Commercial Metals (CMC) 10-Q 26 Mar 24 2024 Q2 Quarterly report Financial data

Cover Page

Cover Page - shares	6 Months Ended
	Feb. 29, 2024	Mar. 25, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Feb. 29, 2024
Document Transition Report	false
Entity File Number	1-4304
Entity Registrant Name	COMMERCIAL METALS COMPANY
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	75-0725338
Entity Address, Address Line One	6565 N. MacArthur Blvd.
Entity Address, City or Town	Irving
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	75039
City Area Code	(214)
Local Phone Number	689-4300
Title of 12(b) Security	Common Stock, $0.01 par value
Trading Symbol	CMC
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		115,708,291
Entity Central Index Key	0000022444
Amendment Flag	false
Document Fiscal Year Focus	2024
Current Fiscal Year End Date	--08-31
Document Fiscal Period Focus	Q2

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Feb. 29, 2024	Feb. 28, 2023	Feb. 29, 2024	Feb. 28, 2023
Income Statement [Abstract]
Net sales	$ 1,848,287	$ 2,018,003	$ 3,851,338	$ 4,245,316
Costs and operating expenses:
Cost of goods sold	1,552,046	1,621,763	3,156,114	3,341,177
Selling, general and administrative expenses	167,444	150,805	329,976	307,160
Interest expense	11,878	9,945	23,634	22,990
Net costs and operating expenses	1,731,368	1,782,513	3,509,724	3,671,327
Earnings before income taxes	116,919	235,490	341,614	573,989
Income taxes	31,072	55,641	79,494	132,366
Net earnings	$ 85,847	$ 179,849	$ 262,120	$ 441,623
Earnings per share:
Basic (in USD per share)	$ 0.74	$ 1.53	$ 2.25	$ 3.77
Diluted (in USD per share)	$ 0.73	$ 1.51	$ 2.22	$ 3.71
Average basic shares outstanding (shares)	116,396,530	117,224,517	116,584,235	117,249,266
Average diluted shares outstanding (shares)	117,524,113	118,723,259	118,051,249	118,985,098

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Feb. 29, 2024	Feb. 28, 2023	Feb. 29, 2024	Feb. 28, 2023
Statement of Comprehensive Income [Abstract]
Net earnings	$ 85,847	$ 179,849	$ 262,120	$ 441,623
Other comprehensive income (loss), net of income taxes:
Foreign currency translation adjustments	1,341	11,628	24,834	53,057
Derivatives:
Net unrealized holding gain (loss)	(47,924)	23,957	(90,869)	92,002
Reclassification for realized gain	(189)	(863)	(1,688)	(7,833)
Net unrealized gain (loss) on derivatives	(48,113)	23,094	(92,557)	84,169
Defined benefit plans gain (loss) after amortization of prior service costs	(9)	(37)	(18)	1,721
Total other comprehensive income (loss), net of income taxes	(46,781)	34,685	(67,741)	138,947
Comprehensive income	$ 39,066	$ 214,534	$ 194,379	$ 580,570

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($) $ in Thousands	Feb. 29, 2024	Aug. 31, 2023
Current assets:
Cash and cash equivalents	$ 638,261	$ 592,332
Accounts receivable (less allowance for doubtful accounts of $4,335 and $4,135)	1,118,514	1,240,217
Inventories, net	1,150,447	1,035,582
Prepaid and other current assets	290,868	276,024
Total current assets	3,198,090	3,144,155
Property, plant and equipment, net	2,474,520	2,409,360
Intangible assets, net	245,945	259,161
Goodwill	383,587	385,821
Other noncurrent assets	360,123	440,597
Total assets	6,662,265	6,639,094
Current liabilities:
Accounts payable	367,944	364,390
Accrued expenses and other payables	359,015	438,811
Current maturities of long-term debt and short-term borrowings	35,588	40,513
Total current liabilities	762,547	843,714
Deferred income taxes	293,342	306,801
Other noncurrent liabilities	257,472	253,181
Long-term debt	1,126,216	1,114,284
Total liabilities	2,439,577	2,517,980
Commitments and contingencies (Note 12)
Stockholders' equity:
Common stock, par value $0.01 per share; authorized 200,000,000 shares; issued 129,060,664 shares; outstanding 116,023,685 and 116,515,427 shares	1,290	1,290
Additional paid-in capital	389,568	394,672
Accumulated other comprehensive loss	(71,519)	(3,778)
Retained earnings	4,322,008	4,097,262
Less treasury stock 13,036,979 and 12,545,237 shares at cost	(418,900)	(368,573)
Stockholders' equity	4,222,447	4,120,873
Stockholders' equity attributable to non-controlling interests	241	241
Total stockholders' equity	4,222,688	4,121,114
Total liabilities and stockholders' equity	$ 6,662,265	$ 6,639,094

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) (Parenthetical) - USD ($) $ in Thousands	Feb. 29, 2024	Aug. 31, 2023
Statement of Financial Position [Abstract]
Accounts Receivable, Allowance for Credit Loss, Current	$ 4,335	$ 4,135
Common stock, par value (in USD per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	200,000,000	200,000,000
Common stock, shares, issued (in shares)	129,060,664	129,060,664
Common stock, shares, outstanding (in shares)	116,023,685	116,515,427
Treasury stock (in shares)	13,036,979	12,545,237

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Thousands	6 Months Ended
	Feb. 29, 2024	Feb. 28, 2023
Cash flows from (used by) operating activities:
Net earnings	$ 262,120	$ 441,623
Adjustments to reconcile net earnings to cash flows from operating activities:
Depreciation and amortization	137,485	102,399
Stock-based compensation	23,047	33,624
Write-down of inventory	10,392	5,532
Deferred income taxes and other long-term taxes	1,901	26,930
Other	2,225	4,616
Settlement of New Markets Tax Credit transaction	0	(17,659)
Changes in operating assets and liabilities, net of acquisitions	(87,149)	(38,158)
Net cash flows from operating activities	350,021	558,907
Cash flows from (used by) investing activities:
Capital expenditures	(160,772)	(289,251)
Acquisitions, net of cash acquired	0	(65,153)
Other	2,312	1,802
Net cash flows used by investing activities	(158,460)	(352,602)
Cash flows from (used by) financing activities:
Repayments of long-term debt	(17,199)	(160,263)
Debt issuance costs	0	(1,800)
Debt extinguishment costs	0	(96)
Proceeds from accounts receivable facilities	38,079	74,963
Repayments under accounts receivable facilities	(45,693)	(77,843)
Treasury stock acquired	(76,347)	(66,323)
Tax withholdings related to share settlements, net of purchase plans	(9,227)	(14,789)
Dividends	(37,374)	(37,524)
Net cash flows used by financing activities	(147,761)	(283,675)
Effect of exchange rate changes on cash	380	6,545
Increase (decrease) in cash, restricted cash and cash equivalents	44,180	(70,825)
Cash, restricted cash and cash equivalents at beginning of period	595,717	679,243
Cash, restricted cash and cash equivalents at end of period	639,897	608,418
Supplemental information:
Cash paid for income taxes	86,506	114,585
Cash paid for interest	24,260	35,036
Noncash activities:
Liabilities related to additions of property, plant and equipment	21,279	51,239
Right of use assets obtained in exchange for operating leases	40,225	19,327
Right of use assets obtained in exchange for finance leases	31,463	24,275
Cash and cash equivalents	638,261	603,966
Restricted cash	1,636	4,452
Total cash, restricted cash and cash equivalents	$ 639,897	$ 608,418

