tax benefits not being realized and, therefore, could require the Company to indemnify USBCDC for any loss or recapture of NMTCs related to the financing until such time as the Company's obligation to deliver tax benefits is relieved. The Company does not anticipate any credit recaptures will be required in connection with this arrangement. The Company has determined that the Investment Fund is a VIE, of which the Company is the primary beneficiary and has consolidated it in accordance with the accounting standard for consolidation. USBCDC's contribution is included in other long-term liabilities in the accompanying consolidated balance sheet. Direct costs incurred in structuring the financing arrangement are deferred and will be recognized as expense over the seven year recapture period. Incremental costs to maintain the structure during the compliance period are recognized as incurred.

DERIVATIVES AND RISK MANAGEMENT

DERIVATIVES AND RISK MANAGEMENT	12 Months Ended
	Aug. 31, 2016
Derivative Instruments and Hedging Activities Disclosure [Abstract]
DERIVATIVES AND RISK MANAGEMENT	NOTE 13. DERIVATIVES AND RISK MANAGEMENT The Company's global operations and product lines expose it to risks from fluctuations in metal commodity prices, foreign currency exchange rates, natural gas prices and interest rates. One objective of the Company's risk management program is to mitigate these risks using derivative instruments. The Company enters into (i) metal commodity futures and forward contracts to mitigate the risk of unanticipated changes in gross margin due to the volatility of the commodities' prices, (ii) foreign currency forward contracts that match the expected settlements for purchases and sales denominated in foreign currencies and (iii) natural gas forward contracts to mitigate the risk of unanticipated changes in operating cost due to the volatility of natural gas prices. When sales commitments to customers include a fixed price freight component, the Company occasionally enters into freight forward contracts to reduce the effects of the volatility of ocean freight rates. At August 31, 2016 , the notional values of the Company's foreign currency contract commitments and its commodity contract commitments were $258.3 million and $19.8 million , respectively. At August 31, 2015 , the notional values of the Company's foreign currency contract commitments and its commodity contract commitments were $390.8 million and $37.7 million , respectively. The Company designates only those contracts which closely match the terms of the underlying transaction as hedges for accounting purposes. These hedges resulted in substantially no ineffectiveness in the Company's consolidated statements of earnings, and there were no components excluded from the assessment of hedge effectiveness for the years ended August 31, 2016 and 2015 . Certain foreign currency and commodity contracts were not designated as hedges for accounting purposes, although management believes they are essential economic hedges. The following tables summarize activities related to the Company's derivative instruments and hedged items recognized in the consolidated statements of earnings: Year Ended August 31, Derivatives Not Designated as Hedging Instruments (in thousands) Location 2016 2015 2014 Commodity Cost of goods sold $ 2,675 $ 7,746 $ 2,504 Foreign exchange Net sales (4 ) 3,016 473 Foreign exchange Cost of goods sold 19 4,996 (1,078 ) Foreign exchange SG&A expenses 11,732 23,105 (4,135 ) Gain (loss) before income taxes $ 14,422 $ 38,863 $ (2,236 ) The Company's fair value hedges are designated for accounting purposes with the gains or losses on the hedged items offsetting the gains or losses on the related derivative transactions. Hedged items relate to firm commitments on commercial sales and purchases and capital expenditures. Derivatives Designated as Fair Value Year Ended August 31, Location 2016 2015 2014 Foreign exchange Net sales $ (39 ) $ (105 ) $ 93 Foreign exchange Cost of goods sold (1,072 ) 881 (1,465 ) Gain (loss) before income taxes $ (1,111 ) $ 776 $ (1,372 ) Hedged Items for Derivatives Designated as Fair Value Year Ended August 31, Location 2016 2015 2014 Foreign exchange Net sales $ 39 $ 105 $ (91 ) Foreign exchange Cost of goods sold 1,072 (881 ) 1,469 Gain (loss) before income taxes $ 1,111 $ (776 ) $ 1,378 Effective Portion of Derivatives Designated as Cash Flow Hedging Instruments Recognized in Accumulated Other Comprehensive Income (Loss) (in thousands) August 31, 2016 2015 2014 Commodity $ (204 ) $ (635 ) $ (54 ) Foreign exchange 1,822 (1,832 ) (1,794 ) Gain (loss), net of income taxes $ 1,618 $ (2,467 ) $ (1,848 ) Effective Portion of Derivatives Designated as Cash Flow Year Ended August 31 , Location 2016 2015 2014 Commodity Cost of goods sold $ (493 ) $ (665 ) $ (160 ) Foreign exchange Net sales (380 ) 124 (213 ) Foreign exchange Cost of goods sold 2,283 (2,774 ) (1,717 ) Foreign exchange SG&A expenses 291 76 53 Interest rate Interest expense 532 532 532 Gain (loss) before income taxes 2,233 (2,707 ) (1,505 ) Income tax (expense) benefit Income taxes (496 ) 949 237 Gain (loss), net of income taxes $ 1,737 $ (1,758 ) $ (1,268 ) The Company enters into derivative agreements that include provisions to allow the set-off of certain amounts. Derivative instruments are presented on a gross basis on the Company's consolidated balance sheets. The asset and liability balances in the tables below reflect the gross amounts of derivative instruments at August 31, 2016 and 2015 . The fair value of the Company's derivative instruments on the consolidated balance sheets was as follows: Derivative Assets (in thousands) August 31, 2016 2015 Commodity — designated for hedge accounting $ 4 $ 19 Commodity — not designated for hedge accounting 584 846 Foreign exchange — designated for hedge accounting 1,398 1,500 Foreign exchange — not designated for hedge accounting 750 3,088 Derivative assets (other current assets)* $ 2,736 $ 5,453 Derivative Liabilities (in thousands) August 31, 2016 2015 Commodity — designated for hedge accounting $ 5 $ 129 Commodity — not designated for hedge accounting 117 537 Foreign exchange — designated for hedge accounting 902 874 Foreign exchange — not designated for hedge accounting 1,161 1,263 Derivative liabilities (accrued expenses and other payables)* $ 2,185 $ 2,803 _________________________ * Derivative assets and liabilities do not include the hedged items designated as fair value hedges. As of August 31, 2016 and 2015 , substantially all of the Company's derivative instruments designated to hedge exposure to the variability in future cash flows of the forecasted transactions will mature within twelve months. All of the instruments are highly liquid and were not entered into for trading purposes.

FAIR VALUE

FAIR VALUE	12 Months Ended
	Aug. 31, 2016
Fair Value Disclosures [Abstract]
FAIR VALUE	NOTE 14. FAIR VALUE The Company has established a fair value hierarchy which prioritizes the inputs to the valuation techniques used to measure fair value into three levels. These levels are determined based on the lowest level input that is significant to the fair value measurement. Levels within the hierarchy are defined as follows: Level 1 - Unadjusted quoted prices in active markets for identical assets and liabilities; Level 2 - Quoted prices for similar assets and liabilities in active markets (other than those included in Level 1) which are observable, either directly or indirectly; and Level 3 - Valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable. The following tables summarize information regarding the Company's financial assets and financial liabilities that were measured at fair value on a recurring basis: Fair Value Measurements at Reporting Date Using (in thousands) August 31, 2016 Quoted Prices in Significant Other Significant Assets: Money market investments (1) $ 278,759 $ 278,759 $ — $ — Commodity derivative assets (2) 588 584 4 — Foreign exchange derivative assets (2) 2,148 — 2,148 — Liabilities: Commodity derivative liabilities (2) 122 117 5 — Foreign exchange derivative liabilities (2) 2,063 — 2,063 — Fair Value Measurements at Reporting Date Using (in thousands) August 31, 2015 Quoted Prices in Significant Other Significant Assets: Money market investments (1) $ 271,840 $ 271,840 $ — $ — Commodity derivative assets (2) 865 846 19 — Foreign exchange derivative assets (2) 4,588 — 4,588 — Liabilities: Commodity derivative liabilities (2) 666 537 129 — Foreign exchange derivative liabilities (2) 2,137 — 2,137 — _________________ (1) Money market investments are short-term in nature, and the value is determined by broker quoted prices in active markets. The investment portfolio mix can change each period based on the Company's assessment of investment options. (2) Derivative assets and liabilities classified as Level 1 are commodity futures contracts valued based on quoted market prices in the London Metal Exchange or the New York Mercantile Exchange. Amounts in Level 2 are based on broker quotes in the over-the-counter market. Further discussion regarding the Company's use of derivative instruments and the classification of the assets and liabilities is included in Note 13, Derivatives and Risk Management. On June 10, 2016, the Company, through its wholly owned Australian subsidiary, G.A.M. Steel Pty. Ltd., signed a definitive asset sale agreement to sell its remaining steel distribution assets located in Australia. During the third quarter of fiscal 2016, the Company recorded an impairment charge of $15.8 million , including the impact of an approximate $13.5 million accumulated foreign currency translation loss, on this remaining component of the Australian steel distribution business that was classified as held for sale at May 31, 2016. The signed definitive asset sale agreement (Level 3) was the basis for the determination of fair value of this component. This impairment charge was recorded in loss from discontinued operations during the year ended August 31, 2016 . In the fourth quarter of fiscal 2016, the Company prepared an impairment analysis on long-lived asset groups within the Americas Recycling segment and determined the carrying value of certain fixed assets exceeded their fair value as determined using market and income approaches. Determining the fair value is judgmental in nature and requires the use of significant estimates and assumptions, considered to be level 3 inputs, including projected cash flows over the estimated projection period and the discount rate. The resulting $38.9 million non-recurring impairment charges were recorded within the Americas Recycling segment. See Note 8, Long-Lived Asset Impairment and Facility Closure Costs, for additional information. After consideration of the non-recurring impairment charges, the fair value of the Americas Recycling segment's fixed assets was $82.8 million at August 31, 2016. There were no other material non-recurring fair value remeasurements during fiscal years ended August 31, 2016 and 2015 . The carrying values of the Company's short-term items, including the deferred purchase price of accounts receivable, documentary letters of credit and notes payable, approximate fair value due to their short term nature. The carrying values and estimated fair values of the Company's financial assets and liabilities that are not required to be measured at fair value on the consolidated balance sheets are as follows: August 31, 2016 August 31, 2015 (in thousands) Fair Value Hierarchy Carrying Value Fair Value Carrying Value Fair Value 2023 Notes (1) Level 2 $ 330,000 $ 332,010 $ 330,000 $ 300,630 2018 Notes (1) Level 2 408,874 432,303 513,680 530,000 2017 Notes (1) Level 2 302,601 311,250 405,573 419,400 _________________ (1) The fair value of the notes is determined based on indicated market values.

INCOME TAX

INCOME TAX	12 Months Ended
	Aug. 31, 2016
Income Tax Disclosure [Abstract]
INCOME TAX	NOTE 15. INCOME TAX The components of earnings from continuing operations before income taxes are as follows: Year Ended August 31, (in thousands) 2016 2015 2014 United States $ 49,279 $ 118,455 $ 122,024 Foreign 35,911 27,520 42,933 Total $ 85,190 $ 145,975 $ 164,957 The income taxes (benefit) included in the consolidated statements of earnings are as follows: Year Ended August 31, (in thousands) 2016 2015 2014 Current: United States $ 5,224 $ 53,258 $ 11,799 Foreign 6,991 3,329 2,965 State and local 4,130 2,830 4,157 Current taxes $ 16,345 $ 59,417 $ 18,921 Deferred: United States $ (4,423 ) $ (14,219 ) $ 29,184 Foreign 254 722 4,457 State and local 303 488 (3,499 ) Deferred taxes $ (3,866 ) $ (13,009 ) $ 30,142 Total income taxes on income $ 12,479 $ 46,408 $ 49,063 Income taxes (benefit) on discontinued operations (168 ) (436 ) 1,712 Income taxes on continuing operations $ 12,647 $ 46,844 $ 47,351 A reconciliation of the federal statutory rate to the Company's effective income tax rate from continuing operations is as follows: Year Ended August 31, (in thousands) 2016 2015 2014 Income tax expense at statutory rate of 35% $ 29,818 $ 51,091 $ 57,735 State and local taxes 2,095 2,152 116 Section 199 manufacturing deduction (4,694 ) (4,017 ) (1,199 ) Foreign rate differential (2,015 ) (2,404 ) (6,290 ) Foreign tax impairment on valuation of subsidiaries (60,204 ) — — Change in valuation allowance 70,784 12,305 19,978 Deferred compensation (1,375 ) 772 (4,164 ) Nontaxable foreign interest (16,063 ) (16,712 ) (16,506 ) Audit settlement (10,264 ) — — Other 4,565 3,657 (2,319 ) Income tax expense on continuing operations $ 12,647 $ 46,844 $ 47,351 Effective income tax rates from continuing operations 14.8 % 32.1 % 28.7 % The Company's effective income tax rates from discontinued operations for the years ended August 31, 2016 , 2015 and 2014 were 0.9% , 2.2% and (64.6)% , respectively. The Company's effective income tax rate from continuing operations was 14.8% for the year ended August 31, 2016 , compared to the statutory rate of 35% . Several factors influence the effective tax rate. Items that benefited the effective tax rate include: (i) net favorable adjustments resulting from the settlement of an audit, including the release of certain unrecognized tax benefits for which the accruals were greater than the amount assessed, (ii) benefit for domestic production activity income pursuant to Section 199 of the Internal Revenue Code (“Section 199”), (iii) a non-taxable gain on assets related to our non-qualified Benefits Restoration Plan (“BRP”), and (iv) the proportion of our global income from operations in jurisdictions with lower statutory tax rates than the U.S., including Poland, which has a statutory income tax rate of 19% . Items negatively impacting the effective tax rate include: (a) U.S. state and local taxes imposed on the release of unrecognized tax benefits, and (b) losses from operations in certain jurisdictions where the Company maintains a valuation allowance, thus providing no benefit for such losses. For the year ended August 31, 2015 , the effective income tax rate from continuing operations was 32.1% compared to the statutory rate of 35% . Items that benefited the effective tax rate include: (i) income from operations in jurisdictions with lower statutory tax rates than the U.S., including Poland, and (ii) benefit for domestic production activity under Section 199. Items that had a negative impact on the effective tax rate include: (a) U.S. state and local taxes imposed on income from domestic operations, (b) losses from operations in certain jurisdictions where the Company maintains a valuation allowance, thus providing no benefit for such losses, and (c) a non-deductible loss on BRP assets. For the year ended August 31, 2014 , the effective income tax rate from continuing operations was 28.7% . It was lower than the statutory income tax rate of 35% because the Company earned a higher proportion of its global income from operations in countries which have lower income tax rates than the U.S., notably Poland. Additionally, the Company realized a benefit under Section 199 for domestic production activity, and had a non-taxable gain on BRP assets. The Company made net payments of $50.2 million , $61.0 million and $11.8 million for income taxes for the years ended August 31, 2016 , 2015 and 2014 , respectively. The income tax effects of significant temporary differences giving rise to deferred tax assets and liabilities are as follows: August 31, (in thousands) 2016 2015 Deferred tax assets: Deferred compensation and employee benefits $ 45,496 $ 48,309 Net operating losses and credits 154,606 78,838 Reserves and other accrued expenses 18,831 21,381 Allowance for doubtful accounts 2,438 3,334 Intangibles 6,214 8,084 Other 768 9,562 Total deferred tax assets 228,353 169,508 Valuation allowance for deferred tax assets (153,011 ) (79,965 ) Deferred tax assets, net $ 75,342 $ 89,543 Deferred tax liabilities: Fixed assets $ 96,100 $ 102,143 Inventory 30,822 40,859 Other 2,799 3,981 Total deferred tax liabilities $ 129,721 $ 146,983 Net deferred tax liabilities $ (54,379 ) $ (57,440 ) Net operating losses giving rise to deferred tax assets consist of $324.0 million of state net operating losses that expire during the tax years ending from 2017 to 2036 and foreign net operating losses of $461.0 million that expire in varying amounts beginning in 2018 (with certain amounts having indefinite lives). These assets will be reduced as income tax expense is recognized in future periods. The Company maintains a valuation allowance to reduce certain deferred tax assets to amounts that are more likely than not to be realized. During the year ended August 31, 2016 , the Company recorded a valuation allowance of $73.0 million related to net operating loss carryforwards in certain state and foreign jurisdictions due to the uncertainty of their realization. Such valuation allowance is largely attributed to a loss generated by a foreign tax impairment charge on valuation of subsidiaries. During the year ended August 31, 2015 , the Company recorded a valuation allowance in the amount of $10.2 million related to net operating loss carryforwards in certain state and foreign jurisdictions due to the uncertainty of their realization. In general, it is the practice and intention of the Company to reinvest the earnings of its non-U.S. subsidiaries in those operations. As of August 31, 2016 , the Company had not made a provision for U.S. or additional foreign withholding taxes on approximately $537.0 million of undistributed earnings and profits associated with the excess of the amount for financial reporting over the income tax basis of investments in foreign subsidiaries that is indefinitely reinvested. Generally, such amounts become subject to U.S. taxation upon the remittance of dividends and under certain other circumstances. It is not practicable to estimate the amount of deferred tax liability related to investments in these foreign subsidiaries. The unrecognized income tax benefits as of August 31, 2016 were $9.5 million , all of which, if recognized, would have impacted the Company's effective income tax rate at the end of fiscal 2016 . The unrecognized income tax benefits as of both August 31, 2015 and 2014 were $27.3 million , of which $12.0 million , if recognized, would have impacted the Company's effective tax rate for the end of both fiscal 2015 and 2014 . A reconciliation of the beginning and ending amounts of unrecognized income tax benefits is as follows: August 31, (in thousands) 2016 2015 2014 Balance at September 1 $ 27,349 $ 27,349 $ 28,551 Change in tax positions of current year — — — Change for tax positions of prior years — — (1,202 ) Reductions due to settlements with taxing authorities (17,827 ) — — Balance at August 31 $ 9,522 $ 27,349 $ 27,349 The Company's policy classifies interest recognized on an underpayment of income taxes and any statutory penalties recognized on a tax position as income tax expense, and the balances at the end of a reporting period are recorded as part of the current or noncurrent liability for uncertain income tax positions. At August 31, 2016 and 2015 , the Company had accrued interest and penalties related to uncertain tax positions of $1.0 million and $4.2 million , respectively. During the twelve months ending August 31, 2017 , we do not currently anticipate that the statute of limitations pertaining to positions of the Company in prior year income tax returns may lapse or that income tax audits in various taxing jurisdictions will be finalized. As a result, we do not anticipate any changes in the total amount of unrecognized income tax benefits nor any reduction to the provision for income taxes related to such. The Company files income tax returns in the U.S. and multiple foreign jurisdictions with varying statutes of limitations. In the normal course of business, the Company and its subsidiaries are subject to examination by various taxing authorities. The following is a summary of tax years subject to examination: U.S. Federal — 2009 and forward U.S. States — 2009 and forward Foreign — 2010 and forward The Company recently completed an IRS exam for the years 2009 through 2011 and received confirmation from the United States Congress Joint Committee on Taxation that all matters were settled with the exception of R&D credits, which are still under review. In addition, the Company is under examination with certain state revenue authorities for the years 2009 to 2015. Management believes the Company's recorded income tax liabilities as of August 31, 2016 sufficiently reflect the anticipated outcome of these examinations.

