Commercial Metals (CMC) 10-K 25 Oct 18 2018 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Aug. 31, 2018	Oct. 23, 2018	Feb. 28, 2018
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, 2018
Amendment Flag	false
Document Fiscal Year Focus	2,018
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		117,025,790
Entity Emerging Growth Company	false
Entity Small Business	false
Entity Shell Company	false
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			$ 2,819,645,907

CONSOLIDATED STATEMENTS OF EARN

CONSOLIDATED STATEMENTS OF EARNINGS - USD ($) $ in Thousands	12 Months Ended
	Aug. 31, 2018	Aug. 31, 2017	Aug. 31, 2016
Income Statement [Abstract]
Net sales	$ 4,643,723	$ 3,844,069	$ 3,596,068
Costs and expenses:
Cost of Goods and Services Sold	4,021,558	3,322,711	3,021,862
Selling, general and administrative expenses	401,452	387,354	383,748
Loss on debt extinguishment	0	22,672	11,480
Impairment of assets	14,372	1,730	40,028
Interest expense	40,957	44,151	62,973
Total costs and expenses	4,478,339	3,778,618	3,520,091
Earnings from continuing operations before income taxes	165,384	65,451	75,977
Income taxes	30,147	15,276	13,976
Earnings from continuing operations	135,237	50,175	62,001
Earnings (loss) from discontinued operations before income taxes	3,235	(9,840)	(8,736)
Income taxes (benefit)	(34)	(5,997)	(1,497)
Earnings (loss) from discontinued operations	3,269	(3,843)	(7,239)
Net earnings	$ 138,506	$ 46,332	$ 54,762
Basic earnings (loss) per share
Earnings from continuing operations	$ 1.16	$ 0.43	$ 0.54
Earnings (loss) from discontinued operations	0.03	(0.03)	(0.06)
Net earnings	1.19	0.40	0.48
Diluted earnings (loss) per share
Earnings from continuing operations	1.14	0.43	0.53
Earnings (loss) from discontinued operations	0.03	(0.03)	(0.06)
Net earnings	$ 1.17	$ 0.39	$ 0.47

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	12 Months Ended
	Aug. 31, 2018	Aug. 31, 2017	Aug. 31, 2016
Net earnings (loss)	$ 138,506	$ 46,332	$ 54,762
Foreign currency translation adjustment:
Foreign currency translation adjustment	(13,938)	30,509	(11,771)
Reclassification for translation loss realized upon liquidation of investment in foreign entity	2,079	968	12,597
Foreign currency translation adjustment	(11,859)	31,477	826
Net unrealized gain (loss) on derivatives:
Unrealized holding gain	48	756	1,618
Reclassification for (gain) included in net earnings	(279)	(1,355)	(1,737)
Net unrealized loss on derivatives	(231)	(599)	(119)
Defined benefit obligation:
Net gain (loss)	(138)	439	(132)
Amortization of net loss	126	154	104
Amortization of prior service credit	(62)	(70)	(58)
Defined benefit obligation	(74)	523	(86)
Other comprehensive income (loss)	(12,164)	31,401	621
Comprehensive income	$ 126,342	$ 77,733	$ 55,383

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Aug. 31, 2018	Aug. 31, 2017
Current assets:
Cash and cash equivalents	$ 622,473	$ 252,595
Accounts receivable (less allowance for doubtful accounts of $4,489 and $4,146)	749,484	561,411
Inventories	589,005	462,648
Other current assets	115,533	140,136
Assets of businesses held for sale and discontinued operations	710	297,110
Total current assets	2,077,205	1,713,900
Property, plant and equipment:
Land	85,288	81,570
Buildings and improvements	631,501	512,715
Equipment	1,918,342	1,720,299
Construction in process	35,741	258,109
Property, plant and equipment, Gross	2,670,872	2,572,693
Less accumulated depreciation and amortization	(1,595,834)	(1,521,016)
Property, plant and equipment, Net	1,075,038	1,051,677
Goodwill	64,310	64,915
Other assets	111,751	144,639
Total assets	3,328,304	2,975,131
Current liabilities:
Accounts payable	261,258	226,456
Accrued expenses and other payables	259,022	274,972
Current maturities of long-term debt	19,746	19,182
Liabilities of businesses held for sale and discontinued operations	1,917	87,828
Total current liabilities	541,943	608,438
Deferred income taxes	37,834	49,160
Other long-term liabilities	116,325	111,023
Long-term debt	1,138,619	805,580
Total liabilities	1,834,721	1,574,201
Commitments and contingencies (Note 18)
Stockholders' equity:
Common stock, par value $0.01 per share; authorized 200,000,000 shares; issued 129,060,664 shares; outstanding 117,015,558 and 115,793,736 shares	1,290	1,290
Additional paid-in capital	352,674	349,258
Accumulated other comprehensive loss	(93,677)	(81,513)
Retained earnings	1,446,495	1,363,806
Less treasury stock, 12,045,106 and 13,266,928 shares at cost	(213,385)	(232,084)
Stockholders' equity	1,493,397	1,400,757
Stockholders' equity attributable to noncontrolling interests	186	173
Total equity	1,493,583	1,400,930
Total liabilities and stockholders' equity	$ 3,328,304	$ 2,975,131

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Aug. 31, 2018	Aug. 31, 2017
Statement of Financial Position [Abstract]
Allowance for doubtful accounts	$ 4,489	$ 4,186
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	117,015,558	115,793,736
Treasury stock, shares	12,045,106	13,266,928

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Aug. 31, 2018	Aug. 31, 2017	Aug. 31, 2016
Cash flows from (used by) operating activities:
Net earnings (loss)	$ 138,506	$ 46,332	$ 54,762
Adjustments to reconcile net earnings to cash flows from (used by) operating activities:
Depreciation and amortization	131,659	125,071	126,940
Share-based compensation	23,929	30,311	26,335
Asset impairments	15,053	8,238	55,793
Deferred income taxes and other long-term taxes	14,377	(14,184)	(3,889)
Provision for losses on receivables, net	2,510	6,049	6,878
Write-down of inventory	1,407	21,529	15,555
Net loss (gain) on sales of a subsidiary, assets and other	(1,322)	6,049	(2,591)
Loss on debt extinguishment	0	22,672	11,480
Amortization of interest rate swaps termination gain	0	(11,657)	(7,597)
Tax expense from stock plans	0	0	1,697
Changes in operating assets and liabilities, net of acquisitions:
Accounts receivable	(10,802)	(78,527)	142,510
Proceeds (payments) on sale of accounts receivable programs, net	(77,853)	81,731	(19,472)
Inventories	(43,198)	(98,835)	209,555
Accounts payable, accrued expenses and other payables	(20,163)	93,478	(43,577)
Other operating assets and liabilities	(15,423)	(63,785)	12,486
Net cash flows from operating activities	158,680	174,472	586,865
Cash flows from (used by) investing activities:
Capital expenditures	(174,655)	(213,120)	(163,332)
Proceeds from the sale of discontinued operations and other	75,482	163,449	4,349
Proceeds from settlement of life insurance policies	27,375	0	0
Proceeds from the sale of property, plant and equipment	8,103	3,164	5,113
Acquisitions	(6,980)	(56,080)	0
Net cash flows used by investing activities	(70,675)	(102,587)	(153,870)
Cash flows from (used by) financing activities:
Proceeds from long-term debt transactions	350,000	475,454	0
Cash dividends	(56,076)	(55,514)	(55,342)
Repayments of long-term debt	(19,967)	(711,850)	(211,394)
Stock issued under incentive and purchase plans, net of forfeitures	(9,302)	(5,498)	(6,034)
Debt issuance costs	(5,254)	(4,449)	0
Increase (decrease) in documentary letters of credit, net	18	22	(41,468)
Contribution from noncontrolling interests	13	14	29
Debt extinguishment costs	0	(22,672)	(11,127)
Treasury stock acquired	0	0	(30,595)
Short-term borrowings, net change	0	0	(20,090)
Tax expense from stock plans	0	0	(1,697)
Net cash flows from (used by) financing activities	259,432	(324,493)	(377,718)
Effect of exchange rate changes on cash	(703)	(1,213)	(1,280)
Increase (decrease) in cash and cash equivalents	346,734	(253,821)	53,997
Cash, restricted cash and cash equivalents at beginning of year	285,881	539,702	485,705
Cash, restricted cash and cash equivalents at end of year	632,615	285,881	539,702
Supplemental information:
Cash paid for income taxes	7,198	30,963	50,201
Cash paid for interest	39,972	65,672	74,715
Noncash activities:
Liabilities related to additions of property, plant and equipment	$ 32,274	$ 51,330	$ 29,763

CONSOLIDATED STATEMENT OF CASH

CONSOLIDATED STATEMENT OF CASH FLOWS (Parenthetical) - USD ($) $ in Thousands	Aug. 31, 2018	Aug. 31, 2017	Aug. 31, 2016
Statement of Cash Flows [Abstract]
Cash and cash equivalents	$ 622,473	$ 252,595	$ 517,544
Restricted cash	10,142	33,286	22,158
Total cash, cash equivalents and restricted cash	$ 632,615	$ 285,881	$ 539,702

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, 2015	$ 1,381,374	$ 1,290	$ 365,863	$ (113,535)	$ 1,373,568	$ (245,961)	$ 149
Beginning balance, shares at Aug. 31, 2015		129,060,664
Beginning balance, treasury stock, shares at Aug. 31, 2015						(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 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
Ending balance, treasury stock, shares at Aug. 31, 2016						(14,425,068)
Net earnings	46,332				46,332
Other comprehensive income (loss)	31,401			31,401
Cash dividends	(55,514)				(55,514)
Issuance of stock under incentive and purchase plans, net of forfeitures	(5,373)		(26,126)			$ 20,753
Issuance of stock under incentive and purchase plans, net of forfeitures, shares						1,158,140
Stock-based compensation	15,001		15,001
Contribution from noncontrolling interests	14						14
Reclassification of share-based liability awards	1,638		1,638
Ending balance at Aug. 31, 2017	$ 1,400,930	$ 1,290	349,258	(81,513)	1,363,806	$ (232,084)	173
Ending balance, shares at Aug. 31, 2017	129,060,664	129,060,664
Ending balance, treasury stock, shares at Aug. 31, 2017	(13,266,928)					(13,266,928)
Net earnings	$ 138,506				138,506
Other comprehensive income (loss)	(12,164)			(12,164)
Cash dividends	(56,076)				(56,076)
Issuance of stock under incentive and purchase plans, net of forfeitures	(9,301)		(28,000)			$ 18,699
Issuance of stock under incentive and purchase plans, net of forfeitures, shares						1,221,822
Stock-based compensation	16,168		16,168
Contribution from noncontrolling interests	13						13
Adoption of ASU 2018-02 - Reclassification of taxes (see Note 2)	(259)				(259)
Reclassification of share-based liability awards	15,248		15,248
Ending balance at Aug. 31, 2018	$ 1,493,583	$ 1,290	$ 352,674	$ (93,677)	$ 1,446,495	$ (213,385)	$ 186
Ending balance, shares at Aug. 31, 2018	129,060,664	129,060,664
Ending balance, treasury stock, shares at Aug. 31, 2018	(12,045,106)					(12,045,106)

CONSOLIDATED STATEMENTS OF ST_2

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Parenthetical) - $ / shares	12 Months Ended
	Aug. 31, 2018	Aug. 31, 2017	Aug. 31, 2016
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, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
NATURE OF OPERATIONS	NOTE 1. NATURE OF OPERATIONS Nature of Operations As a vertically integrated organization, 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 four electric arc furnace ("EAF") mini mills , two EAF micro mills , a rerolling mill , steel fabrication and processing plants , construction-related product warehouses and metal recycling facilities in the U.S. and Poland . The Company has four reportable segments: Americas Recycling , Americas Mills , Americas Fabrication and International Mill . 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, through our three EAF mini mills , two EAF micro mills , and rerolling mill , 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 eight scrap metal processing facilities and two scrap metal shredders that directly support the steel mills. Americas Fabrication The Americas Fabrication segment consists of the Company's rebar 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 the Company's mini mill, recycling and fabrication operations 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.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
	Aug. 31, 2018
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 (i) the power to direct the activities that most significantly impact the economic performance of the VIE and (ii) the obligation to absorb losses of, or the right to receive benefits from, the VIE 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. 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 inventory and long-lived assets, including goodwill; valuation allowances for receivables 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 and Allowance for Doubtful Accounts 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 $49.2 million and $23.1 million are classified as current assets and are reflected in accounts receivable on the Company's consolidated balance sheets as of August 31, 2018 and 2017 , respectively. Accounts receivable included retainage of $41.8 million and $43.2 million as of August 31, 2018 and 2017 , 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. 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 reviews and sets credit limits for each customer. Some of the Company's divisions use credit insurance to ensure payment in accordance with the terms of sale. Generally, collateral is not required. Approximately 18% and 28% of total receivables at August 31, 2018 and 2017 , respectively, were secured by credit insurance. Inventories At August 31, 2018 , inventories were stated at the lower of cost or net realizable value and were determined by the weighted average cost 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. 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 consolidated 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. Government Assistance Government assistance, including non-monetary grants, herein collectively referred to as grants, are not recognized until there is reasonable assurance that the Company will comply with the conditions of the grant and the Company will receive the grant. Generally, government grants fall into two categories: grants related to assets and grants related to income. Grants related to assets are government grants for the purchase, construction or other acquisition of long-lived assets. The Company accounts for grants related to assets as deferred income with the offset to an asset account, such as fixed assets, on the consolidated balance sheets. Non-monetary grants are recognized at fair value. The Company recognizes the deferred income in profit or loss on a systematic basis over the useful life of the asset; which, consistent with the Company's fixed assets policy, is straight-line. The period over which grants are recognized depends on the terms of the agreement. Grants related to specific expenses already incurred are recognized in profit or loss in the period in which the grant becomes receivable. A grant related to depreciable assets is recognized in profit or loss over the life of the depreciable asset. Grants related to non-depreciable assets may require the fulfillment of certain obligations. In such cases, these grants are recognized in profit or loss over the periods that bear the cost of meeting the obligations. Grants related to income are any grants that are not considered grants related to assets, such as grants to compensate for certain expenses. Grants related to income are recognized as a reduction in the related expense in the period that the recognition criteria are met. See Note 11, New Markets Tax Credit Transactions . Goodwill and Other Intangible Assets Goodwill is tested for impairment at the reporting unit level annually and whenever events or circumstances indicate that the carrying value may not be recoverable. To evaluate goodwill for impairment, the Company utilizes a quantitative test that compares the fair value of a reporting unit with its carrying amount, including goodwill. If the carrying amount of a reporting unit exceeds its fair value, an impairment loss is indicated in the amount that the carrying value exceeds the fair value of the reporting unit, not to exceed the goodwill value for the reporting unit. The Company's reporting units represent an operating segment or one level below an operating segment. 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 2018 and 2016 , the Company's annual goodwill impairment analysis did not result in any impairment charges at any of the Company's reporting units. For fiscal 2017 , the annual goodwill impairment analysis resulted in a goodwill impairment charge of $2.0 million related to a reporting unit in discontinued operations. See Note 7, Goodwill and Other Intangible Assets , for additional details of the impairment charges. As of August 31, 2018 and 2017 , one of the Company's reporting units within its Americas Fabrication segment comprised $51.1 million and $ 51.6 million , respectively, of the Company's total goodwill. Goodwill at the Company's other reporting units was not material at August 31, 2018 and 2017 . 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. 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 and liability awards at fair value. The fair value of each stock-based equity award is estimated at the grant date 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 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. 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 14, Income Tax . Benefits from income tax credits are reflected currently in earnings. 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 currency of the Company's Polish operations is the local currency. Translation adjustments are reported as a component of accumulated other comprehensive loss. Transaction gains (losses) from transactions denominated in currencies other than the functional currency related to continuing operations were $1.8 million , $2.0 million and $(15.6) million for the years ended August 31, 2018 , 2017 and 2016 , respectively, and are primarily included in selling, general and administrative expenses in the Company's consolidated statements of earnings. Derivative Financial Instruments The Company recognizes 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 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 year 2018, the Company early adopted Accounting Standards Update (“ASU”) 2016-18, Statement of Cash Flows (Topic 230), issued by the Financial Accounting Standards Board (“FASB”) requiring that the statement of cash flows explain the change in the total cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. The adoption of ASU 2016-18 did not materially impact our consolidated financial statements. In the fourth quarter of fiscal year 2018, the Company early adopted ASU 2018-02, Income Statement - Reporting Comprehensive Income (Topic 220), issued by the FASB. The amendments in this guidance allow for a reclassification from accumulated other comprehensive income to retained earnings for stranded tax effects resulting from the Tax Cuts and Jobs Act. The Company evaluated the impact of the tax revisions to accumulated other comprehensive income and determined that the adoption of this guidance did not have a material impact on the Company’s consolidated financial statements. Recently Issued Accounting Pronouncements In August 2018, the FASB issued ASU No. 2018-15, Intangibles - Goodwill and Other - Internal-Use Software. The amendments in this ASU align the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software (and hosting arrangements that include an internal-use software license). Accordingly, the amendments require a customer in a hosting arrangement that is a service contract to follow the internal-use software guidance in ASC 250-40 to determine which implementation costs to capitalize or to expense as incurred. This ASU is effective for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. Early adoption is permitted, including adoption in any interim period. This ASU should be applied either retrospectively or prospectively to all implementation costs incurred after the date of adoption. The Company is evaluating the impact of this ASU on its consolidated financial statements and disclosures. In August 2017, the FASB issued ASU 2017-12, Derivatives and Hedging (Topic 815). The ASU better aligns accounting rules with a company's risk management activities; better reflects economic results of hedging in financial statements; and simplifies hedge accounting treatment. For public companies, this standard is effective for annual periods beginning after December 15, 2018, including interim periods within those periods. The standard must be applied to hedging relationships existing on the date of adoption and accounted for using a prospective basis. The Company is currently evaluating the impact of this guidance on its consolidated financial statements as well as determining the Company's planned adoption date. In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows: Classification of Certain Cash Receipts and Cash Payments (Topic 230). ASU 2016-15 is intended to reduce diversity in practice in how certain cash receipts and cash payments are presented in the statement of cash flows. The provisions of this guidance require retrospective application to all periods presented. The new standard provides guidance on eight specific cash flow issues, including the statement of cash flows treatment of beneficial interests in securitized financial transactions, which encompasses activities under the Company's sale of accounts receivables programs in the U.S. and Poland. Upon adoption of the standard during the first quarter of fiscal 2019, the Company anticipates the adoption to result in a reduction in the reported amount of cash flows from operating activities with an offsetting increase in cash flows from investing activities in the consolidated statements of cash flows. In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842), and has modified the standard thereafter. The standard requires 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 longer. In July 2018, the FASB issued ASU 2018-11, Leases (Topic 842), Targeted Improvements, which provides an additional transition method that allows entities to initially apply the new standard at the adoption date and recognize a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption without restating prior periods. This guidance is effective for fiscal years, and interim reporting periods therein, beginning after December 15, 2018 and will be effective for the Company beginning September 1, 2019, at which point the Company plans to adopt the standard. Upon adoption, the Company expects an increase in both right of use assets and right of use liabilities in the consolidated balance sheet. The Company continues to review the effects of ASU 2016-02 and any modifications thereafter, including evaluation of the impact of this guidance on internal processes and systems, internal controls, and its consolidated financial statements. In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606), and has modified the standard thereafter. Under the 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. The Company adopted the standard effective September 1, 2018 using the modified retrospective method for transition, applying the guidance to incomplete contracts as of that date. The Company has designed and implemented new accounting policies and additional internal controls to support compliance with the standard, both in the transition period and prospectively. Upon adoption of the standard, for certain contracts within the Americas Fabrication segment in which revenue is currently recognized on a percentage of completion basis using a cost-to-cost measure of progress, the measure of progress will change to an output measure to align with the pattern of transfer of control. While the Company is in the process of final evaluation it expects to recognize an approximately $2.7 million total cumulative effect as a reduction to the opening balance of retained earnings as of September 1, 2018. In addition, the standard includes expanded disclosure requirements, which the Company will disclose in the first quarter of fiscal year 2019.