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (UNAUDITED) - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-In Capital	Accumulated Other Comprehensive Loss	Retained Earnings	Treasury Stock	Noncontrolling Interests
Beginning balance, shares at Aug. 31, 2022		129,060,664
Beginning balance at Aug. 31, 2022	$ 3,286,429	$ 1,290	$ 382,767	$ (114,451)	$ 3,312,438	$ (295,847)	$ 232
Treasury stock, beginning balance (in shares) at Aug. 31, 2022						(11,564,611)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings	441,623				441,623
Other comprehensive income (loss)	138,947
Dividends	(37,524)
Treasury stock acquired, shares						(1,605,452)
Treasury stock acquired	(66,323)					$ (66,323)
Issuance of stock under incentive and purchase plans, net of shares withheld for taxes	(14,789)		(43,157)			$ 28,368
Issuance of stock under incentive and purchase plans, net of forfeitures, shares						1,314,706
Stock-based compensation	25,138		25,138
Reclassification of share-based liability awards	9,692		9,692
Ending balance, shares at Feb. 28, 2023		129,060,664
Ending balance at Feb. 28, 2023	3,783,193	$ 1,290	374,440	24,496	3,716,537	$ (333,802)	232
Treasury stock, ending balance (in shares) at Feb. 28, 2023						(11,855,357)
Beginning balance, shares at Nov. 30, 2022		129,060,664
Beginning balance at Nov. 30, 2022	3,584,235	$ 1,290	361,199	(10,189)	3,555,425	$ (323,722)	232
Treasury stock, beginning balance (in shares) at Nov. 30, 2022						(11,769,027)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings	179,849				179,849
Other comprehensive income (loss)	34,685			34,685
Dividends	(18,737)				(18,737)
Treasury stock acquired, shares						(330,000)
Treasury stock acquired	(17,174)					$ (17,174)
Issuance of stock under incentive and purchase plans, net of shares withheld for taxes	8,724		1,630			$ 7,094
Issuance of stock under incentive and purchase plans, net of forfeitures, shares						243,670
Stock-based compensation	11,611		11,611
Ending balance, shares at Feb. 28, 2023		129,060,664
Ending balance at Feb. 28, 2023	$ 3,783,193	$ 1,290	374,440	24,496	3,716,537	$ (333,802)	232
Treasury stock, ending balance (in shares) at Feb. 28, 2023						(11,855,357)
Beginning balance, shares at Aug. 31, 2023	129,060,664	129,060,664
Beginning balance at Aug. 31, 2023	$ 4,121,114	$ 1,290	394,672	(3,778)	4,097,262	$ (368,573)	241
Treasury stock, beginning balance (in shares) at Aug. 31, 2023	(12,545,237)					(12,545,237)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings	$ 262,120				262,120
Other comprehensive income (loss)	(67,741)
Dividends	$ (37,374)				(37,374)
Treasury stock acquired, shares	(1,566,848)					(1,566,848)
Treasury stock acquired	$ (76,347)					$ (76,347)
Issuance of stock under incentive and purchase plans, net of shares withheld for taxes	(9,227)		(35,247)			$ 26,020
Issuance of stock under incentive and purchase plans, net of forfeitures, shares						1,075,106
Stock-based compensation	18,942		18,942
Reclassification of share-based liability awards	$ 11,201		11,201
Ending balance, shares at Feb. 29, 2024	129,060,664	129,060,664
Ending balance at Feb. 29, 2024	$ 4,222,688	$ 1,290	389,568	(71,519)	4,322,008	$ (418,900)	241
Treasury stock, ending balance (in shares) at Feb. 29, 2024	(13,036,979)					(13,036,979)
Beginning balance, shares at Nov. 30, 2023		129,060,664
Beginning balance at Nov. 30, 2023	$ 4,229,977	$ 1,290	377,533	(24,738)	4,254,787	$ (379,136)	241
Treasury stock, beginning balance (in shares) at Nov. 30, 2023						(12,352,440)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings	85,847				85,847
Other comprehensive income (loss)	(46,781)			(46,781)
Dividends	$ (18,626)				(18,626)
Treasury stock acquired, shares	(945,205)					(945,205)
Treasury stock acquired	$ (47,939)					$ (47,939)
Issuance of stock under incentive and purchase plans, net of shares withheld for taxes	10,308		2,133			$ 8,175
Issuance of stock under incentive and purchase plans, net of forfeitures, shares						260,666
Stock-based compensation	$ 9,902		9,902
Ending balance, shares at Feb. 29, 2024	129,060,664	129,060,664
Ending balance at Feb. 29, 2024	$ 4,222,688	$ 1,290	$ 389,568	$ (71,519)	$ 4,322,008	$ (418,900)	$ 241
Treasury stock, ending balance (in shares) at Feb. 29, 2024	(13,036,979)					(13,036,979)

CONDENSED CONSOLIDATED STATEM_5

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (UNAUDITED) (Parenthetical) - $ / shares	3 Months Ended		6 Months Ended
	Feb. 29, 2024	Feb. 28, 2023	Feb. 29, 2024	Feb. 28, 2023
Statement of Stockholders' Equity [Abstract]
Cash dividends per share (in USD per share)	$ 0.16	$ 0.16	$ 0.32	$ 0.32

ACCOUNTING POLICIES

ACCOUNTING POLICIES	6 Months Ended
	Feb. 29, 2024
Accounting Policies [Abstract]
Accounting policies	NOTE 1. NATURE OF OPERATIONS AND ACCOUNTING POLICIES Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States ("GAAP") on a basis consistent with that used in the Annual Report on Form 10-K for the year ended August 31, 2023 (the "2023 Form 10-K") filed by Commercial Metals Company ("CMC," and together with its consolidated subsidiaries, the "Company") with the United States ("U.S.") Securities and Exchange Commission (the "SEC") and include all normal recurring adjustments necessary to present fairly the condensed consolidated balance sheets and the condensed consolidated statements of earnings, comprehensive income, cash flows and stockholders' equity for the periods indicated. These notes should be read in conjunction with the consolidated financial statements and notes included in the 2023 Form 10-K. The results of operations for the three and six month periods ended February 29, 2024 are not necessarily indicative of the results to be expected for the full fiscal year. Any reference in this Form 10-Q to the "corresponding period" or "comparable period" relates to the relevant three or six month period ended February 28, 2023. Any reference in this Form 10-Q to a year refers to the fiscal year ended August 31st of that year, unless otherwise noted. Nature of Operations CMC is an innovative solutions provider helping build a stronger, safer and more sustainable world. Through an extensive manufacturing network principally located in the U.S. and Central Europe, the Company offers products and technologies to meet the critical reinforcement needs of the global construction sector. CMC’s solutions support construction across a wide variety of applications, including infrastructure, non-residential, residential, industrial and energy generation and transmission. During the first quarter of 2024, CMC changed its reportable segments to reflect a change in the manner in which the business is managed. Based on changes to CMC’s organizational structure, the evolution of CMC’s solutions offerings outside of traditional steel products, the growing importance of non-steel solutions to CMC’s financial results and future outlook and how CMC's chief operating decision maker ("CODM"), the President and Chief Executive Officer, reviews operating results and makes decisions about resource allocation, CMC now has three reportable segments: North America Steel Group, Europe Steel Group and Emerging Businesses Group. North America Steel Group The North America Steel Group segment is composed of a vertically integrated network of recycling facilities, steel mills and fabrication operations located in the U.S. The recycling facilities process ferrous and nonferrous scrap metals (collectively referred to as "raw materials") for use by manufacturers of new metal products. The steel mill operations consist of six electric arc furnace ("EAF") mini mills, three EAF micro mills and one rerolling mill. The steel mills manufacture finished long steel products including reinforcing bar ("rebar"), merchant bar, light structural and other special sections and wire rod, as well as semi-finished billets for rerolling and forging applications (collectively referred to as "steel products"). The fabrication operations primarily fabricate rebar and steel fence posts and offer post-tension cable products (collectively referred to as "downstream products" in the context of the North America Steel Group segment). The general strategy in the North America Steel Group segment is to optimize the Company's vertically integrated value chain to maximize profitability by obtaining the lowest possible input costs and highest possible selling prices. The Company operates the recycling facilities to provide low-cost scrap to the steel mills and the fabrication operations to optimize the steel mill volumes. The North America Steel Group segment's products are sold primarily to steel mills and foundries, as well as construction, fabrication and other manufacturing industries. Europe Steel Group The Europe Steel Group segment is composed of a vertically integrated network of recycling facilities, an EAF mini mill and fabrication operations located in Poland. The scrap metal recycling facilities process ferrous scrap metals for use almost exclusively by the mini mill. The steel products manufactured by the mini mill include rebar, merchant bar and wire rod as well as semi-finished billets. The products manufactured by this segment's fabrication operations include fabricated rebar, wire mesh, assembled rebar cages and other fabricated rebar by-products (collectively referred to as "downstream products" in the context of the Europe Steel Group segment). The strategy in the Europe Steel Group segment is to optimize profitability of the products manufactured by the mini mill and is executed in the same manner as in the North America Steel Group segment. The Europe Steel Group segment's products are sold primarily to fabricators, manufacturers, distributors and construction companies. Emerging Businesses Group The Emerging Businesses Group segment's portfolio consists of CMC Construction Services TM products (collectively referred to as "construction products"), Tensar ® products and solutions (collectively referred to as "ground stabilization solutions") and CMC Impact Metals TM , CMC Anchoring Systems and performance reinforcing steel products (collectively referred to as "downstream products" in the context of the Emerging Businesses Group segment). • CMC Construction Services TM operations sell and rent products and equipment used to execute construction projects. Primary customers include concrete installers and other businesses in the construction industry. • Tensar ® operations sell geogrids and Geopier ® foundation systems. Geogrids are polymer-based products used for ground stabilization, soil reinforcement and asphalt optimization in construction applications, including roadways, public infrastructure and industrial facilities. Geopier ® foundation systems are rammed aggregate pier and other foundation solutions that increase the load-bearing characteristics of ground structures and working surfaces and can be applied in soil types and construction situations in which traditional support methods are impractical or would make a project infeasible. • CMC Impact Metals TM operations manufacture heat-treated, high-strength steel products, such as high-strength bar for the truck trailer industry, special bar quality steel for the energy market and armor plate for military vehicles. • CMC Anchoring Systems' operations supply custom engineered anchor cages, bolts and fasteners that are fabricated principally from rebar and are used primarily to secure high voltage electrical transmission poles to concrete foundations. • The Company's group of performance reinforcing steel offerings include innovative products such as Galvabar ® (galvanized rebar with a zinc alloy coating that provides corrosion protection and post-fabrication formability), ChromX ® (designed for high-strength capabilities, corrosion resistance and a service life of more than 100 years) and CryoSteel ® (a cryogenic reinforcing steel that exceeds minimum performance requirements for strength and ductility at extremely low temperatures). The strategy in the Emerging Businesses Group segment is to provide construction-related solutions and value-added products with strong underlying growth fundamentals to serve domestic and international markets that are adjacent to those served by the vertically integrated operations in the North America Steel Group segment and the Europe Steel Group segment. To execute this strategy, the Company (i) develops proprietary products and solutions that deliver high value to customers by reducing costs and construction time, (ii) provides concrete-related construction products, equipment, and services and (iii) produces reinforcing steel products with increased strength, durability and corrosion resistance to support sustainable concrete construction. As a result of the change in reportable segments, certain prior year amounts have been recast to conform to the current year presentation. Throughout this Form 10-Q, unless otherwise indicated, amounts and activity reflect reclassifications related to the Company's change in reportable segments. The change in reportable segments had no impact on the Company’s condensed consolidated balance sheets and the condensed consolidated statements of earnings, comprehensive income, cash flows and stockholders’ equity previously reported. Recently Issued Accounting Pronouncements In November 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures ("ASU 2023-07"). ASU 2023-07 requires, among other updates, enhanced disclosures about significant segment expenses that are regularly provided to the CODM, as well as the aggregate amount of other segment items included in the reported measure of segment profit or loss. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, and requires retrospective adoption. Early adoption is permitted. The Company is evaluating the impact of this guidance on its consolidated financial statements and disclosures. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures ("ASU 2023-09"). ASU 2023-09 requires enhanced annual disclosures regarding the rate reconciliation and income taxes paid information. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024 and may be adopted on a prospective or retrospective basis. Early adoption is permitted. The Company is evaluating the impact of this guidance on its consolidated financial statements and disclosures.