STOCK-BASED COMPENSATION PLANS

STOCK-BASED COMPENSATION PLANS	12 Months Ended
	Aug. 31, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
STOCK-BASED COMPENSATION PLANS	NOTE 16. STOCK-BASED COMPENSATION PLANS The Company's stock-based compensation plans provide for the issuance of incentive and non-qualified stock options, restricted stock and units, stock appreciation rights and performance-based awards. The Compensation Committee of CMC's Board of Directors (the "Compensation Committee") approves all awards that are granted under the Company's stock-based compensation plans. Stock-based compensation expense for the years ended August 31, 2016 , 2015 and 2014 of $26.4 million , $23.5 million and $18.1 million , respectively, is mainly included in selling, general and administrative expenses on the Company's consolidated statements of earnings. As of August 31, 2016 , total unrecognized compensation cost related to unvested stock-based compensation arrangements was $22.4 million , which is expected to be recognized over a weighted-average period of three years, except for certain restricted stock units granted during fiscal 2014, which will vest over a weighted-average period of four years. The following table summarizes the total awards granted: Restricted Stock Performance 2016 Grants 1,137,000 540,295 2015 Grants 987,574 462,496 2014 Grants 1,191,544 450,233 As of August 31, 2016 , CMC had 9,394,846 shares available for future grants. Restricted Stock Units Restricted stock units issued under the Company's stock-based compensation plans provide that units awarded may not be sold, transferred, pledged or assigned until service-based restrictions have lapsed. The restricted stock units granted to U.S. employees generally vest and are converted to CMC common stock in three equal installments on each of the first three anniversaries of the date of grant. The restricted stock units granted to non-U.S. employees generally vest and are settled in cash in three equal installments on each of the first three anniversaries of the date of grant. Generally, upon termination of employment, restricted stock units that have not vested are forfeited. Upon death, disability or qualifying retirement, a pro-rata portion of the unvested restricted stock awarded will vest and become payable. Certain restricted stock units granted during fiscal 2014 will vest and either convert to CMC common stock or settle in cash after a specified service period; 25% vest two years from the date of grant; 25% vest three years from the date of grant; and the remaining 50% vest four years from the date of grant. The estimated fair value of the stock-settled restricted stock units is based on the closing price of CMC common stock on the date of grant, discounted for the expected dividend yield through the vesting period. Compensation cost related to the stock-settled restricted stock units is recognized ratably over the service period and is included in equity on the Company's consolidated balance sheets. The fair value of the cash-settled restricted stock units is remeasured each reporting period and is recognized ratably over the service period. The liability related to the cash-settled restricted stock units is included in accrued expenses and other payables on the Company's consolidated balance sheets. Performance Stock Units Performance stock units issued under the Company's stock-based compensation plans provide that units awarded may not be sold, transferred, pledged or assigned until service-based restrictions have lapsed and any performance objectives have been attained as established by the Compensation Committee. Recipients of these awards generally must be actively employed by and providing services to the Company on the last day of the performance period in order to receive an award payout. Upon death, disability or qualifying retirement, a pro-rata portion of the performance stock units will vest and become payable at the end of the performance period. Compensation cost for performance stock units is accrued based on the probable outcome of specified performance conditions, net of estimated forfeitures. The Company accrues compensation cost if it is probable that the performance conditions will be met. The Company reassesses the probability of meeting the specified performance conditions at the end of each reporting period and adjusts compensation cost, as necessary, based on the probability of achieving the performance conditions. If the performance conditions are not met at the end of the performance period, the Company reverses the related compensation cost. Performance targets established by the Compensation Committee for performance stock units awarded in fiscal years 2016 , 2015 and 2014 are weighted 75% based on the Company's cumulative EBITDA targets and positive return on invested capital for the fiscal year in which the awards were granted and the succeeding two fiscal years, as approved by CMC's Board of Directors in the respective year's business plan, and 25% based on a three year relative total stockholder return metric. Performance stock units awarded to U.S. participants will be settled in CMC common stock. Award payouts range from a threshold of 50% to a maximum of 200% for each portion of the target awards. The performance stock units awarded in fiscal years 2016 and 2015 associated with the cumulative EBITDA targets have been classified as liability awards since the final EBITDA target will not be set until the third year of the performance period. Consequently, these awards are included in accrued expenses and other payables on the Company's consolidated balance sheets. The fair value of these performance stock units is remeasured each reporting period and is recognized ratably over the service period. The performance stock units awarded in fiscal 2014 , as well as the performance stock units associated with the total stockholder return metric were valued at fair value on the date of grant using the Monte Carlo pricing model and are included in equity on the Company's consolidated balance sheets. Performance stock units awarded to non-U.S. participants in fiscal 2016 , 2015 and 2014 will be settled in cash. The fair value of the performance stock units is remeasured each reporting period and is recognized ratably over the service period. The liability related to these awards is included in accrued expenses and other payables on the Company's consolidated balance sheets. In fiscal 2014, the Company reassessed the probability of achieving the specified performance conditions related to performance stock units awarded in fiscal 2012 and determined the Company did not meet the EBITDA and return on net assets targets at the end of the service period. As a result, the compensation cost previously recognized for these performance stock units was reversed in fiscal 2014. Information for restricted stock units and performance stock units, excluding the cash component, is as follows: Number Weighted Average Outstanding as of September 1, 2013 1,907,418 $ 13.57 Granted 1,275,355 16.89 Vested (737,870 ) 13.55 Forfeited (364,323 ) 14.94 Outstanding as of August 31, 2014 2,080,580 15.37 Granted 1,468,696 15.79 Vested (712,279 ) 14.33 Forfeited (103,663 ) 15.51 Outstanding as of August 31, 2015 2,733,334 15.86 Granted 1,612,772 15.83 Vested (1,471,436 ) 14.47 Forfeited (174,440 ) 17.60 Outstanding as of August 31, 2016 2,700,230 $ 16.49 The total fair value of shares vested during fiscal years 2016 , 2015 and 2014 was $21.3 million , $10.2 million and $10.0 million , respectively. The Company granted 464,782 and 392,517 equivalent shares of restricted stock units and performance stock units accounted for as liability awards during the years ended August 31, 2016 and 2015 , respectively. As of August 31, 2016 , the Company had 871,182 equivalent shares of awards outstanding and expects 829,343 equivalent shares to vest. Stock Appreciation Rights and Stock Options Stock appreciation rights and stock options are awarded to certain employees with an exercise price equal to the market value of CMC common stock on the date of grant. No stock appreciation rights or stock options were granted during the years ended August 31, 2016 , 2015 , and 2014 . Combined activity for the Company's stock appreciation rights and stock options, excluding the cash component, is as follows: Number Weighted Weighted Aggregate Intrinsic Value Outstanding as of September 1, 2013 2,653,430 $ 24.07 Exercised (223,473 ) 11.84 Forfeited/Expired (992,926 ) 32.93 Outstanding as of August 31, 2014 1,437,031 $ 19.85 2.7 $ 4,384,668 Exercised (142,604 ) 11.80 Forfeited/Expired (452,210 ) 35.10 Outstanding as of August 31, 2015 842,217 $ 13.04 2.7 $ 2,243,765 Exercised (418,378 ) 12.10 Forfeited/Expired (64,845 ) 11.60 Outstanding as of August 31, 2016 358,994 $ 14.39 1.7 $ 405,864 Exercisable at August 31, 2016 358,994 $ 14.39 1.7 $ 405,864 Remaining unvested stock appreciation rights and stock options expected to vest — $ — The total intrinsic value of stock appreciation rights and stock options exercised during fiscal years 2016 and 2014 was $2.2 million and $1.7 million , respectively. The total intrinsic value of stock appreciation rights and stock options exercised during fiscal 2015 was not material. Information related to stock appreciation rights and stock options as of August 31, 2016 is summarized below: Stock Appreciation Rights and Stock Options Outstanding Stock Appreciation Rights and Stock Options Exercisable Range of Exercise Prices Number Outstanding Weighted Average Remaining Contractual Life (In Years) Weighted Number Exercisable Weighted Average Remaining Contractual Life (In Years) Weighted $11.60 - 14.12 241,771 1.9 $ 13.21 241,771 1.9 $ 13.21 $16.54 - 16.83 117,223 1.5 $ 16.82 117,223 1.5 $ 16.82 358,994 1.7 $ 14.39 358,994 1.7 $ 14.39 No cash-settled stock appreciation rights were granted during the years ended August 31, 2016 and 2015 . As of August 31, 2016 , the Company had 38,446 equivalent shares of cash-settled stock appreciation rights outstanding and expects 36,524 equivalent shares of cash-settled stock appreciation rights to vest. During the year ended August 31, 2013, the Company awarded 59,399 equivalent shares of stock appreciation rights to non-U.S. employees, which are settled in cash. The fair value of these stock appreciation rights was fully recognized as of August 31, 2016. The liability related to these awards is included in accrued expenses and other payables on the Company's consolidated balance sheets. Stock Purchase Plan Almost all U.S. resident employees with one year of service at the beginning of each calendar year may participate in the Company's employee stock purchase plan. Each eligible employee may purchase up to 400 shares annually. The Board of Directors established the purchase discount of 15% based on market prices on specified dates for the years ended August 31, 2016 , 2015 and 2014 . Yearly activity of the stock purchase plan is as follows: 2016 2015 2014 Shares subscribed 212,370 198,710 228,780 Price per share $ 12.03 $ 13.73 $ 16.97 Shares purchased 156,860 172,170 221,570 Price per share $ 13.71 $ 16.96 $ 12.61 Shares available for future issuance 3,646,714

CAPITAL STOCK

CAPITAL STOCK	12 Months Ended
	Aug. 31, 2016
Stockholders' Equity Note [Abstract]
CAPITAL STOCK	NOTE 17. CAPITAL STOCK Treasury Stock During the first quarter of fiscal 2015, CMC's Board of Directors authorized a new share repurchase program under which the Company may repurchase up to $100.0 million of CMC's outstanding shares of common stock. The share repurchase program does not require us to acquire any dollar amount or number of shares of CMC's common stock and may be modified, suspended, extended or terminated at any time without prior notice. During the years ended August 31, 2016 and 2015 , the Company purchased 2,255,069 and 2,902,218 shares of CMC common stock, respectively, at an average purchase price of $13.57 and $14.40 per share, respectively. The Company had remaining authorization to purchase $ 27.6 million of its common stock at August 31, 2016 . Preferred Stock Preferred stock has a par value of $1.00 per share, with 2,000,000 shares authorized. It may be issued in series, and the shares of each series have such rights and preferences as may be fixed by CMC's Board of Directors when authorizing the issuance of that particular series. There are no shares of preferred stock outstanding.

EMPLOYEES' RETIREMENT PLANS

EMPLOYEES' RETIREMENT PLANS	12 Months Ended
	Aug. 31, 2016
Compensation and Retirement Disclosure [Abstract]
EMPLOYEES' RETIREMENT PLANS	NOTE 18. EMPLOYEES' RETIREMENT PLANS Substantially all employees in the U.S. are covered by a defined contribution retirement plan. This tax qualified plan is maintained and contributions are made in accordance with the Employee Retirement Income Security Act of 1974, as amended ("ERISA"). The Company also provides certain eligible executives benefits pursuant to its BRP Plan equal to amounts that would have been available under the tax qualified ERISA plan, but were subject to the limitations of ERISA, tax laws and regulations. Company expenses for these plans, a portion of which are discretionary, are recorded in both cost of goods sold and selling, general and administrative expenses and totaled $25.0 million , $9.7 million and $19.3 million for the years ended August 31, 2016 , 2015 and 2014 , respectively. The deferred compensation liability under the BRP Plan was $71.0 million and $72.3 million at August 31, 2016 and 2015 , respectively, and is included in other long-term liabilities on the Company's consolidated balance sheets. Though under no obligation to fund the plan, the Company has segregated assets in a trust with a current value of $69.7 million and $66.6 million at August 31, 2016 and 2015 , respectively, and such assets are included in other long-term assets on the Company's consolidated balance sheets. The net holding gain on these segregated assets was $5.4 million for the year ended August 31, 2016 , an immaterial loss for the year ended August 31, 2015 and a gain of $13.3 million for the year ended August 31, 2014 , and is included in net sales in the Company's consolidated statements of earnings. A certain number of employees, primarily outside of the U.S., participate in defined benefit plans that are maintained in accordance with local regulations. The Company's expenses for these plans were $0.6 million , $0.7 million and $2.0 million for the years ended August 31, 2016 , 2015 and 2014 , respectively, and are included in selling, general and administrative expenses in the Company's consolidated statements of earnings. The Company recognizes the unfunded status of the defined benefit plans as a liability with a corresponding reduction to accumulated other comprehensive income, net of income taxes. At August 31, 2016 and 2015 , the Company's liability related to the unfunded status of the defined benefit plans was $1.6 million and $1.5 million , respectively, and is included in other long-term liabilities on the Company's consolidated balance sheets. Because the defined benefit pension plans are not material to the Company's consolidated financial statements, disclosures that would have otherwise been required by GAAP have been omitted.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	12 Months Ended
	Aug. 31, 2016
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	NOTE 19. COMMITMENTS AND CONTINGENCIES Lease Commitments The Company has operating leases relating principally to transportation and other equipment and real estate with varying terms. The majority of our lease agreements include renewal options to extend the agreements as necessary and certain leases include escalation clauses and/or purchase options. These leases do not contain any financial covenants for the Company. Minimum lease commitments payable by the Company for noncancelable operating leases are as follows: Year Ending August 31, (in thousands) 2017 $ 26,065 2018 24,574 2019 19,061 2020 14,932 2021 9,107 Thereafter 13,022 Total $ 106,761 Total rental expense was $40.7 million , $52.8 million and $46.8 million in fiscal years 2016 , 2015 and 2014 , respectively. Purchase Obligations The Company regularly enters into future purchase commitments for materials, supplies, services and fixed assets related to ongoing operations. Approximately 68% of these purchase obligations are for inventory items to be sold in the ordinary course of business. Purchase obligations include all enforceable, legally binding agreements to purchase goods or services that specify all significant terms, regardless of the duration of the agreement. Agreements with variable terms are excluded because we are unable to estimate the minimum amounts. Another significant obligation relates to capital expenditures. We do not expect potential payments under these provisions to materially affect results of operations or financial condition based upon reasonably likely outcomes derived by reference to experience and current business plans. These future purchase commitments are summarized below: Year Ending August 31, (in thousands) 2017 $ 538,763 2018 101,703 2019 48,569 2020 42,014 2021 11,457 Thereafter 7,011 Total $ 749,517 Legal and Environmental Matters In the ordinary course of conducting its business, the Company becomes involved in litigation, administrative proceedings and governmental investigations, including environmental matters. In the third quarter of fiscal 2015, the Company recorded a $45.5 million benefit as a result of a termination of a contract with a customer, which is included in net sales on the Company's consolidated statements of earnings for fiscal 2015. The Company has received notices from the U.S. Environmental Protection Agency ("EPA") or state agencies with similar responsibility that it is considered a potentially responsible party at several sites, none owned by the Company, and may be obligated under the Comprehensive Environmental Response, Compensation, and Liability Act of 1980 ("CERCLA") or similar state statutes to conduct remedial investigations, feasibility studies, remediation and/or removal of alleged releases of hazardous substances or to reimburse the EPA for such activities. The Company is involved in litigation or administrative proceedings with regard to several of these sites in which the Company is contesting, or at the appropriate time may contest, its liability at the sites. In addition, the Company has received information requests with regard to other sites which may be under consideration by the EPA as potential CERCLA sites. Some of these environmental matters or other proceedings may result in fines, penalties or judgments being assessed against the Company. At August 31, 2016 and 2015 , the Company had $0.7 million and $1.0 million , respectively, accrued for cleanup and remediation costs in connection with CERCLA sites. The estimation process is based on currently available information, which is in many cases preliminary and incomplete. Total environmental liabilities, including CERCLA sites, were $3.3 million and $4.3 million as of August 31, 2016 and 2015 , respectively, of which $2.1 million and $2.4 million were classified as other long-term liabilities as of August 31, 2016 and 2015 , respectively. These amounts have not been discounted to their present values. Due to evolving remediation technology, changing regulations, possible third-party contributions, the inherent shortcomings of the estimation process and other factors, amounts accrued could vary significantly from amounts paid. Historically, the amounts the Company has ultimately paid for such remediation activities have not been material. Management believes that adequate provisions have been made in the Company's consolidated financial statements for the potential impact of these contingencies, and that the outcomes of the suits and proceedings described above, and other miscellaneous litigation and proceedings now pending, will not have a material adverse effect on the business, results of operations or financial condition of the Company.

EARNINGS PER SHARE ATTRIBUTABLE

EARNINGS PER SHARE ATTRIBUTABLE TO CMC	12 Months Ended
	Aug. 31, 2016
Earnings Per Share [Abstract]
EARNINGS PER SHARE ATTRIBUTABLE TO CMC	NOTE 20. EARNINGS PER SHARE ATTRIBUTABLE TO CMC The calculations of basic and diluted earnings per share from continuing operations were as follows: August 31, 2016 2015 2014 Earnings from continuing operations $ 72,543 $ 99,131 $ 117,606 Basic earnings per share: Shares outstanding for basic earnings per share 115,211,490 116,527,265 117,496,270 Basic earnings per share from continuing operations attributable to CMC $ 0.63 $ 0.85 $ 1.00 Diluted earnings per share: Shares outstanding for basic earnings per share 115,211,490 116,527,265 117,496,270 Effect of dilutive securities: Stock-based incentive/purchase plans 1,412,336 1,422,633 1,110,836 Shares outstanding for diluted earnings per share 116,623,826 117,949,898 118,607,106 Diluted earnings per share from continuing operations attributable to CMC $ 0.62 $ 0.84 $ 0.99 Anti-dilutive shares not included above 274,251 371,273 679,916 The Company's restricted stock is included in the number of shares of common stock issued and outstanding, but omitted from the basic earnings per share calculation until the shares vest.

ACCRUED EXPENSES AND OTHER PAYA

ACCRUED EXPENSES AND OTHER PAYABLES	12 Months Ended
	Aug. 31, 2016
Payables and Accruals [Abstract]
ACCRUED EXPENSES AND OTHER PAYABLES	NOTE 21. ACCRUED EXPENSES AND OTHER PAYABLES Significant accrued expenses and other payables were as follows: August 31, (in thousands) 2016 2015 Salaries and incentive compensation $ 107,507 $ 97,968 Advance billings on contracts 28,856 30,412 Taxes other than income taxes 26,721 41,433 Insurance 23,550 23,123

BUSINESS SEGMENTS

BUSINESS SEGMENTS	12 Months Ended
	Aug. 31, 2016
Segment Reporting [Abstract]
BUSINESS SEGMENTS	NOTE 22. BUSINESS SEGMENTS The Company's operating segments engage in business activities from which they may earn revenues and incur expenses and for which discrete financial information is available. Operating results for the operating segments are regularly reviewed by the Company's chief operating decision maker to make decisions about resources to be allocated to the segments and to assess performance. The Company's chief operating decision maker is identified as the Chief Executive Officer. Operating segments are aggregated for reporting purposes when the operating segments are identified as similar in accordance with the basic principles and aggregation criteria in the accounting standards. The Company's reporting segments are based primarily on product lines and secondarily on geographic area. The reporting segments have different lines of management responsibility as each business requires different marketing strategies and management expertise. The Company structures its business into the following five reporting segments: Americas Recycling, Americas Mills, Americas Fabrication, International Mill and International Marketing and Distribution. See Note 1, Nature of Operations, for more information about the reporting segments, including the types of products and services from which each reporting segment derives its net sales. Corporate contains earnings on BRP assets and short term investments as well as expenses of the Company's corporate headquarters and interest expense related to its long-term debt. The financial information presented for the International Marketing and Distribution segment excludes the operations of the Australian steel distribution business. This operation has been classified as discontinued operations in the consolidated statements of earnings. See Note 10, Businesses Held for Sale, Discontinued Operations and Dispositions for more information. The Company uses adjusted operating profit from continuing operations to compare and to evaluate the financial performance of its segments. Adjusted operating profit is the sum of the Company's earnings from continuing operations before income taxes, interest expense and discounts on sales of accounts receivable. Intersegment sales are generally priced at prevailing market prices. Certain corporate administrative expenses are allocated to the segments based upon the nature of the expense. The accounting policies of the segments are the same as those described in Note 2, Summary of Significant Accounting Policies. The following is a summary of certain financial information from continuing operations by reportable segment: Americas International (in thousands) Recycling Mills Fabrication Mill Marketing and Distribution Corporate Eliminations Continuing Operations 2016 Net sales-unaffiliated customers $ 594,275 $ 839,432 $ 1,479,125 $ 516,643 $ 1,173,969 $ 7,082 $ — $ 4,610,526 Intersegment sales 111,479 659,416 10,330 543 15,627 — (797,395 ) — Net sales 705,754 1,498,848 1,489,455 517,186 1,189,596 7,082 (797,395 ) 4,610,526 Adjusted operating profit (loss) (61,284 ) 209,751 68,602 28,892 (7,087 ) (95,085 ) 5,319 149,108 Interest expense* 2,210 1,942 8,356 2,608 3,524 43,591 — 62,231 Capital expenditures** 4,891 110,375 14,958 27,155 289 5,587 — 163,255 Depreciation and amortization 17,919 47,924 13,620 25,902 1,302 20,273 — 126,940 Asset impairment charges 38,900 — — 208 726 194 — 40,028 Total assets*** 188,873 798,481 659,165 372,492 564,068 1,034,053 (493,050 ) 3,124,082 2015 Net sales-unaffiliated customers $ 887,068 $ 1,048,063 $ 1,612,084 $ 626,219 $ 1,814,319 $ 852 $ — $ 5,988,605 Intersegment sales 135,553 793,749 12,154 32 83,298 — (1,024,786 ) — Net sales 1,022,621 1,841,812 1,624,238 626,251 1,897,617 852 (1,024,786 ) 5,988,605 Adjusted operating profit (loss) (29,157 ) 255,507 22,424 17,555 35,376 (77,832 ) 1,409 225,282 Interest expense* 2,628 4,207 8,864 2,620 9,096 50,345 — 77,760 Capital expenditures** 12,811 67,203 14,883 15,413 296 5,194 — 115,800 Depreciation and amortization 17,460 46,780 17,509 28,087 1,928 20,739 — 132,503 Asset impairment charges 7,494 — 1,585 124 623 13 — 9,839 Total assets*** 261,676 738,669 713,860 403,706 798,914 1,044,178 (552,577 ) 3,408,426 2014 Net sales-unaffiliated customers $ 1,176,907 $ 1,198,249 $ 1,523,573 $ 822,224 $ 2,055,202 $ 14,283 $ — $ 6,790,438 Intersegment sales 190,163 793,085 13,912 969 65,335 — (1,063,464 ) — Net sales 1,367,070 1,991,334 1,537,485 823,193 2,120,537 14,283 (1,063,464 ) 6,790,438 Adjusted operating profit (loss) (5,687 ) 256,536 6,440 30,632 30,557 (72,347 ) (302 ) 245,829 Interest expense* 2,700 7,059 10,222 4,608 6,924 45,524 — 77,037 Capital expenditures** 16,771 31,781 13,798 30,770 1,122 6,907 — 101,149 Depreciation and amortization 14,832 45,392 19,192 32,209 2,328 20,269 — 134,222 Asset impairment charges 1,592 — — 567 172 974 — 3,305 Total assets*** 316,967 762,549 734,500 466,449 822,679 1,048,517 (469,093 ) 3,682,568 ________________________ * Includes intercompany interest expense (income) in the segments and is all eliminated within Corporate. ** Excludes capital expenditures from discontinued operations that were immaterial for the years ended August 31, 2016 , 2015 and 2014 . *** Excludes total assets from discontinued operations of $6.8 million at August 31, 2016 , $31.5 million at August 31, 2015 and $151.1 million at August 31, 2014 . Reconciliations of earnings from continuing operations to adjusted operating profit from continuing operations are provided below: Year Ended August 31, (in thousands) 2016 2015 2014 Earnings from continuing operations $ 72,543 $ 99,131 $ 117,606 Income taxes 12,647 46,844 47,351 Interest expense 62,231 77,760 77,037 Discounts on sales of accounts receivable 1,687 1,547 3,835 Adjusted operating profit from continuing operations $ 149,108 $ 225,282 $ 245,829 The following represents the Company's external net sales from continuing operations by major product and geographic area: Year Ended August 31, (in thousands) 2016 2015 2014 Major product information: Steel products $ 3,156,028 $ 4,084,092 $ 4,500,093 Industrial materials 453,714 566,323 659,251 Nonferrous scrap 364,690 536,856 639,961 Ferrous scrap 287,713 428,192 659,578 Construction materials 242,961 220,232 199,154 Nonferrous products 13,456 10,443 8,761 Other 91,964 142,467 123,640 Net sales $ 4,610,526 $ 5,988,605 $ 6,790,438 Year Ended August 31, (in thousands) 2016 2015 2014 Geographic area: United States $ 3,220,459 $ 4,199,789 $ 4,510,080 Europe 771,118 1,006,204 1,215,150 Asia 429,910 578,755 786,512 Australia/New Zealand 125,069 121,403 175,756 Other 63,970 82,454 102,940 Net sales $ 4,610,526 $ 5,988,605 $ 6,790,438 The following table represents long-lived assets, net of accumulated depreciation and amortization, by geographic area: August 31, (in thousands) 2016 2015 2014 United States $ 803,245 $ 860,784 $ 864,491 Europe 177,778 189,796 243,280 Asia 5,863 7,692 8,814 Australia/New Zealand 534 1,292 11,309 Total long-lived assets $ 987,420 $ 1,059,564 $ 1,127,894

QUARTERLY FINANCIAL DATA (UNAUD

QUARTERLY FINANCIAL DATA (UNAUDITED)	12 Months Ended
	Aug. 31, 2016
Quarterly Financial Information Disclosure [Abstract]
QUARTERLY FINANCIAL DATA (UNAUDITED)	NOTE 23. QUARTERLY FINANCIAL DATA (UNAUDITED) Summarized quarterly financial data for fiscal 2016 and 2015 was as follows: Three Months Ended Fiscal 2016 (in thousands except per share data) Nov. 30 Feb. 29 May 31 Aug. 31 Net sales* $ 1,154,859 $ 1,019,697 $ 1,227,390 $ 1,208,580 Gross profit* 157,617 134,821 175,480 168,095 Net earnings (loss) attributable to CMC 25,063 10,502 19,328 (131 ) Basic EPS attributable to CMC 0.22 0.09 0.17 0.00 Diluted EPS attributable to CMC 0.21 0.09 0.17 0.00 Three Months Ended Fiscal 2015 (in thousands except per share data) Nov. 30 Feb. 28 May 31 Aug. 31 Net sales* $ 1,679,990 $ 1,391,117 $ 1,506,002 $ 1,411,496 Gross profit* 179,923 147,075 192,148 157,703 Net earnings attributable to CMC 32,184 6,197 28,709 12,353 Effect of change in accounting principle on basic EPS attributable to CMC** (0.04 ) (0.41 ) (0.24 ) 0.16 Basic EPS attributable to CMC 0.27 0.05 0.25 0.11 Effect of change in accounting principle on diluted EPS attributable to CMC** (0.03 ) (0.41 ) (0.24 ) 0.16 Diluted EPS attributable to CMC 0.27 0.05 0.25 0.11 _________________________ * Excludes divisions classified as discontinued operations. See Note 10, Businesses Held for Sale, Discontinued Operations and Dispositions. ** Represents the effect of the retrospective application of the change in accounting principle from LIFO to weighted average cost or specific identification. See Note 2, Summary of Significant Accounting Policies.