CHANGES IN BUSINESS

CHANGES IN BUSINESS	12 Months Ended
	Aug. 31, 2018
Business Combinations [Abstract]
Changes in Business	NOTE 3. CHANGES IN BUSINESS Pending Acquisition On December 29, 2017, the Company entered into a definitive stock and asset purchase agreement to acquire certain U.S. rebar steel mill and fabrication assets from Gerdau S.A. (the " Business "), a producer of long and specialty steel products in the Americas, for a cash purchase price of $600.0 million , subject to customary purchase price adjustments. The acquisition includes 33 rebar fabrication facilities in the U.S. as well as steel mills located in Knoxville, Tennessee; Jacksonville, Florida; Sayreville, New Jersey and Rancho Cucamonga, California, with annual melt capacity of 2.7 million tons, bringing the Company’s global melt capacity to approximately 7.2 million tons at the close of the transaction. The closing of the transaction is expected before the end of calendar year 2018 and is subject to the satisfaction or waiver of customary closing conditions, including regulatory review. The Company expects to fund the purchase price for the acquisition of the Business , including related fees and expenses, with proceeds from the offering of the 2026 Notes (as defined in Note 10, Credit Arrangements ), together with the proceeds from the incurrence of a new term loan under the Company's existing Credit Agreement (as defined in Note 10, Credit Arrangements ) and cash on hand. Acquisitions On October 26, 2017, the Company completed the purchase of substantially all of the assets of MMFX Technologies Corporation ("MMFX"). MMFX markets, sells, and licenses the production of proprietary specialty steel products. The operating results of MMFX are included in the Americas Mills reporting segment. This acquisition was not material to the Company's financial position or results of operations. On March 6, 2017, the Company completed the purchase of certain assets from OmniSource Corporation, a wholly-owned subsidiary of Steel Dynamics, Inc., consisting of seven recycling facilities located in the southeast United States (the "Recycling Assets"), which are in close proximity to the Company’s mini mill in Cayce, South Carolina. These facilities provide synergies with the Company's other operations in the region. The operating results of these facilities are included in the Americas Recycling reporting segment. On January 9, 2017, the Company completed the purchase of substantially all of the assets of Associated Steel Workers, Limited ("ASW"), a steel fabrication facility in Kapolei, Hawaii. This acquisition continues the vertical integration model of the Company by extending its geographic reach, establishing a fabrication operation in Hawaii and expanding its presence in the Hawaiian market. The operating results of this facility are included in the Americas Fabrication reporting segment. On December 12, 2016, the Company completed the purchase of substantially all of the assets of Continental Concrete Structures, Inc. ("CCS"), a fabricator of post-tensioning cable and related products for commercial and public construction projects with a facility in Alpharetta, Georgia. In addition, CCS provides professional design and value engineering services to the construction industry throughout North America. This acquisition complements the Company’s current rebar fabrication business and continues its strategy of creating value for customers. The operating results of this facility are included in the Americas Fabrication reporting segment. For the year ended August 31, 2017 , the acquisitions of CCS, ASW and the Recycling Assets were not material, individually or in the aggregate, to the Company's financial position or results of operations; therefore, pro forma operating results for the acquisitions are not presented since the results would not be significantly different than reported results. The Company did not have any business acquisitions for the year ended August 31, 2016 . Dispositions During the third quarter of fiscal 2018, the Company sold substantially all of the assets of its structural steel fabrication operations, which were part of the Americas Fabrication segment. The disposition did not meet the criteria for discontinued operations. Proceeds associated with the sale were $20.3 million , subject to customary post-closing adjustments. As a result of the disposition, the Company recognized impairment charges of $13.7 million during fiscal 2018. Discontinued Operations On June 13, 2017, the Company announced a plan to exit its International Marketing and Distribution segment, including its trading operations in the U.S., Asia, and Australia. As an initial step in this plan, on August 31, 2017, the Company completed the sale of its raw materials business, CMC Cometals. Additionally, during the second quarter of fiscal 2018, the remaining operations related to the Company's steel trading businesses in the U.S. and Asia were substantially wound down. Finally, during the third quarter of fiscal 2018, the Company sold certain assets and liabilities of its Australian steel trading business, resulting in an overall transaction loss, including selling costs, of $5.3 million . This loss was primarily due to impairment charges related to accumulated foreign currency translation, $4.2 million of which the Company recorded during fiscal 2017. The results of these activities are included in discontinued operations in the consolidated statements of earnings for all periods presented. With the conclusion of operations in this segment, any activities carried out within the segment are no longer of ongoing significance; accordingly, segment data with respect to International Marketing and Distribution activities is no longer reported. See Note 21, Business Segments , for further discussion of the exit of the International Marketing and Distribution segment. The major classes of line items constituting earnings (loss) from discontinued operations in the consolidated statements of earnings are presented in the table below. Year Ended August 31, (in thousands) 2018 2017 2016 Net sales $ 304,650 $ 1,155,046 $ 1,055,872 Costs and expenses: Cost of goods sold 276,184 1,089,837 991,076 Selling, general and administrative expenses 25,317 75,153 74,274 Interest expense (86 ) (104 ) (742 ) Earnings (loss) before income taxes 3,235 (9,840 ) (8,736 ) Income taxes (benefit) (34 ) (5,997 ) (1,497 ) Earnings (loss) from discontinued operations $ 3,269 $ (3,843 ) $ (7,239 ) Material non-cash operating and investing activities related to discontinued operations include the following: inventory write-downs were $1.2 million , $20.7 million and $8.0 million for fiscal 2018 , 2017 , and 2016 , respectively; provision for losses on receivables of $5.1 million in fiscal 2017; and stock-based compensation of $4.4 million in fiscal 2016 . There were no other material non-cash operating or investing items related to discontinued operations for the periods ended August 31, 2018 , 2017 and 2016 . Businesses Held for Sale The assets and liabilities of businesses classified as held for sale and discontinued operations were immaterial at August 31, 2018 . As a result of the exit of the International Marketing and Distribution segment and the sale of the Company's structural steel fabrication operations, the assets and liabilities related to such operations have been classified as assets and liabilities of businesses held for sale and discontinued operations at August 31, 2017 on the Company’s consolidated balance sheet, and consisted of the following: Year Ended August 31, 2017 (in thousands) Businesses Held for Sale* Discontinued Operations Total Assets: Accounts receivable $ 38,279 $ 106,905 $ 145,184 Inventories 10,676 141,135 151,811 Other current assets 77 38 115 Assets of businesses held for sale and discontinued operations 49,032 248,078 297,110 Liabilities: Accounts payable-trade $ 13,108 $ 42,563 $ 55,671 Accrued expenses and other payables 16,785 15,372 32,157 Liabilities of businesses held for sale and discontinued operations $ 29,893 $ 57,935 $ 87,828 * At August 31, 2017 , $8.8 million of property, plant, and equipment, net of accumulated depreciation and amortization, was included in other noncurrent assets on the consolidated balance sheets.

ACCUMULATED OTHER COMPREHENSIVE

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)	12 Months Ended
	Aug. 31, 2018
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)	NOTE 4. ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) Accumulated other comprehensive income (loss) ("AOCI") was comprised of the following: (in thousands) Foreign Currency Translation Unrealized Gain (Loss) on Derivatives Defined Benefit Obligation Total AOCI Balance at September 1, 2015 $ (113,081 ) $ 2,305 $ (2,759 ) $ (113,535 ) Other comprehensive income (loss) before reclassifications (11,771 ) 2,006 (186 ) (9,951 ) Amounts reclassified from AOCI 12,597 (2,233 ) 68 10,432 Income taxes — 108 32 140 Net other comprehensive income (loss) 826 (119 ) (86 ) 621 Balance at August 31, 2016 (112,255 ) 2,186 (2,845 ) (112,914 ) Other comprehensive income before reclassifications 30,509 1,003 678 32,190 Amounts reclassified from AOCI 968 (1,845 ) 115 (762 ) Income taxes — 243 (270 ) (27 ) Net other comprehensive income (loss) 31,477 (599 ) 523 31,401 Balance at August 31, 2017 (80,778 ) 1,587 (2,322 ) (81,513 ) Other comprehensive income (loss) before reclassifications (13,938 ) 59 (575 ) (14,454 ) Amounts reclassified from AOCI 2,079 (365 ) 849 2,563 Income taxes — 75 (348 ) (273 ) Net other comprehensive loss (11,859 ) (231 ) (74 ) (12,164 ) Balance at August 31, 2018 $ (92,637 ) $ 1,356 $ (2,396 ) $ (93,677 ) Translation losses realized upon the liquidation of investments in foreign entities resulted in the reclassification of the following items out of AOCI and into the consolidated statements of earnings: (in thousands) Year Ended August 31 , Location of reclassification in the Consolidated Statements of Earnings 2018 2017 2016 SG&A expenses $ — $ (968 ) $ — Earnings (loss) from discontinued operations before income taxes (2,079 ) — (12,597 ) $ (2,079 ) $ (968 ) $ (12,597 ) Amounts in parentheses reduce earnings. The other items reclassified out of AOCI were not material for the years ended August 31, 2018 , 2017 and 2016 .

SALES OF ACCOUNTS RECEIVABLE

SALES OF ACCOUNTS RECEIVABLE	12 Months Ended
	Aug. 31, 2018
Transfers and Servicing [Abstract]
SALES OF ACCOUNTS RECEIVABLE	NOTE 5. SALES OF ACCOUNTS RECEIVABLE As an additional source of liquidity, the Company sells certain trade accounts receivable both in the U.S. and Poland. The Company has a $200.0 million U.S. sale of trade accounts receivable program which expires on August 31, 2020 . Under the program, the Company contributes, and certain of its subsidiaries sell without recourse, certain eligible trade accounts receivable to CMC Receivables, Inc. ("CMCRV"), a wholly-owned subsidiary of the Company. 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 U.S. sale of trade 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 U.S. sale of trade 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 those contained in the Credit Agreement (as defined in Note 10, Credit Arrangements ). For the year ended August 31, 2018, and all comparative periods presented, the Company accounted for sales of the trade accounts receivable as true sales, and the trade accounts receivable balances that were sold were 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. On September 1, 2018, the Company amended certain terms of both the U.S. and Poland programs, disqualifying the sale of such receivables from being accounted for as true sales. As a result of the amendments, any future advances under the programs will be recorded as financing activities. At August 31, 2018 and 2017 , under its U.S. sale of accounts receivable program, the Company sold $273.5 million and $226.9 million of trade accounts receivable, respectively, to the financial institutions. At August 31, 2018 , the Company had no advance payments outstanding on the sale of its U.S. trade accounts receivable. At August 31, 2017 , the Company had $90.0 million in advance payments outstanding on the sale of its U.S. trade accounts receivable. In addition to the U.S. sale of trade accounts receivable program described above, the Company's international subsidiaries in Poland sell, and previously in Australia have sold, trade accounts receivable to financial institutions without recourse. These arrangements constituted true sales, and once the trade accounts receivable were sold, they were no longer available to the Company's creditors in the event of bankruptcy and were removed from the consolidated balance sheets. The Poland program has a facility limit of 220.0 million Polish zloty ( $59.5 million as of August 31, 2018 ) and allows the Company's Polish subsidiaries to obtain an advance of up to 90% of eligible trade accounts receivable sold under the terms of the arrangement. Under the Polish and former Australian programs, the cash advances received were reflected as cash provided by operating activities on the Company's consolidated statements of cash flows. During the first quarter of fiscal 2017, the Company's existing Australian program expired, and the Company did not enter into a new program. At August 31, 2018 and August 31, 2017 , under its Poland program, the Company sold $107.6 million and $79.5 million of trade accounts receivable, respectively, to the third-party financial institution. At August 31, 2018 , the Company had $12.1 million of advance payments outstanding on the sale of its Poland trade accounts receivable. At August 31, 2017 , there were no advance payments outstanding under the Poland program. For the years ended August 31, 2018 , 2017 and 2016 , cash proceeds from the U.S. and international sale of trade accounts receivable programs were $249.8 million , $375.4 million and $400.8 million , respectively, and cash payments to the owners of trade accounts receivable were $327.7 million , $293.6 million and $420.3 million , respectively. For a nominal servicing fee, the Company is responsible for servicing the trade accounts receivable for the U.S. program. Discounts on U.S. and international sales of trade accounts receivable were $1.1 million , $0.9 million and $1.7 million for the years ended August 31, 2018 , 2017 and 2016 , respectively, and are included in selling, general and administrative expenses in the Company's consolidated statements of earnings. For the years ended August 31, 2018 , 2017 and 2016 , the deferred purchase price on the Company's U.S. and international sale of trade accounts receivable programs was included in accounts receivable on the Company's consolidated balance sheets. The following table summarizes the activity of the deferred purchase price receivables for the U.S. and international sale of trade accounts receivable programs. (in thousands) Total U.S.* Poland Australia** Balance at September 1, 2015 $ 339,547 $ 269,778 $ 51,731 $ 18,038 Transfers of trade accounts receivable 2,389,297 1,933,477 280,227 175,593 Collections (2,439,096 ) (1,990,493 ) (281,634 ) (166,969 ) Balance at August 31, 2016 $ 289,748 $ 212,762 $ 50,324 $ 26,662 Transfers of trade accounts receivable 2,646,513 2,251,118 378,481 16,914 Collections (2,596,836 ) (2,237,872 ) (349,305 ) (9,659 ) Exit from Programs (124,302 ) (90,385 ) — (33,917 ) Balance at August 31, 2017 $ 215,123 $ 135,623 $ 79,500 $ — Transfers of trade accounts receivable 2,932,379 2,396,780 535,599 — Collections (2,779,981 ) (2,260,321 ) (519,660 ) — Balance at August 31, 2018 $ 367,521 $ 272,082 $ 95,439 $ — _________________________ * Includes the sale of trade accounts receivable activities related to discontinued operations. See Note 3, Changes in Business , for further discussion. For the years ended August 31, 2017 and 2016 , transfers of trade accounts receivable were $354.5 million and $369.1 million , respectively, and collections were $325.7 million and $396.8 million , respectively. Redemptions of trade accounts receivable associated with the exit from the program were $83.7 million for the year ended August 31, 2017 . **Includes the sale of trade accounts receivable activities related to the Company's former Australian steel distribution business. See Note 3, Changes in Business , for further discussion. For the year ended August 31, 2017 , there were no transfers of trade accounts receivable, collections were $3.7 million and redemptions of trade accounts receivable associated with the exit from the program were $1.6 million . For the year ended August 31, 2016 , transfers of accounts receivable were $45.8 million , and collections were $61.7 million .

INVENTORIES

INVENTORIES	12 Months Ended
	Aug. 31, 2018
Inventory Disclosure [Abstract]
INVENTORIES	NOTE 6. INVENTORIES The majority of the Company's inventories are in the form of semi-finished and finished goods. Under the Company’s business model, products are sold to external customers in various stages, from semi-finished billets through fabricated steel, leading these categories to be combined. As such, at August 31, 2018 and 2017 , work in process inventories were not material . At August 31, 2018 and 2017 , the Company's raw materials inventories were $177.7 million and $116.8 million , respectively. Inventory write-downs were $1.4 million , $21.5 million , and $15.6 million for the years ended August 31, 2018 , 2017 , and 2016 , respectively.

GOODWILL AND OTHER INTANGIBLE A

GOODWILL AND OTHER INTANGIBLE ASSETS	12 Months Ended
	Aug. 31, 2018
Goodwill and Intangible Assets Disclosure [Abstract]
GOODWILL AND OTHER INTANGIBLE ASSETS	The following table details the changes in the carrying amount of goodwill by reportable segment: (in thousands) Americas Recycling Americas Mills Americas Fabrication International Mill Corporate and Other* Consolidated Goodwill, gross Balance at September 1, 2016 $ 9,751 $ 4,970 $ 57,637 $ 2,432 $ 1,982 $ 76,772 Acquisitions — — 306 — — 306 Foreign currency translation — — — 232 — 232 Balance at August 31, 2017 9,751 4,970 57,943 2,664 1,982 77,310 Dispositions (208 ) — — — — (208 ) Impairments — — (515 ) — — (515 ) Foreign currency translation — — — (96 ) — (96 ) Reclassification to assets of discontinued operations — — — — (1,982 ) (1,982 ) Balance at August 31, 2018 $ 9,543 $ 4,970 $ 57,428 $ 2,568 $ — $ 74,509 Accumulated impairment losses Balance at September 1, 2016 $ (9,751 ) $ — $ (493 ) $ (155 ) $ — $ (10,399 ) Foreign currency translation — — — (14 ) — (14 ) Impairment — — — — (1,982 ) (1,982 ) Balance at August 31, 2017 (9,751 ) — (493 ) (169 ) (1,982 ) (12,395 ) Dispositions 208 — — — — 208 Foreign currency translation — — — 6 — 6 Reclassification to assets of discontinued operations — — — — 1,982 1,982 Balance at August 31, 2018 $ (9,543 ) $ — $ (493 ) $ (163 ) $ — $ (10,199 ) Goodwill, net Balance at September 1, 2016 $ — $ 4,970 $ 57,144 $ 2,277 $ 1,982 $ 66,373 Acquisitions — — 306 — — 306 Foreign currency translation — — — 218 — 218 Impairment — — — — (1,982 ) (1,982 ) Balance at August 31, 2017 — 4,970 57,450 2,495 — 64,915 Impairments — — (515 ) — — (515 ) Foreign currency translation — — — (90 ) — (90 ) Balance at August 31, 2018 $ — $ 4,970 $ 56,935 $ 2,405 $ — $ 64,310 *Corporate and Other includes goodwill for the International Marketing and Distribution segment which was reclassified as discontinued operations during fiscal 2018. Goodwill impairment charges were not material for the twelve months ended August 31, 2018 , 2017, or 2016. 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 of August 31, 2018 and 2017 , one of the Company's reporting units within the Americas Fabrication reporting segment comprised $51.1 million and $51.6 million , respectively, of the Company's total goodwill. At August 31, 2018 , based on the results of our annual testing, the fair value of this reporting unit exceeded its carrying value by 25.8% . The assumptions that most significantly impacted the fabrication reporting unit fair value were the estimates of gross margin expansion, value of the terminal year, and the weighted average cost of capital (discount rate). For all other reporting units, the excess of the fair value over carrying value of each reporting unit was substantial. The following intangible assets subject to amortization are included in other noncurrent assets on the Company's consolidated balance sheets: August 31, 2018 August 31, 2017 (in thousands) Gross Accumulated Amortization Net Gross Accumulated Amortization Net Customer base $ 6,254 $ 3,416 $ 2,838 $ 6,334 $ 2,660 $ 3,674 Favorable land leases 4,476 755 3,721 10,189 2,849 7,340 Non-compete agreements 1,750 798 952 1,750 578 1,172 Brand name 928 662 266 1,328 770 558 Patents 6,993 777 6,216 — — — Other 101 72 29 101 65 36 Total $ 20,502 $ 6,480 $ 14,022 $ 19,702 $ 6,922 $ 12,780 Favorable land leases at August 31, 2018 are related to perpetual lease rights which have an estimated useful life of 85 years. All other intangible assets with definitive lives are amortized over estimated useful lives ranging from 3 to 15 years. Excluding goodwill, the Company does not have any other significant intangible assets with indefinite lives. Amortization expense for intangible assets from continuing operations for the years ended August 31, 2018 , 2017 and 2016 was $2.2 million , $2.1 million , and $3.4 million , respectively. Estimated amounts of amortization expense for the next five years are as follows. Year Ended August 31, (in thousands) 2019 $ 2,027 2020 1,793 2021 1,770 2022 1,493 2023 1,034

LONG-LIVED ASSET IMPAIRMENTS

LONG-LIVED ASSET IMPAIRMENTS	12 Months Ended
	Aug. 31, 2018
Restructuring and Related Activities [Abstract]
LONG-LIVED ASSET IMPAIRMENTS	NOTE 8. LONG-LIVED ASSET IMPAIRMENTS As a result of the sale of assets related to the Company's structural steel fabrication operations during fiscal 2018, the Company recorded asset impairment charges of $13.1 million and goodwill impairment charges of $0.5 million . Refer to Note 3, Changes in Business , Note 7, Goodwill and Other Intangible Assets , and Note 13, Fair Value , for further information. There were no material long-lived asset impairment charges recorded during the year ended August 31, 2017 . As part of the exit of the International Marketing Distribution segment, as discussed in Note 3, Changes in Business , the Company realized impairment charges of $2.1 million , $4.2 million and $15.8 million during fiscal years 2018, 2017 and 2016, respectively, in connection with the exit of its steel trading and distribution operations in Australia. These impairment charges primarily related to accumulated foreign currency translation losses and were included in discontinued operations. See Note 13, Fair Value , for further discussion of these impairment charges. Other expenses associated with exiting the International Marketing and Distribution segment were not material for the years ended August 31, 2018 , 2017 , and 2016 . Due to adverse margin and volume pressure in the Company's Americas Recycling segment, during the fourth quarter of fiscal 2016 , management concluded that a triggering event had occurred. The results of the undiscounted future cash flow analysis indicated the carrying amounts for certain long-lived asset groups were not expected to be recovered. Fair value for these long-lived asset groups was then estimated and compared to the carrying values of the long-lived asset groups, which resulted in a total non-cash, pre-tax impairment of $38.9 million for the fourth quarter of fiscal 2016 .

EXIT COSTS

EXIT COSTS	12 Months Ended
	Aug. 31, 2018
Restructuring and Related Activities [Abstract]
EXIT COSTS	NOTE 9. EXIT COSTS The Company recorded severance expense of $6.7 million and $17.5 million related to discontinued operations for the years ended August 31, 2018 and 2017 , respectively. These costs related to the Company's closure of marketing and distribution offices that resulted in involuntary employee termination benefits. At August 31, 2017 , the remaining liability to be paid in the future related to termination benefits was $16.9 million , and was primarily included in accrued expenses and other payables on the Company's consolidated balance sheets. The remaining severance liability at August 31, 2018 was not material. Other expenses associated with exiting the International Marketing and Distribution segment were not material for the years ended August 31, 2018 , 2017 , and 2016 .

CREDIT ARRANGEMENTS

CREDIT ARRANGEMENTS	12 Months Ended
	Aug. 31, 2018
Debt Disclosure [Abstract]
CREDIT ARRANGEMENTS	NOTE 10. CREDIT ARRANGEMENTS Long-term debt as of August 31, 2018 and 2017 was as follows: Weighted Average August 31, (in thousands) 2018 2017 2027 Notes 5.375% $ 300,000 $ 300,000 2026 Notes 5.750% 350,000 — 2023 Notes 4.875% 330,000 330,000 2022 Term Loan 3.281% 142,500 150,000 Other, including equipment notes 47,629 52,077 Total long-term debt 1,170,129 832,077 Less: Debt issuance costs 11,764 7,315 Total long-term debt outstanding 1,158,365 824,762 Less: Current maturities of long-term debt 19,746 19,182 Long-term debt $ 1,138,619 $ 805,580 In July 2017, the Company issued $300.0 million of 5.375% Senior Notes due July 15, 2027 (the " 2027 Notes "). Interest on these notes is payable semiannually. In May 2018, the Company issued $ 350.0 million of 5.75% Senior Notes due April 2026 (the " 2026 Notes "). Issuance costs associated with the 2026 Notes were approximately $5.3 million . Interest on the 2026 Notes is payable semiannually. 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. The Company has a $350.0 million revolving credit facility (the "Revolver") pursuant to the Fourth Amended and Restated Credit Agreement (the "Credit Agreement") and a senior secured term loan in the maximum principal amount of $150.0 million (the " 2022 Term Loan "), each with a maturity date in June 2022 . The 2022 Term Loan was drawn upon on July 13, 2017 . The Company is required to make quarterly payments on the 2022 Term Loan equal to 1.25% of the original principal amount. The maximum availability under the Credit Agreement can be increased to $600.0 million with bank approval. The Company's obligations under the Credit Agreement are collateralized by its U.S. inventory and U.S. fabrication receivables. The Credit Agreement's capacity includes a $50.0 million sublimit for the issuance of stand-by letters of credit. On February 21, 2018 , the Company entered into a Joinder Agreement and Fifth Amendment to the Credit Agreement, which allowed for a coterminous delayed draw Term Loan A facility in the maximum aggregate principal amount of up to $200.0 million (the " 2018 Term Loan "). The proceeds of the 2018 Term Loan are required to be used to (i) finance the acquisition of the Business , (ii) repay certain existing indebtedness of Gerdau S.A. and its subsidiaries, and (iii) pay transaction fees and expenses related thereto. Once drawn, the Company is required to make quarterly payments on the 2018 Term Loan equal to 1.25% of the original principal amount. The 2018 Term Loan has a maturity date of June 2022 . The Company had no amounts drawn under the Revolver at August 31, 2018 or 2017 . The availability under the Revolver was reduced by outstanding stand-by letters of credit of $3.3 million and $3.0 million at August 31, 2018 and 2017 , 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 . Loans under the Credit Agreement bear interest based on the Eurocurrency rate, a base rate, or the LIBOR rate. At August 31, 2018 , the Company's interest coverage ratio was 8.70 to 1.00 and the Company's debt to capitalization ratio was 0.44 to 1.00 . In addition to its committed facilities, the Company has uncommitted credit facilities, primarily through its subsidiary, CMC Poland Sp. z.o.o. ("CMCP") in Poland, available to support global working capital, short-term cash needs, letters of credit, financial assurance and other trade finance-related matters. At August 31, 2018 and 2017 , CMCP's uncommitted credit facilities totaled PLN 225.0 million ( $60.8 million ) and PLN 175.0 million ( $49.1 million ), respectively. As of August 31, 2018 , the uncommitted credit facilities have expiration dates ranging from November 2018 to March 2019 , which CMCP intends to renew upon expiration. At August 31, 2018 and 2017 , no amounts were outstanding under these facilities. During fiscal 2018 , 2017 and 2016 , CMCP had no borrowings or repayments under its uncommitted credit facilities. At August 31, 2018 , the Company was in compliance with all of the covenants contained in its credit arrangements. The scheduled maturities of the Company's long-term debt are as follows: Year Ending August 31, (in thousands) 2019 $ 19,746 2020 15,226 2021 12,256 2022 123,802 2023 332,860 Thereafter 666,239 Total long-term debt 1,170,129 Less: Debt issuance costs 11,764 Total long-term debt outstanding $ 1,158,365 The Company capitalized $7.3 million , $9.8 million and $3.6 million of interest in the cost of property, plant and equipment during fiscal years 2018 , 2017 and 2016 , respectively.