CHANGES IN BUSINESS

CHANGES IN BUSINESS	6 Months Ended
	Feb. 29, 2024
Business Combinations [Abstract]
Changes in Business	NOTE 2. CHANGES IN BUSINESS 2023 Acquisitions On September 15, 2022, the Company completed the acquisition of Advanced Steel Recovery, LLC ("ASR"), a supplier of recycled ferrous metals located in Southern California. ASR's primary operations include processing and brokering capabilities that source material for sale into both the domestic and export markets. On November 14, 2022, the Company completed the acquisition of a Galveston, Texas area metals recycling facility and related assets (collectively, "Kodiak") from Kodiak Resources, Inc. and Kodiak Properties, L.L.C. On March 3, 2023, the Company completed the acquisition of all of the assets of Roane Metals Group, LLC ("Roane"), a supplier of recycled metals with two facilities located in eastern Tennessee. On March 17, 2023, the Company completed the acquisition of Tendon Systems, LLC ("Tendon"), a leading provider of post-tensioning, barrier cable and concrete restoration solutions to the southeastern U.S. On May 1, 2023, the Company completed the acquisition of all of the assets of BOSTD America, LLC ("BOSTD"), a geogrid manufacturing facility located in Blackwell, Oklahoma. Prior to the acquisition, BOSTD produced several product lines for the Company's Tensar operations under a contract manufacturing arrangement. On July 12, 2023, the Company completed the acquisition of EDSCO Fasteners, LLC ("EDSCO"), a leading provider of anchoring solutions for the electrical transmission market, with four manufacturing facilities located in North Carolina, Tennessee, Texas and Utah. Following the acquisition, EDSCO was rebranded as CMC Anchoring Systems. The acquisitions of ASR, Kodiak, Roane, Tendon, BOSTD and EDSCO (the "2023 acquisitions") were not material individually, or in the aggregate, to the Company's financial position or results of operations, and therefore, pro forma operating results and other disclosures are not presented.

ACCUMULATED OTHER COMPREHENSIVE

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)	6 Months Ended
	Feb. 29, 2024
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Accumulated other comprehensive income (loss)	NOTE 3. ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) The following tables reflect the changes in accumulated other comprehensive income (loss) ("AOCI"): Three Months Ended February 29, 2024 (in thousands) Foreign Currency Translation Derivatives Defined Benefit Pension Plans Total AOCI Balance, December 1, 2023 $ (102,552) $ 90,813 $ (12,999) $ (24,738) Other comprehensive income (loss) before reclassifications (1) 1,341 (47,924) (9) (46,592) Reclassification for gain (2) — (189) — (189) Net other comprehensive income (loss) 1,341 (48,113) (9) (46,781) Balance, February 29, 2024 $ (101,211) $ 42,700 $ (13,008) $ (71,519) Six Months Ended February 29, 2024 (in thousands) Foreign Currency Translation Derivatives Defined Benefit Pension Plans Total AOCI Balance, September 1, 2023 $ (126,045) $ 135,257 $ (12,990) $ (3,778) Other comprehensive income (loss) before reclassifications (1) 24,834 (90,869) (18) (66,053) Reclassification for gain (2) — (1,688) — (1,688) Net other comprehensive income (loss) 24,834 (92,557) (18) (67,741) Balance, February 29, 2024 $ (101,211) $ 42,700 $ (13,008) $ (71,519) Three Months Ended February 28, 2023 (in thousands) Foreign Currency Translation Derivatives Defined Benefit Pension Plans Total AOCI Balance, December 1, 2022 $ (204,468) $ 199,317 $ (5,038) $ (10,189) Other comprehensive income (loss) before reclassifications (1) 11,628 23,957 (37) 35,548 Reclassification for gain (2) — (863) — (863) Net other comprehensive income (loss) 11,628 23,094 (37) 34,685 Balance, February 28, 2023 $ (192,840) $ 222,411 $ (5,075) $ 24,496 Six Months Ended February 28, 2023 (in thousands) Foreign Currency Translation Derivatives Defined Benefit Pension Plans Total AOCI Balance, September 1, 2022 $ (245,897) $ 138,242 $ (6,796) $ (114,451) Other comprehensive income before reclassifications (1) 53,057 92,002 1,721 146,780 Reclassification for gain (2) — (7,833) — (7,833) Net other comprehensive income 53,057 84,169 1,721 138,947 Balance, February 28, 2023 $ (192,840) $ 222,411 $ (5,075) $ 24,496 __________________________________ (1) Other comprehensive income (loss) ("OCI") before reclassifications from derivatives is presented net of income tax benefit (expense) of $11.3 million and $21.4 million for the three and six months ended February 29, 2024, respectively, and $(5.4) million and $(21.2) million for the three and six months ended February 28, 2023, respectively. OCI before reclassifications from defined benefit pension plans is presented net of immaterial tax benefit (expense) for each period presented.