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	12 Months Ended
	Aug. 31, 2016
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	NOTE 24. RELATED PARTY TRANSACTIONS The Company had no significant related party transactions for the years ended August 31, 2016 , 2015 and 2014 .

SCHEDULE II _ VALUATION AND QUA

SCHEDULE II — VALUATION AND QUALIFYING ACCOUNTS AND RESERVES	12 Months Ended
	Aug. 31, 2016
Valuation and Qualifying Accounts [Abstract]
SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS AND RESERVES	SCHEDULE II — VALUATION AND QUALIFYING ACCOUNTS Additions Deductions Description (in thousands) Balance at Beginning of Period Charged to Costs and Expenses Charged to Other Accounts Charged to Costs and Expenses Charged to Other Accounts Balance at End of Period Year Ended August 31, 2016 Allowance for doubtful accounts $ 9,033 6,878 1,007 (1) — (10,491 ) (2) $ 6,427 Deferred tax valuation allowance 79,965 74,114 (1,068 ) 153,011 Inventory allowance 33,196 14,984 (27,795 ) 20,385 Year Ended August 31, 2015 Allowance for doubtful accounts $ 5,908 4,142 306 (1) (661 ) (662 ) (2) $ 9,033 Deferred tax valuation allowance 69,762 17,746 (7,543 ) 79,965 Inventory allowance 4,993 36,767 (8,564 ) 33,196 Year ended August 31, 2014 Allowance for doubtful accounts $ 10,042 647 842 (1) (1,544 ) (4,079 ) (2) $ 5,908 Deferred tax valuation allowance 48,837 24,964 (4,039 ) 69,762 Inventory allowance 3,581 3,813 (2,401 ) 4,993 (1) Recoveries and translation adjustments. (2) Uncollectable accounts charged to the allowance. For the years ended August 31, 2016 , 2015 and 2014 , $(1,401) , $(1,695) and $(1,010) were reclassified to the fair value of the deferred purchase price under our sale of accounts receivables program, respectively.

SUMMARY OF SIGNIFICANT ACCOUN35

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	Aug. 31, 2016
Accounting Policies [Abstract]
Consolidation	Consolidation The consolidated financial statements include the accounts of the Company and its wholly owned and majority owned subsidiaries and certain variable interest entities ("VIEs") for which the Company is the primary beneficiary. Intercompany account balances and transactions have been eliminated. Upon inception of an arrangement with a potential VIE, the Company performs an assessment of the contractual agreements that define the ownership structure, risks, responsibilities, indebtedness, voting rights and board representation of the respective parties when determining whether it is the primary beneficiary of the entity. The Company concludes that it is the primary beneficiary and consolidates the VIE if it has both (a) the power to direct the activities that most significantly impact the economic performance of the VIE and (b) the obligation to absorb losses of, or the right to receive benefits from, the variable interest entity that potentially could be significant to the VIE. The Company's assessment of whether it is the primary beneficiary of the VIE is continuously performed. The equity method of accounting is used for investments in affiliates in which the Company has the ability to exert significant influence, but does not have effective control. Investments in affiliates which are 20% or less owned are accounted for using the cost method of accounting. As of August 31, 2016 , the Company had no investments accounted for under the equity or cost method of accounting.
Use of Estimates	Use of Estimates The preparation of the Company's consolidated financial statements in accordance with accounting principles generally accepted in the United States ("GAAP") requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and reported amounts of net sales and expenses during the reporting period. Significant items subject to such estimates and assumptions include the valuation of assets received in acquisitions; the carrying value of long-lived assets, including goodwill; valuation allowances for receivables, inventories and deferred income taxes; percentage of completion accounting method for revenue recognition; share-based compensation; potential litigation claims and settlements; environmental liabilities; and the carrying value of assets held for sale. Actual results could differ significantly from these estimates and assumptions.
Cash and Cash Equivalents	Cash and Cash Equivalents Cash and cash equivalents include cash on deposit and short-term, highly-liquid investments with original maturities of three months or less at the date of purchase.
Revenue Recognition	Revenue Recognition The Company recognizes sales when title passes to the customer either when goods are shipped or when they are delivered based upon the terms of the sale, there is persuasive evidence of an arrangement, the price is fixed or determinable and collectability is reasonably assured. When the Company estimates that a firm purchase commitment from a customer will result in a loss, the Company accrues the entire loss as soon as it is probable and estimable. The Company accounts for certain fabrication projects based on the percentage of completion accounting method, based primarily on contract cost incurred to date compared to total estimated contract cost. Changes to total estimated contract cost, or loss, if any, are recognized in the period in which they are determined. Sales recognized in excess of amounts billed of $19.4 million and $25.0 million are classified as current assets and are reflected in accounts receivable on the Company's consolidated balances sheets as of August 31, 2016 and 2015 , respectively. Accounts receivable included retainage of $38.7 million and $40.7 million as of August 31, 2016 and 2015, respectively. Shipping and other transportation costs billed to customers are included in net sales and the related costs incurred are reflected in cost of goods sold in the Company's consolidated statements of earnings.
Allowance for Doubtful Accounts	Allowance for Doubtful Accounts The Company maintains an allowance for doubtful accounts to reflect its estimate of the uncollectability of accounts receivable. These reserves are based on historical trends, current market conditions and customers' financial condition. The Company maintains both corporate and divisional credit departments. Credit limits are set for each customer. Some of the Company's divisions use credit insurance or letters of credit to ensure prompt payment in accordance with the terms of sale. Generally, collateral is not required. Approximately 30% and 35% of total receivables at August 31, 2016 and 2015 , respectively, were secured by credit insurance or letters of credit.
Inventories, Net	Inventories, Net At August 31, 2016 , inventories were stated at the lower of cost or net realizable value. At August 31, 2015 , inventories were stated at the lower of cost or market. Inventory cost for most operations in the CMC Americas segments and our International Mill Segment is determined by the weighted average cost method. Inventory cost for our International Marketing and Distribution segment is determined by the specific identification method. Elements of cost in finished goods inventory in addition to the cost of material include depreciation, amortization, utilities, consumable production supplies, maintenance, production, wages and transportation costs. Additionally, the costs of departments that support production, including materials management and quality control, are allocated to inventory. In the first quarter of fiscal 2016, the Company elected to change its accounting method for valuing its U.S. inventories that used the last-in, first-out ("LIFO") method to the weighted average cost method for its Americas Mills, Americas Recycling, and Americas Fabrication segments and to the specific identification method for its steel trading division headquartered in the U.S. in its International Marketing and Distribution segment. At September 1, 2015, prior to the accounting method change, 51% of the Company's total net inventories were valued using LIFO. The Company believes the changes are preferable because weighted average cost or specific identification (1) results in better matching of revenues and expenses and better reflects the current value of inventory in the Company's consolidated balance sheet, (2) more closely aligns with the physical flow of these inventories, (3) are the methods the Company uses to monitor the financial results of these segments and this division for operational and financial planning, (4) eliminates the manual LIFO calculation and quarterly LIFO estimation process resulting in greater precision in determining quarterly cost of goods sold and inventory balances and reducing the administrative burden to report inventories because the information systems calculate inventory using the weighted average cost or the specific identification methods, and (5) improves comparability with the Company's peers. Additionally, the Company believes that the change to using weighted average cost at its Americas Mills, Americas Recycling, and Americas Fabrication segments increases consistency in inventory costing as its International Mill segment uses the weighted average cost method. The Company applied this change in accounting principle retrospectively to all prior periods presented herein. The cumulative effect of these accounting changes resulted in a $124.2 million increase in retained earnings as of September 1, 2014. Additionally, in the first quarter of fiscal 2016, the Company elected to change its accounting method for valuing its inventories in its International Marketing and Distribution segment, except for its steel trading division headquartered in the U.S., from the first-in, first-out ("FIFO") method to the specific identification method. At September 1, 2015, prior to the accounting method change, 38% of the Company's total net inventories were valued using the FIFO method. The Company believes the change from FIFO to specific identification is preferable because it (1) results in better matching of revenues with expenses, (2) more closely aligns with the physical flow of these inventories, and (3) is the method the Company uses to monitor the financial results of the segment for operational and financial planning. Because this change in accounting principle was immaterial in all prior periods, it was not applied retrospectively. The change did not have a material impact on our consolidated financial statements as of and for the year ended August 31, 2016 .
Property, Plant and Equipment	Property, Plant and Equipment Property, plant and equipment are recorded at cost. Maintenance is expensed as incurred. Leasehold improvements are amortized over the shorter of their estimated useful lives or the lease term. Depreciation and amortization is recorded on a straight-line basis over the following estimated useful lives: Buildings 7 to 40 years Land improvements 3 to 25 years Leasehold improvements 3 to 15 years Equipment 3 to 25 years The Company evaluates impairment of its property, plant and equipment whenever events or changes in circumstances indicate that the carrying value may not be recoverable. For each asset or group of assets held for use with indicators of impairment, the Company compares the sum of the expected future cash flows generated by the asset or group of assets with its associated net carrying value. If the net carrying value of the asset or group of assets exceeds expected undiscounted future cash flows, the excess of the net book value over estimated fair value is charged to impairment loss in the accompanying combined statements of earnings. Properties held for sale are reported at the lower of their carrying amount or their estimated sales price, less estimated costs to sell.
New Markets Tax Credits	New Markets Tax Credits In the second quarter of fiscal 2016, the Company entered into a financing transaction related to the development, construction and equipping of a steel micro-mill in Durant, Oklahoma, which qualified under the New Markets Tax Credit Program ("NMTC Program") provided for in the Community Renewal Tax Relief Act of 2000 (the "Act"). The NMTC Program is intended to induce capital investment in qualified low-income communities. The Act permits taxpayers to claim credits (tax credit investors) against federal income taxes for up to 39% of qualified investments in certain community development entities ("CDEs"). CDEs are privately managed entities that are certified to make qualified low-income community investments to qualified projects. This transaction includes a put/call provision whereby the Company may be obligated or entitled to repurchase the tax credit investor's interest in the entities established to claim the tax credits related to their investments in the Durant, Oklahoma steel micro-mill project. The Company has concluded that these entities are VIEs, of which the Company is the primary beneficiary and has consolidated the entities in accordance with the accounting standard for consolidation. The tax credit investor's contribution, net of fees, is included in other long-term liabilities on the consolidated balance sheet. See Note 12, New Markets Tax Credit Transactions, to the consolidated financial statements.
Goodwill and Other Intangible Assets	Goodwill and Other Intangible Assets Goodwill is tested for impairment at the reporting unit level annually in the fourth quarter and whenever events or circumstances indicate that the carrying value may not be recoverable. The Company's reporting units represent an operating segment or one level below an operating segment. The Company utilizes the two-step quantitative approach to evaluate goodwill for impairment. The Company performs the first step of the test by comparing the estimated fair value of each reporting unit to its carrying value, including goodwill. If the carrying amount of a reporting unit exceeds its fair value, the Company performs the second step of the test to measure the amount of impairment, if any. In the second step of the test, the Company allocates the fair value of the reporting unit to the assets and liabilities of the reporting unit to determine the implied fair value of the goodwill. If the carrying amount of the reporting unit's goodwill exceeds the implied value of goodwill, an impairment loss is recognized. The fair value of each reporting unit is estimated using an income approach based on the present value of expected future cash flows and a market approach based on valuation metrics of comparable peer companies and a reconciliation of the Company's estimate of the aggregate fair value of the reporting units to the Company's market capitalization, including a control premium. The determination of fair value involves a number of significant assumptions and estimates, including discount rates, volumes, prices, capital expenditures and the impact of current market conditions. These estimates could be materially impacted by adverse changes in these assumptions. For fiscal years 2016 and 2014, the annual goodwill impairment analysis did not result in any impairment charges at any of the Company's reporting units. For fiscal year 2015 , the Company recorded a goodwill impairment charge of $7.3 million related to its Americas Recycling segment. See Note 7, Goodwill and Other Intangible Assets, for additional details of this impairment charge. As of August 31, 2016 and 2015 , one of the Company's reporting units within the Americas Fabrication reporting segment comprised $51.3 million of the Company's total goodwill. Goodwill at the Company's other reporting units was not material at August 31, 2016 and 2015 . Intangible assets with finite lives are amortized on a straight-line basis over their estimated useful lives and are reviewed for impairment whenever events or changes in circumstances indicate that the carrying value may not be recoverable. Impairment charges are recorded on finite-lived intangible assets when indicators of impairment are present and the undiscounted cash flows estimated to be generated by those assets are less than the assets' carrying amounts. During fiscal 2016 and 2015 , impairment charges within the Company's intangible assets with finite lives were not material.
Contingencies	Contingencies The Company accrues for claims and litigation, including environmental investigation and remediation costs, when they are both probable and the amount can be reasonably estimated. Environmental costs are based upon estimates regarding the sites for which the Company will be responsible, the scope and cost of work to be performed at each site, the portion of costs that will be shared with other parties and the timing of remediation. Where timing and amounts cannot be reasonably determined, a range is estimated and the lower end of the range is typically recorded.
Stock-Based Compensation	Stock-Based Compensation The Company recognizes stock-based equity awards and liability awards at fair value in the financial statements. The fair value of each stock-based equity award is estimated at the date of grant using the Black-Scholes or Monte Carlo pricing model. Total compensation cost of the stock-based equity award is amortized over the requisite service period using the accelerated method of amortization for grants with graded vesting or using the straight-line method for grants with cliff vesting. Stock-based liability awards are measured at fair value at the end of each reporting period and will fluctuate based on the price of CMC common stock and performance relative to the targets.
Accounts Payable - Documentary Letters of Credit	Accounts Payable — Documentary Letters of Credit In order to facilitate certain trade transactions, the Company utilizes documentary letters of credit to provide assurance of payment to its suppliers. These letters of credit are typically for payment at a future date conditional upon the bank determining the documentation presented to be in strict compliance with all terms and conditions of the letters of credit. Banks issue these letters of credit under uncommitted lines of credit, which are in addition to and separate from the Company's contractually committed revolving credit agreement. In some cases, if the Company's suppliers choose to discount the future dated obligation, the Company may pay the fee associated with the discount.
Income Taxes	Income Taxes CMC and its U.S. subsidiaries file a consolidated federal income tax return. Deferred income taxes are provided for temporary differences between financial statement and income tax bases of assets and liabilities. The principal differences are described in Note 15, Income Tax. Benefits from income tax credits are reflected currently in earnings. The Company intends to indefinitely reinvest all undistributed earnings of non-U.S. subsidiaries. The Company records income tax positions based on a more likely than not threshold that the tax positions will be sustained on examination by the taxing authorities having full knowledge of all relevant information.
Foreign Currencies	Foreign Currencies The functional currencies of the Company's Australian, German, Polish, United Kingdom and certain Chinese, Singaporean and Thai operations are their local currencies. The Company's remaining international subsidiaries' functional currency is the U.S. dollar. Translation adjustments are reported as a component of accumulated other comprehensive loss. Transaction gains (losses) from transactions denominated in currencies other than the functional currencies were $(13.9) million , $(45.4) million and $9.0 million for the years ended August 31, 2016 , 2015 and 2014 , respectively, and are included in selling, general and administrative expenses in the Company's consolidated statements of earnings.
Derivative Financial Instruments	Derivative Financial Instruments The Company recognizes all derivatives as either assets or liabilities in the consolidated balance sheets and measures those instruments at fair value. Derivatives that are not designated as hedges are adjusted to fair value through net earnings. Changes in the fair value of derivatives that are designated as hedges are recognized in two fashions depending on the nature of the hedge. In the case of fair value hedges, changes are recognized as an offset against the change in fair value of the hedged balance sheet item. When the derivative is designated as a cash flow hedge and is highly effective, changes are recognized as other comprehensive income. The ineffective portion of a change in fair value for derivatives designated as hedges is recognized in net earnings. When a derivative instrument is sold, terminated, exercised, or expires, the gain or loss is recorded in the consolidated statement of earnings for fair value hedges, and the cumulative unrealized gain or loss, which had been recognized in the statement of comprehensive income, is reclassified to the consolidated statement of earnings for cash flow hedges. Additionally, when hedged items are sold or extinguished, or the anticipated transaction being hedged is no longer expected to occur, the Company recognizes the gain or loss on the designated hedged financial instrument.
Fair Value	Fair Value The Company has established a fair value hierarchy which prioritizes the inputs to the valuation techniques used to measure fair value into three levels. These levels are determined based on the lowest level input that is significant to the fair value measurement. Level 1 represents unadjusted quoted prices in active markets for identical assets and liabilities. Level 2 represents quoted prices for similar assets and liabilities in active markets (other than those included in Level 1) which are observable, either directly or indirectly. Level 3 represents valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable.
Recent Accounting Pronouncements	Recently Adopted Accounting Pronouncements In the fourth quarter of fiscal 2016, the Company adopted guidance issued by the Financial Accounting Standards Board (the "FASB") requiring an entity to present debt issuance costs related to a recognized debt liability as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The adoption of this guidance was applied retrospectively and did not have a material impact on the consolidated financial statements. In the second quarter of fiscal 2016, the Company adopted guidance issued by the FASB requiring deferred tax liabilities and assets to be classified as noncurrent in a classified statement of financial position. This change in accounting principle simplifies the presentation of deferred income taxes. This change was applied prospectively, and prior periods presented were not adjusted. In the first quarter of fiscal 2016, the Company adopted guidance issued by the FASB changing the requirements for reporting discontinued operations if the disposal of a component of an entity, or a group of components of an entity, represents a strategic shift that has, or will have, a major effect on an entity's operations and financial results. The guidance requires expanded disclosures for discontinued operations and also requires entities to disclose the pre-tax profit or loss of an individually significant component of an entity that does not qualify for discontinued operations reporting. The guidance changed the Company's practice of assessing discontinued operations and the presentation and disclosure in the Company's consolidated financial statements. The guidance was adopted on a prospective basis and did not have a material impact on the Company's consolidated financial statements. In the first quarter of fiscal 2016, the Company adopted guidance issued by the FASB requiring entities to measure inventory, other than that measured using LIFO or the retail inventory method, at the lower of cost or net realizable value, which is defined as estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal and transportation. The guidance changes the Company's practice of measuring inventory at the lower of cost or market, which included net realizable value, replacement cost and net realizable value plus normal profit margin. The guidance was adopted on a prospective basis and did not have a material impact on the Company's consolidated financial statements. Recently Issued Accounting Pronouncements In August 2016, the FASB issued guidance intended to reduce diversity in practice in how certain cash receipts and cash payments are presented and classified in the statement of cash flows. This guidance is effective for fiscal years, and interim reporting periods therein, beginning after December 15, 2017, with early adoption permitted. The provisions of this guidance are to be adopted retrospectively. The Company does not expect this guidance to have a material impact on its consolidated financial statements. In March 2016, the FASB issued guidance simplifying several aspects of accounting for share-based payment transactions, including recognizing excess tax benefits and deficiencies as income tax expense or benefit in the statement of earnings, classifying excess tax benefits and expenses as an operating activity within the statement of cash flows, and an option to recognize gross stock compensation expense with actual forfeitures recognized as they occur. The provisions of this guidance related to excess tax benefits and deficiencies are to be applied on a prospective basis. If elected, the provisions of this guidance related to forfeitures are to be applied using a modified retrospective approach. This guidance is effective for fiscal years, and interim periods therein, beginning after December 15, 2016, with early adoption permitted. The Company is currently evaluating the impact this guidance will have on its consolidated financial statements. In February 2016, the FASB issued guidance requiring a lessee to recognize a right-of-use asset and a lease liability on its balance sheet for all leases with terms of twelve months or greater. This guidance is effective for fiscal years, and interim reporting periods therein, beginning after December 15, 2018 with early adoption permitted. The provisions of this guidance are to be applied using a modified retrospective approach, with elective reliefs, which requires application of the guidance for all periods presented. The Company is currently evaluating the impact of this guidance on its consolidated financial statements. In January 2016, the FASB issued guidance to improve the accounting models for financial instruments. Specifically, the new guidance (i) requires equity investments be measured at fair value, or at cost adjusted for changes in observable prices less impairment for equity investments without readily determinable fair values, with changes in fair value recognized in net income; (ii) requires a qualitative assessment to identify impairment for equity investments without readily determinable fair values; (iii) eliminates the requirement to disclose the method(s) and significant assumptions used to estimate the fair value for financial instruments measured at amortized cost on the balance sheet; (iv) requires use of the exit price notion when measuring the fair value of financial instruments; (v) requires entities that elect the fair value option for financial liabilities to recognize changes in fair value related to instrument-specific credit risk in other comprehensive income; (vi) requires separate presentation of financial assets and financial liabilities by measurement category and form of financial asset on the balance sheet or the accompanying notes to the financial statements; and (vii) clarifies that entities must assess valuation allowances for deferred taxes related to available-for-sale debt securities in combination with their other deferred tax assets. This guidance is effective for fiscal years, and interim reporting periods therein, beginning after December 15, 2017. Early adoption is permissible, but limited in application. The Company does not expect this guidance to have a material impact on its consolidated financial statements. In September 2015, the FASB issued guidance requiring the acquirer in a business combination to recognize adjustments to provisional amounts that are identified during the measurement period in the reporting period in which the adjustment amounts are determined. Additionally, the effect on earnings of changes in depreciation, amortization or other income effects, if any, as a result of the change to the provisional amounts, must be calculated as if the accounting had been completed at the acquisition date. This guidance is effective for fiscal years, and interim reporting periods therein, beginning after December 15, 2015 with early adoption permitted. The Company does not expect this guidance to have a material impact on its consolidated financial statements. In April 2015, the FASB issued guidance clarifying the circumstances under which an entity would account for fees paid in a cloud computing arrangement as a license of internal-use software. This guidance is effective for fiscal years, and interim reporting periods therein, beginning after December 15, 2015. The Company does not expect this guidance to have a material impact on its consolidated financial statements. In February 2015, the FASB issued guidance modifying the evaluation of whether limited partnerships and similar legal entities are VIEs or voting interest entities. This guidance also eliminates the presumption that a general partner should consolidate a limited partnership and affects the consolidation analysis of reporting entities that are involved with VIEs, particularly those that have fee arrangements and related party relationships. This guidance is effective for fiscal years, and interim reporting periods therein, beginning after December 15, 2015, with early adoption permitted. Entities may elect to apply this guidance either on a retrospective or a modified retrospective basis. The Company does not expect this guidance to have a material impact on its consolidated financial statements. In January 2015, the FASB issued guidance eliminating the concept of extraordinary items. Under this guidance an entity will no longer be allowed to separately disclose extraordinary items, net of tax, in the income statement after income from continuing operations if an event or transaction is unusual in nature and occurs infrequently. This guidance is effective for fiscal years, and interim reporting periods therein, beginning after December 15, 2015, with early adoption permitted. The Company plans to adopt this guidance prospectively. The Company does not expect this guidance to have a material impact on its consolidated financial statements. In August 2014, the FASB issued guidance requiring management to evaluate whether there are conditions and events that raise substantial doubt about the entity's ability to continue as a going concern and to provide disclosures in certain circumstances. The new guidance was issued to reduce diversity in the timing and content of footnote disclosures. This guidance is effective for fiscal years ending after December 15, 2016, and all annual and interim periods thereafter. The Company does not expect this guidance to have a material impact on its consolidated financial statements. In August 2014, the FASB issued guidance providing a measurement alternative to the existing fair value measurement guidance for reporting entities that consolidate a collateralized financing entity in which (1) the financial assets and financial liabilities are measured at fair value except for those incidental financial assets and financial liabilities with their carrying values that approximate fair values and (2) the changes in the fair values of those financial assets and financial liabilities are reflected in earnings. When the measurement alternative is elected, the financial assets and liabilities of a collateralized financing entity will be measured using the more observable of the fair value of the financial assets and the fair value of the financial liabilities. This guidance is effective for public business entities for annual periods, and for interim periods within those annual periods, beginning after December 15, 2015. Early adoption is permitted as of the beginning of an annual period. The Company does not expect this guidance to have a material impact on its consolidated financial statements. In June 2014, the FASB issued guidance requiring entities to account for a performance target as a performance condition if the target affects vesting and could be achieved after the requisite service period. The new guidance did not introduce additional disclosure requirements and was issued to resolve diversity in practice. This guidance is effective for fiscal years, and interim reporting periods therein, beginning after December 15, 2015. The Company currently accounts for such performance targets in a manner consistent with the new guidance and does not expect this guidance to have a material impact on its consolidated financial statements. In May 2014, the FASB issued a new standard related to revenue recognition. Under the new standard, revenue is recognized when a customer obtains control of promised goods or services and is recognized in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. In addition, the standard requires disclosure of the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers. The FASB subsequently issued several amendments to the standard, including clarification on identifying performance obligations. The standard is effective for annual and interim reporting periods beginning after December 15, 2017 and will be effective for the Company beginning September 1, 2018. The standard permits the use of either the retrospective or cumulative effect transition method. The Company is currently evaluating the potential impact this standard will have on the consolidated financial statements.