NEW MARKETS TAX CREDIT TRANSACT

NEW MARKETS TAX CREDIT TRANSACTIONS	12 Months Ended
	Aug. 31, 2018
Income Tax Disclosure [Abstract]
New Markets Tax Credit Transactions	NOTE 11. NEW MARKETS TAX CREDIT TRANSACTIONS During fiscal 2016 and 2017, the Company entered into three New Markets Tax Credit (“NMTC”) transactions with U.S. Bancorp Community Development Corporation, a Minnesota corporation ("USBCDC"). The NMTC transactions relate to the construction and equipping of our new micro mill in Durant, Oklahoma, as well as a rebar spooler and automated T-post shop located on the same site. The transactions qualified through the New Markets Tax Credit program provided for in the Community Renewal Tax Relief Act of 2000 (the "NMTC Program"), as the micro mill, spooler and T-post shop are located in an eligible zone designated by the Internal Revenue Service ("IRS") and are considered eligible business activities for the NMTC Program. Under the NMTC Program, an investor that makes a capital investment, which, in turn, together with leverage loan sources, is used to make a Qualifying Equity Investment (a "QEI") in an entity that (i) qualifies as a Community Development Entity ("CDE"), (ii) has applied for and been granted an allocation of a portion of the total federal funds available to fund the credits (an "NMTC Allocation") and (iii) uses a minimum specified portion of the QEI to make a Qualified Low Income Community Investment up to the maximum amount of the CDE’s NMTC Allocation will be entitled to claim, over a period of seven years, federal nonrefundable tax credits in an amount equal to 39% of the QEI amount (an "NMTC"). NMTCs are subject to 100% recapture for a period of seven years as provided in the Internal Revenue Code. In general, the three NMTC transactions were structured similarly. USBCDC made a capital contribution to an investment fund and Commonwealth Acquisition Holdings, Inc., a wholly-owned subsidiary of the Company (“Commonwealth”), made a loan to the investment fund. The investment fund used the proceeds from the capital contribution and the loan to make a QEI into a CDE, which, in turn, makes loans of the QEIs to the operating subsidiaries of the Company with terms similar to the loans by Commonwealth. The proceeds from the loans are initially recorded as restricted cash on the balance sheet of the Company until certain conditions are met. The following table summarizes the key terms and conditions for each of the three NMTC transactions ($ in millions): Project USBCDC Capital Contribution Commonwealth Loan Commonwealth Loan Rate / Maturity Investment Fund(s) QEI to CDE CDE Loan Ending Restricted Cash Micro mill $17.7 $35.3 1.08% / December 24, 2045 USBCDC Investment Fund 156, LLC $51.5 $50.7 $0.5 Spooler $6.7 $14.0 1.39% / July 26, 2042 Twain Investment Fund 249, LLC $20.0 $19.4 $— T-post shop $5.0 $10.4 1.16% / March 23, 2047 Twain Investment Fund 219, LLC Twain Investment Fund 222 $15.0 $14.7 $7.9 By its capital contributions to the investment funds (exclusive of Twain Investment Fund 222) (collectively the "Funds"), USBCDC is entitled to substantially all the benefits derived from the NMTCs. These transactions include a put/call provision whereby the Company may be obligated or entitled to repurchase USBCDC’s interest in the Funds at the end of a seven -year period, in the case of the USBCDC Investment Fund 156, LLC and Twain Investment Fund 249, LLC or an eight -year period, in the case of Twain Investment Fund 219, LLC (each of such periods an "Exercise Period"). The Company believes USBCDC will exercise the put options following the end of the respective Exercise Periods. The value attributed to the put/call is de minimis. The Company is required to follow various regulations and contractual provisions that apply to the NMTC transactions. Non-compliance with applicable requirements could result in unrealized projected tax benefits and, therefore, could require the Company to indemnify USBCDC for any loss or recapture of NMTCs related to the financing until the Company's obligation to deliver tax benefits is relieved. The Company does not anticipate any credit recaptures will be required in connection with these transactions. The Company has determined that the Funds are VIEs, of which the Company is the primary beneficiary and has consolidated them in accordance with Accounting Standards Codification Topic 810, Consolidation. USBCDC’s contributions are included in other long-term liabilities in the accompanying consolidated balance sheets. Direct costs incurred in structuring the transactions were deferred and are recognized as expense over each Exercise Period. Incremental costs to maintain the structures during the compliance periods are recognized as incurred. The Company has determined that Twain Investment Fund 222 is a VIE, of which the Company is not the primary beneficiary and has therefore treated the QEI of $ 2.1 million as debt. The obligation represents the Company's maximum exposure to loss and was included in long-term debt in the accompanying consolidated balance sheets as of August 31, 2018 and 2017 .

DERIVATIVES AND RISK MANAGEMENT

DERIVATIVES AND RISK MANAGEMENT	12 Months Ended
	Aug. 31, 2018
Derivative Instruments and Hedging Activities Disclosure [Abstract]
DERIVATIVES AND RISK MANAGEMENT	NOTE 12. 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 price volatility in these commodities and (ii) foreign currency forward contracts that match the expected settlements for purchases and sales denominated in foreign currencies. The Company considers the total notional value of its futures and forward contracts as the best measure of the volume of derivative transactions. At August 31, 2018 , the notional values of the Company's foreign currency contract commitments and its commodity contract commitments were $119.5 million and $55.2 million , respectively. At August 31, 2017 , the notional values of the Company's foreign currency contract commitments and its commodity contract commitments were $300.4 million and $59.3 million , respectively. The following table provides information regarding the Company's commodity contract commitments as of August 31, 2018 : Commodity Long/Short Total Aluminum Long 3,975 MT Aluminum Short 550 MT Copper Long 1,633 MT Copper Short 5,817 MT _________________ MT = Metric Ton 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, 2018 and 2017 . 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 2018 2017 2016 Commodity Cost of goods sold $ 7,043 $ (9,095 ) $ 2,675 Foreign exchange Cost of goods sold (50 ) (47 ) 19 Foreign exchange SG&A expenses 110 (5,400 ) 11,732 Gain (loss) from continuing operations before income taxes $ 7,103 $ (14,542 ) $ 14,426 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. Amount of Gain (Loss) Recognized in Income on Derivatives for the Year Ended August 31, Amount of Gain (Loss) Recognized in Income on Related Hedge Items for the Year Ended August 31, Location of Gain (Loss) Recognized in Income on Derivatives 2018 2017 2016 Location of Gain (Loss) Recognized in Income on Related Hedged Items 2018 2017 2016 Foreign exchange Net sales $ (66 ) $ 25 $ (38 ) Net sales $ 66 $ (25 ) $ 38 Foreign exchange Cost of goods sold 1,596 (1,436 ) (1,075 ) Cost of goods sold (1,596 ) 1,436 1,075 Gain (loss) from continuing operations before income taxes $ 1,530 $ (1,411 ) $ (1,113 ) $ (1,530 ) $ 1,411 $ 1,113 Effective Portion of Derivatives Designated as Cash Flow Hedging Instruments Recognized in Accumulated Other Comprehensive Income (Loss) (in thousands) August 31, 2018 2017 2016 Commodity $ — $ 210 $ (204 ) Foreign exchange 48 546 1,822 Gain (loss), net of income taxes $ 48 $ 756 $ 1,618 Refer to Note 4, Accumulated Other Comprehensive Income (Loss) , for the effective portion of derivatives designated as cash flow hedging instruments reclassified from AOCI. 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, 2018 and 2017 . The fair value of the Company's derivative instruments on the consolidated balance sheets was as follows: Derivative Assets (in thousands) August 31, 2018 2017 Commodity — not designated for hedge accounting $ 1,881 $ 767 Foreign exchange — designated for hedge accounting — 81 Foreign exchange — not designated for hedge accounting 407 1,286 Derivative assets (other current assets)* $ 2,288 $ 2,134 Derivative Liabilities (in thousands) August 31, 2018 2017 Commodity — not designated for hedge accounting 301 3,251 Foreign exchange — designated for hedge accounting — 1,549 Foreign exchange — not designated for hedge accounting 1,095 3,710 Derivative liabilities (accrued expenses and other payables)* $ 1,396 $ 8,510 _________________________ * Derivative assets and liabilities do not include the hedged items designated as fair value hedges. As of August 31, 2018 and 2017 , 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, 2018
Fair Value Disclosures [Abstract]
FAIR VALUE	NOTE 13. 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, 2018 Quoted Prices in Significant Other Significant Assets: Investment deposit accounts (1) $ 541,101 $ 541,101 $ — $ — Commodity derivative assets (2) 1,881 1,881 — — Foreign exchange derivative assets (2) 407 — 407 — Liabilities: Commodity derivative liabilities (2) 301 301 — — Foreign exchange derivative liabilities (2) 1,095 — 1,095 — Fair Value Measurements at Reporting Date Using (in thousands) August 31, 2017 Quoted Prices in Significant Other Significant Assets: Investment deposit accounts (1) $ 43,553 $ 43,553 $ — $ — Commodity derivative assets (2) 767 767 — — Foreign exchange derivative assets (2) 1,367 — 1,367 — Liabilities: Commodity derivative liabilities (2) 3,251 3,251 — — Foreign exchange derivative liabilities (2) 5,259 — 5,259 — _________________ (1) Investment deposit accounts are short-term in nature, and the value is determined by principal plus interest. 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 12, Derivatives and Risk Management . In connection with the sale of assets related to the Company's structural steel fabrication operations, the Company recorded an impairment charge of $13.7 million for the year ended August 31, 2018 . The signed definitive asset sale agreement and subsequent post-closing adjustments (Level 2) were the basis for the determination of fair value of these operations. There were no other material non-recurring fair value remeasurements during fiscal 2018 . As a result of the Company's exit of its steel trading and distribution businesses in Australia, the Company prepared an impairment analysis on the asset disposal groups in Australia. As a result of such analysis, the Company recorded impairment charges of $2.1 million , $4.2 million and $15.8 million in fiscal years 2018, 2017 and 2016, respectively, primarily related to accumulated foreign currency translation losses. Indicators of value from other recent sales of similar businesses within the segment (Level 3) were the basis for the determination of fair value of this component. This loss was recorded within results from discontinued operations for the years ended August 31, 2018, 2017, and 2016. See Note 3, Changes in Business , for additional discussion of the Company's exit of the International Marketing and Distribution segment. There were no other material non-recurring fair value remeasurements during fiscal years ended August 31, 2018 and 2017 . 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 were as follows: August 31, 2018 August 31, 2017 (in thousands) Fair Value Hierarchy Carrying Value Fair Value Carrying Value Fair Value 2027 Notes (1) Level 2 $ 300,000 $ 281,655 $ 300,000 $ 314,286 2026 Notes (1) Level 2 350,000 339,238 — — 2023 Notes (1) Level 2 330,000 326,090 330,000 340,052 2022 Term Loan (2) Level 2 142,500 142,500 150,000 150,000 _________________ (1) The fair value of the notes is determined based on indicated market values. (2) The term loan contains variable interest rates and its carrying value approximates fair value.

INCOME TAX

INCOME TAX	12 Months Ended
	Aug. 31, 2018
Income Tax Disclosure [Abstract]
INCOME TAX	NOTE 14. INCOME TAX On December 22, 2017, the President signed into law the Tax Cuts and Jobs Act ("TCJA") which, among other provisions, reduced the federal corporate tax rate to 21.0% effective January 1, 2018. Due to the Company’s August 31 fiscal year end, this provision resulted in a blended statutory U.S. tax rate of 25.7% for fiscal 2018 and a 21.0% statutory U.S. tax rate beginning September 1, 2018. ASC 740 requires the change in tax law to be accounted for in the period of enactment. Due to complexities involved in accounting for the TCJA, the Securities and Exchange Commission's Staff Accounting Bulletin ("SAB") 118 provides a measurement period, which should not extend beyond one year from the date of enactment, to complete the accounting under ASC 740. The Company recognized additional income tax expense of $11.0 million at August 31, 2018 for the effects of those provisions of the TCJA for which amounts are reasonably estimable, including (i) recognition of the one-time toll charge on certain undistributed earnings of non-U.S. subsidiaries with associated foreign tax credits, in order to transition from a worldwide system with deferral to a territorial-style tax system, (ii) the remeasurement of the Company’s deferred tax balances as of August 31, 2018 to the lower statutory rates and (iii) deductibility limitations on compensation for covered employees. These provisions of the TCJA, as well as 100% bonus depreciation for qualified assets acquired and placed in service after September 27, 2017, resulted in a $37.4 million reduction to the Company’s net deferred tax liabilities. The impacts of the legislation on the Company’s tax expense and/or the Company’s deferred tax balances may differ from these estimates, possibly materially, and may be adjusted accordingly over the SAB 118 measurement period. The Company’s current analysis of the following provisions of the TCJA resulted in minimal or no impact on the Company’s financial statements, and as a result, the Company did not record any associated tax expense or benefit as of August 31, 2018 : (i) the new tax on global intangible low-taxed income, (ii) the new tax on foreign-derived intangible income, (iii) the base erosion anti-abuse tax, (iv) deductibility limitations on business interest under Section 163(j) and (v) deductibility limitations on meal and entertainment-related expenses. The Company will continue to evaluate the effects of these provisions and adjust its financial statements if necessary as new information becomes available during the SAB 118 measurement period. In general, it is the practice and intention of the Company to reinvest the earnings of its non-U.S. subsidiaries in those operations. The TCJA could potentially change the Company’s future intentions regarding the reinvestment of the remaining undistributed earnings of its non-U.S. subsidiaries of approximately $616.8 million . However, the Company does not expect any future repatriations of the earnings of its non-U.S. subsidiaries to impact the financial statements beyond the one-time toll charge, for which the Company has recorded a provisional estimate as of August 31, 2018. The Company continues to monitor regulatory developments concerning the taxation of undistributed foreign earnings and evaluate the impact of the TCJA on the Company's existing assertion of indefinite reinvestment. As such, no change has been made with respect to this assertion for the year ended August 31, 2018 . The Company will complete its analysis of the impact of the TCJA on its indefinite reinvestment assertion and record any related amounts, if necessary, during the SAB 118 measurement period. The components of earnings from continuing operations before income taxes were as follows: Year Ended August 31 , (in thousands) 2018 2017 2016 United States $ 86,731 $ 25,506 $ 55,829 Foreign 78,653 39,945 20,148 Total $ 165,384 $ 65,451 $ 75,977 The income taxes (benefit) included in the consolidated statements of earnings were as follows: Year Ended August 31 , (in thousands) 2018 2017 2016 Current: United States $ 20,210 $ 11,345 $ 5,224 Foreign 18,308 9,464 6,991 State and local 2,263 2,654 4,130 Current taxes $ 40,781 $ 23,463 $ 16,345 Deferred: United States $ (11,501 ) $ (13,548 ) $ (4,423 ) Foreign (169 ) (917 ) 254 State and local 1,002 281 303 Deferred taxes $ (10,668 ) $ (14,184 ) $ (3,866 ) Total income taxes on income $ 30,113 $ 9,279 $ 12,479 Income taxes (benefit) on discontinued operations (34 ) (5,997 ) (1,497 ) Income taxes on continuing operations $ 30,147 $ 15,276 $ 13,976 A reconciliation of the federal statutory rate to the Company's effective income tax rate from continuing operations, including material items impacting the effective income tax rate is as follows: Year Ended August 31 , (in thousands) 2018 2017 2016 Federal statutory rate 25.7 % 35.0 % 35.0 % Income tax expense at statutory rate $ 42,471 $ 22,908 $ 26,592 TCJA - Toll charge and related foreign tax credits 29,466 — — TCJA - Remeasurement of deferred tax balances (25,515 ) — — Foreign tax impairment on valuation of subsidiaries (1) 22,315 (92,321 ) (60,204 ) Gain on international restructure (1) 18,926 — — Change in valuation allowance (20,839 ) 113,135 75,822 Nontaxable foreign interest (1) (17,414 ) (19,259 ) (16,063 ) Worthless stock deduction (2) (6,084 ) — — Foreign rate differential (3) (5,973 ) (7,518 ) (1,719 ) Research and experimentation credits (4,707 ) (1,034 ) (1,357 ) Audit settlement (4) (3,187 ) (659 ) (10,264 ) State and local taxes 2,317 1,490 2,185 Deferred compensation (5) (2,036 ) (2,101 ) (1,375 ) Section 199 manufacturing deduction — (1,407 ) (4,694 ) Other 407 2,042 5,053 Income tax expense on continuing operations $ 30,147 $ 15,276 $ 13,976 Effective income tax rate from continuing operations 18.2 % 23.3 % 18.4 % _________________ (1) Fully offset by a valuation allowance. (2) Permanent tax benefit related to a worthless stock deduction from the reorganization and exit of the Company's steel trading business headquartered in the United Kingdom. (3) The impact of 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 19.0% . (4) Includes the release of certain unrecognized tax benefits for which the accruals were greater than the amount assessed. (5) Nontaxable gain on assets related to the Company’s nonqualified BRP. The Company’s income tax benefit from discontinued operations for the years ended August 31, 2017 and 2016 was $6.0 million and $1.5 million , respectively. The tax benefit in discontinued operations was largely attributed to net operating losses in the U.S. related to the exit of the International Marketing and Distribution segment. Also contributing to the tax benefit in fiscal 2017, income in discontinued operations from the International Marketing and Distribution segment was primarily earned in foreign jurisdictions that benefit from group loss sharing provisions. These losses, which carry a full valuation allowance, were utilized to absorb the income from the International Marketing and Distribution segment; thus there is no tax expense or benefit associated with the income from discontinued operations earned in foreign jurisdictions. The income tax effects of significant temporary differences giving rise to deferred tax assets and liabilities were as follows: August 31, (in thousands) 2018 2017 Deferred tax assets: Net operating losses and credits $ 285,847 $ 273,549 Deferred compensation and employee benefits 21,333 46,898 Reserves and other accrued expenses 12,704 21,727 Allowance for doubtful accounts 2,258 3,223 Inventory 974 — Intangibles 906 3,924 Other 469 2,314 Total deferred tax assets 324,491 351,635 Valuation allowance for deferred tax assets (268,554 ) (273,991 ) Deferred tax assets, net $ 55,937 $ 77,644 Deferred tax liabilities: Fixed assets $ 83,879 $ 101,707 Inventory — 12,731 Other 1,053 2,455 Total deferred tax liabilities $ 84,932 $ 116,893 Net deferred tax liabilities $ (28,995 ) $ (39,249 ) Net operating losses giving rise to deferred tax assets consist of $474.3 million of state net operating losses that expire during the tax years ending from 2019 to 2038 and foreign net operating losses of $762.4 million that expire in varying amounts beginning in 2019 (with certain amounts having indefinite carry forward periods). 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, 2018 , the Company reduced valuation allowances by $5.4 million primarily related to changes in net operating loss carryforwards in certain state and foreign jurisdictions for which utilization is uncertain, partially offset by increases to valuation allowances for certain state research and development credits. Additionally, a new valuation allowance was established relating to the TCJA for foreign tax credits generated as a result of the one-time toll charge on certain undistributed earnings of non-U.S. subsidiaries. During the year ended August 31, 2017 , the Company recorded valuation allowances of $121.0 million , related to net operating loss carryforwards in certain state and foreign jurisdictions due to the uncertainty of their realization. These valuation allowances were largely attributed to losses generated by foreign tax impairment charges on valuation of subsidiaries. A reconciliation of the beginning and ending amounts of unrecognized income tax benefits is as follows: August 31, (in thousands) 2018 2017 2016 Balance at September 1 $ 9,283 $ 9,522 $ 27,349 Change for tax positions of prior years 3,121 — — Reductions due to settlements with taxing authorities (8,028 ) (239 ) (17,827 ) Reductions due to lapse of statute of limitations (1,255 ) — — Balance at August 31 (1) $ 3,121 $ 9,283 $ 9,522 _________________ (1) The full balance of unrecognized income tax benefits in each year, if recognized, would have impacted the Company’s effective income tax rate at the end of each respective year. 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, 2018 , accrued interest and penalties related to uncertain tax positions was not material. At August 31, 2017 , the Company had accrued interest and penalties related to uncertain tax positions of $1.2 million . 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 — 2015 and forward U.S. States — 2009 and forward Foreign — 2011 and forward During the fiscal year ended August 31, 2018, the Company 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. In addition, the Company is under examination with certain state revenue authorities for fiscal 2009 and fiscal years 2015 through 2017. Management believes the Company's recorded income tax liabilities as of August 31, 2018 sufficiently reflect the anticipated outcome of these examinations.