REVENUE RECOGNITION

REVENUE RECOGNITION	6 Months Ended
	Feb. 29, 2024
Revenue from Contract with Customer [Abstract]
Revenue Recognition	NOTE 4. REVENUE RECOGNITION The majority of the Company's revenue is recognized at a point in time concurrent with the transfer of control, which usually occurs, depending on shipping terms, upon shipment or customer receipt. See Note 13, Segment Information, for further information about disaggregated revenue by the Company's major product lines. Certain revenue from the Company's downstream products in the North America Steel Group segment is not recognized at a point in time. Revenue resulting from sales of fabricated rebar in the North America Steel Group segment is recognized over time, as discussed below. Revenue resulting from sales of steel fence posts and other downstream products in the North America Steel Group segment is recognized equal to billing under an available practical expedient. Each of the North America Steel Group segment's fabricated rebar contracts represent a single performance obligation. Revenue from certain fabricated rebar contracts for which the Company provides fabricated product and installation services is recognized over time using an input measure. These contracts represented 8% of net sales in the North America Steel Group segment in each of the three and six months ended February 29, 2024 and February 28, 2023. Revenue from fabricated rebar contracts for which the Company does not provide installation services is recognized over time using an output measure. These contracts represented 10% and 11% of net sales in the North America Steel Group segment in the three and six months ended February 29, 2024, respectively, and 12% and 13% of net sales in the North America Steel Group segment in the three and six months ended February 28, 2023, respectively. The following table provides information about assets and liabilities from contracts with customers recognized over time: (in thousands) February 29, 2024 August 31, 2023 Contract assets (included in accounts receivable) $ 61,044 $ 67,641 Contract liabilities (included in accrued expenses and other payables) 26,047 28,377 The amount of revenue reclassified from August 31, 2023 contract liabilities during the six months ended February 29, 2024 was approximately $23.4 million. Remaining Performance Obligations As of February 29, 2024, revenue totaling $1.1 billion has been allocated to remaining performance obligations in the North America Steel Group segment related to contracts for which revenue is recognized using an input or output measure. Of this amount, the Company estimates that approximately 80% of the remaining performance obligations will be recognized in the twelve months following February 29, 2024, and the remainder will be recognized during the subsequent twelve months. The duration of all other contracts in the North America Steel Group, Europe Steel Group and Emerging Businesses Group segments are typically less than one year.

INVENTORIES, NET

INVENTORIES, NET	6 Months Ended
	Feb. 29, 2024
Inventory Disclosure [Abstract]
Inventories, net	NOTE 5. INVENTORIES, NET The majority of the Company's inventories are in the form of semi-finished and finished steel products. Under the Company’s vertically integrated business models in the North America Steel Group segment and the Europe Steel Group segment, steel products are sold to external customers in various stages, from semi-finished billets through fabricated steel, leading these categories to be combined as finished goods. The components of inventories were as follows: (in thousands) February 29, 2024 August 31, 2023 Raw materials $ 306,681 $ 261,619 Work in process 5,884 6,844 Finished goods 837,882 767,119 Total $ 1,150,447 $ 1,035,582

GOODWILL AND OTHER INTANGIBLES

GOODWILL AND OTHER INTANGIBLES	6 Months Ended
	Feb. 29, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and other intangibles	NOTE 6. GOODWILL AND OTHER INTANGIBLES Goodwill by reportable segment is detailed in the table below. During the first quarter of 2024, the Company changed its reportable segments as described in Note 1, Nature of Operations and Accounting Policies. Concurrent with the change in reportable segments, the Company reassigned goodwill to the updated reporting units using a relative fair value approach, shown below: (in thousands) North America Europe North America Steel Group Europe Steel Group Emerging Businesses Group Consolidated Goodwill, gross Balance, September 1, 2023 $ 351,441 $ 44,561 $ — $ — $ — $ 396,002 Segment reassignment (351,441) (44,561) 126,915 4,075 265,012 — Acquisition adjustments (1) — — — — (2,305) (2,305) Foreign currency translation — — — 133 (57) 76 Balance, February 29, 2024 — — 126,915 4,208 262,650 393,773 Accumulated impairment Balance, September 1, 2023 (10,036) (145) — — — (10,181) Segment reassignment 10,036 145 (9,542) (146) (493) — Foreign currency translation — — — (5) — (5) Balance, February 29, 2024 — — (9,542) (151) (493) (10,186) Goodwill, net Balance, September 1, 2023 341,405 44,416 — — — 385,821 Segment reassignment (341,405) (44,416) 117,373 3,929 264,519 — Acquisition adjustments (1) — — — — (2,305) (2,305) Foreign currency translation — — — 128 (57) 71 Balance, February 29, 2024 $ — $ — $ 117,373 $ 4,057 $ 262,157 $ 383,587 __________________________________ (1) Measurement period adjustments related to the 2023 acquisitions which impacted the amount of goodwill originally reported. The Company evaluated impairment indicators for the previous reporting units immediately prior to the change in reportable segments and concluded there were no indicators of impairment. Immediately after the change in reportable segments, the Company performed qualitative tests for five reporting units consisting of $285.0 million of goodwill and quantitative tests for three reporting units consisting of $100.8 million of goodwill. The results of the qualitative and quantitative tests indicated it was more likely than not that the fair value of all reporting units with goodwill exceeded their carrying values. Other indefinite-lived intangible assets consisted of the following: (in thousands) February 29, 2024 August 31, 2023 Trade names $ 54,057 $ 54,056 In-process research and development 2,400 2,400 Non-compete agreements 750 750 Total $ 57,207 $ 57,206 The change in the balance of intangible assets with indefinite lives from August 31, 2023 to February 29, 2024 was due to foreign currency translation adjustments. Other intangible assets subject to amortization are detailed in the following table: February 29, 2024 August 31, 2023 (in thousands) Gross Accumulated Amortization Net Gross Accumulated Amortization Net Developed technologies $ 151,509 $ 34,603 $ 116,906 $ 150,445 $ 25,228 $ 125,217 Customer relationships 74,593 11,835 62,758 74,582 7,606 66,976 Patents 7,203 6,057 1,146 7,203 5,570 1,633 Perpetual lease rights 6,181 978 5,203 5,984 910 5,074 Trade names 3,309 1,300 2,009 3,287 1,129 2,158 Non-compete agreements 2,300 1,680 620 2,300 1,502 798 Other 224 128 96 224 125 99 Total $ 245,319 $ 56,581 $ 188,738 $ 244,025 $ 42,070 $ 201,955 The foreign currency translation adjustments for intangible assets subject to amortization were immaterial for all periods presented above. Amortization expense for intangible assets was $7.0 million and $14.5 million in the three and six months ended February 29, 2024, respectively, of which $4.7 million and $9.4 million, respectively, was recorded in cost of goods sold and $2.3 million and $5.1 million, respectively, was recorded in selling, general and administrative ("SG&A") expenses in the condensed consolidated statements of earnings. Amortization expense for intangible assets was $6.2 million and $12.3 million in the three and six months ended February 28, 2023, respectively, of which $4.7 million and $9.3 million, respectively, was recorded in cost of goods sold and $1.5 million and $3.0 million, respectively, was recorded in SG&A expenses in the condensed consolidated statements of earnings. Estimated amounts of amortization expense for intangible assets for the next five years are as follows: (in thousands) Remainder of 2024 $ 13,812 2025 26,568 2026 25,345 2027 25,248 2028 23,521

CREDIT ARRANGEMENTS

CREDIT ARRANGEMENTS	6 Months Ended
	Feb. 29, 2024
Debt Disclosure [Abstract]
Credit arrangements	NOTE 7. CREDIT ARRANGEMENTS Long-term debt was as follows: (in thousands) Weighted Average Interest Rate as of February 29, 2024 February 29, 2024 August 31, 2023 2030 Notes 4.125% $ 300,000 $ 300,000 2031 Notes 3.875% 300,000 300,000 2032 Notes 4.375% 300,000 300,000 Series 2022 Bonds, due 2047 4.000% 145,060 145,060 Short-term borrowings (1) 378 8,419 Other 4.547% 15,861 16,042 Finance leases 5.092% 109,911 95,470 Total debt 1,171,210 1,164,991 Less unamortized debt issuance costs (13,956) (14,840) Plus unamortized bond premium 4,550 4,646 Total amounts outstanding 1,161,804 1,154,797 Less current maturities of long-term debt and short-term borrowings (35,588) (40,513) Long-term debt $ 1,126,216 $ 1,114,284 __________________________________ (1) The weighted average interest rate of short-term borrowings as of February 29, 2024 and August 31, 2023 was 6.790% and 7.800%, respectively. The Company's credit arrangements require compliance with certain covenants, including an interest coverage ratio and a debt to capitalization ratio. At February 29, 2024, the Company was in compliance with all financial covenants in its credit arrangements. Capitalized interest was $1.2 million and $2.4 million during the three and six months ended February 29, 2024, respectively, compared to $5.4 million and $10.0 million, respectively, during the corresponding periods. Credit Facilities The Company has a Sixth Amended and Restated Credit Agreement (the "Credit Agreement") with a revolving credit facility (the "Revolver") of $600.0 million. The Company had no amounts drawn under the Revolver at February 29, 2024 or August 31, 2023. The availability under the Revolver was reduced by outstanding stand-by letters of credit totaling $0.9 million at each of February 29, 2024 and August 31, 2023. The Credit Agreement also provided for a delayed draw senior secured term loan facility with a maximum principal amount of $200.0 million, which expired undrawn in October 2023, in accordance with its terms. The Company has credit facilities in Poland through its subsidiary, CMC Poland Sp. z.o.o. ("CMCP"). At February 29, 2024 and August 31, 2023, CMCP's credit facilities totaled PLN 600.0 million, or $150.2 million and $145.4 million, respectively. There were no amounts outstanding under these facilities as of February 29, 2024 or August 31, 2023. The available balance of these credit facilities was reduced by outstanding stand-by letters of credit, guarantees and/or other financial assurance instruments, which totaled $1.5 million and $16.3 million at February 29, 2024 and August 31, 2023, respectively. Accounts Receivable Facility