SUMMARY OF SIGNIFICANT ACCOUN36

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	12 Months Ended
	Aug. 31, 2016
Accounting Policies [Abstract]
Schedule of Changes in Accounting Method	As a result of the retrospective application of the change in accounting principle from LIFO to weighted average cost or specific identification, certain financial statement line items in the Company's consolidated balance sheet as of August 31, 2015 and its consolidated statements of earnings and consolidated statement of cash flows for the 2015 and 2014 fiscal years were adjusted as presented below. (in thousands, except share data) As Originally Reported Effect of Change As Adjusted Consolidated Statement of Earnings for the year ended August 31, 2015: Cost of goods sold $ 5,213,203 $ 98,553 $ 5,311,756 Income taxes 83,206 (36,362 ) 46,844 Earnings from continuing operations 161,322 (62,191 ) 99,131 Net earnings attributable to CMC 141,634 (62,191 ) 79,443 Basic earnings per share attributable to CMC: Earnings from continuing operations $ 1.39 $ (0.54 ) $ 0.85 Net earnings 1.22 (0.54 ) 0.68 Diluted earnings per share attributable to CMC: Earnings from continuing operations $ 1.37 $ (0.53 ) $ 0.84 Net earnings 1.20 (0.53 ) 0.67 Consolidated Statement of Earnings for the year ended August 31, 2014: Cost of goods sold $ 6,109,338 $ (13,142 ) $ 6,096,196 Income taxes 42,724 4,627 47,351 Earnings from continuing operations 109,091 8,515 117,606 Net earnings attributable to CMC 115,551 (2,308 ) 113,243 Basic earnings per share attributable to CMC: Earnings from continuing operations $ 0.93 $ 0.07 $ 1.00 Net earnings 0.98 (0.02 ) 0.96 Diluted earnings per share attributable to CMC: Earnings from continuing operations $ 0.92 $ 0.07 $ 0.99 Net earnings 0.97 (0.02 ) 0.95 Consolidated Balance Sheet as of August 31, 2015: Inventories, net $ 781,371 $ 99,113 $ 880,484 Current deferred tax assets 29,137 (25,827 ) 3,310 Accrued expenses and other payables 279,415 11,262 290,677 Retained earnings 1,311,544 62,024 1,373,568 Consolidated Statement of Cash Flows for the year ended August 31, 2015: Net earnings $ 141,634 $ (62,191 ) $ 79,443 Deferred income taxes 23,291 (36,362 ) (13,071 ) Write-down of inventories 15,935 21,717 37,652 Inventories working capital change 50,747 76,836 127,583 Consolidated Statement of Cash Flows for the year ended August 31, 2014: Net earnings $ 115,552 $ (2,308 ) $ 113,244 Deferred income taxes 32,348 (2,205 ) 30,143 Net gain on sale of a subsidiary, cost method investment and other (31,356 ) 17,523 (13,833 ) Write-down of inventories 4,000 1,015 5,015 Inventories working capital change (177,331 ) (14,025 ) (191,356 ) The effect of the change in accounting principle is net of the effect of lower of cost or market adjustments. The following table shows the effect of the change in accounting principle from LIFO to weighted average cost or specific identification on earnings from continuing operations, net earnings attributable to CMC and the related basic and diluted earnings per share attributable to CMC for the fiscal year ended August 31, 2016 . (in thousands, except share data) As Computed Under LIFO As Reported Under New Inventory Costing Methodologies Effect of Change Consolidated Statement of Earnings for the year ended August 31, 2016: Earnings from continuing operations $ 90,400 $ 72,543 $ (17,857 ) Net earnings attributable to CMC 72,619 54,762 (17,857 ) Basic earnings per share attributable to CMC: Earnings from continuing operations $ 0.78 $ 0.63 $ (0.15 ) Net earnings 0.63 0.48 (0.15 ) Diluted earnings per share attributable to CMC: Earnings from continuing operations $ 0.77 $ 0.62 $ (0.15 ) Net earnings 0.62 0.47 (0.15 )
Estimated useful lives for depreciation and amortization	Depreciation and amortization is recorded on a straight-line basis over the following estimated useful lives: Buildings 7 to 40 years Land improvements 3 to 25 years Leasehold improvements 3 to 15 years Equipment 3 to 25 years

ACCUMULATED OTHER COMPREHENSI37

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Tables)	12 Months Ended
	Aug. 31, 2016
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Schedule of accumulated other comprehensive income (loss)	Accumulated other comprehensive loss ("AOCI"), net of income taxes, was comprised of the following: (in thousands) Foreign Currency Translation Unrealized Gain (Loss) on Derivatives Defined Benefit Obligation Total Accumulated Other Comprehensive Income (Loss) Balance at September 1, 2013 $ (27,477 ) $ 3,594 $ (3,293 ) $ (27,176 ) Other comprehensive income (loss) before reclassifications 7,586 (1,848 ) (489 ) 5,249 Amounts reclassified from AOCI — 1,268 1,150 2,418 Net other comprehensive income (loss) 7,586 (580 ) 661 7,667 Balance at August 31, 2014 (19,891 ) 3,014 (2,632 ) (19,509 ) Other comprehensive loss before reclassifications (83,063 ) (2,467 ) (169 ) (85,699 ) Amounts reclassified from AOCI (10,127 ) 1,758 42 (8,327 ) Net other comprehensive loss (93,190 ) (709 ) (127 ) (94,026 ) Balance at August 31, 2015 (113,081 ) 2,305 (2,759 ) (113,535 ) Other comprehensive income (loss) before reclassifications (11,771 ) 1,618 (132 ) (10,285 ) Amounts reclassified from AOCI 12,597 (1,737 ) 46 10,906 Net other comprehensive income (loss) 826 (119 ) (86 ) 621 Balance at August 31, 2016 $ (112,255 ) $ 2,186 $ (2,845 ) $ (112,914 )
Schedule of reclassification out of accumulated other comprehensive income (loss)	The significant items reclassified out of accumulated other comprehensive loss and the corresponding line items in the consolidated statements of earnings to which the items were reclassified were as follows: Year Ended August 31, Components of AOCI (in thousands) Location 2016 2015 2014 Foreign currency translation adjustments and other: Translation gain (loss) realized upon sale of investment in foreign entity Loss from discontinued operations before income taxes $ (12,597 ) $ 10,127 $ — Unrealized gain (loss) on derivatives: Commodity Cost of goods sold $ (493 ) $ (665 ) $ (160 ) Foreign exchange Net sales (380 ) 124 (232 ) Foreign exchange Cost of goods sold 2,283 (2,774 ) (1,698 ) Foreign exchange SG&A expenses 291 76 53 Interest rate Interest expense 532 532 532 2,233 (2,707 ) (1,505 ) Income tax effect Income taxes (496 ) 949 237 Net of income taxes $ 1,737 $ (1,758 ) $ (1,268 ) Defined benefit obligation: Amortization of net loss SG&A expenses $ (140 ) $ (134 ) $ (1,604 ) Amortization of prior service credit SG&A expenses 72 71 289 (68 ) (63 ) (1,315 ) Income tax effect Income taxes 22 21 165 Net of income taxes $ (46 ) $ (42 ) $ (1,150 ) Amounts in parentheses reduce earnings.

SALES OF ACCOUNTS RECEIVABLE (A

SALES OF ACCOUNTS RECEIVABLE (Activity of the Deferred Purchase Price Receivables) (Tables)	12 Months Ended
	Aug. 31, 2016
Transfers and Servicing [Abstract]
Activity of the deferred purchase price receivables	The following tables summarize the activity of the deferred purchase price receivables for the U.S. and international sale of accounts receivable programs: (in thousands) Total U.S. Australia* Europe Balance at September 1, 2013 $ 453,252 $ 358,822 $ 64,996 $ 29,434 Transfers of accounts receivable 4,243,471 3,347,103 487,583 408,785 Collections (4,239,242 ) (3,376,128 ) (446,196 ) (416,918 ) Program termination (72,312 ) — (72,312 ) — Balance at August 31, 2014 $ 385,169 $ 329,797 $ 34,071 $ 21,301 Transfers of accounts receivable 3,574,283 2,944,627 298,179 331,477 Collections (3,619,905 ) (3,004,646 ) (314,212 ) (301,047 ) Balance at August 31, 2015 $ 339,547 $ 269,778 $ 18,038 $ 51,731 Transfers of accounts receivable 2,389,297 1,933,477 175,593 280,227 Collections (2,439,096 ) (1,990,493 ) (166,969 ) (281,634 ) Balance at August 31, 2016 $ 289,748 $ 212,762 $ 26,662 $ 50,324 _________________________ * Includes the sale of accounts receivable activities related to discontinued operations and businesses sold. For the years ended August 31, 2016 and 2015 , transfers of accounts receivable were $45.8 million and $180.0 million , respectively, and collections were $61.7 million and $209.2 million , respectively.

GOODWILL AND OTHER INTANGIBLE39

GOODWILL AND OTHER INTANGIBLE ASSETS (Tables)	12 Months Ended
	Aug. 31, 2016
Goodwill and Intangible Assets Disclosure [Abstract]
Changes in the carrying amount of goodwill	The following table details the changes in the carrying amount of goodwill by reportable segment: Americas International (in thousands) Recycling Mills Fabrication Mill Marketing and Distribution Consolidated Balance at September 1, 2014 Goodwill $ 9,751 $ 4,970 $ 57,637 $ 2,964 $ 8,805 $ 84,127 Accumulated impairment losses (2,484 ) — (493 ) (188 ) (6,643 ) (9,808 ) 7,267 4,970 57,144 2,776 2,162 74,319 Impairment (7,267 ) — — — — (7,267 ) Goodwill reclassified to assets held for sale (1) — — — — (6,643 ) (6,643 ) Accumulated impairment losses reclassified to assets held for sale (1) — — — — 6,643 6,643 Translation — — — (419 ) (250 ) (669 ) Balance at August 31, 2015 Goodwill 9,751 4,970 57,637 2,517 1,912 76,787 Accumulated impairment losses (9,751 ) — (493 ) (160 ) — (10,404 ) — 4,970 57,144 2,357 1,912 66,383 Translation — — — (80 ) 70 (10 ) Balance at August 31, 2016 Goodwill 9,751 4,970 57,637 2,432 1,982 76,772 Accumulated impairment losses (9,751 ) — (493 ) (155 ) — (10,399 ) $ — $ 4,970 $ 57,144 $ 2,277 $ 1,982 $ 66,373 (1) Includes $1.6 million of goodwill and $1.6 million of accumulated goodwill impairment losses related to assets that were sold during the fourth quarter of fiscal 2015.
Intangible assets subject to amortization	The following intangible assets subject to amortization are included in other noncurrent assets on the Company's consolidated balance sheets: August 31, 2016 August 31, 2015 (in thousands) Gross Accumulated Amortization Net Gross Accumulated Amortization Net Customer base $ 6,160 $ 2,714 $ 3,446 $ 35,369 $ 28,814 $ 6,555 Favorable land leases 10,081 2,518 7,563 10,091 2,101 7,990 Non-competition agreements 1,600 371 1,229 1,629 217 1,412 Brand name 628 328 300 648 306 342 Other 101 58 43 101 52 49 Total $ 18,570 $ 5,989 $ 12,581 $ 47,838 $ 31,490 $ 16,348
Estimated future amortization expense of intangible assets	Estimated amounts of amortization expense for the next five years are as follows: Year Ended August 31, (in thousands) 2017 $ 1,098 2018 1,080 2019 1,039 2020 891 2021 881

BUSINESSES HELD FOR SALE, DIS40

BUSINESSES HELD FOR SALE, DISCONTINUED OPERATIONS AND DISPOSITIONS (Tables)	12 Months Ended
	Aug. 31, 2016
Discontinued Operations and Disposal Groups [Abstract]
Components of assets and liabilities of businesses held for sale	Year Ended August 31, (in thousands) 2015 Assets: Accounts receivable $ 3,244 Inventories, net 12,514 Other current assets 41 Property, plant and equipment, net of accumulated depreciation and amortization 1,209 Assets of businesses held for sale $ 17,008 Liabilities: Accounts payable-trade $ 3,011 Accrued expenses and other payables 2,265 Liabilities of businesses held for sale $ 5,276
Financial information for discontinued operations	Financial information for discontinued operations was as follows: Year Ended August 31, (in thousands) 2016 2015 2014 Net sales $ 41,414 $ 173,065 $ 266,819 Loss before income taxes (17,949 ) (20,124 ) (2,650 )

CREDIT ARRANGEMENTS (Tables)

CREDIT ARRANGEMENTS (Tables)	12 Months Ended
	Aug. 31, 2016
Debt Disclosure [Abstract]
Long-term debt, including the deferred gain from the termination of the interest rate swaps	Long-term debt, including the deferred gain from the termination of the interest rate swaps, was as follows: Weighted Average August 31, (in thousands) 2016 2015 2023 Notes 4.875% $ 330,000 $ 330,000 2018 Notes 6.40% 408,874 513,680 2017 Notes 5.74% 302,601 405,573 Other, including equipment notes 34,166 38,739 Total debt 1,075,641 1,287,992 Less debt issuance costs 4,224 5,637 Total Amounts Outstanding 1,071,417 1,282,355 Less current maturities 313,469 10,110 Long-Term Debt $ 757,948 $ 1,272,245 Interest on these notes is payable semiannually.
Scheduled maturities of the Company's long-term debt	The scheduled maturities of the Company's long-term debt are as follows: Year Ending August 31, (in thousands) 2017 $ 311,094 2018 410,416 2019 8,297 2020 3,478 2021 527 Thereafter 330,172 Total excluding deferred gain of interest rate swaps 1,063,984 Deferred gain of interest rate swaps 11,657 Less debt issuance costs 4,224 Total long-term debt including current maturities $ 1,071,417

DERIVATIVES AND RISK MANAGEME42

DERIVATIVES AND RISK MANAGEMENT (Tables)	12 Months Ended
	Aug. 31, 2016
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivatives Not Designated as Hedging Instruments	The following tables summarize activities related to the Company's derivative instruments and hedged items recognized in the consolidated statements of earnings: Year Ended August 31, Derivatives Not Designated as Hedging Instruments (in thousands) Location 2016 2015 2014 Commodity Cost of goods sold $ 2,675 $ 7,746 $ 2,504 Foreign exchange Net sales (4 ) 3,016 473 Foreign exchange Cost of goods sold 19 4,996 (1,078 ) Foreign exchange SG&A expenses 11,732 23,105 (4,135 ) Gain (loss) before income taxes $ 14,422 $ 38,863 $ (2,236 )
Derivatives Designated as Fair Value Hedging Instruments	Derivatives Designated as Fair Value Year Ended August 31, Location 2016 2015 2014 Foreign exchange Net sales $ (39 ) $ (105 ) $ 93 Foreign exchange Cost of goods sold (1,072 ) 881 (1,465 ) Gain (loss) before income taxes $ (1,111 ) $ 776 $ (1,372 )
Hedged Items Designated as Fair Value Hedging Instruments	Hedged Items for Derivatives Designated as Fair Value Year Ended August 31, Location 2016 2015 2014 Foreign exchange Net sales $ 39 $ 105 $ (91 ) Foreign exchange Cost of goods sold 1,072 (881 ) 1,469 Gain (loss) before income taxes $ 1,111 $ (776 ) $ 1,378
Effective Portion of Derivatives Designated as Cash Flow Hedging Instruments Recognized in Accumulated Other Comprehensive Income (Loss)	Effective Portion of Derivatives Designated as Cash Flow Hedging Instruments Recognized in Accumulated Other Comprehensive Income (Loss) (in thousands) August 31, 2016 2015 2014 Commodity $ (204 ) $ (635 ) $ (54 ) Foreign exchange 1,822 (1,832 ) (1,794 ) Gain (loss), net of income taxes $ 1,618 $ (2,467 ) $ (1,848 )
Effective Portion of Derivatives Designated as Cash Flow Hedging Instruments Reclassified from Accumulated Other Comprehensive Income (Loss)	Effective Portion of Derivatives Designated as Cash Flow Year Ended August 31 , Location 2016 2015 2014 Commodity Cost of goods sold $ (493 ) $ (665 ) $ (160 ) Foreign exchange Net sales (380 ) 124 (213 ) Foreign exchange Cost of goods sold 2,283 (2,774 ) (1,717 ) Foreign exchange SG&A expenses 291 76 53 Interest rate Interest expense 532 532 532 Gain (loss) before income taxes 2,233 (2,707 ) (1,505 ) Income tax (expense) benefit Income taxes (496 ) 949 237 Gain (loss), net of income taxes $ 1,737 $ (1,758 ) $ (1,268 )
Derivative Assets	The fair value of the Company's derivative instruments on the consolidated balance sheets was as follows: Derivative Assets (in thousands) August 31, 2016 2015 Commodity — designated for hedge accounting $ 4 $ 19 Commodity — not designated for hedge accounting 584 846 Foreign exchange — designated for hedge accounting 1,398 1,500 Foreign exchange — not designated for hedge accounting 750 3,088 Derivative assets (other current assets)* $ 2,736 $ 5,453
Derivative Liabilities	Derivative Liabilities (in thousands) August 31, 2016 2015 Commodity — designated for hedge accounting $ 5 $ 129 Commodity — not designated for hedge accounting 117 537 Foreign exchange — designated for hedge accounting 902 874 Foreign exchange — not designated for hedge accounting 1,161 1,263 Derivative liabilities (accrued expenses and other payables)* $ 2,185 $ 2,803 _________________________ * Derivative assets and liabilities do not include the hedged items designated as fair value hedges.

FAIR VALUE (Tables)

FAIR VALUE (Tables)	12 Months Ended
	Aug. 31, 2016
Fair Value Disclosures [Abstract]
Financial assets and financial liabilities measured at fair value on a recurring basis	The following tables summarize information regarding the Company's financial assets and financial liabilities that were measured at fair value on a recurring basis: Fair Value Measurements at Reporting Date Using (in thousands) August 31, 2016 Quoted Prices in Significant Other Significant Assets: Money market investments (1) $ 278,759 $ 278,759 $ — $ — Commodity derivative assets (2) 588 584 4 — Foreign exchange derivative assets (2) 2,148 — 2,148 — Liabilities: Commodity derivative liabilities (2) 122 117 5 — Foreign exchange derivative liabilities (2) 2,063 — 2,063 — Fair Value Measurements at Reporting Date Using (in thousands) August 31, 2015 Quoted Prices in Significant Other Significant Assets: Money market investments (1) $ 271,840 $ 271,840 $ — $ — Commodity derivative assets (2) 865 846 19 — Foreign exchange derivative assets (2) 4,588 — 4,588 — Liabilities: Commodity derivative liabilities (2) 666 537 129 — Foreign exchange derivative liabilities (2) 2,137 — 2,137 — _________________ (1) Money market investments are short-term in nature, and the value is determined by broker quoted prices in active markets. The investment portfolio mix can change each period based on the Company's assessment of investment options. (2) Derivative assets and liabilities classified as Level 1 are commodity futures contracts valued based on quoted market prices in the London Metal Exchange or the New York Mercantile Exchange. Amounts in Level 2 are based on broker quotes in the over-the-counter market. Further discussion regarding the Company's use of derivative instruments and the classification of the assets and liabilities is included in Note 13, Derivatives and Risk Management.
Financial assets and liabilities that are not required to be measured at fair value	The carrying values and estimated fair values of the Company's financial assets and liabilities that are not required to be measured at fair value on the consolidated balance sheets are as follows: August 31, 2016 August 31, 2015 (in thousands) Fair Value Hierarchy Carrying Value Fair Value Carrying Value Fair Value 2023 Notes (1) Level 2 $ 330,000 $ 332,010 $ 330,000 $ 300,630 2018 Notes (1) Level 2 408,874 432,303 513,680 530,000 2017 Notes (1) Level 2 302,601 311,250 405,573 419,400 _________________ (1) The fair value of the notes is determined based on indicated market values.