STOCK-BASED COMPENSATION PLANS

STOCK-BASED COMPENSATION PLANS	12 Months Ended
	Aug. 31, 2018
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
STOCK-BASED COMPENSATION PLANS	NOTE 15. STOCK-BASED COMPENSATION PLANS The Company's stock-based compensation plans provide for the issuance of incentive and nonqualified 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, 2018 , 2017 and 2016 of $23.9 million , $30.3 million and $26.4 million , respectively, was mainly included in selling, general and administrative expenses on the Company's consolidated statements of earnings. As of August 31, 2018 , total unrecognized compensation cost related to unvested stock-based compensation arrangements was $17.4 million , which is expected to be recognized over a weighted-average period of three years. The following table summarizes the total awards granted: Restricted Stock Performance 2018 grants 667,341 367,514 2017 grants 1,303,976 576,286 2016 grants 1,137,000 540,295 As of August 31, 2018 , the Company had 10,862,031 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 lapse. The restricted stock units granted to U.S. employees generally vest and are converted to shares of the Company's 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. The estimated fair value of the stock-settled restricted stock units is based on the closing price of the Company's 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. During the first quarter of fiscal 2017, certain restricted stock units and performance stock units (the "modified stock units") that were previously accounted for under the equity method were modified to allow optionality related to the net share settlement feature, which resulted in accounting for these awards under the liability method. During the first quarter of fiscal 2018, the modified stock units were further modified, causing such units to revert back to equity method accounting. The liability related to the cash-settled restricted stock units and modified stock units was included in accrued expenses and other payables on the Company's consolidated balance sheets. The Company recorded mark-to-market expense on liability-treated awards of $0.9 million and $2.8 million for the years ended August 31, 2018 and 2017 , respectively, as a result of the modification and the impact of the change in stock value on liability-treated awards. The fair value of the cash-settled restricted stock units as well as the modified stock units is remeasured each reporting period and is recognized ratably over the service period. 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 lapse 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 2018 , 2017 and 2016 were 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 shares of the Company's 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 2018 and 2017 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 were 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 associated with the total stockholder return metric were valued at fair value on the date of grant using the Monte Carlo pricing model and were included in equity on the Company's consolidated balance sheets. Performance stock units awarded to non-U.S. participants in fiscal years 2018 , 2017 and 2016 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 was included in accrued expenses and other payables on the Company's consolidated balance sheets. Information for restricted stock units and performance stock units, excluding those expected to settle in cash, is as follows: Number Weighted Average 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 Granted 1,462,442 16.17 Vested (1,385,753 ) 17.62 Forfeited (323,339 ) 16.58 Outstanding as of August 31, 2017 2,453,580 15.65 Granted 1,216,461 20.69 Vested (1,685,898 ) 18.00 Forfeited (183,425 ) 15.89 Outstanding as of August 31, 2018 1,800,718 $ 16.82 The total fair value of shares vested during fiscal years 2018 , 2017 and 2016 was $30.3 million , $24.4 million and $21.3 million , respectively. The Company granted 322,695 and 914,545 equivalent shares of restricted stock units and performance stock units accounted for as liability awards during the years ended August 31, 2018 and 2017 , respectively. As of August 31, 2018 , the Company had 768,252 equivalent shares of awards outstanding and expects 732,232 equivalent shares to vest. Stock Appreciation Rights Stock appreciation rights are awarded to certain employees with an exercise price equal to the market value of the Company's common stock on the date of grant. No stock appreciation rights were granted during the years ended August 31, 2018 , 2017 , and 2016 . Combined activity for the Company's stock appreciation rights, excluding the cash component, was as follows: Number Weighted Weighted Aggregate Intrinsic Value Outstanding as of August 31, 2015 842,217 $ 13.04 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 Exercised (235,687 ) 14.72 Forfeited/Expired (14,000 ) 14.05 Outstanding as of August 31, 2017 109,307 $ 13.72 1.3 $ 564,826 Exercised (51,961 ) 15.03 Forfeited/Expired (9,107 ) 13.17 Outstanding as of August 31, 2018 48,239 $ 12.42 0.5 $ 442,962 Exercisable at August 31, 2018 48,239 $ 12.42 0.5 $ 442,962 Remaining unvested stock appreciation rights expected to vest — $ — The total intrinsic value of stock appreciation rights exercised during fiscal years 2018 , 2017 and 2016 was $0.5 million , $1.4 million and $ 2.2 million , respectively. Information related to stock appreciation rights as of August 31, 2018 is summarized below: Stock Appreciation Rights Outstanding and Exercisable Range of Exercise Prices Number Outstanding and Exercisable Weighted Average Remaining Contractual Life (In Years) Weighted Average Exercise Price $11.60 - 14.12 48,239 0.5 $ 12.42 As of August 31, 2018 , the Company had no equivalent shares of cash-settled stock appreciation rights outstanding. 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 a 15% purchase discount based on market prices on specified dates for the years ended August 31, 2018 , 2017 and 2016 . Yearly activity of the stock purchase plan was as follows: 2018 2017 2016 Shares subscribed 289,040 173,420 212,370 Price per share $ 17.84 $ 18.99 $ 12.03 Shares purchased 123,930 166,220 156,860 Price per share $ 18.99 $ 12.04 $ 13.71 Shares available for future issuance 3,281,014

CAPITAL STOCK

CAPITAL STOCK	12 Months Ended
	Aug. 31, 2018
Stockholders' Equity Note [Abstract]
CAPITAL STOCK	NOTE 16. CAPITAL STOCK Treasury Stock During the first quarter of fiscal 2015, the Board of Directors authorized a share repurchase program under which the Company may repurchase up to $100.0 million of the Company's common stock. The share repurchase program does not require the Company to acquire any dollar amount or number of shares of common stock and may be modified, suspended, extended or terminated at any time without prior notice. During the years ended August 31, 2018 and 2017 , the Company did not purchase any shares of common stock. The Company had remaining authorization to purchase $27.6 million of common stock at August 31, 2018 . Preferred Stock The Company has 2,000,000 shares of preferred stock, par value of $1.00 per share, authorized. The Company may issue preferred stock in series, and the shares of each series may have such rights and preferences as are fixed by the 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, 2018
Retirement Benefits [Abstract]
EMPLOYEES' RETIREMENT PLANS	NOTE 17. 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 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 primarily recorded in both cost of goods sold and selling, general and administrative expenses, with an immaterial portion included in earnings (loss) from discontinued operations before income taxes, and totaled $27.3 million , $28.3 million and $25.0 million for the years ended August 31, 2018 , 2017 and 2016 , respectively. The deferred compensation liability under the BRP was $49.3 million and $73.1 million at August 31, 2018 and 2017 , with $42.8 million and $50.1 million , respectively, included in other long-term liabilities on the Company's consolidated balance sheets. At August 31, 2018 and 2017 , $6.5 million and $23.0 million , respectively, of the deferred compensation liability related to the BRP was included in accrued expenses and other payables on the Company's consolidated balance sheets. Though under no obligation to fund the BRP, the Company has segregated assets in a trust with a current value of $56.2 million and $75.7 million at August 31, 2018 and 2017 , respectively, and such assets were included in other long-term assets on the Company's consolidated balance sheets. The net holding gain on these segregated assets was $9.3 million , $7.5 million and $5.4 million for the years ended August 31, 2018 , 2017 and 2016 , respectively, and was 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 not material for the years ended August 31, 2018 , 2017 and 2016 , respectively, and were primarily 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, 2018 and 2017 , the Company's liability related to the unfunded status of the defined benefit plans was not material and was 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, 2018
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	NOTE 18. COMMITMENTS AND CONTINGENCIES Lease Commitments The Company has operating leases with varying terms principally relating to transportation, real estate and equipment. Certain of the Company's lease agreements include renewal options to extend the agreements 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) 2019 $ 22,714 2020 15,477 2021 10,692 2022 8,338 2023 6,063 Thereafter 1,860 Total $ 65,144 Total rental expense was $38.0 million , $37.3 million and $40.7 million in fiscal years 2018 , 2017 and 2016 , respectively. 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. On April 28, 2016, the Company was served with a lawsuit filed by Ector County, Texas and the State of Texas by and through the Texas Commission on Environmental Quality ("TCEQ") alleging violations of the Texas Solid Waste Disposal Act, the Texas Water Code, the Texas Clean Air Act, and TCEQ rules on spill prevention and control. The Plaintiffs amended their petition in February 2017 to include violations of TCEQ rules on recycling and storm water permits. The Plaintiffs further amended their petition in April 2017, broadening their allegations. The lawsuit, filed in the 201st Judicial District Court of Travis County, Texas, alleged improper disposal of solid waste and unauthorized outdoor burning activity at the Company’s recycling facility located in Odessa, Texas. The lawsuit sought a penalty for each day of alleged violation under the Texas Health & Safety Code, the Texas Water Code, or the Texas Administrative Code. The parties agreed to a mediated settlement on December 1, 2017 and entered into an Agreed Final Judgment on June 12, 2018. The Agreed Final Judgment was approved by the State of Texas on July 24, 2018. Under the settlement, the Company paid $1.1 million, net of insurance recoveries. The Company denies any wrongdoing in connection with the alleged claims, and the settlement does not contain an admission of liability from the Company. 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 of which are 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 both August 31, 2018 and 2017 , the Company had $0.7 million 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 $4.0 million and $4.3 million as of August 31, 2018 and 2017 , respectively, of which $1.9 million and $ 2.1 million were classified as other long-term liabilities as of August 31, 2018 and 2017 , 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

EARNINGS PER SHARE	12 Months Ended
	Aug. 31, 2018
Earnings Per Share [Abstract]
EARNINGS PER SHARE	NOTE 19. EARNINGS PER SHARE The calculations of basic and diluted earnings per share from continuing operations were as follows: August 31, 2018 2017 2016 Earnings from continuing operations $ 135,237 $ 50,175 $ 62,001 Basic earnings per share: Shares outstanding for basic earnings per share 116,822,583 115,654,466 115,211,490 Basic earnings per share from continuing operations $ 1.16 $ 0.43 $ 0.54 Diluted earnings per share: Shares outstanding for basic earnings per share 116,822,583 115,654,466 115,211,490 Effect of dilutive securities: Stock-based incentive/purchase plans 1,323,265 1,709,942 1,412,336 Shares outstanding for diluted earnings per share 118,145,848 117,364,408 116,623,826 Diluted earnings per share from continuing operations $ 1.14 $ 0.43 $ 0.53 Anti-dilutive shares not included above — — 274,251 Shares of the Company's restricted stock are 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, 2018
Payables and Accruals [Abstract]
ACCRUED EXPENSES AND OTHER PAYABLES	NOTE 20. ACCRUED EXPENSES AND OTHER PAYABLES Significant accrued expenses and other payables were as follows: August 31, (in thousands) 2018 2017 Salaries and incentive compensation $ 106,123 $ 76,407 Taxes other than income taxes 26,946 30,639 Insurance 23,462 21,561 Accrued inventory 15,301 12,005 Interest 13,840 7,735

BUSINESS SEGMENTS

BUSINESS SEGMENTS	12 Months Ended
	Aug. 31, 2018
Segment Reporting [Abstract]
BUSINESS SEGMENTS	NOTE 21. 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 four reporting segments: Americas Recycling , Americas Mills , Americas Fabrication and International Mill . 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. During fiscal 2018 , the Company substantially completed the exit of the International Marketing and Distribution segment. See Note 3, Changes in Business , for further information. Certain components of the International Marketing and Distribution segment which were wound down in prior periods, including the Company's steel trading operations based in the United Kingdom, did not meet the criteria for discontinued operations, and thus, were included in continuing operations for all periods presented. These activities were included in the results of Corporate and Other, and were immaterial for the year ended August 31, 2018 . Corporate and Other 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 Company uses adjusted EBITDA from continuing operations to compare and evaluate the financial performance of its segments. Adjusted EBITDA is the sum of the Company's earnings from continuing operations before interest expense, income taxes, depreciation and amortization expense, and impairment expense . 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 table summarizes certain financial information from continuing operations by reportable segment: (in thousands) Americas Recycling Americas Mills Americas Fabrication International Mill Corporate and Other Eliminations Continuing Operations 2018 Net sales-unaffiliated customers $ 1,117,714 $ 1,204,181 $ 1,416,572 $ 885,919 $ 19,337 $ — $ 4,643,723 Intersegment sales 247,715 792,722 11,310 1,119 — (1,052,866 ) — Net sales 1,365,429 1,996,903 1,427,882 887,038 19,337 (1,052,866 ) 4,643,723 Adjusted EBITDA 68,694 301,805 (39,394 ) 131,720 (110,604 ) — 352,221 Interest expense* 3,605 5,317 14,295 2,699 15,041 — 40,957 Capital expenditures** 8,592 121,029 14,386 23,552 3,808 — 171,367 Depreciation and amortization 17,246 61,512 13,537 27,255 11,958 — 131,508 Impairment of assets 180 8 14,157 27 — — 14,372 Total assets*** 291,838 1,115,339 739,151 485,548 1,173,869 (477,441 ) 3,328,304 2017 Net sales-unaffiliated customers $ 865,462 $ 917,689 $ 1,364,826 $ 636,402 $ 59,690 $ — $ 3,844,069 Intersegment sales 146,038 647,765 11,102 871 1,311 (807,087 ) — Net sales 1,011,500 1,565,454 1,375,928 637,273 61,001 (807,087 ) 3,844,069 Adjusted EBITDA 33,541 224,183 27,259 76,068 (125,229 ) — 235,822 Interest expense* 2,979 (3,394 ) 9,899 3,079 31,588 — 44,151 Capital expenditures** 7,148 172,738 15,495 12,603 5,090 — 213,074 Depreciation and amortization 15,501 49,419 13,400 25,830 20,340 — 124,490 Impairment of assets 559 — — 150 1,021 — 1,730 Total assets*** 240,371 933,022 683,609 464,428 981,584 (327,883 ) 2,975,131 2016 Net sales-unaffiliated customers $ 594,316 $ 839,432 $ 1,479,125 $ 520,288 $ 162,907 $ — $ 3,596,068 Intersegment sales 111,479 659,416 10,330 543 78,224 (859,992 ) — Net sales 705,795 1,498,848 1,489,455 520,831 241,131 (859,992 ) 3,596,068 Adjusted EBITDA (2,975 ) 262,192 90,467 57,553 (102,000 ) — 305,237 Interest expense* 2,210 1,942 8,356 2,705 47,760 — 62,973 Capital expenditures** 4,891 110,375 14,958 27,155 5,681 — 163,060 Depreciation and amortization 17,923 47,924 13,620 25,911 20,881 — 126,259 Impairment of assets 38,900 — — 208 920 — 40,028 Total assets*** 195,532 798,481 659,165 378,248 1,526,642 (427,199 ) 3,130,869 ________________________ * Includes intercompany interest expense (income) in the segments, which is eliminated within Corporate and Other. ** Excludes immaterial capital expenditures from discontinued operations for the years ended August 31, 2018 , 2017 and 2016 . *** Total assets listed in Corporate and Other includes assets from discontinued operations. The following table presents a reconciliation of earnings from continuing operations to adjusted EBITDA from continuing operations : Year Ended August 31, (in thousands) 2018 2017 2016 Earnings from continuing operations $ 135,237 $ 50,175 $ 62,001 Interest expense 40,957 44,151 62,973 Income taxes 30,147 15,276 13,976 Depreciation and amortization 131,508 124,490 126,259 Impairment of assets 14,372 1,730 40,028 Adjusted EBITDA from continuing operations $ 352,221 $ 235,822 $ 305,237 The following tables present the Company's external net sales from continuing operations by major product and geographic area: Year Ended August 31 , (in thousands) 2018 2017 2016 Major product information: Steel products $ 3,114,227 $ 2,584,359 $ 2,620,452 Nonferrous scrap 630,609 506,220 364,690 Ferrous scrap 550,602 413,441 266,326 Construction materials 249,538 228,910 234,513 Other 98,747 111,139 110,087 Net sales $ 4,643,723 $ 3,844,069 $ 3,596,068 Year Ended August 31 , (in thousands) 2018 2017 2016 Geographic area: United States $ 3,460,018 $ 2,984,934 $ 2,771,418 Europe 892,452 666,396 657,758 Asia 215,110 161,126 139,368 Other 76,143 31,613 27,524 Net sales $ 4,643,723 $ 3,844,069 $ 3,596,068 The following table presents long-lived assets, net of accumulated depreciation and amortization, by geographic area: August 31, (in thousands) 2018 2017 2016 United States $ 1,001,102 $ 971,881 $ 803,015 Europe and other 171,505 187,995 184,404 Total long-lived assets $ 1,172,607 $ 1,159,876 $ 987,419

QUARTERLY FINANCIAL DATA (UNAUD

QUARTERLY FINANCIAL DATA (UNAUDITED)	12 Months Ended
	Aug. 31, 2018
Quarterly Financial Information Disclosure [Abstract]
QUARTERLY FINANCIAL DATA (UNAUDITED)	NOTE 22. QUARTERLY FINANCIAL DATA (UNAUDITED) Summarized quarterly financial data for fiscal 2018 and 2017 was as follows: Three Months Ended Fiscal 2018 (in thousands except per share data) Nov. 30 Feb. 28 May 31 Aug. 31 Net sales* $ 1,076,533 $ 1,054,268 $ 1,204,484 $ 1,308,438 Gross profit* 143,017 127,167 168,570 183,411 Net earnings 36,810 10,169 39,965 51,560 Basic EPS 0.32 0.09 0.34 0.44 Diluted EPS 0.31 0.09 0.34 0.44 Three Months Ended Fiscal 2017 (in thousands except per share data) Nov. 30 Feb. 28 May 31 Aug. 31 Net sales* $ 852,928 $ 862,298 $ 1,044,713 $ 1,084,130 Gross profit* 116,389 137,247 148,436 119,286 Net earnings (loss) 6,275 30,332 39,266 (29,540 ) Basic EPS 0.05 0.26 0.34 (0.25 ) Diluted EPS 0.05 0.26 0.34 (0.25 ) _________________________ *Excludes discontinued operations. See Note 3, Changes in Business .

SCHEDULE II _ VALUATION AND QUA

SCHEDULE II — VALUATION AND QUALIFYING ACCOUNTS AND RESERVES	12 Months Ended
	Aug. 31, 2018
SEC Schedule, 12-09, 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, 2018 Allowance for doubtful accounts $ 4,146 (3) 2,645 (165 ) (1) (136 ) (2,001 ) (2) $ 4,489 Deferred tax valuation allowance 273,991 31,471 (36,908 ) 268,554 Year Ended August 31, 2017 Allowance for doubtful accounts $ 6,427 7,108 1,074 (1) (1,059 ) (4,885 ) (2) $ 8,665 Deferred tax valuation allowance 153,011 127,660 (6,680 ) 273,991 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 (1) Recoveries and translation adjustments. (2) Uncollectable accounts charged to the allowance. For the years ended August 31, 2018 , 2017 and 2016 , $166 , $(1,841) and $(1,401) were reclassified to the fair value of the deferred purchase price under our sale of accounts receivables program, respectively. (3) The balance at end of the period for the year ended August 31, 2017 differs from the balance at the beginning of the period for the year ended August 31, 2018 due to the reclassification of certain trade receivables, including any related allowance for doubtful accounts, related to discontinued operations, which have been reclassified as assets held for sale on the consolidated balance sheets.

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	Aug. 31, 2018
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 (i) the power to direct the activities that most significantly impact the economic performance of the VIE and (ii) the obligation to absorb losses of, or the right to receive benefits from, the VIE 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.
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 inventory and long-lived assets, including goodwill; valuation allowances for receivables 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 and Allowance for Doubtful Accounts 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 $49.2 million and $23.1 million are classified as current assets and are reflected in accounts receivable on the Company's consolidated balance sheets as of August 31, 2018 and 2017 , respectively. Accounts receivable included retainage of $41.8 million and $43.2 million as of August 31, 2018 and 2017 , 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	llowance 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 reviews and sets credit limits for each customer. Some of the Company's divisions use credit insurance to ensure payment in accordance with the terms of sale. Generally, collateral is not required. Approximately 18% and 28% of total receivables at August 31, 2018 and 2017 , respectively, were secured by credit insurance.
Inventories	Inventories At August 31, 2018 , inventories were stated at the lower of cost or net realizable value and were determined by the weighted average cost 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.
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 consolidated 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.
Government Assistance	Government Assistance Government assistance, including non-monetary grants, herein collectively referred to as grants, are not recognized until there is reasonable assurance that the Company will comply with the conditions of the grant and the Company will receive the grant. Generally, government grants fall into two categories: grants related to assets and grants related to income. Grants related to assets are government grants for the purchase, construction or other acquisition of long-lived assets. The Company accounts for grants related to assets as deferred income with the offset to an asset account, such as fixed assets, on the consolidated balance sheets. Non-monetary grants are recognized at fair value. The Company recognizes the deferred income in profit or loss on a systematic basis over the useful life of the asset; which, consistent with the Company's fixed assets policy, is straight-line. The period over which grants are recognized depends on the terms of the agreement. Grants related to specific expenses already incurred are recognized in profit or loss in the period in which the grant becomes receivable. A grant related to depreciable assets is recognized in profit or loss over the life of the depreciable asset. Grants related to non-depreciable assets may require the fulfillment of certain obligations. In such cases, these grants are recognized in profit or loss over the periods that bear the cost of meeting the obligations. Grants related to income are any grants that are not considered grants related to assets, such as grants to compensate for certain expenses. Grants related to income are recognized as a reduction in the related expense in the period that the recognition criteria are met. See Note 11, New Markets Tax Credit Transactions .
Goodwill and Other Intangible Assets	Goodwill and Other Intangible Assets Goodwill is tested for impairment at the reporting unit level annually and whenever events or circumstances indicate that the carrying value may not be recoverable. To evaluate goodwill for impairment, the Company utilizes a quantitative test that compares the fair value of a reporting unit with its carrying amount, including goodwill. If the carrying amount of a reporting unit exceeds its fair value, an impairment loss is indicated in the amount that the carrying value exceeds the fair value of the reporting unit, not to exceed the goodwill value for the reporting unit. The Company's reporting units represent an operating segment or one level below an operating segment. 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 2018 and 2016 , the Company's annual goodwill impairment analysis did not result in any impairment charges at any of the Company's reporting units. For fiscal 2017 , the annual goodwill impairment analysis resulted in a goodwill impairment charge of $2.0 million related to a reporting unit in discontinued operations. See Note 7, Goodwill and Other Intangible Assets , for additional details of the impairment charges. As of August 31, 2018 and 2017 , one of the Company's reporting units within its Americas Fabrication segment comprised $51.1 million and $ 51.6 million , respectively, of the Company's total goodwill. Goodwill at the Company's other reporting units was not material at August 31, 2018 and 2017 . 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.
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 and liability awards at fair value. The fair value of each stock-based equity award is estimated at the grant date 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 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.
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 14, Income Tax . Benefits from income tax credits are reflected currently in earnings. 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 currency of the Company's Polish operations is the local currency. Translation adjustments are reported as a component of accumulated other comprehensive loss. Transaction gains (losses) from transactions denominated in currencies other than the functional currency related to continuing operations were $1.8 million , $2.0 million and $(15.6) million for the years ended August 31, 2018 , 2017 and 2016 , respectively, and are primarily included in selling, general and administrative expenses in the Company's consolidated statements of earnings.
Derivative Financial Instruments	Derivative Financial Instruments The Company recognizes 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 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 year 2018, the Company early adopted Accounting Standards Update (“ASU”) 2016-18, Statement of Cash Flows (Topic 230), issued by the Financial Accounting Standards Board (“FASB”) requiring that the statement of cash flows explain the change in the total cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. The adoption of ASU 2016-18 did not materially impact our consolidated financial statements. In the fourth quarter of fiscal year 2018, the Company early adopted ASU 2018-02, Income Statement - Reporting Comprehensive Income (Topic 220), issued by the FASB. The amendments in this guidance allow for a reclassification from accumulated other comprehensive income to retained earnings for stranded tax effects resulting from the Tax Cuts and Jobs Act. The Company evaluated the impact of the tax revisions to accumulated other comprehensive income and determined that the adoption of this guidance did not have a material impact on the Company’s consolidated financial statements. Recently Issued Accounting Pronouncements In August 2018, the FASB issued ASU No. 2018-15, Intangibles - Goodwill and Other - Internal-Use Software. The amendments in this ASU align the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software (and hosting arrangements that include an internal-use software license). Accordingly, the amendments require a customer in a hosting arrangement that is a service contract to follow the internal-use software guidance in ASC 250-40 to determine which implementation costs to capitalize or to expense as incurred. This ASU is effective for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. Early adoption is permitted, including adoption in any interim period. This ASU should be applied either retrospectively or prospectively to all implementation costs incurred after the date of adoption. The Company is evaluating the impact of this ASU on its consolidated financial statements and disclosures. In August 2017, the FASB issued ASU 2017-12, Derivatives and Hedging (Topic 815). The ASU better aligns accounting rules with a company's risk management activities; better reflects economic results of hedging in financial statements; and simplifies hedge accounting treatment. For public companies, this standard is effective for annual periods beginning after December 15, 2018, including interim periods within those periods. The standard must be applied to hedging relationships existing on the date of adoption and accounted for using a prospective basis. The Company is currently evaluating the impact of this guidance on its consolidated financial statements as well as determining the Company's planned adoption date. In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows: Classification of Certain Cash Receipts and Cash Payments (Topic 230). ASU 2016-15 is intended to reduce diversity in practice in how certain cash receipts and cash payments are presented in the statement of cash flows. The provisions of this guidance require retrospective application to all periods presented. The new standard provides guidance on eight specific cash flow issues, including the statement of cash flows treatment of beneficial interests in securitized financial transactions, which encompasses activities under the Company's sale of accounts receivables programs in the U.S. and Poland. Upon adoption of the standard during the first quarter of fiscal 2019, the Company anticipates the adoption to result in a reduction in the reported amount of cash flows from operating activities with an offsetting increase in cash flows from investing activities in the consolidated statements of cash flows. In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842), and has modified the standard thereafter. The standard requires 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 longer. In July 2018, the FASB issued ASU 2018-11, Leases (Topic 842), Targeted Improvements, which provides an additional transition method that allows entities to initially apply the new standard at the adoption date and recognize a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption without restating prior periods. This guidance is effective for fiscal years, and interim reporting periods therein, beginning after December 15, 2018 and will be effective for the Company beginning September 1, 2019, at which point the Company plans to adopt the standard. Upon adoption, the Company expects an increase in both right of use assets and right of use liabilities in the consolidated balance sheet. The Company continues to review the effects of ASU 2016-02 and any modifications thereafter, including evaluation of the impact of this guidance on internal processes and systems, internal controls, and its consolidated financial statements. In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606), and has modified the standard thereafter. Under the 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. The Company adopted the standard effective September 1, 2018 using the modified retrospective method for transition, applying the guidance to incomplete contracts as of that date. The Company has designed and implemented new accounting policies and additional internal controls to support compliance with the standard, both in the transition period and prospectively. Upon adoption of the standard, for certain contracts within the Americas Fabrication segment in which revenue is currently recognized on a percentage of completion basis using a cost-to-cost measure of progress, the measure of progress will change to an output measure to align with the pattern of transfer of control. While the Company is in the process of final evaluation it expects to recognize an approximately $2.7 million total cumulative effect as a reduction to the opening balance of retained earnings as of September 1, 2018. In addition, the standard includes expanded disclosure requirements, which the Company will disclose in the first quarter of fiscal year 2019.