DERIVATIVES

DERIVATIVES	6 Months Ended
	Feb. 29, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivatives	NOTE 8. DERIVATIVES At February 29, 2024 and August 31, 2023, the notional values of the Company's commodity contract commitments were $478.9 million and $456.4 million, respectively. At February 29, 2024 and August 31, 2023, the notional values of the Company's foreign currency contract commitments were $233.6 million and $221.4 million, respectively. The following table provides information regarding the Company's commodity contract commitments at February 29, 2024: Commodity Position Total Aluminum Long 2,750 MT Aluminum Short 1,550 MT Copper Long 442 MT Copper Short 10,455 MT Electricity Long 3,204,000 MW(h) Natural Gas Long 4,830,600 MMBtu __________________________________ MT = Metric ton MW(h) = Megawatt hour MMBtu = Metric Million British thermal unit The following table summarizes the location and amounts of the fair value of the Company's derivative instruments reported in the condensed consolidated balance sheets: (in thousands) Primary Location February 29, 2024 August 31, 2023 Derivative assets: Commodity Prepaid and other current assets $ 7,410 $ 11,427 Commodity Other noncurrent assets 79,859 184,261 Foreign exchange Prepaid and other current assets 951 1,898 Derivative liabilities: Commodity Accrued expenses and other payables $ 5,124 $ 2,983 Commodity Other noncurrent liabilities 1,055 1,085 Foreign exchange Accrued expenses and other payables 2,199 2,566 The decrease in fair value of the Company's commodity derivatives reported within other noncurrent assets is primarily due to the decrease in the value of a significant input used to measure the fair value of the Company's Level 3 commodity derivatives at February 29, 2024 as compared to August 31, 2023. See Note 9, Fair Value, for further discussion of the measurement of the fair value of the Company's Level 3 commodity derivatives. The following table summarizes activities related to the Company's derivatives not designated as hedging instruments recognized in the condensed consolidated statements of earnings. All other activity related to the Company's derivatives not designated as hedging instruments was immaterial for the periods presented. Three Months Ended Six Months Ended Gain (Loss) on Derivatives Not Designated as Hedging Instruments (in thousands) Primary Location February 29, 2024 February 28, 2023 February 29, 2024 February 28, 2023 Commodity Cost of goods sold $ 782 $ (5,995) $ 710 $ (9,080) Foreign exchange SG&A expenses 443 2,947 3,982 6,409 The following tables summarize activities related to the Company's derivatives designated as cash flow hedging instruments recognized in the condensed consolidated statements of comprehensive income and condensed consolidated statements of earnings. Amounts presented do not include the effects of foreign currency translation adjustments. Three Months Ended Six Months Ended Effective Portion of Derivatives Designated as Cash Flow Hedging Instruments Recognized in OCI, Net of Income Taxes (in thousands) February 29, 2024 February 28, 2023 February 29, 2024 February 28, 2023 Commodity $ (47,932) $ 23,950 $ (90,884) $ 91,989 Foreign exchange 8 7 15 13 Three Months Ended Six Months Ended Gain on Derivatives Designated as Cash Flow Hedging Instruments Reclassified from AOCI into Net Earnings (in thousands) Primary Location February 29, 2024 February 28, 2023 February 29, 2024 February 28, 2023 Commodity Cost of goods sold $ 136 $ 1,011 $ 1,901 $ 9,616 Foreign exchange SG&A expenses 61 59 122 120

FAIR VALUE

FAIR VALUE	6 Months Ended
	Feb. 29, 2024
Fair Value Disclosures [Abstract]
Fair value	NOTE 9. 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 within Note 1, Nature of Operations and Summary of Significant Accounting Policies, to the consolidated financial statements in the 2023 Form 10-K. The Company presents the fair value of its derivative contracts on a net-by-counterparty basis when a legal right to offset exists under an enforceable netting agreement. The following table summarizes 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) Total Quoted Prices in Significant Other Significant As of February 29, 2024: Assets: Investment deposit accounts (1) $ 508,855 $ 508,855 $ — $ — Commodity derivative assets (2) 87,269 952 — 86,317 Foreign exchange derivative assets (2) 951 — 951 — Liabilities: Commodity derivative liabilities (2) 6,179 6,179 — — Foreign exchange derivative liabilities (2) 2,199 — 2,199 — As of August 31, 2023: Assets: Investment deposit accounts (1) $ 508,227 $ 508,227 $ — $ — Commodity derivative assets (2) 195,689 1,264 — 194,425 Foreign exchange derivative assets (2) 1,898 — 1,898 — Liabilities: Commodity derivative liabilities (2) 4,068 4,068 — — Foreign exchange derivative liabilities (2) 2,566 — 2,566 — __________________________________ (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 New York Mercantile Exchange. Amounts in Level 2 are based on broker quotes in the over-the-counter market. Derivatives classified as Level 3 are described below. Further discussion regarding the Company's use of derivative instruments is included in Note 8, Derivatives. The fair value estimate of the Level 3 commodity derivatives are based on internally developed discounted cash flow models primarily utilizing unobservable inputs for which there is little or no market data. The Company forecasts future energy rates using a range of historical prices (the "floating rate"), which is the only significant unobservable input used in the Company's discounted cash flow models. Significantly higher or lower floating rates could have resulted in a material difference in the fair value measurement. The following table summarizes the range of floating rates used to measure the fair value of the Level 3 commodity derivatives at February 29, 2024 and August 31, 2023, which are applied uniformly across each of our Level 3 commodity derivatives: Floating rate (PLN) Low High Average February 29, 2024 334 574 468 August 31, 2023 480 855 630 Below is a reconciliation of the beginning and ending balances of the Level 3 commodity derivatives recognized in the condensed consolidated statements of comprehensive income. The fluctuation in energy rates over time causes volatility in the fair value estimates and is the primary reason for unrealized gains and losses included in OCI in the three and six months ended February 29, 2024 and February 28, 2023, respectively. (in thousands) Three Months Ended February 29, 2024 Balance, December 1, 2023 $ 144,357 Total activity, realized and unrealized: Unrealized holding loss before reclassification (1) (56,481) Reclassification for gain included in net earnings (2) (1,559) Balance, February 29, 2024 $ 86,317 (in thousands) Six Months Ended February 29, 2024 Balance, September 1, 2023 $ 194,425 Total activity, realized and unrealized: Unrealized holding loss before reclassification (1) (103,758) Reclassification for gain included in net earnings (2) (4,350) Balance, February 29, 2024 $ 86,317 (in thousands) Three Months Ended February 28, 2023 Balance, December 1, 2022 $ 241,466 Total activity, realized and unrealized: Unrealized holding gain before reclassification (1) 40,085 Reclassification for gain included in net earnings (2) (709) Balance, February 28, 2023 $ 280,842 (in thousands) Six Months Ended February 28, 2023 Balance, September 1, 2022 $ 143,500 Total activity, realized and unrealized: Unrealized holding gain before reclassification (1) 144,282 Reclassification for gain included in net earnings (2) (6,940) Balance, February 28, 2023 $ 280,842 __________________________________ (1) Unrealized holding gain (loss), net of foreign currency translation, less amounts reclassified are included in net unrealized gain (loss) on derivatives in the condensed consolidated statements of comprehensive income. (2) Gains included in net earnings are recorded in cost of goods sold in the condensed consolidated statements of earnings. There were no material non-recurring fair value remeasurements during the three or six months ended February 29, 2024 or February 28, 2023. The carrying values of the Company's short-term items, including documentary letters of credit and notes payable, approximate fair value. The carrying value and fair value of the Company's long-term debt, including current maturities, excluding other borrowings and finance leases, was $1.0 billion and $935.6 million, respectively, at February 29, 2024, and $1.0 billion and $900.9 million, respectively, at August 31, 2023. The Company estimates these fair values based on Level 2 of the fair value hierarchy using indicated market values. The Company's other borrowings contain variable interest rates, and as a result, their carrying values approximate fair values.