INCOME TAX (Tables)

INCOME TAX (Tables)	12 Months Ended
	Aug. 31, 2016
Income Tax Disclosure [Abstract]
Components of earnings from continuing operations before income taxes (benefit)	The components of earnings from continuing operations before income taxes are as follows: Year Ended August 31, (in thousands) 2016 2015 2014 United States $ 49,279 $ 118,455 $ 122,024 Foreign 35,911 27,520 42,933 Total $ 85,190 $ 145,975 $ 164,957
Income taxes (benefit) included in the consolidated statements of operations	The income taxes (benefit) included in the consolidated statements of earnings are as follows: Year Ended August 31, (in thousands) 2016 2015 2014 Current: United States $ 5,224 $ 53,258 $ 11,799 Foreign 6,991 3,329 2,965 State and local 4,130 2,830 4,157 Current taxes $ 16,345 $ 59,417 $ 18,921 Deferred: United States $ (4,423 ) $ (14,219 ) $ 29,184 Foreign 254 722 4,457 State and local 303 488 (3,499 ) Deferred taxes $ (3,866 ) $ (13,009 ) $ 30,142 Total income taxes on income $ 12,479 $ 46,408 $ 49,063 Income taxes (benefit) on discontinued operations (168 ) (436 ) 1,712 Income taxes on continuing operations $ 12,647 $ 46,844 $ 47,351
Reconciliation of the federal statutory rate to effective tax rate from continuing operations	A reconciliation of the federal statutory rate to the Company's effective income tax rate from continuing operations is as follows: Year Ended August 31, (in thousands) 2016 2015 2014 Income tax expense at statutory rate of 35% $ 29,818 $ 51,091 $ 57,735 State and local taxes 2,095 2,152 116 Section 199 manufacturing deduction (4,694 ) (4,017 ) (1,199 ) Foreign rate differential (2,015 ) (2,404 ) (6,290 ) Foreign tax impairment on valuation of subsidiaries (60,204 ) — — Change in valuation allowance 70,784 12,305 19,978 Deferred compensation (1,375 ) 772 (4,164 ) Nontaxable foreign interest (16,063 ) (16,712 ) (16,506 ) Audit settlement (10,264 ) — — Other 4,565 3,657 (2,319 ) Income tax expense on continuing operations $ 12,647 $ 46,844 $ 47,351 Effective income tax rates from continuing operations 14.8 % 32.1 % 28.7 %
Tax effects of significant temporary differences giving rise to deferred tax assets and liabilities	The income tax effects of significant temporary differences giving rise to deferred tax assets and liabilities are as follows: August 31, (in thousands) 2016 2015 Deferred tax assets: Deferred compensation and employee benefits $ 45,496 $ 48,309 Net operating losses and credits 154,606 78,838 Reserves and other accrued expenses 18,831 21,381 Allowance for doubtful accounts 2,438 3,334 Intangibles 6,214 8,084 Other 768 9,562 Total deferred tax assets 228,353 169,508 Valuation allowance for deferred tax assets (153,011 ) (79,965 ) Deferred tax assets, net $ 75,342 $ 89,543 Deferred tax liabilities: Fixed assets $ 96,100 $ 102,143 Inventory 30,822 40,859 Other 2,799 3,981 Total deferred tax liabilities $ 129,721 $ 146,983 Net deferred tax liabilities $ (54,379 ) $ (57,440 )
Reconciliation of the beginning and ending amounts of unrecognized tax benefits	A reconciliation of the beginning and ending amounts of unrecognized income tax benefits is as follows: August 31, (in thousands) 2016 2015 2014 Balance at September 1 $ 27,349 $ 27,349 $ 28,551 Change in tax positions of current year — — — Change for tax positions of prior years — — (1,202 ) Reductions due to settlements with taxing authorities (17,827 ) — — Balance at August 31 $ 9,522 $ 27,349 $ 27,349

STOCK-BASED COMPENSATION PLANS

STOCK-BASED COMPENSATION PLANS (Tables)	12 Months Ended
	Aug. 31, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Total awards granted	The following table summarizes the total awards granted: Restricted Stock Performance 2016 Grants 1,137,000 540,295 2015 Grants 987,574 462,496 2014 Grants 1,191,544 450,233
Restricted stock units and performance stock units, excluding the cash component	Information for restricted stock units and performance stock units, excluding the cash component, is as follows: Number Weighted Average Outstanding as of September 1, 2013 1,907,418 $ 13.57 Granted 1,275,355 16.89 Vested (737,870 ) 13.55 Forfeited (364,323 ) 14.94 Outstanding as of August 31, 2014 2,080,580 15.37 Granted 1,468,696 15.79 Vested (712,279 ) 14.33 Forfeited (103,663 ) 15.51 Outstanding as of August 31, 2015 2,733,334 15.86 Granted 1,612,772 15.83 Vested (1,471,436 ) 14.47 Forfeited (174,440 ) 17.60 Outstanding as of August 31, 2016 2,700,230 $ 16.49
Combined activity for stock appreciation rights and stock options, excluding the cash component	Combined activity for the Company's stock appreciation rights and stock options, excluding the cash component, is as follows: Number Weighted Weighted Aggregate Intrinsic Value Outstanding as of September 1, 2013 2,653,430 $ 24.07 Exercised (223,473 ) 11.84 Forfeited/Expired (992,926 ) 32.93 Outstanding as of August 31, 2014 1,437,031 $ 19.85 2.7 $ 4,384,668 Exercised (142,604 ) 11.80 Forfeited/Expired (452,210 ) 35.10 Outstanding as of August 31, 2015 842,217 $ 13.04 2.7 $ 2,243,765 Exercised (418,378 ) 12.10 Forfeited/Expired (64,845 ) 11.60 Outstanding as of August 31, 2016 358,994 $ 14.39 1.7 $ 405,864 Exercisable at August 31, 2016 358,994 $ 14.39 1.7 $ 405,864 Remaining unvested stock appreciation rights and stock options expected to vest — $ —
Stock appreciation rights and stock options	Information related to stock appreciation rights and stock options as of August 31, 2016 is summarized below: Stock Appreciation Rights and Stock Options Outstanding Stock Appreciation Rights and Stock Options Exercisable Range of Exercise Prices Number Outstanding Weighted Average Remaining Contractual Life (In Years) Weighted Number Exercisable Weighted Average Remaining Contractual Life (In Years) Weighted $11.60 - 14.12 241,771 1.9 $ 13.21 241,771 1.9 $ 13.21 $16.54 - 16.83 117,223 1.5 $ 16.82 117,223 1.5 $ 16.82 358,994 1.7 $ 14.39 358,994 1.7 $ 14.39
Yearly activity of the stock purchase plan	Yearly activity of the stock purchase plan is as follows: 2016 2015 2014 Shares subscribed 212,370 198,710 228,780 Price per share $ 12.03 $ 13.73 $ 16.97 Shares purchased 156,860 172,170 221,570 Price per share $ 13.71 $ 16.96 $ 12.61 Shares available for future issuance 3,646,714

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Tables)	12 Months Ended
	Aug. 31, 2016
Commitments and Contingencies Disclosure [Abstract]
Minimum lease commitments payable for noncancelable operating leases	Minimum lease commitments payable by the Company for noncancelable operating leases are as follows: Year Ending August 31, (in thousands) 2017 $ 26,065 2018 24,574 2019 19,061 2020 14,932 2021 9,107 Thereafter 13,022 Total $ 106,761
Future purchase commitments	These future purchase commitments are summarized below: Year Ending August 31, (in thousands) 2017 $ 538,763 2018 101,703 2019 48,569 2020 42,014 2021 11,457 Thereafter 7,011 Total $ 749,517

EARNINGS PER SHARE ATTRIBUTAB47

EARNINGS PER SHARE ATTRIBUTABLE TO CMC (Tables)	12 Months Ended
	Aug. 31, 2016
Earnings Per Share [Abstract]
Calculations of basic and diluted earnings per share from continuing operations	The calculations of basic and diluted earnings per share from continuing operations were as follows: August 31, 2016 2015 2014 Earnings from continuing operations $ 72,543 $ 99,131 $ 117,606 Basic earnings per share: Shares outstanding for basic earnings per share 115,211,490 116,527,265 117,496,270 Basic earnings per share from continuing operations attributable to CMC $ 0.63 $ 0.85 $ 1.00 Diluted earnings per share: Shares outstanding for basic earnings per share 115,211,490 116,527,265 117,496,270 Effect of dilutive securities: Stock-based incentive/purchase plans 1,412,336 1,422,633 1,110,836 Shares outstanding for diluted earnings per share 116,623,826 117,949,898 118,607,106 Diluted earnings per share from continuing operations attributable to CMC $ 0.62 $ 0.84 $ 0.99 Anti-dilutive shares not included above 274,251 371,273 679,916

ACCRUED EXPENSES AND OTHER PA48

ACCRUED EXPENSES AND OTHER PAYABLES (Tables)	12 Months Ended
	Aug. 31, 2016
Payables and Accruals [Abstract]
Significant accrued expenses and other payables	Significant accrued expenses and other payables were as follows: August 31, (in thousands) 2016 2015 Salaries and incentive compensation $ 107,507 $ 97,968 Advance billings on contracts 28,856 30,412 Taxes other than income taxes 26,721 41,433 Insurance 23,550 23,123

BUSINESS SEGMENTS (Tables)

BUSINESS SEGMENTS (Tables)	12 Months Ended
	Aug. 31, 2016
Segment Reporting [Abstract]
Summary of certain financial information from continuing operations by reportable segment	The following is a summary of certain financial information from continuing operations by reportable segment: Americas International (in thousands) Recycling Mills Fabrication Mill Marketing and Distribution Corporate Eliminations Continuing Operations 2016 Net sales-unaffiliated customers $ 594,275 $ 839,432 $ 1,479,125 $ 516,643 $ 1,173,969 $ 7,082 $ — $ 4,610,526 Intersegment sales 111,479 659,416 10,330 543 15,627 — (797,395 ) — Net sales 705,754 1,498,848 1,489,455 517,186 1,189,596 7,082 (797,395 ) 4,610,526 Adjusted operating profit (loss) (61,284 ) 209,751 68,602 28,892 (7,087 ) (95,085 ) 5,319 149,108 Interest expense* 2,210 1,942 8,356 2,608 3,524 43,591 — 62,231 Capital expenditures** 4,891 110,375 14,958 27,155 289 5,587 — 163,255 Depreciation and amortization 17,919 47,924 13,620 25,902 1,302 20,273 — 126,940 Asset impairment charges 38,900 — — 208 726 194 — 40,028 Total assets*** 188,873 798,481 659,165 372,492 564,068 1,034,053 (493,050 ) 3,124,082 2015 Net sales-unaffiliated customers $ 887,068 $ 1,048,063 $ 1,612,084 $ 626,219 $ 1,814,319 $ 852 $ — $ 5,988,605 Intersegment sales 135,553 793,749 12,154 32 83,298 — (1,024,786 ) — Net sales 1,022,621 1,841,812 1,624,238 626,251 1,897,617 852 (1,024,786 ) 5,988,605 Adjusted operating profit (loss) (29,157 ) 255,507 22,424 17,555 35,376 (77,832 ) 1,409 225,282 Interest expense* 2,628 4,207 8,864 2,620 9,096 50,345 — 77,760 Capital expenditures** 12,811 67,203 14,883 15,413 296 5,194 — 115,800 Depreciation and amortization 17,460 46,780 17,509 28,087 1,928 20,739 — 132,503 Asset impairment charges 7,494 — 1,585 124 623 13 — 9,839 Total assets*** 261,676 738,669 713,860 403,706 798,914 1,044,178 (552,577 ) 3,408,426 2014 Net sales-unaffiliated customers $ 1,176,907 $ 1,198,249 $ 1,523,573 $ 822,224 $ 2,055,202 $ 14,283 $ — $ 6,790,438 Intersegment sales 190,163 793,085 13,912 969 65,335 — (1,063,464 ) — Net sales 1,367,070 1,991,334 1,537,485 823,193 2,120,537 14,283 (1,063,464 ) 6,790,438 Adjusted operating profit (loss) (5,687 ) 256,536 6,440 30,632 30,557 (72,347 ) (302 ) 245,829 Interest expense* 2,700 7,059 10,222 4,608 6,924 45,524 — 77,037 Capital expenditures** 16,771 31,781 13,798 30,770 1,122 6,907 — 101,149 Depreciation and amortization 14,832 45,392 19,192 32,209 2,328 20,269 — 134,222 Asset impairment charges 1,592 — — 567 172 974 — 3,305 Total assets*** 316,967 762,549 734,500 466,449 822,679 1,048,517 (469,093 ) 3,682,568 ________________________ * Includes intercompany interest expense (income) in the segments and is all eliminated within Corporate. ** Excludes capital expenditures from discontinued operations that were immaterial for the years ended August 31, 2016 , 2015 and 2014 . *** Excludes total assets from discontinued operations of $6.8 million at August 31, 2016 , $31.5 million at August 31, 2015 and $151.1 million at August 31, 2014 .
Reconciliations of earnings from continuing operations to adjusted operating profit	Reconciliations of earnings from continuing operations to adjusted operating profit from continuing operations are provided below: Year Ended August 31, (in thousands) 2016 2015 2014 Earnings from continuing operations $ 72,543 $ 99,131 $ 117,606 Income taxes 12,647 46,844 47,351 Interest expense 62,231 77,760 77,037 Discounts on sales of accounts receivable 1,687 1,547 3,835 Adjusted operating profit from continuing operations $ 149,108 $ 225,282 $ 245,829
External net sales from continuing operations by major product	Year Ended August 31, (in thousands) 2016 2015 2014 Major product information: Steel products $ 3,156,028 $ 4,084,092 $ 4,500,093 Industrial materials 453,714 566,323 659,251 Nonferrous scrap 364,690 536,856 639,961 Ferrous scrap 287,713 428,192 659,578 Construction materials 242,961 220,232 199,154 Nonferrous products 13,456 10,443 8,761 Other 91,964 142,467 123,640 Net sales $ 4,610,526 $ 5,988,605 $ 6,790,438
External net sales from continuing operations by geographic area	Year Ended August 31, (in thousands) 2016 2015 2014 Geographic area: United States $ 3,220,459 $ 4,199,789 $ 4,510,080 Europe 771,118 1,006,204 1,215,150 Asia 429,910 578,755 786,512 Australia/New Zealand 125,069 121,403 175,756 Other 63,970 82,454 102,940 Net sales $ 4,610,526 $ 5,988,605 $ 6,790,438
Long-lived assets by geographic area	The following table represents long-lived assets, net of accumulated depreciation and amortization, by geographic area: August 31, (in thousands) 2016 2015 2014 United States $ 803,245 $ 860,784 $ 864,491 Europe 177,778 189,796 243,280 Asia 5,863 7,692 8,814 Australia/New Zealand 534 1,292 11,309 Total long-lived assets $ 987,420 $ 1,059,564 $ 1,127,894

QUARTERLY FINANCIAL DATA (UNA50

QUARTERLY FINANCIAL DATA (UNAUDITED) (Tables)	12 Months Ended
	Aug. 31, 2016
Quarterly Financial Information Disclosure [Abstract]
Summarized quarterly financial data	Summarized quarterly financial data for fiscal 2016 and 2015 was as follows: Three Months Ended Fiscal 2016 (in thousands except per share data) Nov. 30 Feb. 29 May 31 Aug. 31 Net sales* $ 1,154,859 $ 1,019,697 $ 1,227,390 $ 1,208,580 Gross profit* 157,617 134,821 175,480 168,095 Net earnings (loss) attributable to CMC 25,063 10,502 19,328 (131 ) Basic EPS attributable to CMC 0.22 0.09 0.17 0.00 Diluted EPS attributable to CMC 0.21 0.09 0.17 0.00 Three Months Ended Fiscal 2015 (in thousands except per share data) Nov. 30 Feb. 28 May 31 Aug. 31 Net sales* $ 1,679,990 $ 1,391,117 $ 1,506,002 $ 1,411,496 Gross profit* 179,923 147,075 192,148 157,703 Net earnings attributable to CMC 32,184 6,197 28,709 12,353 Effect of change in accounting principle on basic EPS attributable to CMC** (0.04 ) (0.41 ) (0.24 ) 0.16 Basic EPS attributable to CMC 0.27 0.05 0.25 0.11 Effect of change in accounting principle on diluted EPS attributable to CMC** (0.03 ) (0.41 ) (0.24 ) 0.16 Diluted EPS attributable to CMC 0.27 0.05 0.25 0.11 _________________________ * Excludes divisions classified as discontinued operations. See Note 10, Businesses Held for Sale, Discontinued Operations and Dispositions. ** Represents the effect of the retrospective application of the change in accounting principle from LIFO to weighted average cost or specific identification. See Note 2, Summary of Significant Accounting Policies.

NATURE OF OPERATIONS (Narrative

NATURE OF OPERATIONS (Narrative) (Details)	12 Months Ended
	Aug. 31, 2016scrap_processing_facilityComponentssegments
Number of business segments | segments	5
Number of geographic divisions | Components	2
CMC Americas Division
Number of business segments | segments	3
CMC International Division
Number of business segments | segments	2
Americas Mills
Number of scrap processing facilities | scrap_processing_facility	10
United States
Number of divisions | Components	2
Singapore
Number of recycling facilities | Components	1

SUMMARY OF SIGNIFICANT ACCOUN52

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Narrative) (Details)	12 Months Ended
	Aug. 31, 2016USD ($)levels	Aug. 31, 2015USD ($)	Aug. 31, 2014USD ($)	Sep. 01, 2014USD ($)
Equity method investment	$ 0
Retainage included in accounts receivable	38,700,000	$ 40,700,000
Percentage of LIFO inventory (percent		51.00%
Increase to retained earnings resulting from cumulative effect of change in accounting method				$ 124,200,000
Percentage of FIFO inventory (percent)		38.00%
Goodwill impairment charges	0	$ 7,267,000	$ 0
Goodwill	66,373,000	66,383,000	74,319,000
Transaction gains (losses)	$ (13,900,000)	(45,400,000)	9,000,000
Number of fair value hierarchy | levels	3
One reporting unit within Americas Fabrication
Goodwill	$ 51,300,000	$ 51,300,000
Receivables secured by credit insurance or letters of credit
Percentage of accounts receivable secured by credit insurance or letters of credit	30.00%	35.00%
Certain fabrication projects
Sales recognized in excess of amounts billed	$ 19,400,000	$ 25,000,000
Maximum
Cost method investment ownership percentage	20.00%
Americas Recycling
Goodwill impairment charges	$ 0	7,267,000
Goodwill	$ 0	$ 0	$ 7,267,000

SUMMARY OF SIGNIFICANT ACCOUN53

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Changes in Accounting Method (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Aug. 31, 2016	May 31, 2016	Feb. 29, 2016	Nov. 30, 2015	Aug. 31, 2015	May 31, 2015	Feb. 28, 2015	Nov. 30, 2014	Aug. 31, 2016	Aug. 31, 2015	Aug. 31, 2014
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Cost of goods sold									$ 3,974,513	$ 5,311,756	$ 6,096,196
Income taxes									12,647	46,844	47,351
Earnings from continuing operations									72,543	99,131	117,606
Net earnings attributable to CMC	$ (131)	$ 19,328	$ 10,502	$ 25,063	$ 12,353	$ 28,709	$ 6,197	$ 32,184	$ 54,762	$ 79,443	$ 113,243
Basic earnings per share from continuing operations attributable to CMC (USD per share)									$ 0.63	$ 0.85	$ 1
Basic EPS attributable to CMC (USD per share)	$ 0	$ 0.17	$ 0.09	$ 0.22	$ 0.11	$ 0.25	$ 0.05	$ 0.27	0.48	0.68	0.96
Diluted earnings per share from continuing operations attributable to CMC (USD per share)									0.62	0.84	0.99
Diluted EPS attributable to CMC (USD per share)	$ 0	$ 0.17	$ 0.09	$ 0.21	$ 0.11	0.25	0.05	0.27	$ 0.47	$ 0.67	$ 0.95
Inventories, net	$ 652,754				$ 880,484				$ 652,754	$ 880,484
Current deferred tax assets	0				3,310				0	3,310
Accrued expenses and other payables	264,112				290,677				264,112	290,677
Retained earnings	$ 1,372,988				1,373,568				1,372,988	1,373,568
Net earnings									54,762	79,443	$ 113,244
Deferred income taxes									(3,889)	(13,071)	30,143
Net gain on sale of a subsidiary, cost method investment and other									(2,591)	(8,489)	(13,833)
Write-down of inventories									15,555	37,652	5,015
Inventories working capital change									209,555	127,583	(191,356)
As Originally Reported
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Cost of goods sold										5,213,203	6,109,338
Income taxes										83,206	42,724
Earnings from continuing operations									90,400	161,322	109,091
Net earnings attributable to CMC									$ 72,619	$ 141,634	$ 115,551
Basic earnings per share from continuing operations attributable to CMC (USD per share)									$ 0.78	$ 1.39	$ 0.93
Basic EPS attributable to CMC (USD per share)									0.63	1.22	0.98
Diluted earnings per share from continuing operations attributable to CMC (USD per share)									0.77	1.37	0.92
Diluted EPS attributable to CMC (USD per share)									$ 0.62	$ 1.20	$ 0.97
Inventories, net					781,371					$ 781,371
Current deferred tax assets					29,137					29,137
Accrued expenses and other payables					279,415					279,415
Retained earnings					$ 1,311,544					1,311,544
Net earnings										141,634	$ 115,552
Deferred income taxes										23,291	32,348
Net gain on sale of a subsidiary, cost method investment and other											(31,356)
Write-down of inventories										15,935	4,000
Inventories working capital change										50,747	(177,331)
Effect of Change
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Cost of goods sold										98,553	(13,142)
Income taxes										(36,362)	4,627
Earnings from continuing operations									$ (17,857)	(62,191)	8,515
Net earnings attributable to CMC									$ (17,857)	$ (62,191)	$ (2,308)
Basic earnings per share from continuing operations attributable to CMC (USD per share)									$ (0.15)	$ (0.54)	$ 0.07
Basic EPS attributable to CMC (USD per share)					$ 0.16	(0.24)	(0.41)	(0.04)	(0.15)	(0.54)	(0.02)
Diluted earnings per share from continuing operations attributable to CMC (USD per share)									(0.15)	(0.53)	0.07
Diluted EPS attributable to CMC (USD per share)					$ 0.16	$ (0.24)	$ (0.41)	$ (0.03)	$ (0.15)	$ (0.53)	$ (0.02)
Inventories, net					$ 99,113					$ 99,113
Current deferred tax assets					(25,827)					(25,827)
Accrued expenses and other payables					11,262					11,262
Retained earnings					$ 62,024					62,024
Net earnings										(62,191)	$ (2,308)
Deferred income taxes										(36,362)	(2,205)
Net gain on sale of a subsidiary, cost method investment and other											17,523
Write-down of inventories										21,717	1,015
Inventories working capital change										$ 76,836	$ (14,025)