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	12 Months Ended
	Aug. 31, 2018
Accounting Policies [Abstract]
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

CHANGES IN BUSINESS (Tables)

CHANGES IN BUSINESS (Tables)	12 Months Ended
	Aug. 31, 2018
Business Combinations [Abstract]
Financial information for discontinued operations	The major classes of line items constituting earnings (loss) from discontinued operations in the consolidated statements of earnings are presented in the table below. Year Ended August 31, (in thousands) 2018 2017 2016 Net sales $ 304,650 $ 1,155,046 $ 1,055,872 Costs and expenses: Cost of goods sold 276,184 1,089,837 991,076 Selling, general and administrative expenses 25,317 75,153 74,274 Interest expense (86 ) (104 ) (742 ) Earnings (loss) before income taxes 3,235 (9,840 ) (8,736 ) Income taxes (benefit) (34 ) (5,997 ) (1,497 ) Earnings (loss) from discontinued operations $ 3,269 $ (3,843 ) $ (7,239 )
Components of assets and liabilities of businesses held for sale	As a result of the exit of the International Marketing and Distribution segment and the sale of the Company's structural steel fabrication operations, the assets and liabilities related to such operations have been classified as assets and liabilities of businesses held for sale and discontinued operations at August 31, 2017 on the Company’s consolidated balance sheet, and consisted of the following: Year Ended August 31, 2017 (in thousands) Businesses Held for Sale* Discontinued Operations Total Assets: Accounts receivable $ 38,279 $ 106,905 $ 145,184 Inventories 10,676 141,135 151,811 Other current assets 77 38 115 Assets of businesses held for sale and discontinued operations 49,032 248,078 297,110 Liabilities: Accounts payable-trade $ 13,108 $ 42,563 $ 55,671 Accrued expenses and other payables 16,785 15,372 32,157 Liabilities of businesses held for sale and discontinued operations $ 29,893 $ 57,935 $ 87,828 * At August 31, 2017 , $8.8 million of property, plant, and equipment, net of accumulated depreciation and amortization, was included in other noncurrent assets on the consolidated balance sheets.

ACCUMULATED OTHER COMPREHENSI_2

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Tables)	12 Months Ended
	Aug. 31, 2018
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Schedule of accumulated other comprehensive income (loss)	Accumulated other comprehensive income (loss) ("AOCI") was comprised of the following: (in thousands) Foreign Currency Translation Unrealized Gain (Loss) on Derivatives Defined Benefit Obligation Total AOCI Balance at September 1, 2015 $ (113,081 ) $ 2,305 $ (2,759 ) $ (113,535 ) Other comprehensive income (loss) before reclassifications (11,771 ) 2,006 (186 ) (9,951 ) Amounts reclassified from AOCI 12,597 (2,233 ) 68 10,432 Income taxes — 108 32 140 Net other comprehensive income (loss) 826 (119 ) (86 ) 621 Balance at August 31, 2016 (112,255 ) 2,186 (2,845 ) (112,914 ) Other comprehensive income before reclassifications 30,509 1,003 678 32,190 Amounts reclassified from AOCI 968 (1,845 ) 115 (762 ) Income taxes — 243 (270 ) (27 ) Net other comprehensive income (loss) 31,477 (599 ) 523 31,401 Balance at August 31, 2017 (80,778 ) 1,587 (2,322 ) (81,513 ) Other comprehensive income (loss) before reclassifications (13,938 ) 59 (575 ) (14,454 ) Amounts reclassified from AOCI 2,079 (365 ) 849 2,563 Income taxes — 75 (348 ) (273 ) Net other comprehensive loss (11,859 ) (231 ) (74 ) (12,164 ) Balance at August 31, 2018 $ (92,637 ) $ 1,356 $ (2,396 ) $ (93,677 )
Schedule of reclassification out of accumulated other comprehensive income (loss)	(in thousands) Year Ended August 31 , Location of reclassification in the Consolidated Statements of Earnings 2018 2017 2016 SG&A expenses $ — $ (968 ) $ — Earnings (loss) from discontinued operations before income taxes (2,079 ) — (12,597 ) $ (2,079 ) $ (968 ) $ (12,597 ) 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, 2018
Transfers and Servicing [Abstract]
Activity of the deferred purchase price receivables	The following table summarizes the activity of the deferred purchase price receivables for the U.S. and international sale of trade accounts receivable programs. (in thousands) Total U.S.* Poland Australia** Balance at September 1, 2015 $ 339,547 $ 269,778 $ 51,731 $ 18,038 Transfers of trade accounts receivable 2,389,297 1,933,477 280,227 175,593 Collections (2,439,096 ) (1,990,493 ) (281,634 ) (166,969 ) Balance at August 31, 2016 $ 289,748 $ 212,762 $ 50,324 $ 26,662 Transfers of trade accounts receivable 2,646,513 2,251,118 378,481 16,914 Collections (2,596,836 ) (2,237,872 ) (349,305 ) (9,659 ) Exit from Programs (124,302 ) (90,385 ) — (33,917 ) Balance at August 31, 2017 $ 215,123 $ 135,623 $ 79,500 $ — Transfers of trade accounts receivable 2,932,379 2,396,780 535,599 — Collections (2,779,981 ) (2,260,321 ) (519,660 ) — Balance at August 31, 2018 $ 367,521 $ 272,082 $ 95,439 $ — _________________________ * Includes the sale of trade accounts receivable activities related to discontinued operations. See Note 3, Changes in Business , for further discussion. For the years ended August 31, 2017 and 2016 , transfers of trade accounts receivable were $354.5 million and $369.1 million , respectively, and collections were $325.7 million and $396.8 million , respectively. Redemptions of trade accounts receivable associated with the exit from the program were $83.7 million for the year ended August 31, 2017 . **Includes the sale of trade accounts receivable activities related to the Company's former Australian steel distribution business. See Note 3, Changes in Business , for further discussion. For the year ended August 31, 2017 , there were no transfers of trade accounts receivable, collections were $3.7 million and redemptions of trade accounts receivable associated with the exit from the program were $1.6 million . For the year ended August 31, 2016 , transfers of accounts receivable were $45.8 million , and collections were $61.7 million .

GOODWILL AND OTHER INTANGIBLE_2

GOODWILL AND OTHER INTANGIBLE ASSETS (Tables)	12 Months Ended
	Aug. 31, 2018
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: (in thousands) Americas Recycling Americas Mills Americas Fabrication International Mill Corporate and Other* Consolidated Goodwill, gross Balance at September 1, 2016 $ 9,751 $ 4,970 $ 57,637 $ 2,432 $ 1,982 $ 76,772 Acquisitions — — 306 — — 306 Foreign currency translation — — — 232 — 232 Balance at August 31, 2017 9,751 4,970 57,943 2,664 1,982 77,310 Dispositions (208 ) — — — — (208 ) Impairments — — (515 ) — — (515 ) Foreign currency translation — — — (96 ) — (96 ) Reclassification to assets of discontinued operations — — — — (1,982 ) (1,982 ) Balance at August 31, 2018 $ 9,543 $ 4,970 $ 57,428 $ 2,568 $ — $ 74,509 Accumulated impairment losses Balance at September 1, 2016 $ (9,751 ) $ — $ (493 ) $ (155 ) $ — $ (10,399 ) Foreign currency translation — — — (14 ) — (14 ) Impairment — — — — (1,982 ) (1,982 ) Balance at August 31, 2017 (9,751 ) — (493 ) (169 ) (1,982 ) (12,395 ) Dispositions 208 — — — — 208 Foreign currency translation — — — 6 — 6 Reclassification to assets of discontinued operations — — — — 1,982 1,982 Balance at August 31, 2018 $ (9,543 ) $ — $ (493 ) $ (163 ) $ — $ (10,199 ) Goodwill, net Balance at September 1, 2016 $ — $ 4,970 $ 57,144 $ 2,277 $ 1,982 $ 66,373 Acquisitions — — 306 — — 306 Foreign currency translation — — — 218 — 218 Impairment — — — — (1,982 ) (1,982 ) Balance at August 31, 2017 — 4,970 57,450 2,495 — 64,915 Impairments — — (515 ) — — (515 ) Foreign currency translation — — — (90 ) — (90 ) Balance at August 31, 2018 $ — $ 4,970 $ 56,935 $ 2,405 $ — $ 64,310
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, 2018 August 31, 2017 (in thousands) Gross Accumulated Amortization Net Gross Accumulated Amortization Net Customer base $ 6,254 $ 3,416 $ 2,838 $ 6,334 $ 2,660 $ 3,674 Favorable land leases 4,476 755 3,721 10,189 2,849 7,340 Non-compete agreements 1,750 798 952 1,750 578 1,172 Brand name 928 662 266 1,328 770 558 Patents 6,993 777 6,216 — — — Other 101 72 29 101 65 36 Total $ 20,502 $ 6,480 $ 14,022 $ 19,702 $ 6,922 $ 12,780
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) 2019 $ 2,027 2020 1,793 2021 1,770 2022 1,493 2023 1,034

CREDIT ARRANGEMENTS (Tables)

CREDIT ARRANGEMENTS (Tables)	12 Months Ended
	Aug. 31, 2018
Debt Disclosure [Abstract]
Long-term debt, including the deferred gain from the termination of the interest rate swaps	Long-term debt as of August 31, 2018 and 2017 was as follows: Weighted Average August 31, (in thousands) 2018 2017 2027 Notes 5.375% $ 300,000 $ 300,000 2026 Notes 5.750% 350,000 — 2023 Notes 4.875% 330,000 330,000 2022 Term Loan 3.281% 142,500 150,000 Other, including equipment notes 47,629 52,077 Total long-term debt 1,170,129 832,077 Less: Debt issuance costs 11,764 7,315 Total long-term debt outstanding 1,158,365 824,762 Less: Current maturities of long-term debt 19,746 19,182 Long-term debt $ 1,138,619 $ 805,580
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) 2019 $ 19,746 2020 15,226 2021 12,256 2022 123,802 2023 332,860 Thereafter 666,239 Total long-term debt 1,170,129 Less: Debt issuance costs 11,764 Total long-term debt outstanding $ 1,158,365

NEW MARKETS TAX CREDIT TRANSA_2

NEW MARKETS TAX CREDIT TRANSACTIONS New Markets Tax Credit Transactions (Tables)	12 Months Ended
	Aug. 31, 2018
Income Tax Disclosure [Abstract]
Schedule of New Markets Tax Credit Transactions	The following table summarizes the key terms and conditions for each of the three NMTC transactions ($ in millions): Project USBCDC Capital Contribution Commonwealth Loan Commonwealth Loan Rate / Maturity Investment Fund(s) QEI to CDE CDE Loan Ending Restricted Cash Micro mill $17.7 $35.3 1.08% / December 24, 2045 USBCDC Investment Fund 156, LLC $51.5 $50.7 $0.5 Spooler $6.7 $14.0 1.39% / July 26, 2042 Twain Investment Fund 249, LLC $20.0 $19.4 $— T-post shop $5.0 $10.4 1.16% / March 23, 2047 Twain Investment Fund 219, LLC Twain Investment Fund 222 $15.0 $14.7 $7.9

DERIVATIVES AND RISK MANAGEME_2

DERIVATIVES AND RISK MANAGEMENT (Tables)	12 Months Ended
	Aug. 31, 2018
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Commodity Contract Commitments	The following table provides information regarding the Company's commodity contract commitments as of August 31, 2018 : Commodity Long/Short Total Aluminum Long 3,975 MT Aluminum Short 550 MT Copper Long 1,633 MT Copper Short 5,817 MT _________________ MT = Metric Ton
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 2018 2017 2016 Commodity Cost of goods sold $ 7,043 $ (9,095 ) $ 2,675 Foreign exchange Cost of goods sold (50 ) (47 ) 19 Foreign exchange SG&A expenses 110 (5,400 ) 11,732 Gain (loss) from continuing operations before income taxes $ 7,103 $ (14,542 ) $ 14,426
Derivatives Designated as Fair Value Hedging Instruments	Amount of Gain (Loss) Recognized in Income on Derivatives for the Year Ended August 31, Amount of Gain (Loss) Recognized in Income on Related Hedge Items for the Year Ended August 31, Location of Gain (Loss) Recognized in Income on Derivatives 2018 2017 2016 Location of Gain (Loss) Recognized in Income on Related Hedged Items 2018 2017 2016 Foreign exchange Net sales $ (66 ) $ 25 $ (38 ) Net sales $ 66 $ (25 ) $ 38 Foreign exchange Cost of goods sold 1,596 (1,436 ) (1,075 ) Cost of goods sold (1,596 ) 1,436 1,075 Gain (loss) from continuing operations before income taxes $ 1,530 $ (1,411 ) $ (1,113 ) $ (1,530 ) $ 1,411 $ 1,113
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, 2018 2017 2016 Commodity $ — $ 210 $ (204 ) Foreign exchange 48 546 1,822 Gain (loss), net of income taxes $ 48 $ 756 $ 1,618
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, 2018 2017 Commodity — not designated for hedge accounting $ 1,881 $ 767 Foreign exchange — designated for hedge accounting — 81 Foreign exchange — not designated for hedge accounting 407 1,286 Derivative assets (other current assets)* $ 2,288 $ 2,134
Derivative Liabilities	Derivative Liabilities (in thousands) August 31, 2018 2017 Commodity — not designated for hedge accounting 301 3,251 Foreign exchange — designated for hedge accounting — 1,549 Foreign exchange — not designated for hedge accounting 1,095 3,710 Derivative liabilities (accrued expenses and other payables)* $ 1,396 $ 8,510 _________________________ * 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, 2018
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, 2018 Quoted Prices in Significant Other Significant Assets: Investment deposit accounts (1) $ 541,101 $ 541,101 $ — $ — Commodity derivative assets (2) 1,881 1,881 — — Foreign exchange derivative assets (2) 407 — 407 — Liabilities: Commodity derivative liabilities (2) 301 301 — — Foreign exchange derivative liabilities (2) 1,095 — 1,095 — Fair Value Measurements at Reporting Date Using (in thousands) August 31, 2017 Quoted Prices in Significant Other Significant Assets: Investment deposit accounts (1) $ 43,553 $ 43,553 $ — $ — Commodity derivative assets (2) 767 767 — — Foreign exchange derivative assets (2) 1,367 — 1,367 — Liabilities: Commodity derivative liabilities (2) 3,251 3,251 — — Foreign exchange derivative liabilities (2) 5,259 — 5,259 — _________________ (1) Investment deposit accounts are short-term in nature, and the value is determined by principal plus interest. 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 12, 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 were as follows: August 31, 2018 August 31, 2017 (in thousands) Fair Value Hierarchy Carrying Value Fair Value Carrying Value Fair Value 2027 Notes (1) Level 2 $ 300,000 $ 281,655 $ 300,000 $ 314,286 2026 Notes (1) Level 2 350,000 339,238 — — 2023 Notes (1) Level 2 330,000 326,090 330,000 340,052 2022 Term Loan (2) Level 2 142,500 142,500 150,000 150,000 _________________ (1) The fair value of the notes is determined based on indicated market values. (2) The term loan contains variable interest rates and its carrying value approximates fair value.

INCOME TAX (Tables)

INCOME TAX (Tables)	12 Months Ended
	Aug. 31, 2018
Income Tax Disclosure [Abstract]
Components of earnings from continuing operations before income taxes (benefit)	The components of earnings from continuing operations before income taxes were as follows: Year Ended August 31 , (in thousands) 2018 2017 2016 United States $ 86,731 $ 25,506 $ 55,829 Foreign 78,653 39,945 20,148 Total $ 165,384 $ 65,451 $ 75,977
Income taxes (benefit) included in the consolidated statements of operations	The income taxes (benefit) included in the consolidated statements of earnings were as follows: Year Ended August 31 , (in thousands) 2018 2017 2016 Current: United States $ 20,210 $ 11,345 $ 5,224 Foreign 18,308 9,464 6,991 State and local 2,263 2,654 4,130 Current taxes $ 40,781 $ 23,463 $ 16,345 Deferred: United States $ (11,501 ) $ (13,548 ) $ (4,423 ) Foreign (169 ) (917 ) 254 State and local 1,002 281 303 Deferred taxes $ (10,668 ) $ (14,184 ) $ (3,866 ) Total income taxes on income $ 30,113 $ 9,279 $ 12,479 Income taxes (benefit) on discontinued operations (34 ) (5,997 ) (1,497 ) Income taxes on continuing operations $ 30,147 $ 15,276 $ 13,976
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, including material items impacting the effective income tax rate is as follows: Year Ended August 31 , (in thousands) 2018 2017 2016 Federal statutory rate 25.7 % 35.0 % 35.0 % Income tax expense at statutory rate $ 42,471 $ 22,908 $ 26,592 TCJA - Toll charge and related foreign tax credits 29,466 — — TCJA - Remeasurement of deferred tax balances (25,515 ) — — Foreign tax impairment on valuation of subsidiaries (1) 22,315 (92,321 ) (60,204 ) Gain on international restructure (1) 18,926 — — Change in valuation allowance (20,839 ) 113,135 75,822 Nontaxable foreign interest (1) (17,414 ) (19,259 ) (16,063 ) Worthless stock deduction (2) (6,084 ) — — Foreign rate differential (3) (5,973 ) (7,518 ) (1,719 ) Research and experimentation credits (4,707 ) (1,034 ) (1,357 ) Audit settlement (4) (3,187 ) (659 ) (10,264 ) State and local taxes 2,317 1,490 2,185 Deferred compensation (5) (2,036 ) (2,101 ) (1,375 ) Section 199 manufacturing deduction — (1,407 ) (4,694 ) Other 407 2,042 5,053 Income tax expense on continuing operations $ 30,147 $ 15,276 $ 13,976 Effective income tax rate from continuing operations 18.2 % 23.3 % 18.4 % _________________ (1) Fully offset by a valuation allowance. (2) Permanent tax benefit related to a worthless stock deduction from the reorganization and exit of the Company's steel trading business headquartered in the United Kingdom. (3) The impact of 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 19.0% . (4) Includes the release of certain unrecognized tax benefits for which the accruals were greater than the amount assessed. (5) Nontaxable gain on assets related to the Company’s nonqualified BRP.
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 were as follows: August 31, (in thousands) 2018 2017 Deferred tax assets: Net operating losses and credits $ 285,847 $ 273,549 Deferred compensation and employee benefits 21,333 46,898 Reserves and other accrued expenses 12,704 21,727 Allowance for doubtful accounts 2,258 3,223 Inventory 974 — Intangibles 906 3,924 Other 469 2,314 Total deferred tax assets 324,491 351,635 Valuation allowance for deferred tax assets (268,554 ) (273,991 ) Deferred tax assets, net $ 55,937 $ 77,644 Deferred tax liabilities: Fixed assets $ 83,879 $ 101,707 Inventory — 12,731 Other 1,053 2,455 Total deferred tax liabilities $ 84,932 $ 116,893 Net deferred tax liabilities $ (28,995 ) $ (39,249 )
Reconciliation of the beginning and ending amounts of unrecognized tax benefits	reconciliation of the beginning and ending amounts of unrecognized income tax benefits is as follows: August 31, (in thousands) 2018 2017 2016 Balance at September 1 $ 9,283 $ 9,522 $ 27,349 Change for tax positions of prior years 3,121 — — Reductions due to settlements with taxing authorities (8,028 ) (239 ) (17,827 ) Reductions due to lapse of statute of limitations (1,255 ) — — Balance at August 31 (1) $ 3,121 $ 9,283 $ 9,522

STOCK-BASED COMPENSATION PLANS

STOCK-BASED COMPENSATION PLANS (Tables)	12 Months Ended
	Aug. 31, 2018
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Total awards granted	The following table summarizes the total awards granted: Restricted Stock Performance 2018 grants 667,341 367,514 2017 grants 1,303,976 576,286 2016 grants 1,137,000 540,295
Restricted stock units and performance stock units, excluding the cash component	Information for restricted stock units and performance stock units, excluding those expected to settle in cash, is as follows: Number Weighted Average 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 Granted 1,462,442 16.17 Vested (1,385,753 ) 17.62 Forfeited (323,339 ) 16.58 Outstanding as of August 31, 2017 2,453,580 15.65 Granted 1,216,461 20.69 Vested (1,685,898 ) 18.00 Forfeited (183,425 ) 15.89 Outstanding as of August 31, 2018 1,800,718 $ 16.82
Combined activity for stock appreciation rights and stock options, excluding the cash component	Combined activity for the Company's stock appreciation rights, excluding the cash component, was as follows: Number Weighted Weighted Aggregate Intrinsic Value Outstanding as of August 31, 2015 842,217 $ 13.04 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 Exercised (235,687 ) 14.72 Forfeited/Expired (14,000 ) 14.05 Outstanding as of August 31, 2017 109,307 $ 13.72 1.3 $ 564,826 Exercised (51,961 ) 15.03 Forfeited/Expired (9,107 ) 13.17 Outstanding as of August 31, 2018 48,239 $ 12.42 0.5 $ 442,962 Exercisable at August 31, 2018 48,239 $ 12.42 0.5 $ 442,962 Remaining unvested stock appreciation rights expected to vest — $ —
Stock appreciation rights and stock options	Information related to stock appreciation rights as of August 31, 2018 is summarized below: Stock Appreciation Rights Outstanding and Exercisable Range of Exercise Prices Number Outstanding and Exercisable Weighted Average Remaining Contractual Life (In Years) Weighted Average Exercise Price $11.60 - 14.12 48,239 0.5 $ 12.42
Yearly activity of the stock purchase plan	Yearly activity of the stock purchase plan was as follows: 2018 2017 2016 Shares subscribed 289,040 173,420 212,370 Price per share $ 17.84 $ 18.99 $ 12.03 Shares purchased 123,930 166,220 156,860 Price per share $ 18.99 $ 12.04 $ 13.71 Shares available for future issuance 3,281,014