STOCK-BASED COMPENSATION PLANS

STOCK-BASED COMPENSATION PLANS	6 Months Ended
	Feb. 29, 2024
Share-Based Payment Arrangement [Abstract]
Stock-based compensation plans	NOTE 10. STOCK-BASED COMPENSATION PLANS The Company's stock-based compensation plans are described in Note 13, Stock-Based Compensation Plans, to the consolidated financial statements in the 2023 Form 10-K. In general, restricted stock units vest ratably over a period of three years. Subject to the achievement of performance targets established by the Compensation Committee of the Company's Board of Directors (the "Board"), performance stock units vest after a period of three years. Information for restricted stock units and performance stock units accounted for as equity awards during the six months ended February 29, 2024 is as follows: Shares Weighted Average Outstanding as of August 31, 2023 1,777,591 $ 37.01 Granted 1,080,837 47.71 Vested (1,235,399) 37.93 Forfeited (26,529) 40.63 Outstanding as of February 29, 2024 1,596,500 $ 43.49 The Company granted 188,453 equivalent shares in the form of restricted stock units and performance stock units accounted for as liability awards during the six months ended February 29, 2024. At February 29, 2024, the Company had outstanding 460,093 equivalent shares accounted for under the liability method. The Company expects 437,088 equivalent shares to vest. The following table summarizes total stock-based compensation expense, including fair value remeasurements, which was primarily included in SG&A expenses in the Company's condensed consolidated statements of earnings: Three Months Ended Six Months Ended (in thousands) February 29, 2024 February 28, 2023 February 29, 2024 February 28, 2023 Stock-based compensation expense $ 14,988 $ 16,949 $ 23,047 $ 33,624

STOCKHOLDERS EQUITY AND EARNING

STOCKHOLDERS EQUITY AND EARNINGS PER SHARE	6 Months Ended
	Feb. 29, 2024
Earnings Per Share [Abstract]
Stockholder's equity and earnings per share	NOTE 11. STOCKHOLDERS' EQUITY AND EARNINGS PER SHARE The Company's calculation of basic earnings per share ("EPS") and diluted EPS are described in Note 16, Earnings Per Share, to the consolidated financial statements in the 2023 Form 10-K. The calculations of basic and diluted EPS were as follows: Three Months Ended Six Months Ended (in thousands, except share and per share data) February 29, 2024 February 28, 2023 February 29, 2024 February 28, 2023 Net earnings $ 85,847 $ 179,849 $ 262,120 $ 441,623 Average basic shares outstanding 116,396,530 117,224,517 116,584,235 117,249,266 Effect of dilutive securities 1,127,583 1,498,742 1,467,014 1,735,832 Average diluted shares outstanding 117,524,113 118,723,259 118,051,249 118,985,098 Earnings per share: Basic $ 0.74 $ 1.53 $ 2.25 $ 3.77 Diluted 0.73 1.51 2.22 3.71 For all periods presented above, the Company had immaterial anti-dilutive shares, which were not included in the computation of average diluted shares outstanding.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	6 Months Ended
	Feb. 29, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and contingencies	NOTE 12. COMMITMENTS AND CONTINGENCIES In the ordinary course of conducting its business, the Company becomes involved in litigation, administrative proceedings and governmental investigations, including environmental matters, such as those described below. CMC expenses legal fees as they are incurred. Legal Proceeding On October 30, 2020, plaintiff Pacific Steel Group ("PSG") filed a suit in the United States District Court for the Northern District of California alleging that Commercial Metals Company, CMC Steel Fabricators, Inc. and CMC Steel US, LLC violated the federal and California state antitrust laws and California common law by entering into an exclusivity agreement for certain steel mill equipment manufactured by one of the Company’s equipment suppliers. PSG seeks, among other things, a jury trial on its claims in addition to injunctive relief, compensatory damages, fees and costs. Fact and expert discovery are complete, and summary judgment briefing and arguments are under advisement by the court. Pending the resolution of summary judgment, a jury trial is scheduled for July 2024. The Company believes that it has substantial defenses and intends to vigorously defend against PSG's claims. The Company has not recorded any liability for this matter as it does not believe a loss is probable, and it cannot estimate any reasonably possible loss or range of possible loss. It is possible that an unfavorable resolution to this matter could have an adverse effect on the Company’s results of operations, financial position or cash flows. Other Matters At February 29, 2024 and August 31, 2023, the amounts accrued for cleanup and remediation costs at certain sites in response to the Comprehensive Environmental Response, Compensation, and Liability Act of 1980 ("CERCLA") and analogous state and local statutes were immaterial. Total accrued environmental liabilities, including CERCLA sites, were $4.1 million and $4.5 million at February 29, 2024 and August 31, 2023, respectively, of which $1.8 million and $2.0 million were classified as other noncurrent liabilities as of February 29, 2024 and August 31, 2023, respectively. These amounts have not been discounted