SUMMARY OF SIGNIFICANT ACCOUN54

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Estimated Useful Lives of Property, Plant and Equipment) (Details)	12 Months Ended
	Aug. 31, 2016
Buildings | Minimum
Property, Plant and Equipment [Line Items]
Estimated useful lives	7 years
Buildings | Maximum
Property, Plant and Equipment [Line Items]
Estimated useful lives	40 years
Land improvements | Minimum
Property, Plant and Equipment [Line Items]
Estimated useful lives	3 years
Land improvements | Maximum
Property, Plant and Equipment [Line Items]
Estimated useful lives	25 years
Leasehold improvements | Minimum
Property, Plant and Equipment [Line Items]
Estimated useful lives	3 years
Leasehold improvements | Maximum
Property, Plant and Equipment [Line Items]
Estimated useful lives	15 years
Equipment | Minimum
Property, Plant and Equipment [Line Items]
Estimated useful lives	3 years
Equipment | Maximum
Property, Plant and Equipment [Line Items]
Estimated useful lives	25 years

ACCUMULATED OTHER COMPREHENSI55

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (AOCI by Components) (Details) - USD ($) $ in Thousands	12 Months Ended
	Aug. 31, 2016	Aug. 31, 2015	Aug. 31, 2014
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Balance	$ (113,535)	$ (19,509)	$ (27,176)
Other comprehensive income (loss) before reclassifications	(10,285)	(85,699)	5,249
Amounts reclassified from AOCI	10,906	(8,327)	2,418
Other comprehensive income (loss)	621	(94,026)	7,667
Balance	(112,914)	(113,535)	(19,509)
Foreign Currency Translation
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Balance	(113,081)	(19,891)	(27,477)
Other comprehensive income (loss) before reclassifications	(11,771)	(83,063)	7,586
Amounts reclassified from AOCI	12,597	(10,127)	0
Other comprehensive income (loss)	826	(93,190)	7,586
Balance	(112,255)	(113,081)	(19,891)
Unrealized Gain (Loss) on Derivatives
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Balance	2,305	3,014	3,594
Other comprehensive income (loss) before reclassifications	1,618	(2,467)	(1,848)
Amounts reclassified from AOCI	(1,737)	1,758	1,268
Other comprehensive income (loss)	(119)	(709)	(580)
Balance	2,186	2,305	3,014
Defined Benefit Obligation
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Balance	(2,759)	(2,632)	(3,293)
Other comprehensive income (loss) before reclassifications	(132)	(169)	(489)
Amounts reclassified from AOCI	46	42	1,150
Other comprehensive income (loss)	(86)	(127)	661
Balance	$ (2,845)	$ (2,759)	$ (2,632)

ACCUMULATED OTHER COMPREHENSI56

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Reclassification out of accumulated other comprehensive income (loss)) (Details) - USD ($) $ in Thousands	12 Months Ended
	Aug. 31, 2016	Aug. 31, 2015	Aug. 31, 2014
Unrealized gain (loss) on derivatives:
Income taxes	$ (496)	$ 949	$ 237
Net of income taxes	1,737	(1,758)	(1,268)
Foreign currency translation adjustments and other | SG&A expenses
Foreign currency translation adjustments and other:
Translation gain (loss) realized upon sale of investment in foreign entity	(12,597)	10,127	0
Unrealized gain (loss) on derivatives
Unrealized gain (loss) on derivatives:
Reclassification adjustments from AOCI on derivatives, before Tax	2,233	(2,707)	(1,505)
Income taxes	(496)	949	237
Net of income taxes	1,737	(1,758)	(1,268)
Unrealized gain (loss) on derivatives | Commodity | Cost of goods sold
Unrealized gain (loss) on derivatives:
Reclassification adjustments from AOCI on derivatives, before Tax	(493)	(665)	(160)
Unrealized gain (loss) on derivatives | Foreign exchange | Cost of goods sold
Unrealized gain (loss) on derivatives:
Reclassification adjustments from AOCI on derivatives, before Tax	2,283	(2,774)	(1,698)
Unrealized gain (loss) on derivatives | Foreign exchange | Net sales
Unrealized gain (loss) on derivatives:
Reclassification adjustments from AOCI on derivatives, before Tax	(380)	124	(232)
Unrealized gain (loss) on derivatives | Foreign exchange | SG&A expenses
Unrealized gain (loss) on derivatives:
Reclassification adjustments from AOCI on derivatives, before Tax	291	76	53
Unrealized gain (loss) on derivatives | Interest rate | Interest expense
Unrealized gain (loss) on derivatives:
Reclassification adjustments from AOCI on derivatives, before Tax	532	532	532
Defined benefit obligation
Defined benefit obligation:
Reclassification adjustments from AOCI, pension and other postretirement benefit plans, before tax	(68)	(63)	(1,315)
Income tax effect	22	21	165
Net of income taxes	(46)	(42)	(1,150)
Defined benefit obligation | SG&A expenses
Defined benefit obligation:
Amortization of net loss	(140)	(134)	(1,604)
Amortization of prior service credit	$ 72	$ 71	$ 289

ACQUISITIONS (Narrative) (Detai

ACQUISITIONS (Narrative) (Details) - entities	12 Months Ended
	Aug. 31, 2016	Aug. 31, 2015
Business Combinations [Abstract]
Number of business acquisitions	0	0

SALES OF ACCOUNTS RECEIVABLE (N

SALES OF ACCOUNTS RECEIVABLE (Narrative) (Details) AUD in Millions	Jul. 29, 2016USD ($)	Aug. 31, 2015PLN	May 31, 2015PLN	Aug. 31, 2016USD ($)entities	Aug. 31, 2015AUD	Aug. 31, 2015USD ($)	Aug. 31, 2014AUD	Aug. 31, 2014USD ($)
Securitization or Asset-backed Financing Arrangement, Financial Asset for which Transfer is Accounted as Sale [Line Items]
Proceed from sales of receivables				$ 400,800,000		$ 596,400,000		$ 688,200,000
Cash payment to owners of receivables				420,300,000		714,200,000		567,200,000
Discount on domestic and international sales of trade accounts receivables				$ 1,700,000		2,400,000		$ 3,900,000
U.S.
Securitization or Asset-backed Financing Arrangement, Financial Asset for which Transfer is Accounted as Sale [Line Items]
Current advance limit for accounts receivable sold	$ 200,000,000
Number of financial institutions | entities				2
Maximum advance limit for accounts receivable sold				$ 300,000,000
Trade accounts receivable sold				215,900,000		274,300,000
Advance payment received on sale of account receivable				$ 0		0
Australian program
Securitization or Asset-backed Financing Arrangement, Financial Asset for which Transfer is Accounted as Sale [Line Items]
Maximum advance limit for accounts receivable sold | AUD					AUD 40		AUD 75
Percentage of eligible receivables sold				100.00%
European program
Securitization or Asset-backed Financing Arrangement, Financial Asset for which Transfer is Accounted as Sale [Line Items]
Current advance limit for accounts receivable sold | PLN		PLN 220,000,000	PLN 200,000,000
Advances, maximum percentage of eligible receivables				90.00%
European and Australian programs
Securitization or Asset-backed Financing Arrangement, Financial Asset for which Transfer is Accounted as Sale [Line Items]
Trade accounts receivable sold				$ 85,700,000		97,900,000
Advance payment received on sale of account receivable				$ 8,300,000		$ 27,700,000

SALES OF ACCOUNTS RECEIVABLE 59

SALES OF ACCOUNTS RECEIVABLE (Activity of the Deferred Purchase Price Receivables) (Details) - USD ($) $ in Thousands	12 Months Ended
	Aug. 31, 2016	Aug. 31, 2015	Aug. 31, 2014
Securitization or Asset-backed Financing Arrangement, Financial Asset for Which Transfer is Accounted as Sale [Roll Forward]
Beginning balance	$ 900,619
Ending balance	765,784	$ 900,619
Australia | Businesses Sold or Held for Sale
Securitization or Asset-backed Financing Arrangement, Financial Asset for Which Transfer is Accounted as Sale [Roll Forward]
Transfers of accounts receivable	45,800	180,000
Collections	61,700	209,200
Deferred purchase price receivables
Securitization or Asset-backed Financing Arrangement, Financial Asset for Which Transfer is Accounted as Sale [Roll Forward]
Beginning balance	339,547	385,169	$ 453,252
Transfers of accounts receivable	2,389,297	3,574,283	4,243,471
Collections	2,439,096	3,619,905	4,239,242
Program termInation			(72,312)
Ending balance	289,748	339,547	385,169
Deferred purchase price receivables | U.S.
Securitization or Asset-backed Financing Arrangement, Financial Asset for Which Transfer is Accounted as Sale [Roll Forward]
Beginning balance	269,778	329,797	358,822
Transfers of accounts receivable	1,933,477	2,944,627	3,347,103
Collections	1,990,493	3,004,646	3,376,128
Program termInation			0
Ending balance	212,762	269,778	329,797
Deferred purchase price receivables | Australia
Securitization or Asset-backed Financing Arrangement, Financial Asset for Which Transfer is Accounted as Sale [Roll Forward]
Beginning balance	18,038	34,071	64,996
Transfers of accounts receivable	175,593	298,179	487,583
Collections	166,969	314,212	446,196
Program termInation			(72,312)
Ending balance	26,662	18,038	34,071
Deferred purchase price receivables | Europe
Securitization or Asset-backed Financing Arrangement, Financial Asset for Which Transfer is Accounted as Sale [Roll Forward]
Beginning balance	51,731	21,301	29,434
Transfers of accounts receivable	280,227	331,477	408,785
Collections	281,634	301,047	416,918
Program termInation			0
Ending balance	$ 50,324	$ 51,731	$ 21,301

INVENTORIES, NET (Narrative) (D

INVENTORIES, NET (Narrative) (Details) - USD ($) $ in Thousands	12 Months Ended
	Aug. 31, 2016	Aug. 31, 2015	Aug. 31, 2014
Inventory Disclosure [Abstract]
Inventory valued using weighted average cost method (percent)	60.00%
Inventory valued using specific identification method (percent)	40.00%
Raw materials	$ 77,900	$ 61,500
Inventory write-downs	$ 15,555	$ 37,652	$ 5,015

GOODWILL AND OTHER INTANGIBLE61

GOODWILL AND OTHER INTANGIBLE ASSETS (Narrative) (Details) - USD ($)	12 Months Ended
	Aug. 31, 2016	Aug. 31, 2015	Aug. 31, 2014
Goodwill	$ 66,373,000	$ 66,383,000	$ 74,319,000
Goodwill impairment charges	0	7,267,000	0
Amortization expense for intangible assets	$ 3,600,000	6,900,000	5,100,000
Intangible assets excluding favorable land leases
Weighted average remaining useful lives	10 years
Favorable land leases
Weighted average remaining useful lives	48 years
One reporting unit within Americas Fabrication
Goodwill	$ 51,300,000	51,300,000
Reporting unit, percentage of fair value in excess of carrying amount (percent)	20.00%
Americas Recycling
Goodwill	$ 0	0	$ 7,267,000
Goodwill impairment charges	$ 0	$ 7,267,000

GOODWILL AND OTHER INTANGIBLE62

GOODWILL AND OTHER INTANGIBLE ASSETS (Changes in the Carrying Amount of Goodwill) (Details) - USD ($)	3 Months Ended	12 Months Ended
	Aug. 31, 2015	Aug. 31, 2016	Aug. 31, 2015	Aug. 31, 2014
Goodwill [Line Items]
Goodwill	$ 76,787,000	$ 76,772,000	$ 76,787,000	$ 84,127,000
Accumulated impairment losses	(10,404,000)	(10,399,000)	(10,404,000)	(9,808,000)
Goodwill, net	66,383,000	66,373,000	66,383,000	74,319,000
Impairment		0	(7,267,000)	0
Goodwill reclassified to assets held for sale			(6,643,000)
Accumulated impairment losses reclassified to assets held for sale			6,643,000
Translation		(10,000)	(669,000)
Americas Recycling
Goodwill [Line Items]
Goodwill	9,751,000	9,751,000	9,751,000	9,751,000
Accumulated impairment losses	(9,751,000)	(9,751,000)	(9,751,000)	(2,484,000)
Goodwill, net	0	0	0	7,267,000
Impairment		0	(7,267,000)
Goodwill reclassified to assets held for sale			0
Accumulated impairment losses reclassified to assets held for sale			0
Translation		0	0
Americas Mills
Goodwill [Line Items]
Goodwill	4,970,000	4,970,000	4,970,000	4,970,000
Accumulated impairment losses	0	0	0	0
Goodwill, net	4,970,000	4,970,000	4,970,000	4,970,000
Impairment			0
Goodwill reclassified to assets held for sale			0
Accumulated impairment losses reclassified to assets held for sale			0
Translation		0	0
Americas Fabrication
Goodwill [Line Items]
Goodwill	57,637,000	57,637,000	57,637,000	57,637,000
Accumulated impairment losses	(493,000)	(493,000)	(493,000)	(493,000)
Goodwill, net	57,144,000	57,144,000	57,144,000	57,144,000
Impairment			0
Goodwill reclassified to assets held for sale			0
Accumulated impairment losses reclassified to assets held for sale			0
Translation		0	0
International Mill
Goodwill [Line Items]
Goodwill	2,517,000	2,432,000	2,517,000	2,964,000
Accumulated impairment losses	(160,000)	(155,000)	(160,000)	(188,000)
Goodwill, net	2,357,000	2,277,000	2,357,000	2,776,000
Impairment			0
Translation		(80,000)	(419,000)
International Marketing and Distribution
Goodwill [Line Items]
Goodwill	1,912,000	1,982,000	1,912,000	8,805,000
Accumulated impairment losses	0	0	0	(6,643,000)
Goodwill, net	1,912,000	1,982,000	1,912,000	$ 2,162,000
Impairment			0
Goodwill reclassified to assets held for sale			(6,643,000)
Accumulated impairment losses reclassified to assets held for sale			6,643,000
Translation		$ 70,000	$ (250,000)
Assets Held-for-sale | International Marketing and Distribution
Goodwill, Impaired, Accumulated Impairment Loss [Abstract]
Goodwill related to assets sold	1,600,000
Goodwill amortization related to assets sold	$ 1,600,000

GOODWILL AND OTHER INTANGIBLE63

GOODWILL AND OTHER INTANGIBLE ASSETS (Intangible Assets) (Details) - USD ($) $ in Thousands	Aug. 31, 2016	Aug. 31, 2015
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 18,570	$ 47,838
Accumulated Amortization	5,989	31,490
Net	12,581	16,348
Customer base
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	6,160	35,369
Accumulated Amortization	2,714	28,814
Net	3,446	6,555
Favorable land leases
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	10,081	10,091
Accumulated Amortization	2,518	2,101
Net	7,563	7,990
Non-competition agreements
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	1,600	1,629
Accumulated Amortization	371	217
Net	1,229	1,412
Brand name
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	628	648
Accumulated Amortization	328	306
Net	300	342
Other
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	101	101
Accumulated Amortization	58	52
Net	$ 43	$ 49

GOODWILL AND OTHER INTANGIBLE64

GOODWILL AND OTHER INTANGIBLE ASSETS (Estimated Future Amortization Expense) (Details) $ in Thousands	Aug. 31, 2016USD ($)
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]
2,017	$ 1,098
2,018	1,080
2,019	1,039
2,020	891
2,021	$ 881

LONG-LIVED ASSET IMPAIRMENT A65

LONG-LIVED ASSET IMPAIRMENT AND FACILITY CLOSURE COSTS Long-lived Asset Impairment and Facility Closure Costs (Details) - USD ($) $ in Millions	3 Months Ended
	Aug. 31, 2016	May 31, 2016
Restructuring Cost and Reserve [Line Items]
Nonrecurring impairment charge		$ 15.8
Foreign currency translation loss		$ (13.5)
Americas Recycling
Restructuring Cost and Reserve [Line Items]
Impairment of long-lived assets	$ 38.9

SEVERANCE (Narrative) (Details)

SEVERANCE (Narrative) (Details) - USD ($) $ in Millions	12 Months Ended
	Aug. 31, 2016	Aug. 31, 2015	Aug. 31, 2014
Restructuring and Related Activities [Abstract]
Severance costs	$ 3.2	$ 5.8	$ 3.7

BUSINESSES HELD FOR SALE, DIS67

BUSINESSES HELD FOR SALE, DISCONTINUED OPERATIONS AND DISPOSITIONS (Narrative) (Details) $ in Millions	Aug. 31, 2016Components	Aug. 31, 2015Components	Aug. 31, 2016USD ($)location	May 31, 2016USD ($)	Aug. 31, 2015USD ($)location	Aug. 31, 2014USD ($)	Nov. 30, 2013USD ($)	Aug. 31, 2014USD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of locations held for sale | Components	0
Currency translation gain				$ (13.5)
Australian Steel Distribution Business
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of locations held for sale | Components		1
Number of locations sold | location					6
Proceeds from sale of business			$ 4.4		$ 26.4
Pre-tax gain					8.1
Currency translation gain					$ 10.1
Number of locations where operations ceased | location			3
Howell
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Pre-tax gain								$ 6.3
Business divestiture disposal price						$ 1.1	$ 58.5
Escrow receivable						$ 3.2		$ 3.2

BUSINESSES HELD FOR SALE, DIS68

BUSINESSES HELD FOR SALE, DISCONTINUED OPERATIONS AND DISPOSITIONS (Components of Assets and Liabilities for Businesses Held for Sale) (Details) $ in Thousands	Aug. 31, 2015USD ($)
Assets:
Accounts receivable	$ 3,244
Inventories, net	12,514
Other current assets	41
Property, plant and equipment, net of accumulated depreciation and amortization	1,209
Assets of businesses held for sale	17,008
Liabilities:
Accounts payable-trade	3,011
Accrued expenses and other payables	2,265
Liabilities of businesses held for sale	$ 5,276

BUSINESSES HELD FOR SALE, DIS69

BUSINESSES HELD FOR SALE, DISCONTINUED OPERATIONS AND DISPOSITIONS (Financial Information for Discontinued Operations) (Details) - USD ($) $ in Thousands	12 Months Ended
	Aug. 31, 2016	Aug. 31, 2015	Aug. 31, 2014
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Loss before income taxes	$ (17,949)	$ (20,124)	$ (2,650)
Discontinued operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Revenue	$ 41,414	$ 173,065	$ 266,819

CREDIT ARRANGEMENTS (Narrative)

CREDIT ARRANGEMENTS (Narrative) (Details) PLN in Millions

Jun. 26, 2014USD ($)

Feb. 29, 2016USD ($)

May 31, 2013USD ($)

Aug. 31, 2008USD ($)

Jul. 31, 2007USD ($)

Aug. 31, 2016USD ($)

Aug. 31, 2015USD ($)

Aug. 31, 2014USD ($)

Aug. 31, 2012USD ($)

Aug. 31, 2016PLN

Aug. 31, 2016USD ($)

Aug. 31, 2015PLN

Aug. 31, 2015USD ($)

Debt Instrument [Line Items]

Loss on debt extinguishment

$ 11,480,000

$ 0

$ 0

Net proceeds from termination of interest rate swaps

$ 52,700,000

Deferred gain of interest rate swaps

$ 11,600,000

$ 19,200,000

Amortization of interest rate swaps termination gain

7,597,000

7,597,000

7,597,000

Interest costs capitalized

3,600,000

Interest paid

74,700,000

86,700,000

$ 85,600,000

CMCP

Debt Instrument [Line Items]

Revolving credit facility current borrowing capacity

PLN 175

44,800,000

PLN 215

56,900,000

Revolving line of credit outstanding amount

0

Annual total borrowing

$ 0

49,600,000

Annual total payments

$ 49,600,000

Revolving credit agreement

Debt Instrument [Line Items]

Debt instrument, issuance date

Jun. 26, 2014

Revolving credit facility current borrowing capacity

$ 350,000,000

Revolving credit facility, maturity date

Jun. 26, 2019

Revolving credit facility, maximum borrowing capacity

500,000,000

Minimum interest coverage ratio

2.5

Maximum debt to capitalization ratio

0.60

Minimum liquidity required

$ 150,000,000

Actual interest coverage ratio

5

5

Actual debt to capitalization ratio

0.44

0.44

Stand-by letters of credit

Debt Instrument [Line Items]

Revolving credit facility current borrowing capacity

$ 50,000,000

Stand by letters of credit outstanding amount

$ 3,000,000

$ 23,400,000

$330 million notes at 4.875% due May 2023

Debt Instrument [Line Items]

Debt instrument, issuance date

May 20, 2013

Debt instrument, face amount

$ 330,000,000

Debt instrument, interest rate, stated percentage

4.875%

$500 million notes at 7.35% due August 2018

Debt Instrument [Line Items]

Debt instrument, issuance date

Aug. 4, 2008

Debt instrument, face amount

$ 500,000,000

Debt instrument, interest rate, stated percentage

7.35%

Debt instrument, maturity date

Aug. 15, 2018

Loss on debt extinguishment

$ (6,100,000)

Effective interest rate

6.40%

Extinguishment of Debt, Amount

$ 100,200,000

$400 million notes at 6.50% due July 2017

Debt Instrument [Line Items]

Debt instrument, issuance date

Jul. 17, 2007

Debt instrument, face amount

$ 400,000,000

Debt instrument, interest rate, stated percentage

6.50%

Debt instrument, maturity date

Jul. 15, 2017

Loss on debt extinguishment

$ (5,400,000)

Effective interest rate

5.74%

Extinguishment of Debt, Amount

$ 100,000,000

CREDIT ARRANGEMENTS (Long-term

CREDIT ARRANGEMENTS (Long-term Debt) (Details) - USD ($) $ in Thousands	Aug. 31, 2016	Aug. 31, 2015
Debt Instrument [Line Items]
Total long-term debt including current maturities	$ 1,075,641	$ 1,287,992
Less debt issuance costs	4,224	5,637
Total long-term debt including current maturities	1,071,417	1,282,355
Current maturities of long-term debt	313,469	10,110
Long-term debt	$ 757,948	1,272,245
$400 million notes at 6.50% due July 2017
Debt Instrument [Line Items]
Weighted average interest rate	4.875%
Total long-term debt including current maturities	$ 330,000	330,000
$500 million notes at 7.35% due August 2018
Debt Instrument [Line Items]
Weighted average interest rate	6.40%
Total long-term debt including current maturities	$ 408,874	513,680
$330 million notes at 4.875% due May 2023
Debt Instrument [Line Items]
Weighted average interest rate	5.74%
Total long-term debt including current maturities	$ 302,601	405,573
Other, including equipment notes
Debt Instrument [Line Items]
Total long-term debt including current maturities	$ 34,166	$ 38,739