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Tables)	12 Months Ended
	Aug. 31, 2018
Commitments and Contingencies Disclosure [Abstract]
Future minimum lease commitments	Minimum lease commitments payable by the Company for noncancelable operating leases are as follows: Year Ending August 31, (in thousands) 2019 $ 22,714 2020 15,477 2021 10,692 2022 8,338 2023 6,063 Thereafter 1,860 Total $ 65,144

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	12 Months Ended
	Aug. 31, 2018
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, 2018 2017 2016 Earnings from continuing operations $ 135,237 $ 50,175 $ 62,001 Basic earnings per share: Shares outstanding for basic earnings per share 116,822,583 115,654,466 115,211,490 Basic earnings per share from continuing operations $ 1.16 $ 0.43 $ 0.54 Diluted earnings per share: Shares outstanding for basic earnings per share 116,822,583 115,654,466 115,211,490 Effect of dilutive securities: Stock-based incentive/purchase plans 1,323,265 1,709,942 1,412,336 Shares outstanding for diluted earnings per share 118,145,848 117,364,408 116,623,826 Diluted earnings per share from continuing operations $ 1.14 $ 0.43 $ 0.53 Anti-dilutive shares not included above — — 274,251

ACCRUED EXPENSES AND OTHER PA_2

ACCRUED EXPENSES AND OTHER PAYABLES (Tables)	12 Months Ended
	Aug. 31, 2018
Payables and Accruals [Abstract]
Significant accrued expenses and other payables	Significant accrued expenses and other payables were as follows: August 31, (in thousands) 2018 2017 Salaries and incentive compensation $ 106,123 $ 76,407 Taxes other than income taxes 26,946 30,639 Insurance 23,462 21,561 Accrued inventory 15,301 12,005 Interest 13,840 7,735

BUSINESS SEGMENTS (Tables)

BUSINESS SEGMENTS (Tables)	12 Months Ended
	Aug. 31, 2018
Segment Reporting [Abstract]
Summary of certain financial information from continuing operations by reportable segment	The following table summarizes certain financial information from continuing operations by reportable segment: (in thousands) Americas Recycling Americas Mills Americas Fabrication International Mill Corporate and Other Eliminations Continuing Operations 2018 Net sales-unaffiliated customers $ 1,117,714 $ 1,204,181 $ 1,416,572 $ 885,919 $ 19,337 $ — $ 4,643,723 Intersegment sales 247,715 792,722 11,310 1,119 — (1,052,866 ) — Net sales 1,365,429 1,996,903 1,427,882 887,038 19,337 (1,052,866 ) 4,643,723 Adjusted EBITDA 68,694 301,805 (39,394 ) 131,720 (110,604 ) — 352,221 Interest expense* 3,605 5,317 14,295 2,699 15,041 — 40,957 Capital expenditures** 8,592 121,029 14,386 23,552 3,808 — 171,367 Depreciation and amortization 17,246 61,512 13,537 27,255 11,958 — 131,508 Impairment of assets 180 8 14,157 27 — — 14,372 Total assets*** 291,838 1,115,339 739,151 485,548 1,173,869 (477,441 ) 3,328,304 2017 Net sales-unaffiliated customers $ 865,462 $ 917,689 $ 1,364,826 $ 636,402 $ 59,690 $ — $ 3,844,069 Intersegment sales 146,038 647,765 11,102 871 1,311 (807,087 ) — Net sales 1,011,500 1,565,454 1,375,928 637,273 61,001 (807,087 ) 3,844,069 Adjusted EBITDA 33,541 224,183 27,259 76,068 (125,229 ) — 235,822 Interest expense* 2,979 (3,394 ) 9,899 3,079 31,588 — 44,151 Capital expenditures** 7,148 172,738 15,495 12,603 5,090 — 213,074 Depreciation and amortization 15,501 49,419 13,400 25,830 20,340 — 124,490 Impairment of assets 559 — — 150 1,021 — 1,730 Total assets*** 240,371 933,022 683,609 464,428 981,584 (327,883 ) 2,975,131 2016 Net sales-unaffiliated customers $ 594,316 $ 839,432 $ 1,479,125 $ 520,288 $ 162,907 $ — $ 3,596,068 Intersegment sales 111,479 659,416 10,330 543 78,224 (859,992 ) — Net sales 705,795 1,498,848 1,489,455 520,831 241,131 (859,992 ) 3,596,068 Adjusted EBITDA (2,975 ) 262,192 90,467 57,553 (102,000 ) — 305,237 Interest expense* 2,210 1,942 8,356 2,705 47,760 — 62,973 Capital expenditures** 4,891 110,375 14,958 27,155 5,681 — 163,060 Depreciation and amortization 17,923 47,924 13,620 25,911 20,881 — 126,259 Impairment of assets 38,900 — — 208 920 — 40,028 Total assets*** 195,532 798,481 659,165 378,248 1,526,642 (427,199 ) 3,130,869 ________________________ * Includes intercompany interest expense (income) in the segments, which is eliminated within Corporate and Other. ** Excludes immaterial capital expenditures from discontinued operations for the years ended August 31, 2018 , 2017 and 2016 . *** Total assets listed in Corporate and Other includes assets from discontinued operations.
Reconciliations of earnings from continuing operations to adjusted operating profit	The following table presents a reconciliation of earnings from continuing operations to adjusted EBITDA from continuing operations : Year Ended August 31, (in thousands) 2018 2017 2016 Earnings from continuing operations $ 135,237 $ 50,175 $ 62,001 Interest expense 40,957 44,151 62,973 Income taxes 30,147 15,276 13,976 Depreciation and amortization 131,508 124,490 126,259 Impairment of assets 14,372 1,730 40,028 Adjusted EBITDA from continuing operations $ 352,221 $ 235,822 $ 305,237
External net sales from continuing operations by major product	Year Ended August 31 , (in thousands) 2018 2017 2016 Major product information: Steel products $ 3,114,227 $ 2,584,359 $ 2,620,452 Nonferrous scrap 630,609 506,220 364,690 Ferrous scrap 550,602 413,441 266,326 Construction materials 249,538 228,910 234,513 Other 98,747 111,139 110,087 Net sales $ 4,643,723 $ 3,844,069 $ 3,596,068
External net sales from continuing operations by geographic area	Year Ended August 31 , (in thousands) 2018 2017 2016 Geographic area: United States $ 3,460,018 $ 2,984,934 $ 2,771,418 Europe 892,452 666,396 657,758 Asia 215,110 161,126 139,368 Other 76,143 31,613 27,524 Net sales $ 4,643,723 $ 3,844,069 $ 3,596,068
Long-lived assets by geographic area	The following table presents long-lived assets, net of accumulated depreciation and amortization, by geographic area: August 31, (in thousands) 2018 2017 2016 United States $ 1,001,102 $ 971,881 $ 803,015 Europe and other 171,505 187,995 184,404 Total long-lived assets $ 1,172,607 $ 1,159,876 $ 987,419

QUARTERLY FINANCIAL DATA (UNA_2

QUARTERLY FINANCIAL DATA (UNAUDITED) (Tables)	12 Months Ended
	Aug. 31, 2018
Quarterly Financial Information Disclosure [Abstract]
Summarized quarterly financial data	Summarized quarterly financial data for fiscal 2018 and 2017 was as follows: Three Months Ended Fiscal 2018 (in thousands except per share data) Nov. 30 Feb. 28 May 31 Aug. 31 Net sales* $ 1,076,533 $ 1,054,268 $ 1,204,484 $ 1,308,438 Gross profit* 143,017 127,167 168,570 183,411 Net earnings 36,810 10,169 39,965 51,560 Basic EPS 0.32 0.09 0.34 0.44 Diluted EPS 0.31 0.09 0.34 0.44 Three Months Ended Fiscal 2017 (in thousands except per share data) Nov. 30 Feb. 28 May 31 Aug. 31 Net sales* $ 852,928 $ 862,298 $ 1,044,713 $ 1,084,130 Gross profit* 116,389 137,247 148,436 119,286 Net earnings (loss) 6,275 30,332 39,266 (29,540 ) Basic EPS 0.05 0.26 0.34 (0.25 ) Diluted EPS 0.05 0.26 0.34 (0.25 ) _________________________ *Excludes discontinued operations. See Note 3, Changes in Business

NATURE OF OPERATIONS (Narrative

NATURE OF OPERATIONS (Narrative) (Details)	12 Months Ended
	Aug. 31, 2018micro_millscrap_processing_facilitysegmentsmini_mill
Number of electric arc furnace mini mills | mini_mill	4
Number of electric arc furnace micro mills | micro_mill	2
Number of business segments | segments	4
Americas Mills
Number of electric arc furnace mini mills | mini_mill	3
Number of electric arc furnace micro mills | micro_mill	2
Number of scrap processing facilities | scrap_processing_facility	8
Number of Metal Scrap Shredders | scrap_processing_facility	2

SUMMARY OF SIGNIFICANT ACCOUN_4

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Narrative) (Details) $ in Thousands	12 Months Ended
	Aug. 31, 2018USD ($)levels	Aug. 31, 2017USD ($)	Aug. 31, 2016USD ($)	Sep. 01, 2018USD ($)
Retainage included in accounts receivable	$ 41,800	$ 43,200
Goodwill impairment	515	1,982
Goodwill	64,310	64,915	$ 66,373
Transaction gains (losses)	$ 1,800	2,000	$ (15,600)
Number of fair value hierarchy | levels	3
One reporting unit within Americas Fabrication
Goodwill	$ 51,100	$ 51,600
Receivables secured by credit insurance or letters of credit
Percentage of accounts receivable secured by credit insurance or letters of credit	18.00%	28.00%
Certain fabrication projects
Sales recognized in excess of amounts billed	$ 49,200	$ 23,100
Forecast | Accounting Standards Update 2014-09
Cumulative effect of new accounting principle on retained earnings				$ 2,700

SUMMARY OF SIGNIFICANT ACCOUN_5

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Estimated Useful Lives of Property, Plant and Equipment) (Details)	12 Months Ended
	Aug. 31, 2018
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

CHANGES IN BUSINESS (Narrative)

CHANGES IN BUSINESS (Narrative) (Details) $ in Thousands, t in Millions	Dec. 29, 2017USD ($)fabrication_facilityt	May 31, 2018USD ($)	Aug. 31, 2018USD ($)	Aug. 31, 2017USD ($)	Aug. 31, 2016USD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Annual melt capacity | t	7.2
Nonrecurring impairment charge			$ 2,100	$ 4,200	$ 15,800
Inventory write-downs			1,407	21,529	15,555
Provision for losses on receivables, net			2,510	6,049	6,878
Structural Steel Fabrication Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from sale of business			20,300
Nonrecurring impairment charge			(13,700)
Australian Steel Trading Business
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Pre-tax gain (loss)		$ (5,300)
Currency translation gain (loss)			(2,100)	(4,200)	(15,800)
International Marketing and Distribution
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Inventory write-downs			$ 1,200	20,700	8,000
Provision for losses on receivables, net				$ 5,100
Stock compensation expense					$ 4,400
U.S. Rebar Steel Mill and Fabrication Assets [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Cash paid for acquisition	$ 600,000
Number of rebar fabrication facilities | fabrication_facility	33
Annual melt capacity | t	2.7

CHANGES IN BUSINESS (Financial

CHANGES IN BUSINESS (Financial Information for Discontinued Operations) (Details) - USD ($) $ in Thousands	12 Months Ended
	Aug. 31, 2018	Aug. 31, 2017	Aug. 31, 2016
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Earnings (loss) before income taxes	$ 3,235	$ (9,840)	$ (8,736)
International Marketing and Distribution
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net sales	304,650	1,155,046	1,055,872
Cost of goods sold	276,184	1,089,837	991,076
Net loss on sale of discontinued businesses	25,317	75,153	74,274
Interest expense	(86)	(104)	(742)
Earnings (loss) before income taxes	3,235	(9,840)	(8,736)
Income taxes (benefit)	(34)	(5,997)	(1,497)
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Parent	$ 3,269	$ (3,843)	$ (7,239)

CHANGES IN BUSINESS (Businesses

CHANGES IN BUSINESS (Businesses Held for Sale) (Details) - USD ($) $ in Thousands	Aug. 31, 2018	Aug. 31, 2017
Assets:
Accounts receivable		$ 145,184
Inventories		151,811
Other current assets		115
Assets of businesses held for sale & discontinued operations	$ 710	297,110
Liabilities:
Accounts payable-trade		55,671
Accrued expenses and other payables		32,157
Liabilities of businesses held for sale and discontinued operations	$ 1,917	87,828
Structural Steel Fabrication Operations
Assets:
Accounts receivable		38,279
Inventories		10,676
Other current assets		77
Assets of businesses held for sale & discontinued operations		49,032
Liabilities:
Accounts payable-trade		13,108
Accrued expenses and other payables		16,785
Liabilities of businesses held for sale and discontinued operations		29,893
International Marketing and Distribution
Assets:
Accounts receivable		106,905
Inventories		141,135
Other current assets		38
Assets of businesses held for sale & discontinued operations		248,078
Liabilities:
Accounts payable-trade		42,563
Accrued expenses and other payables		15,372
Liabilities of businesses held for sale and discontinued operations		57,935
International Marketing and Distribution | Other Noncurrent Assets [Member]
Liabilities:
Property, plant and equipment, net of depreciation and amortization		$ 8,800

ACCUMULATED OTHER COMPREHENSI_3

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (AOCI by Components) (Details) - USD ($) $ in Thousands	12 Months Ended
	Aug. 31, 2018	Aug. 31, 2017	Aug. 31, 2016
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Balance	$ (81,513)	$ (112,914)	$ (113,535)
Other comprehensive income (loss) before reclassifications	(14,454)	32,190	(9,951)
Amounts reclassified from AOCI	2,563	(762)	10,432
Income taxes	(273)	(27)	140
Other comprehensive income (loss)	(12,164)	31,401	621
Balance	(93,677)	(81,513)	(112,914)
Foreign Currency Translation
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Balance	(80,778)	(112,255)	(113,081)
Other comprehensive income (loss) before reclassifications	(13,938)	30,509	(11,771)
Amounts reclassified from AOCI	2,079	968	12,597
Income taxes	0	0	0
Other comprehensive income (loss)	(11,859)	31,477	826
Balance	(92,637)	(80,778)	(112,255)
Unrealized Gain (Loss) on Derivatives
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Balance	1,587	2,186	2,305
Other comprehensive income (loss) before reclassifications	59	1,003	2,006
Amounts reclassified from AOCI	(365)	(1,845)	(2,233)
Income taxes	75	243	108
Other comprehensive income (loss)	(231)	(599)	(119)
Balance	1,356	1,587	2,186
Defined Benefit Obligation
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Balance	(2,322)	(2,845)	(2,759)
Other comprehensive income (loss) before reclassifications	(575)	678	(186)
Amounts reclassified from AOCI	849	115	68
Income taxes	(348)	(270)	32
Other comprehensive income (loss)	(74)	523	(86)
Balance	$ (2,396)	$ (2,322)	$ (2,845)

ACCUMULATED OTHER COMPREHENSI_4

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Reclassification out of accumulated other comprehensive income (loss)) (Details) - USD ($) $ in Thousands	12 Months Ended
	Aug. 31, 2018	Aug. 31, 2017	Aug. 31, 2016
Unrealized gain (loss) on derivatives:
Net of income taxes	$ 279	$ 1,355	$ 1,737
Foreign currency translation adjustments and other
Foreign currency translation adjustments and other:
Translation Gain (loss) realized upon liquidation or sale of investment in foreign entity	(2,079)	(968)	(12,597)
Foreign currency translation adjustments and other | SG&A expenses
Foreign currency translation adjustments and other:
Translation Gain (loss) realized upon liquidation or sale of investment in foreign entity	0	(968)	0
Foreign currency translation adjustments and other | Discontinued operations
Foreign currency translation adjustments and other:
Translation Gain (loss) realized upon liquidation or sale of investment in foreign entity	$ (2,079)	$ 0	$ (12,597)

SALES OF ACCOUNTS RECEIVABLE (N

SALES OF ACCOUNTS RECEIVABLE (Narrative) (Details)	12 Months Ended
	Aug. 31, 2018PLN (zł)entities	Aug. 31, 2018USD ($)entities	Aug. 31, 2017USD ($)	Aug. 31, 2016USD ($)
Securitization or Asset-backed Financing Arrangement, Financial Asset for which Transfer is Accounted as Sale [Line Items]
Proceed from sales of receivables		$ 249,800,000	$ 375,400,000	$ 400,800,000
Cash payment to owners of receivables		327,700,000	293,600,000	420,300,000
Discount on domestic and international sales of trade accounts receivables		1,100,000	900,000	$ 1,700,000
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	2
Trade accounts receivable sold		$ 273,500,000	226,900,000
Poland
Securitization or Asset-backed Financing Arrangement, Financial Asset for which Transfer is Accounted as Sale [Line Items]
Current advance limit for accounts receivable sold	zł 220,000,000	59,500,000
Trade accounts receivable sold		107,600,000	79,500,000
Advance payment received on sale of account receivable		12,100,000	0
Domestic Country Sale of Accounts Receivable
Securitization or Asset-backed Financing Arrangement, Financial Asset for which Transfer is Accounted as Sale [Line Items]
Maximum advance limit for accounts receivable sold		300,000,000
Advance payment received on sale of account receivable		$ 0	$ 90,000,000
Poland
Securitization or Asset-backed Financing Arrangement, Financial Asset for which Transfer is Accounted as Sale [Line Items]
Advances, maximum percentage of eligible receivables	90.00%	90.00%

SALES OF ACCOUNTS RECEIVABLE _2

SALES OF ACCOUNTS RECEIVABLE (Activity of the Deferred Purchase Price Receivables) (Details) - USD ($) $ in Thousands	12 Months Ended
	Aug. 31, 2018	Aug. 31, 2017	Aug. 31, 2016
Securitization or Asset-backed Financing Arrangement, Financial Asset for Which Transfer is Accounted as Sale [Roll Forward]
Beginning balance	$ 561,411
Exit from Programs		$ (1,600)
Ending balance	749,484	561,411
Deferred purchase price receivables
Securitization or Asset-backed Financing Arrangement, Financial Asset for Which Transfer is Accounted as Sale [Roll Forward]
Beginning balance	215,123	289,748	$ 339,547
Transfers of trade accounts receivable	2,932,379	2,646,513	2,389,297
Collections	(2,779,981)	(2,596,836)	(2,439,096)
Exit from Programs		(124,302)
Ending balance	367,521	215,123	289,748
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	135,623	212,762	269,778
Transfers of trade accounts receivable	2,396,780	2,251,118	1,933,477
Collections	(2,260,321)	(2,237,872)	(1,990,493)
Exit from Programs		(90,385)
Ending balance	272,082	135,623	212,762
Deferred purchase price receivables | Poland
Securitization or Asset-backed Financing Arrangement, Financial Asset for Which Transfer is Accounted as Sale [Roll Forward]
Beginning balance	79,500	50,324	51,731
Transfers of trade accounts receivable	535,599	378,481	280,227
Collections	(519,660)	(349,305)	(281,634)
Exit from Programs		0
Ending balance	95,439	79,500	50,324
Deferred purchase price receivables | Australia
Securitization or Asset-backed Financing Arrangement, Financial Asset for Which Transfer is Accounted as Sale [Roll Forward]
Beginning balance	0	26,662	18,038
Transfers of trade accounts receivable	0	16,914	175,593
Collections	0	(9,659)	(166,969)
Exit from Programs		(33,917)
Ending balance	$ 0	0	26,662
Domestic Country Sale of Accounts Receivable | Deferred purchase price receivables | International Marketing and Distribution
Securitization or Asset-backed Financing Arrangement, Financial Asset for Which Transfer is Accounted as Sale [Roll Forward]
Transfers of trade accounts receivable		354,500	369,100
Collections		(325,700)	(396,800)
Exit from Programs		83,700
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 trade accounts receivable		0	45,800
Collections		$ (3,700)	$ (61,700)

INVENTORIES (Narrative) (Detail

INVENTORIES (Narrative) (Details) - USD ($) $ in Thousands	12 Months Ended
	Aug. 31, 2018	Aug. 31, 2017	Aug. 31, 2016
Inventory Disclosure [Abstract]
Raw materials	$ 177,700	$ 116,800
Inventory write-downs	$ 1,407	$ 21,529	$ 15,555

GOODWILL AND OTHER INTANGIBLE_3

GOODWILL AND OTHER INTANGIBLE ASSETS (Narrative) (Details) - USD ($) $ in Thousands	12 Months Ended
	Aug. 31, 2018	Aug. 31, 2017	Aug. 31, 2016
Goodwill	$ 64,310	$ 64,915	$ 66,373
Goodwill impairment	515	1,982
Amortization expense for intangible assets	$ 2,200	2,100	3,400
Favorable land leases
Weighted average remaining useful lives	85 years
One reporting unit within Americas Fabrication
Goodwill	$ 51,100	51,600
Reporting unit, percentage of fair value in excess of carrying amount (percent)	25.80%
International Marketing and Distribution
Goodwill	$ 0	0	1,982
Goodwill impairment	0	1,982
Americas Recycling
Goodwill	0	0	$ 0
Goodwill impairment	$ 0	$ 0
Minimum
Weighted average remaining useful lives	3 years
Maximum
Weighted average remaining useful lives	15 years