BUSINESS SEGMENTS

BUSINESS SEGMENTS	6 Months Ended
	Feb. 29, 2024
Segment Reporting [Abstract]
Business segments	NOTE 13. SEGMENT INFORMATION The Company structures its business into three reportable segments: North America Steel Group, Europe Steel Group and Emerging Businesses Group. See Note 1, Nature of Operations and Accounting Policies, for more information about the reportable segments, including the types of products and services from which each reportable segment derives its net sales. Other revenue resulting from the Company's New Markets Tax Credit ("NMTC") transactions are reflected in Corporate and Other net sales and are described in Note 9, New Markets Tax Credit Transactions, to the consolidated financial statements in the 2023 Form 10-K. In addition to other revenue from NMTC transactions, "Corporate and Other expenses" contains unallocated corporate amounts, such as earnings or losses resulting from the Company's Benefit Restoration Plan assets and liabilities and short-term investments, expenses of the Company's corporate headquarters, interest expense related to long-term debt and intercompany eliminations. Prior period balances in the tables below have been recast to reflect current period presentation, as described in Note 1, Nature of Operations and Accounting Policies. The following is a summary of certain financial information by reportable segment and Corporate and Other, as applicable: Three Months Ended Six Months Ended (in thousands) February 29, 2024 February 28, 2023 February 29, 2024 February 28, 2023 Net sales from external customers: North America Steel Group $ 1,486,202 $ 1,503,774 $ 3,078,852 $ 3,167,935 Europe Steel Group 192,500 337,560 417,675 724,063 Emerging Businesses Group 155,994 153,598 333,233 324,132 Reportable segments total 1,834,696 1,994,932 3,829,760 4,216,130 Corporate and Other 13,591 23,071 21,578 29,186 Total $ 1,848,287 $ 2,018,003 $ 3,851,338 $ 4,245,316 Adjusted EBITDA: North America Steel Group $ 222,294 $ 274,240 $ 489,114 $ 624,027 Europe Steel Group (8,611) 11,469 30,331 72,717 Emerging Businesses Group 17,929 26,551 48,791 57,977 Reportable segments total $ 231,612 $ 312,260 $ 568,236 $ 754,721 February 29, 2024 August 31, 2023 Total assets: North America Steel Group $ 4,252,618 $ 4,166,521 Europe Steel Group 739,354 927,468 Emerging Businesses Group 837,668 874,330 Reportable segments total 5,829,640 5,968,319 Corporate and Other 832,625 670,775 Total $ 6,662,265 $ 6,639,094 The following table presents a reconciliation of net earnings to adjusted EBITDA from the reportable segments: Three Months Ended Six Months Ended (in thousands) February 29, 2024 February 28, 2023 February 29, 2024 February 28, 2023 Net earnings $ 85,847 $ 179,849 $ 262,120 $ 441,623 Interest expense 11,878 9,945 23,634 22,990 Income taxes 31,072 55,641 79,494 132,366 Depreciation and amortization 68,299 51,216 137,485 102,399 Asset impairments 4 36 4 45 Corporate and Other expenses 34,512 15,573 65,499 55,298 Adjusted EBITDA reportable segments $ 231,612 $ 312,260 $ 568,236 $ 754,721 Disaggregation of Revenue The following tables display revenue by reportable segment and Corporate and Other from external customers, disaggregated by major product: Three Months Ended February 29, 2024 (in thousands) North America Steel Group Europe Steel Group Emerging Businesses Group Corporate and Other Total Major product: Raw materials $ 325,006 $ 4,137 $ — $ — $ 329,143 Steel products 612,308 158,180 — — 770,488 Downstream products 513,253 23,517 40,507 — 577,277 Construction products — — 65,467 — 65,467 Ground stabilization solutions — — 45,135 — 45,135 Other 35,635 6,666 4,885 13,591 60,777 Net sales from external customers 1,486,202 192,500 155,994 13,591 1,848,287 Intersegment net sales, eliminated on consolidation 18,904 1,058 7,453 (27,415) — Net sales $ 1,505,106 $ 193,558 $ 163,447 $ (13,824) $ 1,848,287 Six Months Ended February 29, 2024 (in thousands) North America Steel Group Europe Steel Group Emerging Businesses Group Corporate and Other Total Major product: Raw materials $ 638,661 $ 7,851 $ — $ — $ 646,512 Steel products 1,270,068 333,712 — — 1,603,780 Downstream products 1,090,255 62,145 78,053 — 1,230,453 Construction products — — 143,226 — 143,226 Ground stabilization solutions — — 102,458 — 102,458 Other 79,868 13,967 9,496 21,578 124,909 Net sales from external customers 3,078,852 417,675 333,233 21,578 3,851,338 Intersegment net sales, eliminated on consolidation 38,541 1,634 12,240 (52,415) — Net sales $ 3,117,393 $ 419,309 $ 345,473 $ (30,837) $ 3,851,338 Three Months Ended February 28, 2023 (in thousands) North America Steel Group Europe Steel Group Emerging Businesses Group Corporate and Other Total Major product: Raw materials $ 317,807 $ 4,894 $ — $ — $ 322,701 Steel products 628,806 272,607 — — 901,413 Downstream products 515,492 50,128 25,530 — 591,150 Construction products — — 75,431 — 75,431 Ground stabilization solutions — — 48,914 — 48,914 Other (1) 41,669 9,931 3,723 23,071 78,394 Net sales from external customers 1,503,774 337,560 153,598 23,071 2,018,003 Intersegment net sales, eliminated on consolidation 21,713 663 7,146 (29,522) — Net sales $ 1,525,487 $ 338,223 $ 160,744 $ (6,451) $ 2,018,003 Six Months Ended February 28, 2023 (in thousands) North America Steel Group Europe Steel Group Emerging Businesses Group Corporate and Other Total Major product: Raw materials $ 611,127 $ 9,761 $ — $ — $ 620,888 Steel products 1,332,400 584,543 — — 1,916,943 Downstream products 1,134,459 109,710 50,338 — 1,294,507 Construction products — — 158,998 — 158,998 Ground stabilization solutions — — 107,993 — 107,993 Other (1) 89,949 20,049 6,803 29,186 145,987 Net sales from external customers 3,167,935 724,063 324,132 29,186 4,245,316 Intersegment net sales, eliminated on consolidation 47,567 1,195 15,924 (64,686) — Net sales $ 3,215,502 $ 725,258 $ 340,056 $ (35,500) $ 4,245,316 _______________________________ (1) Other revenue during the three and six months ended February 28, 2023 includes $17.7 million derived from the Company's NMTC transactions. See Note 9, New Markets Tax Credit Transactions, to the consolidated financial statements in the 2023 Form 10-K for further information.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Feb. 29, 2024	Feb. 28, 2023	Feb. 29, 2024	Feb. 28, 2023
Pay vs Performance Disclosure
Net earnings	$ 85,847	$ 179,849	$ 262,120	$ 441,623

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Feb. 29, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

ACCOUNTING POLICIES (Policies)

ACCOUNTING POLICIES (Policies)	6 Months Ended
	Feb. 29, 2024
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States ("GAAP") on a basis consistent with that used in the Annual Report on Form 10-K for the year ended August 31, 2023 (the "2023 Form 10-K") filed by Commercial Metals Company ("CMC," and together with its consolidated subsidiaries, the "Company") with the United States ("U.S.") Securities and Exchange Commission (the "SEC") and include all normal recurring adjustments necessary to present fairly the condensed consolidated balance sheets and the condensed consolidated statements of earnings, comprehensive income, cash flows and stockholders' equity for the periods indicated. These notes should be read in conjunction with the consolidated financial statements and notes included in the 2023 Form 10-K. The results of operations for the three and six month periods ended February 29, 2024 are not necessarily indicative of the results to be expected for the full fiscal year. Any reference in this Form 10-Q to the "corresponding period" or "comparable period" relates to the relevant three or six month period ended February 28, 2023. Any reference in this Form 10-Q to a year refers to the fiscal year ended August 31st of that year, unless otherwise noted.
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements In November 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures ("ASU 2023-07"). ASU 2023-07 requires, among other updates, enhanced disclosures about significant segment expenses that are regularly provided to the CODM, as well as the aggregate amount of other segment items included in the reported measure of segment profit or loss. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, and requires retrospective adoption. Early adoption is permitted. The Company is evaluating the impact of this guidance on its consolidated financial statements and disclosures. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures ("ASU 2023-09"). ASU 2023-09 requires enhanced annual disclosures regarding the rate reconciliation and income taxes paid information. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024 and may be adopted on a prospective or retrospective basis. Early adoption is permitted. The Company is evaluating the impact of this guidance on its consolidated financial statements and disclosures.
Fair value measurement	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 within Note 1, Nature of Operations and Summary of Significant Accounting Policies, to the consolidated financial statements in the 2023 Form 10-K.

ACCUMULATED OTHER COMPREHENSI_2

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Tables)	6 Months Ended
	Feb. 29, 2024
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Schedule of accumulated other comprehensive income (loss)	The following tables reflect the changes in accumulated other comprehensive income (loss) ("AOCI"): Three Months Ended February 29, 2024 (in thousands) Foreign Currency Translation Derivatives Defined Benefit Pension Plans Total AOCI Balance, December 1, 2023 $ (102,552) $ 90,813 $ (12,999) $ (24,738) Other comprehensive income (loss) before reclassifications (1) 1,341 (47,924) (9) (46,592) Reclassification for gain (2) — (189) — (189) Net other comprehensive income (loss) 1,341 (48,113) (9) (46,781) Balance, February 29, 2024 $ (101,211) $ 42,700 $ (13,008) $ (71,519) Six Months Ended February 29, 2024 (in thousands) Foreign Currency Translation Derivatives Defined Benefit Pension Plans Total AOCI Balance, September 1, 2023 $ (126,045) $ 135,257 $ (12,990) $ (3,778) Other comprehensive income (loss) before reclassifications (1) 24,834 (90,869) (18) (66,053) Reclassification for gain (2) — (1,688) — (1,688) Net other comprehensive income (loss) 24,834 (92,557) (18) (67,741) Balance, February 29, 2024 $ (101,211) $ 42,700 $ (13,008) $ (71,519) Three Months Ended February 28, 2023 (in thousands) Foreign Currency Translation Derivatives Defined Benefit Pension Plans Total AOCI Balance, December 1, 2022 $ (204,468) $ 199,317 $ (5,038) $ (10,189) Other comprehensive income (loss) before reclassifications (1) 11,628 23,957 (37) 35,548 Reclassification for gain (2) — (863) — (863) Net other comprehensive income (loss) 11,628 23,094 (37) 34,685 Balance, February 28, 2023 $ (192,840) $ 222,411 $ (5,075) $ 24,496 Six Months Ended February 28, 2023 (in thousands) Foreign Currency Translation Derivatives Defined Benefit Pension Plans Total AOCI Balance, September 1, 2022 $ (245,897) $ 138,242 $ (6,796) $ (114,451) Other comprehensive income before reclassifications (1) 53,057 92,002 1,721 146,780 Reclassification for gain (2) — (7,833) — (7,833) Net other comprehensive income 53,057 84,169 1,721 138,947 Balance, February 28, 2023 $ (192,840) $ 222,411 $ (5,075) $ 24,496 __________________________________ (1) Other comprehensive income (loss) ("OCI") before reclassifications from derivatives is presented net of income tax benefit (expense) of $11.3 million and $21.4 million for the three and six months ended February 29, 2024, respectively, and $(5.4) million and $(21.2) million for the three and six months ended February 28, 2023, respectively. OCI before reclassifications from defined benefit pension plans is presented net of immaterial tax benefit (expense) for each period presented.