CREDIT ARRANGEMENTS (Scheduled

CREDIT ARRANGEMENTS (Scheduled Maturities of Long-term Debt) (Details) - USD ($) $ in Thousands	Aug. 31, 2016	Aug. 31, 2015
Long-term Debt, Fiscal Year Maturity [Abstract]
2,017	$ 311,094
2,018	410,416
2,019	8,297
2,020	3,478
2,021	527
Thereafter	330,172
Total excluding deferred gain of interest rate swaps	1,063,984
Deferred gain of interest rate swaps	11,657
Less debt issuance costs	4,224	$ 5,637
Total long-term debt including current maturities	$ 1,071,417	$ 1,282,355

NEW MARKETS TAX CREDIT TRANSA73

NEW MARKETS TAX CREDIT TRANSACTIONS (Details) - USD ($) $ in Millions	1 Months Ended	12 Months Ended
	Dec. 31, 2015	Aug. 31, 2016
Income Tax Contingency [Line Items]
Capital Contribution Received Under New Markets Tax Program	$ 17.7
Payments for qualified construction, development and equipping activities		$ 27.2
Restricted cash		$ 21.7
Commonwealth
Income Tax Contingency [Line Items]
Loans and Leases Receivable, Gross	$ 35.3
Loan Receivable, Stated Interest Rate	1.08%
Investment Fund
Income Tax Contingency [Line Items]
Qualified Equity Investment Into Community Development Entities	$ 51.5
Qualified Equity Investment Loans | CMC Steel Oklahoma, LLC
Income Tax Contingency [Line Items]
Loans Payable	$ 50.7

DERIVATIVES AND RISK MANAGEME74

DERIVATIVES AND RISK MANAGEMENT (Narrative) (Details) - USD ($) $ in Millions	Aug. 31, 2016	Aug. 31, 2015
Foreign exchange
Derivative [Line Items]
Notional value of contract commitments	$ 258.3	$ 390.8
Commodity
Derivative [Line Items]
Notional value of contract commitments	$ 19.8	$ 37.7

DERIVATIVES AND RISK MANAGEME75

DERIVATIVES AND RISK MANAGEMENT (Derivatives Not Designated as Hedging Instruments) (Details) - USD ($) $ in Thousands	12 Months Ended
	Aug. 31, 2016	Aug. 31, 2015	Aug. 31, 2014
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) before taxes for derivatives not designated as hedging instruments	$ 14,422	$ 38,863	$ (2,236)
Commodity | Cost of goods sold
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) before taxes for derivatives not designated as hedging instruments	2,675	7,746	2,504
Foreign exchange | Cost of goods sold
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) before taxes for derivatives not designated as hedging instruments	19	4,996	(1,078)
Foreign exchange | Net sales
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) before taxes for derivatives not designated as hedging instruments	(4)	3,016	473
Foreign exchange | SG&A expenses
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) before taxes for derivatives not designated as hedging instruments	$ 11,732	$ 23,105	$ (4,135)

DERIVATIVES AND RISK MANAGEME76

DERIVATIVES AND RISK MANAGEMENT (Derivatives Designated as Fair Value Hedging Instruments) (Details) - USD ($) $ in Thousands	12 Months Ended
	Aug. 31, 2016	Aug. 31, 2015	Aug. 31, 2014
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) before taxes for derivatives designated as fair value hedging instruments	$ (1,111)	$ 776	$ (1,372)
Foreign exchange | Net sales
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) before taxes for derivatives designated as fair value hedging instruments	(39)	(105)	93
Foreign exchange | Cost of goods sold
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) before taxes for derivatives designated as fair value hedging instruments	$ (1,072)	$ 881	$ (1,465)

DERIVATIVES AND RISK MANAGEME77

DERIVATIVES AND RISK MANAGEMENT (Hedged Items Designated as Fair Value Hedging Instruments) (Details) - USD ($) $ in Thousands	12 Months Ended
	Aug. 31, 2016	Aug. 31, 2015	Aug. 31, 2014
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) before taxes for hedged items designated as fair value hedging instruments	$ 1,111	$ (776)	$ 1,378
Foreign exchange | Net sales
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) before taxes for hedged items designated as fair value hedging instruments	39	105	(91)
Foreign exchange | Cost of goods sold
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) before taxes for hedged items designated as fair value hedging instruments	$ 1,072	$ (881)	$ 1,469

DERIVATIVES AND RISK MANAGEME78

DERIVATIVES AND RISK MANAGEMENT (Effective Portion of Derivatives Designated as Cash Flow Hedging Instruments Recognized in Accumulated Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Thousands	12 Months Ended
	Aug. 31, 2016	Aug. 31, 2015	Aug. 31, 2014
Derivative Instruments, Gain (Loss) [Line Items]
Gain, (loss), net of taxes for effective portion of derivatives designated as cash flow hedging instruments recognized in AOCI	$ 1,618	$ (2,467)	$ (1,848)
Commodity
Derivative Instruments, Gain (Loss) [Line Items]
Gain, (loss), net of taxes for effective portion of derivatives designated as cash flow hedging instruments recognized in AOCI	(204)	(635)	(54)
Foreign exchange
Derivative Instruments, Gain (Loss) [Line Items]
Gain, (loss), net of taxes for effective portion of derivatives designated as cash flow hedging instruments recognized in AOCI	$ 1,822	$ (1,832)	$ (1,794)

DERIVATIVES AND RISK MANAGEME79

DERIVATIVES AND RISK MANAGEMENT (Effective Portion of Derivatives Designated as Cash Flow Hedging Instruments Reclassified from Accumulated Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Thousands	12 Months Ended
	Aug. 31, 2016	Aug. 31, 2015	Aug. 31, 2014
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) before income taxes	$ 2,233	$ (2,707)	$ (1,505)
Income tax (expense) benefit	(496)	949	237
Gain (loss), net of income taxes	1,737	(1,758)	(1,268)
Commodity | Cost of goods sold
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) before income taxes	(493)	(665)	(160)
Foreign exchange | Cost of goods sold
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) before income taxes	2,283	(2,774)	(1,717)
Foreign exchange | Net sales
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) before income taxes	(380)	124	(213)
Foreign exchange | SG&A expenses
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) before income taxes	291	76	53
Interest rate | Interest expense
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) before income taxes	$ 532	$ 532	$ 532

DERIVATIVES AND RISK MANAGEME80

DERIVATIVES AND RISK MANAGEMENT (Derivative Assets) (Details) - USD ($) $ in Thousands		Aug. 31, 2016	Aug. 31, 2015
Derivatives, Fair Value [Line Items]
Derivative assets (other current assets)	[1]	$ 2,736	$ 5,453
Commodity | Designated
Derivatives, Fair Value [Line Items]
Derivative assets (other current assets)		4	19
Commodity | Not designated
Derivatives, Fair Value [Line Items]
Derivative assets (other current assets)		584	846
Foreign exchange | Designated
Derivatives, Fair Value [Line Items]
Derivative assets (other current assets)		1,398	1,500
Foreign exchange | Not designated
Derivatives, Fair Value [Line Items]
Derivative assets (other current assets)		$ 750	$ 3,088
[1]	* Derivative assets and liabilities do not include the hedged items designated as fair value hedges.

DERIVATIVES AND RISK MANAGEME81

DERIVATIVES AND RISK MANAGEMENT (Derivative Liabilities) (Details) - USD ($) $ in Thousands		Aug. 31, 2016	Aug. 31, 2015
Derivatives, Fair Value [Line Items]
Derivative liabilities (accrued expenses and other payables)	[1]	$ 2,185	$ 2,803
Commodity | Designated
Derivatives, Fair Value [Line Items]
Derivative liabilities (accrued expenses and other payables)		5	129
Commodity | Not designated
Derivatives, Fair Value [Line Items]
Derivative liabilities (accrued expenses and other payables)		117	537
Foreign exchange | Designated
Derivatives, Fair Value [Line Items]
Derivative liabilities (accrued expenses and other payables)		902	874
Foreign exchange | Not designated
Derivatives, Fair Value [Line Items]
Derivative liabilities (accrued expenses and other payables)		$ 1,161	$ 1,263
[1]	* Derivative assets and liabilities do not include the hedged items designated as fair value hedges.

FAIR VALUE (Narrative) (Details

FAIR VALUE (Narrative) (Details) $ in Millions	3 Months Ended		12 Months Ended
	Aug. 31, 2016USD ($)	May 31, 2016USD ($)	Aug. 31, 2016USD ($)levels
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Number of fair value hierarchy | levels			3
Nonrecurring impairment charge		$ 15.8
Foreign currency translation loss		$ (13.5)
Americas Recycling
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impairment of long-lived assets	$ 38.9
Fixed assets, fair value	$ 82.8		$ 82.8

FAIR VALUE (Financial Assets an

FAIR VALUE (Financial Assets and Financial Liabilities Measured at Fair Value on Recurring Basis) (Details) - USD ($) $ in Thousands		Aug. 31, 2016	Aug. 31, 2015
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	[1]	$ 2,736	$ 5,453
Fair value, measurements, recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Money market investments	[2]	278,759	271,840
Fair value, measurements, recurring | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Money market investments	[2]	278,759	271,840
Fair value, measurements, recurring | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Money market investments	[2]	0	0
Fair value, measurements, recurring | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Money market investments	[2]	0	0
Fair value, measurements, recurring | Commodity
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	[3]	588	865
Derivative liabilities	[3]	122	666
Fair value, measurements, recurring | Commodity | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	[3]	584	846
Derivative liabilities	[3]	117	537
Fair value, measurements, recurring | Commodity | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	[3]	4	19
Derivative liabilities	[3]	5	129
Fair value, measurements, recurring | Commodity | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	[3]	0	0
Derivative liabilities	[3]	0	0
Fair value, measurements, recurring | Foreign exchange
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	[3]	2,148	4,588
Derivative liabilities	[3]	2,063	2,137
Fair value, measurements, recurring | Foreign exchange | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	[3]	0	0
Derivative liabilities	[3]	0	0
Fair value, measurements, recurring | Foreign exchange | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	[3]	2,148	4,588
Derivative liabilities	[3]	2,063	2,137
Fair value, measurements, recurring | Foreign exchange | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	[3]	0	0
Derivative liabilities	[3]	$ 0	$ 0
[1]	* Derivative assets and liabilities do not include the hedged items designated as fair value hedges.
[2]	(1) Money market investments are short-term in nature, and the value is determined by broker quoted prices in active markets. The investment portfolio mix can change each period based on the Company's assessment of investment options.
[3]	(2) Derivative assets and liabilities classified as Level 1 are commodity futures contracts valued based on quoted market prices in the London Metal Exchange or the New York Mercantile Exchange. Amounts in Level 2 are based on broker quotes in the over-the-counter market. Further discussion regarding the Company's use of derivative instruments and the classification of the assets and liabilities is included in Note 13, Derivatives and Risk Management.

FAIR VALUE FAIR VALUE (Financia

FAIR VALUE FAIR VALUE (Financial Assets and Liabilities Not Required to Be Measured at Fair Value) (Details) - USD ($) $ in Thousands		Aug. 31, 2016	Aug. 31, 2015
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Financial liabilities		$ 1,075,641	$ 1,287,992
$400 million notes at 6.50% due July 2017
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Financial liabilities		330,000	330,000
$400 million notes at 6.50% due July 2017 | Level 2 | Carrying Value
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Financial liabilities	[1]	330,000	330,000
$400 million notes at 6.50% due July 2017 | Level 2 | Fair Value
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Financial liabilities	[1]	332,010	300,630
$500 million notes at 7.35% due August 2018
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Financial liabilities		408,874	513,680
$500 million notes at 7.35% due August 2018 | Level 2 | Carrying Value
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Financial liabilities	[1]	408,874	513,680
$500 million notes at 7.35% due August 2018 | Level 2 | Fair Value
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Financial liabilities	[1]	432,303	530,000
$330 million notes at 4.875% due May 2023
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Financial liabilities		302,601	405,573
$330 million notes at 4.875% due May 2023 | Level 2 | Carrying Value
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Financial liabilities	[1]	302,601	405,573
$330 million notes at 4.875% due May 2023 | Level 2 | Fair Value
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Financial liabilities	[1]	$ 311,250	$ 419,400
[1]	(1) The fair value of the notes is determined based on indicated market values.

INCOME TAX (Narrative) (Details

INCOME TAX (Narrative) (Details) - USD ($) $ in Thousands	12 Months Ended
	Aug. 31, 2016	Aug. 31, 2015	Aug. 31, 2014	Aug. 31, 2013
Effective tax rate from discontinued operations	0.90%	2.20%	(64.60%)
Effective income tax rates from continuing operations	14.80%	32.10%	28.70%
Statutory tax rate	35.00%	35.00%	35.00%
Net Income tax payments (refunds)	$ 50,200	$ 61,000	$ 11,800
Indefinitely reinvested foreign earnings	537,000
Unrecognized tax benefits	9,522	27,349	27,349	$ 28,551
Unrecognized tax benefits that would impact effective tax rate			$ 12,000
Accrued interest and penalties on unrecognized tax benefits	1,000	4,200
State
Net operating losses carry forward	324,000
Foreign
Net operating losses carry forward	461,000
Valuation allowance, net operating loss carryforwards
Valuation allowance against deferred tax assets	$ 73,000	$ 10,200
POLAND
Foreign income tax rate	19.00%

INCOME TAX (Components of Earni

INCOME TAX (Components of Earnings from Continuing Operations before Income Taxes) (Details) - USD ($) $ in Thousands	12 Months Ended
	Aug. 31, 2016	Aug. 31, 2015	Aug. 31, 2014
Income Tax Disclosure [Abstract]
United States	$ 49,279	$ 118,455	$ 122,024
Foreign	35,911	27,520	42,933
Earnings from continuing operations before income taxes	$ 85,190	$ 145,975	$ 164,957

INCOME TAX (Income Taxes Includ

INCOME TAX (Income Taxes Included in the Consolidated Statements of Operations) (Details) - USD ($) $ in Thousands	12 Months Ended
	Aug. 31, 2016	Aug. 31, 2015	Aug. 31, 2014
Current:
United States	$ 5,224	$ 53,258	$ 11,799
Foreign	6,991	3,329	2,965
State and local	4,130	2,830	4,157
Current taxes	16,345	59,417	18,921
Deferred:
United States	(4,423)	(14,219)	29,184
Foreign	254	722	4,457
State and local	303	488	(3,499)
Deferred taxes	(3,866)	(13,009)	30,142
Total income taxes on income	12,479	46,408	49,063
Income taxes (benefit) on discontinued operations	(168)	(436)	1,712
Income taxes on continuing operations	$ 12,647	$ 46,844	$ 47,351

INCOME TAX (Reconciliation of F

INCOME TAX (Reconciliation of Federal Statutory Rate to Effective Tax Rate from Continuing Operations) (Details) - USD ($) $ in Thousands	12 Months Ended
	Aug. 31, 2016	Aug. 31, 2015	Aug. 31, 2014
Income Tax Disclosure [Abstract]
Income tax expense at statutory rate of 35%	$ 29,818	$ 51,091	$ 57,735
State and local taxes	2,095	2,152	116
Section 199 manufacturing deduction	(4,694)	(4,017)	(1,199)
Foreign rate differential	(2,015)	(2,404)	(6,290)
Foreign tax impairment on valuation of subsidiaries	(60,204)	0	0
Change in valuation allowance	70,784	12,305	19,978
Deferred compensation	(1,375)	772	(4,164)
Nontaxable foreign interest	(16,063)	(16,712)	(16,506)
Audit settlement	(10,264)	0	0
Other	4,565	3,657	(2,319)
Income tax expense on continuing operations	$ 12,647	$ 46,844	$ 47,351
Effective income tax rates from continuing operations	14.80%	32.10%	28.70%

INCOME TAX (Deferred Tax Assets

INCOME TAX (Deferred Tax Assets and Liabilities) (Details) - USD ($) $ in Thousands	Aug. 31, 2016	Aug. 31, 2015
Deferred tax assets:
Deferred compensation and employee benefits	$ 45,496	$ 48,309
Net operating losses and credits	154,606	78,838
Reserves and other accrued expenses	18,831	21,381
Allowance for doubtful accounts	2,438	3,334
Intangibles	6,214	8,084
Other	768	9,562
Total deferred tax assets	228,353	169,508
Valuation allowance for deferred tax assets	(153,011)	(79,965)
Deferred tax assets, net	75,342	89,543
Deferred tax liabilities:
Fixed assets	96,100	102,143
Inventory	30,822	40,859
Other	2,799	3,981
Total deferred tax liabilities	(54,379)	(57,440)
Net deferred tax liabilities	$ 129,721	$ 146,983

INCOME TAX (Unrecognized Tax Be

INCOME TAX (Unrecognized Tax Benefits) (Details) - USD ($) $ in Thousands	12 Months Ended
	Aug. 31, 2016	Aug. 31, 2015	Aug. 31, 2014
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
Unrecognized Tax Benefits, Beginning Balance	$ 27,349	$ 27,349	$ 28,551
Change in tax positions of current year	0	0	0
Change for tax positions of prior years	0	0	(1,202)
Reductions due to settlements with taxing authorities	(17,827)	0	0
Unrecognized Tax Benefits, Ending Balance	$ 9,522	$ 27,349	$ 27,349

STOCK-BASED COMPENSATION PLAN91

STOCK-BASED COMPENSATION PLANS (Stock-Based Awards Granted) (Details) - shares	12 Months Ended
	Aug. 31, 2016	Aug. 31, 2015	Aug. 31, 2014
Restricted Stock Awards/Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted, number	1,137,000	987,574	1,191,544
Performance Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted, number	540,295	462,496	450,233

STOCK-BASED COMPENSATION PLAN92

STOCK-BASED COMPENSATION PLANS (Narrative) (Details) $ in Millions	12 Months Ended
	Aug. 31, 2016USD ($)Intervalshares	Aug. 31, 2015USD ($)shares	Aug. 31, 2014USD ($)shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense | $	$ 26.4	$ 23.5	$ 18.1
Total unrecognized compensation cost | $	$ 22.4
Period of unrecognized compensation to be recognized	3 years
Shares available for future grants	9,394,846
Fair value of shares vested | $	$ 21.3	$ 10.2	$ 10
Certain RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Period of unrecognized compensation to be recognized	4 years
Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock awards and performance stock units, granted, shares	1,137,000	987,574	1,191,544
Restricted stock units | United States
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting frequency | Interval	3
Vesting period	3 years
Restricted stock units | Non-U.S.
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting frequency | Interval	3
Vesting period	3 years
Performance Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock awards and performance stock units, granted, shares	540,295	462,496	450,233
Performance Awards | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Payout percentage	50.00%
Performance Awards | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Payout percentage	200.00%
Performance Awards | EBITDA
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage that performance targets are weighted	75.00%	75.00%	75.00%
Performance Awards | Relative total stockholder return
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage that performance targets are weighted	25.00%	25.00%	25.00%
Liability awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock awards and performance stock units, granted, shares	464,782	392,517
Equivalent number of awards outstanding	871,182
Equivalent number of shares expected to vest	829,343
Stock appreciation rights and stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock appreciation rights and stock options, granted, number	0	0	0
Equivalent shares of SARs outstanding	358,994
Cash-settled stock appreciation rights
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock appreciation rights and stock options, granted, number	0	0	59,399
Equivalent shares of SARs outstanding	38,446
Equivalent number of shares expected to vest	36,524
Vesting in two years
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage	25.00%
Vesting period	2 years
Vesting in three years
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage	25.00%
Vesting period	3 years
Vesting in four years
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage	50.00%
Vesting period	4 years
Employee stock purchase plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares available for future grants	3,646,714
Maximum number of shares per employee	400
Purchase discount from market price	15.00%	15.00%	15.00%

STOCK-BASED COMPENSATION PLAN93

STOCK-BASED COMPENSATION PLANS (Restricted Stock Awards and Performance Stock Units Excluding the Cash Component) (Details) - Restricted stock units and performance stock units excluding the cash component - $ / shares	12 Months Ended
	Aug. 31, 2016	Aug. 31, 2015	Aug. 31, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Outstanding number, beginning balance	2,733,334	2,080,580	1,907,418
Granted, number	1,612,772	1,468,696	1,275,355
Vested, number	(1,471,436)	(712,279)	(737,870)
Forfeited, number	(174,440)	(103,663)	(364,323)
Outstanding number, ending balance	2,700,230	2,733,334	2,080,580
Outstanding, weighted average grant-date fair value, beginning balance	$ 15.86	$ 15.37	$ 13.57
Granted, weighted average grant-date fair value	15.83	15.79	16.89
Vested, weighted average grant-date fair value	14.47	14.33	13.55
Forfeited, weighted average grant-date fair value	17.60	15.51	14.94
Outstanding, weighted average grant-date fair value, ending balance	$ 16.49	$ 15.86	$ 15.37

STOCK-BASED COMPENSATION PLAN94

STOCK-BASED COMPENSATION PLANS (Combined Activity for Stock Appreciation Rights and Stock Options Excluding the Cash Component) (Details) - Stock appreciation rights and stock options excluding the cash component - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Aug. 31, 2016	Aug. 31, 2015	Aug. 31, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Outstanding, number, beginning balance	842,217	1,437,031	2,653,430
Exercised, number	(418,378)	(142,604)	(223,473)
Forfeited / expired, number	(64,845)	(452,210)	(992,926)
Outstanding, number, ending balance	358,994	842,217	1,437,031
Exercisable, number	358,994
Outstanding, weighted average exercise price, beginning balance	$ 13.04	$ 19.85	$ 24.07
Exercised, weighted average exercise price	12.10	11.80	11.84
Forfeited / expired, weighted average exercise price	11.60	35.10	32.93
Outstanding, weighted average exercise price, ending balance	14.39	$ 13.04	$ 19.85
Exercisable, weighted average exercise price	$ 14.39
Outstanding, weighted average remaining contractual life (years)	1 year 8 months 12 days	2 years 8 months 23 days	2 years 8 months 23 days
Exercisable, weighted average remaining contractual life (years)	1 year 8 months 12 days
Outstanding, aggregated intrinsic value	$ 405,864	$ 2,243,765	$ 4,384,668
Exercisable, aggregated intrinsic value	$ 405,864
Remaining unvested stock appreciation rights and stock options expected to vest, number	0
Remaining unvested options and SARs expected to vest, weighted average exercise price	$ 0
Intrinsic value of SARs and options exercised	$ 2,200		$ 1,700