GOODWILL AND OTHER INTANGIBLE_4

GOODWILL AND OTHER INTANGIBLE ASSETS (Changes in the Carrying Amount of Goodwill) (Details) - USD ($) $ in Thousands	12 Months Ended
	Aug. 31, 2018	Aug. 31, 2017	Aug. 31, 2016
Goodwill [Line Items]
Goodwill, beginning	$ 77,310	$ 76,772
Acquisitions		306
Foreign currency translation	(96)	232
Dispositions	(208)
Impairments	(515)
Reclassification to assets of discontinued operations	(1,982)
Goodwill, ending	74,509	77,310
Accumulated impairment loss, beginning	(12,395)	(10,399)
Dispositions	208
Foreign currency translation	6	(14)
Reclassification to assets of discontinued operations	1,982
Accumulated impairment loss, ending	(10,199)	(12,395)
Goodwill, net	64,310	64,915	$ 66,373
Acquisitions		306
Foreign currency translation	(90)	218
Impairment	(515)	(1,982)
Goodwill, net	64,310	64,915
Americas Recycling
Goodwill [Line Items]
Goodwill, beginning	9,751	9,751
Acquisitions		0
Foreign currency translation	0	0
Dispositions	(208)
Impairments	0
Reclassification to assets of discontinued operations	0
Goodwill, ending	9,543	9,751
Accumulated impairment loss, beginning	(9,751)	(9,751)
Dispositions	208
Foreign currency translation	0	0
Reclassification to assets of discontinued operations	0
Accumulated impairment loss, ending	(9,543)	(9,751)
Goodwill, net	0	0	0
Acquisitions		0
Foreign currency translation	0	0
Impairment	0	0
Goodwill, net	0	0
Americas Mills
Goodwill [Line Items]
Goodwill, beginning	4,970	4,970
Acquisitions		0
Foreign currency translation	0	0
Dispositions	0
Impairments	0
Reclassification to assets of discontinued operations	0
Goodwill, ending	4,970	4,970
Accumulated impairment loss, beginning	0	0
Dispositions	0
Foreign currency translation	0	0
Reclassification to assets of discontinued operations	0
Accumulated impairment loss, ending	0	0
Goodwill, net	4,970	4,970	4,970
Acquisitions		0
Foreign currency translation	0	0
Impairment	0	0
Goodwill, net	4,970	4,970
Americas Fabrication
Goodwill [Line Items]
Goodwill, beginning	57,943	57,637
Acquisitions		306
Foreign currency translation	0	0
Dispositions	0
Impairments	(515)
Reclassification to assets of discontinued operations	0
Goodwill, ending	57,428	57,943
Accumulated impairment loss, beginning	(493)	(493)
Dispositions	0
Foreign currency translation	0	0
Reclassification to assets of discontinued operations	0
Accumulated impairment loss, ending	(493)	(493)
Goodwill, net	56,935	57,450	57,144
Acquisitions		306
Foreign currency translation	0	0
Impairment	(515)	0
Goodwill, net	56,935	57,450
International Mill
Goodwill [Line Items]
Goodwill, beginning	2,664	2,432
Acquisitions		0
Foreign currency translation	(96)	232
Dispositions	0
Impairments	0
Reclassification to assets of discontinued operations	0
Goodwill, ending	2,568	2,664
Accumulated impairment loss, beginning	(169)	(155)
Dispositions	0
Foreign currency translation	6	(14)
Reclassification to assets of discontinued operations	0
Accumulated impairment loss, ending	(163)	(169)
Goodwill, net	2,405	2,495	2,277
Acquisitions		0
Foreign currency translation	(90)	218
Impairment	0	0
Goodwill, net	2,405	2,495
International Marketing and Distribution
Goodwill [Line Items]
Goodwill, beginning	1,982	1,982
Acquisitions		0
Foreign currency translation	0	0
Dispositions	0
Impairments	0
Reclassification to assets of discontinued operations	(1,982)
Goodwill, ending	0	1,982
Accumulated impairment loss, beginning	(1,982)	0
Dispositions	0
Foreign currency translation	0	0
Reclassification to assets of discontinued operations	1,982
Accumulated impairment loss, ending	0	(1,982)
Goodwill, net	0	0	$ 1,982
Acquisitions		0
Foreign currency translation	0	0
Impairment	0	(1,982)
Goodwill, net	$ 0	$ 0

GOODWILL AND OTHER INTANGIBLE_5

GOODWILL AND OTHER INTANGIBLE ASSETS (Intangible Assets) (Details) - USD ($) $ in Thousands	Aug. 31, 2018	Aug. 31, 2017
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 20,502	$ 19,702
Accumulated Amortization	6,480	6,922
Net	14,022	12,780
Customer base
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	6,254	6,334
Accumulated Amortization	3,416	2,660
Net	2,838	3,674
Favorable land leases
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	4,476	10,189
Accumulated Amortization	755	2,849
Net	3,721	7,340
Non-compete agreements
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	1,750	1,750
Accumulated Amortization	798	578
Net	952	1,172
Brand name
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	928	1,328
Accumulated Amortization	662	770
Net	266	558
Patents
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	6,993	0
Accumulated Amortization	777	0
Net	6,216	0
Other
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	101	101
Accumulated Amortization	72	65
Net	$ 29	$ 36

GOODWILL AND OTHER INTANGIBLE_6

GOODWILL AND OTHER INTANGIBLE ASSETS (Estimated Future Amortization Expense) (Details) $ in Thousands	Aug. 31, 2018USD ($)
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]
2,019	$ 2,027
2,020	1,793
2,021	1,770
2,022	1,493
2,023	$ 1,034

LONG-LIVED ASSET IMPAIRMENTS Lo

LONG-LIVED ASSET IMPAIRMENTS Long-lived Asset Impairments (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Aug. 31, 2017	Aug. 31, 2018	Aug. 31, 2017	Aug. 31, 2016
Restructuring Cost and Reserve [Line Items]
Goodwill impairment		$ (515)
Nonrecurring impairment charge		2,100	$ 4,200	$ 15,800
Americas Recycling
Restructuring Cost and Reserve [Line Items]
Goodwill impairment		0
Impairment of long-lived assets	$ 38,900
Structural Steel Fabrication Operations
Restructuring Cost and Reserve [Line Items]
Asset impairment charges		(13,100)
Nonrecurring impairment charge		$ (13,700)

EXIT COSTS (Narrative) (Details

EXIT COSTS (Narrative) (Details) - USD ($) $ in Millions	12 Months Ended
	Aug. 31, 2018	Aug. 31, 2017
Restructuring and Related Activities [Abstract]
Severance costs	$ 6.7	$ 17.5
Severance liability		$ 16.9

CREDIT ARRANGEMENTS (Long-term

CREDIT ARRANGEMENTS (Long-term Debt) (Details) - USD ($) $ in Thousands	Aug. 31, 2018	Aug. 31, 2017
Debt Instrument [Line Items]
Total long-term debt including current maturities	$ 1,170,129	$ 832,077
Less debt issuance costs	11,764	7,315
Total long-term debt outstanding	1,158,365	824,762
Current maturities of long-term debt	19,746	19,182
Long-term debt	$ 1,138,619	805,580
2027 Notes
Debt Instrument [Line Items]
Weighted average interest rate	5.375%
Total long-term debt including current maturities	$ 300,000	300,000
2026 Notes
Debt Instrument [Line Items]
Weighted average interest rate	5.75%
Total long-term debt including current maturities	$ 350,000	0
2023 Notes
Debt Instrument [Line Items]
Weighted average interest rate	4.875%
Total long-term debt including current maturities	$ 330,000	330,000
Other, including equipment notes
Debt Instrument [Line Items]
Total long-term debt including current maturities	$ 47,629	52,077
Revolving credit agreement | 2022 Term Loan
Debt Instrument [Line Items]
Weighted average interest rate	3.281%
Total long-term debt including current maturities	$ 142,500	$ 150,000

CREDIT ARRANGEMENTS (Narrative)

CREDIT ARRANGEMENTS (Narrative) (Details) zł in Millions	9 Months Ended	12 Months Ended
	May 31, 2018USD ($)	Aug. 31, 2018USD ($)	Aug. 31, 2017USD ($)	Aug. 31, 2016USD ($)	Aug. 31, 2018PLN (zł)	Aug. 31, 2018USD ($)	Feb. 21, 2018USD ($)	Aug. 31, 2017PLN (zł)	Aug. 31, 2017USD ($)	Jun. 26, 2014USD ($)
Debt Instrument [Line Items]
Debt issued						$ 1,170,129,000			$ 832,077,000
Interest costs capitalized		$ 7,300,000	$ 9,800,000	$ 3,600,000
CMCP
Debt Instrument [Line Items]
Maximum borrowing capacity					zł 225	60,800,000		zł 175	49,100,000
Revolving line of credit outstanding amount						0			0
Borrowings under uncommitted lines of credit		0	0	0
Repayments of uncommitted credit lines		$ 0	$ 0	$ 0
Revolving credit agreement
Debt Instrument [Line Items]
Maximum borrowing capacity										$ 350,000,000
Revolving credit facility, maximum borrowing capacity						$ 600,000,000
Minimum interest coverage ratio		2.5
Maximum debt to capitalization ratio		0.6
Actual interest coverage ratio					8.70	8.70
Actual debt to capitalization ratio					0.44	0.44
Stand-by letters of credit
Debt Instrument [Line Items]
Maximum borrowing capacity						$ 50,000,000
Stand by letters of credit outstanding amount						3,300,000			3,000,000
2027 Notes
Debt Instrument [Line Items]
Debt issued						$ 300,000,000			300,000,000
Weighted average interest rate					5.375%	5.375%
2026 Notes
Debt Instrument [Line Items]
Debt issued						$ 350,000,000			0
Weighted average interest rate					5.75%	5.75%
Debt issuance costs	$ 5,300,000
2023 Notes
Debt Instrument [Line Items]
Debt issued						$ 330,000,000			330,000,000
Weighted average interest rate					4.875%	4.875%
2022 Term Loan | Revolving credit agreement
Debt Instrument [Line Items]
Debt issued						$ 142,500,000			$ 150,000,000
Weighted average interest rate					3.281%	3.281%
Term loan, maximum principal amount						$ 150,000,000
Quarterly payments, as percent of original principal amount (percent)		1.25%
Term Loan A Facility | Revolving credit agreement
Debt Instrument [Line Items]
Quarterly payments, as percent of original principal amount (percent)	1.25%
Revolving credit facility, maximum borrowing capacity							$ 200,000,000

CREDIT ARRANGEMENTS (Scheduled

CREDIT ARRANGEMENTS (Scheduled Maturities of Long-term Debt) (Details) - USD ($) $ in Thousands	Aug. 31, 2018	Aug. 31, 2017
Long-term Debt, Fiscal Year Maturity [Abstract]
2,019	$ 19,746
2,020	15,226
2,021	12,256
2,022	123,802
2,023	332,860
Thereafter	666,239
Total long-term debt	1,170,129
Less: Debt issuance costs	11,764	$ 7,315
Total long-term debt outstanding	$ 1,158,365	$ 824,762

NEW MARKETS TAX CREDIT TRANSA_3

NEW MARKETS TAX CREDIT TRANSACTIONS (Details) $ in Millions	12 Months Ended
	Aug. 31, 2018USD ($)
Micro Mill
Income Tax Contingency [Line Items]
Ending Restricted Cash	$ 0.5
Spooler Project
Income Tax Contingency [Line Items]
Ending Restricted Cash	0
T-post Shop
Income Tax Contingency [Line Items]
Ending Restricted Cash	7.9
Fund 156 | Micro Mill
Income Tax Contingency [Line Items]
USBCDC Capital Contribution	17.7
Commonwealth Loan	$ 35.3
Commonwealth Loan Rate (Percent)	1.08%
QEI to CDE	$ 51.5
Fund 156 | Micro Mill | Qualified Equity Investment Loans | CMC Steel Oklahoma, LLC
Income Tax Contingency [Line Items]
CDE Loan	50.7
Fund 249 | Spooler Project
Income Tax Contingency [Line Items]
USBCDC Capital Contribution	6.7
Commonwealth Loan	$ 14
Commonwealth Loan Rate (Percent)	1.39%
QEI to CDE	$ 20
Fund 249 | Spooler Project | Qualified Equity Investment Loans | CMC Steel Oklahoma, LLC
Income Tax Contingency [Line Items]
CDE Loan	$ 19.4
Fund 219
Income Tax Contingency [Line Items]
Period at end of which Company may be entitled or obligated to repurchase interest in the fund	8 years
Fund 219 and Fund 222 | T-post Shop
Income Tax Contingency [Line Items]
USBCDC Capital Contribution	$ 5
Commonwealth Loan	$ 10.4
Commonwealth Loan Rate (Percent)	1.16%
QEI to CDE	$ 15
Fund 219 and Fund 222 | T-post Shop | Qualified Equity Investment Loans | CMC Steel Oklahoma, LLC
Income Tax Contingency [Line Items]
CDE Loan	$ 14.7
Fund 156 and Fund 249
Income Tax Contingency [Line Items]
Period at end of which Company may be entitled or obligated to repurchase interest in the fund	7 years
Fund 222 | Qualified Equity Investment Loans
Income Tax Contingency [Line Items]
CDE Loan	$ 2.1

DERIVATIVES AND RISK MANAGEME_3

DERIVATIVES AND RISK MANAGEMENT (Narrative) (Details) - USD ($) $ in Millions	Aug. 31, 2018	Aug. 31, 2017
Foreign exchange
Derivative [Line Items]
Notional value of contract commitments	$ 119.5	$ 300.4
Commodity
Derivative [Line Items]
Notional value of contract commitments	$ 55.2	$ 59.3

DERIVATIVES AND RISK MANAGEME_4

DERIVATIVES AND RISK MANAGEMENT - Commodity Contract Commitments (Details)	12 Months Ended
	Aug. 31, 2018t
Aluminum | Long
Derivative [Line Items]
Commodity contract commitments	3,975
Aluminum | Short
Derivative [Line Items]
Commodity contract commitments	550
Copper | Long
Derivative [Line Items]
Commodity contract commitments	1,633
Copper | Short
Derivative [Line Items]
Commodity contract commitments	5,817

DERIVATIVES AND RISK MANAGEME_5

DERIVATIVES AND RISK MANAGEMENT (Derivatives Not Designated as Hedging Instruments) (Details) - USD ($) $ in Thousands	12 Months Ended
	Aug. 31, 2018	Aug. 31, 2017	Aug. 31, 2016
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) before taxes for derivatives not designated as hedging instruments	$ 7,103	$ (14,542)	$ 14,426
Commodity | Cost of goods sold
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) before taxes for derivatives not designated as hedging instruments	7,043	(9,095)	2,675
Foreign exchange | Cost of goods sold
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) before taxes for derivatives not designated as hedging instruments	(50)	(47)	19
Foreign exchange | SG&A expenses
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) before taxes for derivatives not designated as hedging instruments	$ 110	$ (5,400)	$ 11,732

DERIVATIVES AND RISK MANAGEME_6

DERIVATIVES AND RISK MANAGEMENT (Derivatives Designated as Fair Value Hedging Instruments) (Details) - USD ($) $ in Thousands	12 Months Ended
	Aug. 31, 2018	Aug. 31, 2017	Aug. 31, 2016
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) before taxes for derivatives designated as fair value hedging instruments	$ 1,530	$ (1,411)	$ (1,113)
Gain (loss) before taxes for hedged items designated as fair value hedging instruments	(1,530)	1,411	1,113
Foreign exchange | Net sales
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) before taxes for derivatives designated as fair value hedging instruments	(66)	25	(38)
Gain (loss) before taxes for hedged items designated as fair value hedging instruments	66	(25)	38
Foreign exchange | Cost of goods sold
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) before taxes for derivatives designated as fair value hedging instruments	1,596	(1,436)	(1,075)
Gain (loss) before taxes for hedged items designated as fair value hedging instruments	$ (1,596)	$ 1,436	$ 1,075

DERIVATIVES AND RISK MANAGEME_7

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, 2018	Aug. 31, 2017	Aug. 31, 2016
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	$ 48	$ 756	$ 1,618
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	0	210	(204)
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	$ 48	$ 546	$ 1,822

DERIVATIVES AND RISK MANAGEME_8

DERIVATIVES AND RISK MANAGEMENT (Derivative Assets) (Details) - USD ($) $ in Thousands		Aug. 31, 2018	Aug. 31, 2017
Derivatives, Fair Value [Line Items]
Derivative assets (other current assets)	[1]	$ 2,288	$ 2,134
Commodity | Not designated
Derivatives, Fair Value [Line Items]
Derivative assets (other current assets)		1,881	767
Foreign exchange | Designated
Derivatives, Fair Value [Line Items]
Derivative assets (other current assets)		0	81
Foreign exchange | Not designated
Derivatives, Fair Value [Line Items]
Derivative assets (other current assets)		$ 407	$ 1,286
[1]	* Derivative assets and liabilities do not include the hedged items designated as fair value hedges.

DERIVATIVES AND RISK MANAGEME_9

DERIVATIVES AND RISK MANAGEMENT (Derivative Liabilities) (Details) - USD ($) $ in Thousands		Aug. 31, 2018	Aug. 31, 2017
Derivatives, Fair Value [Line Items]
Derivative liabilities (accrued expenses and other payables)	[1]	$ 1,396	$ 8,510
Commodity | Designated
Derivatives, Fair Value [Line Items]
Derivative liabilities (accrued expenses and other payables)		301	3,251
Foreign exchange | Designated
Derivatives, Fair Value [Line Items]
Derivative liabilities (accrued expenses and other payables)		0	1,549
Foreign exchange | Not designated
Derivatives, Fair Value [Line Items]
Derivative liabilities (accrued expenses and other payables)		$ 1,095	$ 3,710
[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, 2017USD ($)	Aug. 31, 2018USD ($)levels	Aug. 31, 2017USD ($)	Aug. 31, 2016USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Number of fair value hierarchy | levels		3
Nonrecurring impairment charge		$ 2.1	$ 4.2	$ 15.8
Americas Recycling
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impairment of long-lived assets	$ 38.9
Structural Steel Fabrication Operations
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Nonrecurring impairment charge		(13.7)
Australian Steel Trading Business
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Foreign currency translation loss		$ (2.1)	$ (4.2)	$ (15.8)

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, 2018	Aug. 31, 2017
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	[1]	$ 2,288	$ 2,134
Fair value, measurements, recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Money market investments	[2]	541,101	43,553
Fair value, measurements, recurring | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Money market investments	[2]	541,101	43,553
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]	1,881	767
Derivative liabilities	[3]	301	3,251
Fair value, measurements, recurring | Commodity | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative liabilities	[3]	301	3,251
Fair value, measurements, recurring | Commodity | Level 2
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 | 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]	407	1,367
Derivative liabilities	[3]	1,095	5,259
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]	407	1,367
Derivative liabilities	[3]	1,095	5,259
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) Investment deposit accounts are short-term in nature, and the value is determined by principal plus interest. 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 12, 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, 2018	Aug. 31, 2017
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Financial liabilities		$ 1,170,129	$ 832,077
2027 Notes
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Financial liabilities		300,000	300,000
2027 Notes | Level 2 | Fair Value
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Financial liabilities	[1]	281,655	314,286
2026 Notes
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Financial liabilities		350,000	0
2026 Notes | Level 2 | Fair Value
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Financial liabilities	[1]	339,238	0
2023 Notes
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Financial liabilities		330,000	330,000
2023 Notes | Level 2 | Fair Value
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Financial liabilities	[1]	326,090	340,052
2022 Term Loan | Level 2 | Fair Value
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Financial liabilities	[2]	$ 142,500	$ 150,000
[1]	(1) The fair value of the notes is determined based on indicated market values.
[2]	The term loan contains variable interest rates and its carrying value approximates fair value.

INCOME TAX (Narrative) (Details

INCOME TAX (Narrative) (Details) - USD ($) $ in Thousands	12 Months Ended
	Aug. 31, 2018	Aug. 31, 2017	Aug. 31, 2016	Aug. 31, 2013
Blended Federal Statutory Income Tax Rate, Percent	25.70%
Effective income tax rate from continuing operations	18.20%	23.30%	18.40%
Statutory tax rate		35.00%	35.00%
Income taxes (benefit) on discontinued operations	$ (34)	$ (5,997)	$ (1,497)
Valuation allowance against deferred tax assets	5,400
Indefinitely reinvested foreign earnings	616,800
Unrecognized tax benefits	3,121	9,283	$ 9,522	$ 27,349
Accrued interest and penalties on unrecognized tax benefits		1,200
Tax Cuts And Jobs Act Of 2017, Incomplete Accounting, Provisional Income Tax Expense (Benefit)	$ 11,000
Bonus Depreciation for Certain Capital Expenditures, Percent	100.00%
Tax Cuts and Jobs Act of 2017, Incomplete Accounting, Change in Tax Rate, Deferred Tax Liability, Provisional Income Tax Benefit	$ 37,400
State
Net operating losses carry forward	$ 474,300
Foreign
Statutory tax rate	19.00%
Net operating losses carry forward	$ 762,400
Valuation allowance, net operating loss carryforwards
Valuation allowance against deferred tax assets		$ 121,000

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, 2018	Aug. 31, 2017	Aug. 31, 2016
Income Tax Disclosure [Abstract]
United States	$ 86,731	$ 25,506	$ 55,829
Foreign	78,653	39,945	20,148
Earnings from continuing operations before income taxes	$ 165,384	$ 65,451	$ 75,977

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, 2018	Aug. 31, 2017	Aug. 31, 2016
Current:
United States	$ 20,210	$ 11,345	$ 5,224
Foreign	18,308	9,464	6,991
State and local	2,263	2,654	4,130
Current taxes	40,781	23,463	16,345
Deferred:
United States	(11,501)	(13,548)	(4,423)
Foreign	(169)	(917)	254
State and local	1,002	281	303
Deferred taxes	(10,668)	(14,184)	(3,866)
Total income taxes on income	30,113	9,279	12,479
Income taxes (benefit) on discontinued operations	(34)	(5,997)	(1,497)
Income taxes on continuing operations	$ 30,147	$ 15,276	$ 13,976

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, 2018	Aug. 31, 2017	Aug. 31, 2016
Income Tax Contingency [Line Items]
Blended Federal statutory rate (percent)	25.70%
Federal statutory tax rate (percent)		35.00%	35.00%
Income tax expense at statutory rate	$ 42,471	$ 22,908	$ 26,592
TCJA - Toll charge and related foreign tax credits	29,466	0	0
TCJA - Remeasurement of deferred tax balances	(25,515)	0	0
Foreign tax impairment on valuation of subsidiaries (1)	22,315	(92,321)	(60,204)
Gain on international restructure (1)	18,926	0	0
Change in valuation allowance	(20,839)	113,135	75,822
Nontaxable foreign interest (1)	(17,414)	(19,259)	(16,063)
Worthless stock deduction (2)	(6,084)	0	0
Foreign rate differential (3)	(5,973)	(7,518)	(1,719)
Research and experimentation credits	4,707	1,034	1,357
Audit settlement (4)	(3,187)	(659)	(10,264)
State and local taxes	2,317	1,490	2,185
Deferred compensation (5)	(2,036)	(2,101)	(1,375)
Section 199 manufacturing deduction	0	(1,407)	(4,694)
Other	407	2,042	5,053
Income tax expense on continuing operations	$ 30,147	$ 15,276	$ 13,976
Effective income tax rate from continuing operations	18.20%	23.30%	18.40%
Poland
Income Tax Contingency [Line Items]
Federal statutory tax rate (percent)	19.00%