STOCK-BASED COMPENSATION PLAN95

STOCK-BASED COMPENSATION PLANS (Information Related To Stock Appreciation Rights And Stock Options) (Details) - Stock appreciation rights and stock options	12 Months Ended
	Aug. 31, 2016$ / sharesshares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Outstanding, number | shares	358,994
Outstanding, weighted average remaining contractual life (in years)	1 year 8 months 12 days
Outstanding, weighted average exercise price	$ 14.39
Exercisable, number | shares	358,994
Exercisable, weighted average remaining contractual life (in years)	1 year 8 months 12 days
Exercisable, weighted average exercise price	$ 14.39
$11.60 - 14.12
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Range of exercise prices, lower range limit	11.60
Range of exercise prices, upper range limit	$ 14.12
Outstanding, number | shares	241,771
Outstanding, weighted average remaining contractual life (in years)	1 year 10 months 24 days
Outstanding, weighted average exercise price	$ 13.21
Exercisable, number | shares	241,771
Exercisable, weighted average remaining contractual life (in years)	1 year 10 months 24 days
Exercisable, weighted average exercise price	$ 13.21
$16.54 - 16.83
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Range of exercise prices, lower range limit	16.54
Range of exercise prices, upper range limit	$ 16.83
Outstanding, number | shares	117,223
Outstanding, weighted average remaining contractual life (in years)	1 year 6 months
Outstanding, weighted average exercise price	$ 16.82
Exercisable, number | shares	117,223
Exercisable, weighted average remaining contractual life (in years)	1 year 6 months
Exercisable, weighted average exercise price	$ 16.82

STOCK-BASED COMPENSATION PLAN96

STOCK-BASED COMPENSATION PLANS (Yearly Activity of Stock Purchase Plan) (Details) - $ / shares	12 Months Ended
	Aug. 31, 2016	Aug. 31, 2015	Aug. 31, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares available for future issuance	9,394,846
Employee stock purchase plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares subscribed	212,370	198,710	228,780
Price per share	$ 12.03	$ 13.73	$ 16.97
Shares purchased	156,860	172,170	221,570
Price per share	$ 13.71	$ 16.96	$ 12.61
Shares available for future issuance	3,646,714

CAPITAL STOCK (Narrative) (Deta

CAPITAL STOCK (Narrative) (Details) - USD ($)	12 Months Ended
	Aug. 31, 2016	Aug. 31, 2015	Nov. 30, 2014
Stockholders' Equity Note [Abstract]
Share repurchase program, authorized amount			$ 100,000,000
Treasury stock, shares, purchased (shares)	2,255,069	2,902,218
Treasury stock acquired, average cost per share (in USD per share)	$ 13.57	$ 14.40
Share repurchase program, remaining authorized repurchase amount	$ 27,600,000
Preferred stock, par value per share (in USD per share)	$ 1
Preferred stock, shares authorized (shares)	2,000,000
Preferred stock, shares outstanding (shares)	0

EMPLOYEES' RETIREMENT PLANS (Na

EMPLOYEES' RETIREMENT PLANS (Narrative) (Details) - USD ($) $ in Millions	12 Months Ended
	Aug. 31, 2016	Aug. 31, 2015	Aug. 31, 2014
BRP plan
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Deferred compensation liability	$ 71	$ 72.3
Current value of segregated assets	69.7	66.6
Net holding gain on segregated assets	5.4		$ 13.3
Defined benefit plans
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Company expenses for defined benefit plans	0.6	0.7	2
Liability related to unfunded status of defined benefit plans	1.6	1.5
United States
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Compensation expense under defined contribution profit sharing and savings plan and BRP Plan	$ 25	$ 9.7	$ 19.3

COMMITMENTS AND CONTINGENCIES99

COMMITMENTS AND CONTINGENCIES (Minimum Lease Commitments Payable for Noncancelable Operating Leases) (Details) $ in Thousands	Aug. 31, 2016USD ($)
Commitments and Contingencies Disclosure [Abstract]
2,017	$ 26,065
2,018	24,574
2,019	19,061
2,020	14,932
2,021	9,107
Thereafter	13,022
Total	$ 106,761

COMMITMENTS AND CONTINGENCIE100

COMMITMENTS AND CONTINGENCIES (Future Purchase Commitments) (Details) $ in Thousands	Aug. 31, 2016USD ($)
Commitments and Contingencies Disclosure [Abstract]
2,017	$ 538,763
2,018	101,703
2,019	48,569
2,020	42,014
2,021	11,457
Thereafter	7,011
Total	$ 749,517

COMMITMENTS AND CONTINGENCIE101

COMMITMENTS AND CONTINGENCIES (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	May 31, 2015	Aug. 31, 2016	Aug. 31, 2015	Aug. 31, 2014
Loss Contingencies [Line Items]
Total rental expense		$ 40.7	$ 52.8	$ 46.8
Inventory items sold in th eoridinary course of business as a percentage of purchase obligations (percent)		68.00%
Benefit on contract termination	$ 45.5
Total environmental liabilities		$ 3.3	4.3
Long-term environmental liabilities		2.1	2.4
CERCLA sites
Loss Contingencies [Line Items]
Total environmental liabilities		$ 0.7	$ 1

EARNINGS PER SHARE ATTRIBUTA102

EARNINGS PER SHARE ATTRIBUTABLE TO CMC (Calculations of Basic and Diluted Earnings Per Share) (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Aug. 31, 2016	Aug. 31, 2015	Aug. 31, 2014
Earnings Per Share [Abstract]
Earnings from continuing operations	$ 72,543	$ 99,131	$ 117,606
Basic earnings per share:
Shares outstanding for basic earnings per share	115,211,490	116,527,265	117,496,270
Basic earnings per share from continuing operations attributable to CMC (USD per share)	$ 0.63	$ 0.85	$ 1
Diluted earnings per share:
Shares outstanding for basic earnings per share	115,211,490	116,527,265	117,496,270
Effect of dilutive securities:
Stock-based incentive/purchase plans	1,412,336	1,422,633	1,110,836
Shares outstanding for diluted earnings per share	116,623,826	117,949,898	118,607,106
Diluted earnings per share from continuing operations attributable to CMC (USD per share)	$ 0.62	$ 0.84	$ 0.99
Anti-dilutive shares not included above	274,251	371,273	679,916

ACCRUED EXPENSES AND OTHER P103

ACCRUED EXPENSES AND OTHER PAYABLES (Details) - USD ($) $ in Thousands	Aug. 31, 2016	Aug. 31, 2015
Payables and Accruals [Abstract]
Salaries and incentive compensation	$ 107,507	$ 97,968
Taxes other than income taxes	28,856	30,412
Advance billings on contracts	26,721	41,433
Insurance	$ 23,550	$ 23,123

BUSINESS SEGMENTS (Narrative) (

BUSINESS SEGMENTS (Narrative) (Details) $ in Thousands	12 Months Ended
	Aug. 31, 2016USD ($)segments	Aug. 31, 2015USD ($)	Aug. 31, 2014USD ($)
Number of reporting segments | segments	5
Total assets	$ 3,130,869	$ 3,439,951
Discontinued operations
Total assets	$ 6,800	$ 31,500	$ 151,100

BUSINESS SEGMENTS (Summary of C

BUSINESS SEGMENTS (Summary of Certain Financial Information from Continuing Operations by Reportable Segment) (Details) - USD ($) $ in Thousands		3 Months Ended																12 Months Ended
		Aug. 31, 2016		May 31, 2016	[1]	Feb. 29, 2016	[1]	Nov. 30, 2015	[1]	Aug. 31, 2015		May 31, 2015	[1]	Feb. 28, 2015	[1]	Nov. 30, 2014	[1]	Aug. 31, 2016	Aug. 31, 2015	Aug. 31, 2014
Segment Reporting Information [Line Items]
Net sales		$ 1,208,580	[1]	$ 1,227,390		$ 1,019,697		$ 1,154,859		$ 1,411,496	[1]	$ 1,506,002		$ 1,391,117		$ 1,679,990		$ 4,610,526	$ 5,988,605	$ 6,790,438
Interest expense																		62,231	77,760	77,037
Capital expenditures																		163,332	119,580	101,749
Impairment of assets																		40,028	9,839	3,305
Total assets		3,130,869								3,439,951								3,130,869	3,439,951
Continuing Operations
Segment Reporting Information [Line Items]
Net sales																		4,610,526	5,988,605	6,790,438
Americas Recycling
Segment Reporting Information [Line Items]
Net sales																		594,275	887,068	1,176,907
Americas Mills
Segment Reporting Information [Line Items]
Net sales																		839,432	1,048,063	1,198,249
Americas Fabrication
Segment Reporting Information [Line Items]
Net sales																		1,479,125	1,612,084	1,523,573
International Mill
Segment Reporting Information [Line Items]
Net sales																		516,643	626,219	822,224
International Marketing and Distribution
Segment Reporting Information [Line Items]
Net sales																		1,173,969	1,814,319	2,055,202
Corporate
Segment Reporting Information [Line Items]
Net sales																		7,082	852	14,283
Eliminations
Segment Reporting Information [Line Items]
Net sales																		0	0	0
Segments | Continuing Operations
Segment Reporting Information [Line Items]
Net sales																		4,610,526	5,988,605	6,790,438
Adjusted operating profit (loss)																		149,108	225,282	245,829
Interest expense	[2]																	62,231	77,760	77,037
Capital expenditures	[3]																	163,255	115,800	101,149
Depreciation and amortization																		126,940	132,503	134,222
Impairment of assets																		40,028	9,839	3,305
Total assets	[4]	3,124,082								3,408,426								3,124,082	3,408,426	3,682,568
Segments | Americas Recycling
Segment Reporting Information [Line Items]
Net sales																		705,754	1,022,621	1,367,070
Adjusted operating profit (loss)																		(61,284)	(29,157)	(5,687)
Interest expense	[2]																	2,210	2,628	2,700
Capital expenditures	[3]																	4,891	12,811	16,771
Depreciation and amortization																		17,919	17,460	14,832
Impairment of assets																		38,900	7,494	1,592
Total assets	[4]	188,873								261,676								188,873	261,676	316,967
Segments | Americas Mills
Segment Reporting Information [Line Items]
Net sales																		1,498,848	1,841,812	1,991,334
Adjusted operating profit (loss)																		209,751	255,507	256,536
Interest expense	[2]																	1,942	4,207	7,059
Capital expenditures	[3]																	110,375	67,203	31,781
Depreciation and amortization																		47,924	46,780	45,392
Impairment of assets																		0	0	0
Total assets	[4]	798,481								738,669								798,481	738,669	762,549
Segments | Americas Fabrication
Segment Reporting Information [Line Items]
Net sales																		1,489,455	1,624,238	1,537,485
Adjusted operating profit (loss)																		68,602	22,424	6,440
Interest expense	[2]																	8,356	8,864	10,222
Capital expenditures	[3]																	14,958	14,883	13,798
Depreciation and amortization																		13,620	17,509	19,192
Impairment of assets																		0	1,585	0
Total assets	[4]	659,165								713,860								659,165	713,860	734,500
Segments | International Mill
Segment Reporting Information [Line Items]
Net sales																		517,186	626,251	823,193
Adjusted operating profit (loss)																		28,892	17,555	30,632
Interest expense	[2]																	2,608	2,620	4,608
Capital expenditures	[3]																	27,155	15,413	30,770
Depreciation and amortization																		25,902	28,087	32,209
Impairment of assets																		208	124	567
Total assets	[4]	372,492								403,706								372,492	403,706	466,449
Segments | International Marketing and Distribution
Segment Reporting Information [Line Items]
Net sales																		1,189,596	1,897,617	2,120,537
Adjusted operating profit (loss)																		(7,087)	35,376	30,557
Interest expense	[2]																	3,524	9,096	6,924
Capital expenditures	[3]																	289	296	1,122
Depreciation and amortization																		1,302	1,928	2,328
Impairment of assets																		726	623	172
Total assets	[4]	564,068								798,914								564,068	798,914	822,679
Segments | Corporate
Segment Reporting Information [Line Items]
Net sales																		7,082	852	14,283
Adjusted operating profit (loss)																		(95,085)	(77,832)	(72,347)
Interest expense	[2]																	43,591	50,345	45,524
Capital expenditures	[3]																	5,587	5,194	6,907
Depreciation and amortization																		20,273	20,739	20,269
Impairment of assets																		194	13	974
Total assets	[4]	1,034,053								1,044,178								1,034,053	1,044,178	1,048,517
Segments | Eliminations
Segment Reporting Information [Line Items]
Net sales																		(797,395)	(1,024,786)	(1,063,464)
Adjusted operating profit (loss)																		5,319	1,409	(302)
Interest expense	[2]																	0	0	0
Capital expenditures	[3]																	0	0	0
Depreciation and amortization																		0	0	0
Impairment of assets																		0	0	0
Total assets	[4]	$ (493,050)								$ (552,577)								(493,050)	(552,577)	(469,093)
Intersegment | Continuing Operations
Segment Reporting Information [Line Items]
Net sales																		0	0	0
Intersegment | Americas Recycling
Segment Reporting Information [Line Items]
Net sales																		111,479	135,553	190,163
Intersegment | Americas Mills
Segment Reporting Information [Line Items]
Net sales																		659,416	793,749	793,085
Intersegment | Americas Fabrication
Segment Reporting Information [Line Items]
Net sales																		10,330	12,154	13,912
Intersegment | International Mill
Segment Reporting Information [Line Items]
Net sales																		543	32	969
Intersegment | International Marketing and Distribution
Segment Reporting Information [Line Items]
Net sales																		15,627	83,298	65,335
Intersegment | Corporate
Segment Reporting Information [Line Items]
Net sales																		0	0	0
Intersegment | Eliminations
Segment Reporting Information [Line Items]
Net sales																		$ (797,395)	$ (1,024,786)	$ (1,063,464)
[1]	Excludes divisions classified as discontinued operations. See Note 10, Businesses Held for Sale, Discontinued Operations and Dispositions.
[2]	Includes intercompany interest expense (income) in the segments and is all eliminated within Corporate.
[3]	Excludes capital expenditures from discontinued operations that were immaterial for the years ended August 31, 2016, 2015 and 2014.
[4]	Excludes total assets from discontinued operations of $6.8 million at August 31, 2016, $31.5 million at August 31, 2015 and $151.1 million at August 31, 2014.

BUSINESS SEGMENTS (Reconciliati

BUSINESS SEGMENTS (Reconciliations of Earnings from Continuing Operations to Adjusted Operating Profit) (Details) - USD ($) $ in Thousands	12 Months Ended
	Aug. 31, 2016	Aug. 31, 2015	Aug. 31, 2014
Earnings from continuing operations	$ 72,543	$ 99,131	$ 117,606
Income taxes	12,647	46,844	47,351
Interest expense	62,231	77,760	77,037
Discounts on sales of accounts receivable	1,700	2,400	3,900
Continuing operations
Discounts on sales of accounts receivable	1,687	1,547	3,835
Adjusted operating profit (loss) from continuing operations	$ 149,108	$ 225,282	$ 245,829

BUSINESS SEGMENTS (External Net

BUSINESS SEGMENTS (External Net Sales from Continuing Operations by Major Product) (Details) - USD ($) $ in Thousands	3 Months Ended																12 Months Ended
	Aug. 31, 2016	[1]	May 31, 2016	[1]	Feb. 29, 2016	[1]	Nov. 30, 2015	[1]	Aug. 31, 2015	[1]	May 31, 2015	[1]	Feb. 28, 2015	[1]	Nov. 30, 2014	[1]	Aug. 31, 2016	Aug. 31, 2015	Aug. 31, 2014
Entity-Wide Information, Revenue from External Customer [Line Items]
Net sales	$ 1,208,580		$ 1,227,390		$ 1,019,697		$ 1,154,859		$ 1,411,496		$ 1,506,002		$ 1,391,117		$ 1,679,990		$ 4,610,526	$ 5,988,605	$ 6,790,438
Steel products
Entity-Wide Information, Revenue from External Customer [Line Items]
Net sales																	3,156,028	4,084,092	4,500,093
Industrial materials
Entity-Wide Information, Revenue from External Customer [Line Items]
Net sales																	453,714	566,323	659,251
Nonferrous scrap
Entity-Wide Information, Revenue from External Customer [Line Items]
Net sales																	364,690	536,856	639,961
Ferrous scrap
Entity-Wide Information, Revenue from External Customer [Line Items]
Net sales																	287,713	428,192	659,578
Construction materials
Entity-Wide Information, Revenue from External Customer [Line Items]
Net sales																	242,961	220,232	199,154
Nonferrous products
Entity-Wide Information, Revenue from External Customer [Line Items]
Net sales																	13,456	10,443	8,761
Other
Entity-Wide Information, Revenue from External Customer [Line Items]
Net sales																	$ 91,964	$ 142,467	$ 123,640
[1]	Excludes divisions classified as discontinued operations. See Note 10, Businesses Held for Sale, Discontinued Operations and Dispositions.

BUSINESS SEGMENTS (External 108

BUSINESS SEGMENTS (External Net Sales from Continuing Operations by Geographic Area) (Details) - USD ($) $ in Thousands

3 Months Ended

12 Months Ended

Aug. 31, 2016

[1]

May 31, 2016

[1]

Feb. 29, 2016

[1]

Nov. 30, 2015

[1]

Aug. 31, 2015

[1]

May 31, 2015

[1]

Feb. 28, 2015

[1]

Nov. 30, 2014

[1]

Aug. 31, 2016

Aug. 31, 2015

Aug. 31, 2014

Revenues from External Customers and Long-Lived Assets [Line Items]

Net sales

$ 1,208,580

$ 1,227,390

$ 1,019,697

$ 1,154,859

$ 1,411,496

$ 1,506,002

$ 1,391,117

$ 1,679,990

$ 4,610,526

$ 5,988,605

$ 6,790,438

United States

Revenues from External Customers and Long-Lived Assets [Line Items]

Net sales

3,220,459

4,199,789

4,510,080

Europe

Revenues from External Customers and Long-Lived Assets [Line Items]

Net sales

771,118

1,006,204

1,215,150

Asia

Revenues from External Customers and Long-Lived Assets [Line Items]

Net sales

429,910

578,755

786,512

Australia/New Zealand

Revenues from External Customers and Long-Lived Assets [Line Items]

Net sales

125,069

121,403

175,756

Other

Revenues from External Customers and Long-Lived Assets [Line Items]

Net sales

$ 63,970

$ 82,454

$ 102,940

[1]

Excludes divisions classified as discontinued operations. See Note 10, Businesses Held for Sale, Discontinued Operations and Dispositions.

BUSINESS SEGMENTS (Long-Lived A

BUSINESS SEGMENTS (Long-Lived Assets by Geographic Area) (Details) - USD ($) $ in Thousands	Aug. 31, 2016	Aug. 31, 2015	Aug. 31, 2014
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-Lived Assets	$ 987,420	$ 1,059,564	$ 1,127,894
United States
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-Lived Assets	803,245	860,784	864,491
Europe
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-Lived Assets	177,778	189,796	243,280
Asia
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-Lived Assets	5,863	7,692	8,814
Australia/New Zealand
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-Lived Assets	$ 534	$ 1,292	$ 11,309

QUARTERLY FINANCIAL DATA (UN110

QUARTERLY FINANCIAL DATA (UNAUDITED) (Details) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended																12 Months Ended
		Aug. 31, 2016		May 31, 2016		Feb. 29, 2016		Nov. 30, 2015		Aug. 31, 2015		May 31, 2015		Feb. 28, 2015		Nov. 30, 2014		Aug. 31, 2016	Aug. 31, 2015	Aug. 31, 2014
Net sales		$ 1,208,580	[1]	$ 1,227,390	[1]	$ 1,019,697	[1]	$ 1,154,859	[1]	$ 1,411,496	[1]	$ 1,506,002	[1]	$ 1,391,117	[1]	$ 1,679,990	[1]	$ 4,610,526	$ 5,988,605	$ 6,790,438
Gross profit	[1]	168,095		175,480		134,821		157,617		157,703		192,148		147,075		179,923
Net earnings attributable to CMC		$ (131)		$ 19,328		$ 10,502		$ 25,063		$ 12,353		$ 28,709		$ 6,197		$ 32,184		$ 54,762	$ 79,443	$ 113,243
Basic EPS attributable to CMC		$ 0		$ 0.17		$ 0.09		$ 0.22		$ 0.11		$ 0.25		$ 0.05		$ 0.27		$ 0.48	$ 0.68	$ 0.96
Diluted EPS attributable to CMC		$ 0		$ 0.17		$ 0.09		$ 0.21		0.11		0.25		0.05		0.27		$ 0.47	$ 0.67	$ 0.95
Effect of change in accounting principle on EPS attributable to CMC
Net earnings attributable to CMC																		$ (17,857)	$ (62,191)	$ (2,308)
Basic EPS attributable to CMC										0.16		(0.24)		(0.41)		(0.04)		$ (0.15)	$ (0.54)	$ (0.02)
Diluted EPS attributable to CMC										$ 0.16		$ (0.24)		$ (0.41)		$ (0.03)		$ (0.15)	$ (0.53)	$ (0.02)
[1]	Excludes divisions classified as discontinued operations. See Note 10, Businesses Held for Sale, Discontinued Operations and Dispositions.

SCHEDULE II _ VALUATION AND 111

SCHEDULE II — VALUATION AND QUALIFYING ACCOUNTS AND RESERVES (Details) - USD ($) $ in Thousands		12 Months Ended
		Aug. 31, 2016	Aug. 31, 2015	Aug. 31, 2014
Allowance for doubtful accounts
Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at Beginning of Period		$ 9,033	$ 5,908	$ 10,042
Additions, Charged to Cost and Expense		6,878	4,142	647
Additions, Charged to Other Accounts	[1]	1,007	306	842
Deductions, Charged to Cost and Expense		0	(661)	(1,544)
Deductions, Charged to Other Accounts	[2]	(10,491)	(662)	(4,079)
Balance at End of Period		6,427	9,033	5,908
Deferred tax valuation allowance
Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at Beginning of Period		79,965	69,762	48,837
Additions, Charged to Cost and Expense		74,114	17,746	24,964
Additions, Charged to Other Accounts
Deductions, Charged to Cost and Expense		(1,068)	(7,543)	(4,039)
Deductions, Charged to Other Accounts
Balance at End of Period		153,011	79,965	69,762
Inventory allowance
Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at Beginning of Period		33,196	4,993	3,581
Additions, Charged to Cost and Expense		14,984	36,767	3,813
Deductions, Charged to Cost and Expense		(27,795)	(8,564)	(2,401)
Balance at End of Period		$ 20,385	$ 33,196	$ 4,993
[1]	Recoveries and translation adjustments.
[2]	Uncollectable accounts charged to the allowance. For the years ended August 31, 2016, 2015 and 2014, $(1,401), $(1,695) and $(1,010) were reclassified to the fair value of the deferred purchase price under our sale of accounts receivables program, respectively.

SCHEDULE II _ VALUATION AND 112

SCHEDULE II — VALUATION AND QUALIFYING ACCOUNTS AND RESERVES (Narrative) (Details) - USD ($) $ in Thousands	12 Months Ended
	Aug. 31, 2016	Aug. 31, 2015	Aug. 31, 2014
Allowance for doubtful accounts
Valuation and Qualifying Accounts Disclosure [Line Items]
Amounts reclassified to the fair value of the deferred purchase price	$ (1,401)	$ (1,695)	$ (1,010)