INCOME TAX (Deferred Tax Assets

INCOME TAX (Deferred Tax Assets and Liabilities) (Details) - USD ($) $ in Thousands	Aug. 31, 2018	Aug. 31, 2017
Deferred tax assets:
Net operating losses and credits	$ 285,847	$ 273,549
Deferred compensation and employee benefits	21,333	46,898
Reserves and other accrued expenses	12,704	21,727
Allowance for doubtful accounts	2,258	3,223
Inventory	974	0
Intangibles	906	3,924
Other	469	2,314
Total deferred tax assets	324,491	351,635
Valuation allowance for deferred tax assets	(268,554)	(273,991)
Deferred tax assets, net	55,937	77,644
Deferred tax liabilities:
Fixed assets	83,879	101,707
Inventory	0	12,731
Other	1,053	2,455
Total deferred tax liabilities	(28,995)	(39,249)
Net deferred tax liabilities	$ 84,932	$ 116,893

INCOME TAX (Unrecognized Tax Be

INCOME TAX (Unrecognized Tax Benefits) (Details) - USD ($) $ in Thousands	12 Months Ended
	Aug. 31, 2018	Aug. 31, 2017	Aug. 31, 2016
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
Unrecognized Tax Benefits, Beginning Balance	$ 9,283	$ 9,522
Change for tax positions of prior years	3,121	0	$ 0
Reductions due to settlements with taxing authorities	(8,028)	(239)	(17,827)
Unrecognized Tax Benefits, Ending Balance	3,121	9,283	9,522
Unrecognized Tax Benefits, Reduction Resulting from Lapse of Applicable Statute of Limitations	$ (1,255)	$ 0	$ 0

STOCK-BASED COMPENSATION PLAN_2

STOCK-BASED COMPENSATION PLANS (Stock-Based Awards Granted) (Details) - shares	12 Months Ended
	Aug. 31, 2018	Aug. 31, 2017	Aug. 31, 2016
Restricted Stock Awards/Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted, number	667,341	1,303,976	1,137,000
Performance Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted, number	367,514	576,286	540,295

STOCK-BASED COMPENSATION PLAN_3

STOCK-BASED COMPENSATION PLANS (Narrative) (Details) $ in Millions	12 Months Ended
	Aug. 31, 2018USD ($)Intervalshares	Aug. 31, 2017USD ($)shares	Aug. 31, 2016USD ($)shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense | $	$ 23.9	$ 30.3	$ 26.4
Total unrecognized compensation cost | $	$ 17.4
Period of unrecognized compensation to be recognized	3 years
Shares available for future grants	10,862,031
Fair value of shares vested | $	$ 30.3	24.4	$ 21.3
Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock compensation expense resulting from modification and change in stock value | $	$ 0.9	$ 2.8
Restricted stock awards and performance stock units, granted, shares	667,341	1,303,976	1,137,000
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	367,514	576,286	540,295
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 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage that performance targets are weighted	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%
Liability awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock awards and performance stock units, granted, shares	322,695	914,545
Equivalent number of awards outstanding	768,252
Equivalent number of shares expected to vest	732,232
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
Cash-settled stock appreciation rights
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equivalent shares of SARs outstanding	0
Employee stock purchase plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares available for future grants	3,281,014
Maximum number of shares per employee	400
Purchase discount from market price	15.00%	15.00%	15.00%

STOCK-BASED COMPENSATION PLAN_4

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, 2018	Aug. 31, 2017	Aug. 31, 2016
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Outstanding number, beginning balance	2,453,580	2,700,230	2,733,334
Granted, number	1,216,461	1,462,442	1,612,772
Vested, number	(1,685,898)	(1,385,753)	(1,471,436)
Forfeited, number	(183,425)	(323,339)	(174,440)
Outstanding number, ending balance	1,800,718	2,453,580	2,700,230
Outstanding, weighted average grant-date fair value, beginning balance	$ 15.65	$ 16.49	$ 15.86
Granted, weighted average grant-date fair value	20.69	16.17	15.83
Vested, weighted average grant-date fair value	18	17.62	14.47
Forfeited, weighted average grant-date fair value	15.89	16.58	17.60
Outstanding, weighted average grant-date fair value, ending balance	$ 16.82	$ 15.65	$ 16.49

STOCK-BASED COMPENSATION PLAN_5

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, 2018	Aug. 31, 2017	Aug. 31, 2016
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Outstanding, number, beginning balance	109,307	358,994	842,217
Exercised, number	(51,961)	(235,687)	(418,378)
Forfeited / expired, number	(9,107)	(14,000)	(64,845)
Outstanding, number, ending balance	48,239	109,307	358,994
Exercisable, number	48,239
Outstanding, weighted average exercise price, beginning balance	$ 13.72	$ 14.39	$ 13.04
Exercised, weighted average exercise price	15.03	14.72	12.10
Forfeited / expired, weighted average exercise price	13.17	14.05	11.60
Outstanding, weighted average exercise price, ending balance	12.42	$ 13.72	$ 14.39
Exercisable, weighted average exercise price	$ 12.42
Outstanding, weighted average remaining contractual life (years)	6 months	1 year 3 months 18 days	1 year 8 months 12 days
Exercisable, weighted average remaining contractual life (years)	6 months
Outstanding, aggregated intrinsic value	$ 442,962	$ 564,826	$ 405,864
Exercisable, aggregated intrinsic value	$ 442,962
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	$ 500	$ 1,400	$ 2,200

STOCK-BASED COMPENSATION PLAN_6

STOCK-BASED COMPENSATION PLANS (Information Related To Stock Appreciation Rights And Stock Options) (Details) - Stock appreciation rights and stock options - $11.60 - 14.12	12 Months Ended
	Aug. 31, 2018$ / sharesshares
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	48,239
Outstanding, weighted average remaining contractual life (in years)	6 months
Outstanding, weighted average exercise price	$ 12.42

STOCK-BASED COMPENSATION PLAN_7

STOCK-BASED COMPENSATION PLANS (Yearly Activity of Stock Purchase Plan) (Details) - $ / shares	12 Months Ended
	Aug. 31, 2018	Aug. 31, 2017	Aug. 31, 2016
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Document Fiscal Year Focus	2,018
Shares available for future issuance	10,862,031
Employee stock purchase plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares subscribed	289,040	173,420	212,370
Price per share	$ 17.84	$ 18.99	$ 12.03
Shares purchased	123,930	166,220	156,860
Price per share	$ 18.99	$ 12.04	$ 13.71
Shares available for future issuance	3,281,014

CAPITAL STOCK (Narrative) (Deta

CAPITAL STOCK (Narrative) (Details) - USD ($) $ / shares in Units, $ in Millions	Aug. 31, 2018	Nov. 30, 2014
Stockholders' Equity Note [Abstract]
Share repurchase program, authorized amount		$ 100
Share repurchase program, remaining authorized repurchase amount	$ 27.6
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, 2018	Aug. 31, 2017	Aug. 31, 2016
BRP plan
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Deferred compensation liability	$ 49.3	$ 73.1
Current value of segregated assets	56.2	75.7
Net holding gain on segregated assets	9.3	7.5	$ 5.4
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	27.3	28.3	$ 25
Other Long-term Liabilities | BRP plan
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Deferred compensation liability	42.8	50.1
Accrued Expenses and Other Payables | BRP plan
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Deferred compensation liability	$ 6.5	$ 23

COMMITMENTS AND CONTINGENCIES_2

COMMITMENTS AND CONTINGENCIES (Minimum Lease Commitments Payable for Noncancelable Operating Leases) (Details) $ in Thousands	Aug. 31, 2018USD ($)
Commitments and Contingencies Disclosure [Abstract]
2,019	$ 22,714
2,020	15,477
2,021	10,692
2,022	8,338
2,023	6,063
Thereafter	1,860
Total	$ 65,144

COMMITMENTS AND CONTINGENCIES_3

COMMITMENTS AND CONTINGENCIES (Narrative) (Details) - USD ($) $ in Millions	12 Months Ended
	Aug. 31, 2018	Aug. 31, 2017	Aug. 31, 2016
Loss Contingencies [Line Items]
Total rental expense	$ 38	$ 37.3	$ 40.7
Total environmental liabilities	4	4.3
Long-term environmental liabilities	1.9	2.1
CERCLA sites
Loss Contingencies [Line Items]
Total environmental liabilities	$ 0.7	$ 0.7

EARNINGS PER SHARE (Calculation

EARNINGS PER SHARE (Calculations of Basic and Diluted Earnings Per Share) (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Aug. 31, 2018	Aug. 31, 2017	Aug. 31, 2016
Earnings Per Share [Abstract]
Earnings from continuing operations	$ 135,237	$ 50,175	$ 62,001
Basic earnings per share:
Shares outstanding for basic earnings per share	116,822,583	115,654,466	115,211,490
Basic earnings per share from continuing operations attributable to CMC (USD per share)	$ 1.16	$ 0.43	$ 0.54
Diluted earnings per share:
Shares outstanding for basic earnings per share	116,822,583	115,654,466	115,211,490
Effect of dilutive securities:
Stock-based incentive/purchase plans	1,323,265	1,709,942	1,412,336
Shares outstanding for diluted earnings per share	118,145,848	117,364,408	116,623,826
Diluted earnings per share from continuing operations attributable to CMC (USD per share)	$ 1.14	$ 0.43	$ 0.53
Anti-dilutive shares not included above	0	0	274,251

ACCRUED EXPENSES AND OTHER PA_3

ACCRUED EXPENSES AND OTHER PAYABLES (Details) - USD ($) $ in Thousands	Aug. 31, 2018	Aug. 31, 2017
Payables and Accruals [Abstract]
Salaries and incentive compensation	$ 106,123	$ 76,407
Taxes other than income taxes	26,946	30,639
Insurance	23,462	21,561
Accrued inventory	15,301	12,005
Interest	$ 13,840	$ 7,735

BUSINESS SEGMENTS (Narrative) (

BUSINESS SEGMENTS (Narrative) (Details)	12 Months Ended
	Aug. 31, 2018segments
Segment Reporting [Abstract]
Number of reporting segments	4

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, 2018		May 31, 2018	[1]	Feb. 28, 2018	[1]	Nov. 30, 2017	[1]	Aug. 31, 2017	May 31, 2017	[1]	Feb. 28, 2017	[1]	Nov. 30, 2016	[1]	Aug. 31, 2018	Aug. 31, 2017	Aug. 31, 2016
Segment Reporting Information [Line Items]
Net sales		$ 1,308,438	[1]	$ 1,204,484		$ 1,054,268		$ 1,076,533		$ 1,084,130	$ 1,044,713		$ 862,298		$ 852,928		$ 4,643,723	$ 3,844,069	$ 3,596,068
Adjusted operating profit (loss)																	352,221	235,822	305,237
Interest expense																	40,957	44,151	62,973
Capital expenditures																	174,655	213,120	163,332
Depreciation and amortization																	(131,508)	(124,490)	(126,259)
Impairment of assets																	14,372	1,730	40,028
Total assets		3,328,304								2,975,131							3,328,304	2,975,131
Continuing Operations
Segment Reporting Information [Line Items]
Net sales																	4,643,723	3,844,069	3,596,068
Americas Recycling
Segment Reporting Information [Line Items]
Net sales																	1,117,714	865,462	594,316
Americas Mills
Segment Reporting Information [Line Items]
Net sales																	1,204,181	917,689	839,432
Americas Fabrication
Segment Reporting Information [Line Items]
Net sales																	1,416,572	1,364,826	1,479,125
International Mill
Segment Reporting Information [Line Items]
Net sales																	885,919	636,402	520,288
Corporate
Segment Reporting Information [Line Items]
Net sales																	19,337	59,690	162,907
Eliminations
Segment Reporting Information [Line Items]
Net sales																	0	0	0
Segments | Continuing Operations
Segment Reporting Information [Line Items]
Net sales																	4,643,723	3,844,069	3,596,068
Adjusted operating profit (loss)																	352,221	235,822	305,237
Interest expense	[2]																40,957	44,151	62,973
Capital expenditures	[3]																171,367	213,074	163,060
Impairment of assets																	14,372	1,730	40,028
Total assets	[4]	3,328,304								2,975,131							3,328,304	2,975,131	3,130,869
Segments | Americas Recycling
Segment Reporting Information [Line Items]
Net sales																	1,365,429	1,011,500	705,795
Adjusted operating profit (loss)																	68,694	33,541	(2,975)
Interest expense	[2]																3,605	2,979	2,210
Capital expenditures	[3]																8,592	7,148	4,891
Depreciation and amortization																	17,246	15,501	17,923
Impairment of assets																	180	559	38,900
Total assets	[4]	291,838								240,371							291,838	240,371	195,532
Segments | Americas Mills
Segment Reporting Information [Line Items]
Net sales																	1,996,903	1,565,454	1,498,848
Adjusted operating profit (loss)																	301,805	224,183	262,192
Interest expense	[2]																5,317	(3,394)	1,942
Capital expenditures	[3]																121,029	172,738	110,375
Depreciation and amortization																	61,512	49,419	47,924
Impairment of assets																	8	0	0
Total assets	[4]	1,115,339								933,022							1,115,339	933,022	798,481
Segments | Americas Fabrication
Segment Reporting Information [Line Items]
Net sales																	1,427,882	1,375,928	1,489,455
Adjusted operating profit (loss)																	(39,394)	27,259	90,467
Interest expense	[2]																14,295	9,899	8,356
Capital expenditures	[3]																14,386	15,495	14,958
Depreciation and amortization																	13,537	13,400	13,620
Impairment of assets																	14,157	0	0
Total assets	[4]	739,151								683,609							739,151	683,609	659,165
Segments | International Mill
Segment Reporting Information [Line Items]
Net sales																	887,038	637,273	520,831
Adjusted operating profit (loss)																	131,720	76,068	57,553
Interest expense	[2]																2,699	3,079	2,705
Capital expenditures	[3]																23,552	12,603	27,155
Depreciation and amortization																	27,255	25,830	25,911
Impairment of assets																	27	150	208
Total assets	[4]	485,548								464,428							485,548	464,428	378,248
Segments | Corporate
Segment Reporting Information [Line Items]
Net sales																	19,337	61,001	241,131
Adjusted operating profit (loss)																	(110,604)	(125,229)	(102,000)
Interest expense	[2]																15,041	31,588	47,760
Capital expenditures	[3]																3,808	5,090	5,681
Depreciation and amortization																	11,958	20,340	20,881
Impairment of assets																	0	1,021	920
Total assets	[4]	1,173,869								981,584							1,173,869	981,584	1,526,642
Segments | Eliminations
Segment Reporting Information [Line Items]
Net sales																	(1,052,866)	(807,087)	(859,992)
Adjusted operating profit (loss)																	0	0	0
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]	$ (477,441)								$ (327,883)							(477,441)	(327,883)	(427,199)
Intersegment | Continuing Operations
Segment Reporting Information [Line Items]
Net sales																	0	0	0
Intersegment | Americas Recycling
Segment Reporting Information [Line Items]
Net sales																	247,715	146,038	111,479
Intersegment | Americas Mills
Segment Reporting Information [Line Items]
Net sales																	792,722	647,765	659,416
Intersegment | Americas Fabrication
Segment Reporting Information [Line Items]
Net sales																	11,310	11,102	10,330
Intersegment | International Mill
Segment Reporting Information [Line Items]
Net sales																	1,119	871	543
Intersegment | Corporate
Segment Reporting Information [Line Items]
Net sales																	0	1,311	78,224
Intersegment | Eliminations
Segment Reporting Information [Line Items]
Net sales																	$ (1,052,866)	$ (807,087)	$ (859,992)
[1]	Excludes discontinued operations. See Note 3, Changes in Business
[2]	Includes intercompany interest expense (income) in the segments, which is eliminated within Corporate and Other.
[3]	Excludes immaterial capital expenditures from discontinued operations for the years ended August 31, 2018, 2017 and 2016.
[4]	Total assets listed in Corporate and Other includes assets from discontinued operations

BUSINESS SEGMENTS (Reconciliati

BUSINESS SEGMENTS (Reconciliations of Earnings from Continuing Operations to Adjusted Operating Profit) (Details) - USD ($) $ in Thousands	12 Months Ended
	Aug. 31, 2018	Aug. 31, 2017	Aug. 31, 2016
Segment Reporting [Abstract]
Earnings from continuing operations	$ 135,237	$ 50,175	$ 62,001
Interest expense	(40,957)	(44,151)	(62,973)
Income taxes	(30,147)	(15,276)	(13,976)
Depreciation and amortization	131,508	124,490	126,259
Impairment of assets	(14,372)	(1,730)	(40,028)
Adjusted EBITDA from continuing operations	$ 352,221	$ 235,822	$ 305,237

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, 2018

[1]

May 31, 2018

[1]

Feb. 28, 2018

[1]

Nov. 30, 2017

[1]

Aug. 31, 2017

May 31, 2017

[1]

Feb. 28, 2017

[1]

Nov. 30, 2016

[1]

Aug. 31, 2018

Aug. 31, 2017

Aug. 31, 2016

Entity-Wide Information, Revenue from External Customer [Line Items]

Net sales

$ 1,308,438

$ 1,204,484

$ 1,054,268

$ 1,076,533

$ 1,084,130

$ 1,044,713

$ 862,298

$ 852,928

$ 4,643,723

$ 3,844,069

$ 3,596,068

Steel products

Entity-Wide Information, Revenue from External Customer [Line Items]

Net sales

3,114,227

2,584,359

2,620,452

Nonferrous scrap

Entity-Wide Information, Revenue from External Customer [Line Items]

Net sales

630,609

506,220

364,690

Ferrous scrap

Entity-Wide Information, Revenue from External Customer [Line Items]

Net sales

550,602

413,441

266,326

Construction materials

Entity-Wide Information, Revenue from External Customer [Line Items]

Net sales

249,538

228,910

234,513

Other

Entity-Wide Information, Revenue from External Customer [Line Items]

Net sales

$ 98,747

$ 111,139

$ 110,087

[1]

Excludes discontinued operations. See Note 3, Changes in Business

BUSINESS SEGMENTS (External N_2

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

3 Months Ended

12 Months Ended

Aug. 31, 2018

[1]

May 31, 2018

[1]

Feb. 28, 2018

[1]

Nov. 30, 2017

[1]

Aug. 31, 2017

May 31, 2017

[1]

Feb. 28, 2017

[1]

Nov. 30, 2016

[1]

Aug. 31, 2018

Aug. 31, 2017

Aug. 31, 2016

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

Net sales

$ 1,308,438

$ 1,204,484

$ 1,054,268

$ 1,076,533

$ 1,084,130

$ 1,044,713

$ 862,298

$ 852,928

$ 4,643,723

$ 3,844,069

$ 3,596,068

United States

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

Net sales

3,460,018

2,984,934

2,771,418

Europe

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

Net sales

892,452

666,396

657,758

Asia

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

Net sales

215,110

161,126

139,368

Other

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

Net sales

$ 76,143

$ 31,613

$ 27,524

[1]

Excludes discontinued operations. See Note 3, Changes in Business

BUSINESS SEGMENTS (Long-Lived A

BUSINESS SEGMENTS (Long-Lived Assets by Geographic Area) (Details) - USD ($) $ in Thousands	Aug. 31, 2018	Aug. 31, 2017	Aug. 31, 2016
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-Lived Assets	$ 1,172,607	$ 1,159,876	$ 987,419
United States
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-Lived Assets	1,001,102	971,881	803,015
Europe and Other
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-Lived Assets	$ 171,505	$ 187,995	$ 184,404

QUARTERLY FINANCIAL DATA (UNA_3

QUARTERLY FINANCIAL DATA (UNAUDITED) (Details) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended															12 Months Ended
		Aug. 31, 2018		May 31, 2018		Feb. 28, 2018		Nov. 30, 2017		Aug. 31, 2017	May 31, 2017		Feb. 28, 2017		Nov. 30, 2016		Aug. 31, 2018	Aug. 31, 2017	Aug. 31, 2016
Quarterly Financial Information Disclosure [Abstract]
Net sales		$ 1,308,438	[1]	$ 1,204,484	[1]	$ 1,054,268	[1]	$ 1,076,533	[1]	$ 1,084,130	$ 1,044,713	[1]	$ 862,298	[1]	$ 852,928	[1]	$ 4,643,723	$ 3,844,069	$ 3,596,068
Gross Profit	[1]	183,411		168,570		127,167		143,017		119,286	148,436		137,247		116,389
Net earnings (loss)		$ 51,560		$ 39,965		$ 10,169		$ 36,810		$ (29,540)	$ 39,266		$ 30,332		$ 6,275		$ 138,506	$ 46,332	$ 54,762
Basic EPS		$ 0		$ 0.34		$ 0.09		$ 0.32		$ (0.25)	$ 0.34		$ 0.26		$ 0.05		$ 1.19	$ 0.40	$ 0.48
Diluted EPS		$ 0.44		$ 0.34		$ 0.09		$ 0.31		$ (0.25)	$ 0.34		$ 0.26		$ 0.05		$ 1.17	$ 0.39	$ 0.47
[1]	Excludes discontinued operations. See Note 3, Changes in Business

SCHEDULE II _ VALUATION AND Q_2

SCHEDULE II — VALUATION AND QUALIFYING ACCOUNTS AND RESERVES (Details) - USD ($) $ in Thousands		12 Months Ended
		Aug. 31, 2018		Aug. 31, 2017		Aug. 31, 2016
Allowance for doubtful accounts
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at Beginning of Period		$ 4,146	[1]	$ 6,427		$ 9,033
Additions, Charged to Cost and Expense		2,645		7,108		6,878
Additions, Charged to Other Accounts	[2]	(165)		1,074		1,007
Deductions, Charged to Cost and Expense		(136)		(1,059)		0
Deductions, Charged to Other Accounts	[3]	(2,001)		(4,885)		(10,491)
Balance at End of Period		4,489		4,146	[1]	6,427
Deferred tax valuation allowance
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at Beginning of Period		273,991		153,011		79,965
Additions, Charged to Cost and Expense		31,471		127,660		74,114
Additions, Charged to Other Accounts
Deductions, Charged to Cost and Expense		(36,908)		(6,680)		(1,068)
Deductions, Charged to Other Accounts
Balance at End of Period		268,554		273,991		$ 153,011
Before Reclassification | Allowance for doubtful accounts
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at Beginning of Period		$ 8,665
Balance at End of Period				$ 8,665
[1]	The balance at end of the period for the year ended August 31, 2017 differs from the balance at the beginning of the period for the year ended August 31, 2018 due to the reclassification of certain trade receivables, including any related allowance for doubtful accounts, related to discontinued operations, which have been reclassified as assets held for sale on the consolidated balance sheets.
[2]	Recoveries and translation adjustments.
[3]	Uncollectable accounts charged to the allowance. For the years ended August 31, 2018, 2017 and 2016, $166, $(1,841) and $(1,401) were reclassified to the fair value of the deferred purchase price under our sale of accounts receivables program, respectively.

SCHEDULE II _ VALUATION AND Q_3

SCHEDULE II — VALUATION AND QUALIFYING ACCOUNTS AND RESERVES (Narrative) (Details) - USD ($) $ in Thousands	12 Months Ended
	Aug. 31, 2018	Aug. 31, 2017	Aug. 31, 2016
Allowance for doubtful accounts
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items]
Amounts reclassified to the fair value of the deferred purchase price	$ 166	$ (1,841)	$ (1,401)