REVENUE RECOGNITION (Tables)

REVENUE RECOGNITION (Tables)	6 Months Ended
	Feb. 29, 2024
Revenue from Contract with Customer [Abstract]
Information avout Assets and Liabilities from Contracts with Customers	The following table provides information about assets and liabilities from contracts with customers recognized over time: (in thousands) February 29, 2024 August 31, 2023 Contract assets (included in accounts receivable) $ 61,044 $ 67,641 Contract liabilities (included in accrued expenses and other payables) 26,047 28,377

INVENTORIES, NET (Tables)

INVENTORIES, NET (Tables)	6 Months Ended
	Feb. 29, 2024
Inventory Disclosure [Abstract]
Schedule of Inventory	The components of inventories were as follows: (in thousands) February 29, 2024 August 31, 2023 Raw materials $ 306,681 $ 261,619 Work in process 5,884 6,844 Finished goods 837,882 767,119 Total $ 1,150,447 $ 1,035,582

GOODWILL AND OTHER INTANGIBLES

GOODWILL AND OTHER INTANGIBLES (Tables)	6 Months Ended
	Feb. 29, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Changes in the carrying amount of goodwill	Goodwill by reportable segment is detailed in the table below. During the first quarter of 2024, the Company changed its reportable segments as described in Note 1, Nature of Operations and Accounting Policies. Concurrent with the change in reportable segments, the Company reassigned goodwill to the updated reporting units using a relative fair value approach, shown below: (in thousands) North America Europe North America Steel Group Europe Steel Group Emerging Businesses Group Consolidated Goodwill, gross Balance, September 1, 2023 $ 351,441 $ 44,561 $ — $ — $ — $ 396,002 Segment reassignment (351,441) (44,561) 126,915 4,075 265,012 — Acquisition adjustments (1) — — — — (2,305) (2,305) Foreign currency translation — — — 133 (57) 76 Balance, February 29, 2024 — — 126,915 4,208 262,650 393,773 Accumulated impairment Balance, September 1, 2023 (10,036) (145) — — — (10,181) Segment reassignment 10,036 145 (9,542) (146) (493) — Foreign currency translation — — — (5) — (5) Balance, February 29, 2024 — — (9,542) (151) (493) (10,186) Goodwill, net Balance, September 1, 2023 341,405 44,416 — — — 385,821 Segment reassignment (341,405) (44,416) 117,373 3,929 264,519 — Acquisition adjustments (1) — — — — (2,305) (2,305) Foreign currency translation — — — 128 (57) 71 Balance, February 29, 2024 $ — $ — $ 117,373 $ 4,057 $ 262,157 $ 383,587 __________________________________ (1) Measurement period adjustments related to the 2023 acquisitions which impacted the amount of goodwill originally reported. The Company evaluated impairment indicators for the previous reporting units immediately prior to the change in reportable segments and concluded there were no indicators of impairment. Immediately after the change in reportable segments, the Company performed qualitative tests for five reporting units consisting of $285.0 million of goodwill and quantitative tests for three reporting units consisting of $100.8 million of goodwill. The results of the qualitative and quantitative tests indicated it was more likely than not that the fair value of all reporting units with goodwill exceeded their carrying values. Other indefinite-lived intangible assets consisted of the following: (in thousands) February 29, 2024 August 31, 2023 Trade names $ 54,057 $ 54,056 In-process research and development 2,400 2,400 Non-compete agreements 750 750 Total $ 57,207 $ 57,206 The change in the balance of intangible assets with indefinite lives from August 31, 2023 to February 29, 2024 was due to foreign currency translation adjustments. Other intangible assets subject to amortization are detailed in the following table: February 29, 2024 August 31, 2023 (in thousands) Gross Accumulated Amortization Net Gross Accumulated Amortization Net Developed technologies $ 151,509 $ 34,603 $ 116,906 $ 150,445 $ 25,228 $ 125,217 Customer relationships 74,593 11,835 62,758 74,582 7,606 66,976 Patents 7,203 6,057 1,146 7,203 5,570 1,633 Perpetual lease rights 6,181 978 5,203 5,984 910 5,074 Trade names 3,309 1,300 2,009 3,287 1,129 2,158 Non-compete agreements 2,300 1,680 620 2,300 1,502 798 Other 224 128 96 224 125 99 Total $ 245,319 $ 56,581 $ 188,738 $ 244,025 $ 42,070 $ 201,955 The foreign currency translation adjustments for intangible assets subject to amortization were immaterial for all periods presented above. Amortization expense for intangible assets was $7.0 million and $14.5 million in the three and six months ended February 29, 2024, respectively, of which $4.7 million and $9.4 million, respectively, was recorded in cost of goods sold and $2.3 million and $5.1 million, respectively, was recorded in selling, general and administrative ("SG&A") expenses in the condensed consolidated statements of earnings. Amortization expense for intangible assets was $6.2 million and $12.3 million in the three and six months ended February 28, 2023, respectively, of which $4.7 million and $9.3 million, respectively, was recorded in cost of goods sold and $1.5 million and $3.0 million, respectively, was recorded in SG&A expenses in the condensed consolidated statements of earnings. Estimated amounts of amortization expense for intangible assets for the next five years are as follows: (in thousands) Remainder of 2024 $ 13,812 2025 26,568 2026 25,345 2027 25,248 2028 23,521

CREDIT ARRANGEMENTS (Tables)

CREDIT ARRANGEMENTS (Tables)	6 Months Ended
	Feb. 29, 2024
Debt Disclosure [Abstract]
Long-term debt, including the deferred gain from the termination of the interest rate swaps	Long-term debt was as follows: (in thousands) Weighted Average Interest Rate as of February 29, 2024 February 29, 2024 August 31, 2023 2030 Notes 4.125% $ 300,000 $ 300,000 2031 Notes 3.875% 300,000 300,000 2032 Notes 4.375% 300,000 300,000 Series 2022 Bonds, due 2047 4.000% 145,060 145,060 Short-term borrowings (1) 378 8,419 Other 4.547% 15,861 16,042 Finance leases 5.092% 109,911 95,470 Total debt 1,171,210 1,164,991 Less unamortized debt issuance costs (13,956) (14,840) Plus unamortized bond premium 4,550 4,646 Total amounts outstanding 1,161,804 1,154,797 Less current maturities of long-term debt and short-term borrowings (35,588) (40,513) Long-term debt $ 1,126,216 $ 1,114,284 __________________________________ (1) The weighted average interest rate of short-term borrowings as of February 29, 2024 and August 31, 2023 was 6.790% and 7.800%, respectively.

DERIVATIVES (Tables)

DERIVATIVES (Tables)	3 Months Ended	6 Months Ended
	Feb. 29, 2024	Feb. 29, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Commodity contract commitments		The following table provides information regarding the Company's commodity contract commitments at February 29, 2024: Commodity Position Total Aluminum Long 2,750 MT Aluminum Short 1,550 MT Copper Long 442 MT Copper Short 10,455 MT Electricity Long 3,204,000 MW(h) Natural Gas Long 4,830,600 MMBtu __________________________________ MT = Metric ton MW(h) = Megawatt hour MMBtu = Metric Million British thermal unit
Schedule of Derivatives Instruments Statements of Financial Performance and Financial Position, Location	The following table summarizes the location and amounts of the fair value of the Company's derivative instruments reported in the condensed consolidated balance sheets: (in thousands) Primary Location February 29, 2024 August 31, 2023 Derivative assets: Commodity Prepaid and other current assets $ 7,410 $ 11,427 Commodity Other noncurrent assets 79,859 184,261 Foreign exchange Prepaid and other current assets 951 1,898 Derivative liabilities: Commodity Accrued expenses and other payables $ 5,124 $ 2,983 Commodity Other noncurrent liabilities 1,055 1,085 Foreign exchange Accrued expenses and other payables 2,199 2,566 The decrease in fair value of the Company's commodity derivatives reported within other noncurrent assets is primarily due to the decrease in the value of a significant input used to measure the fair value of the Company's Level 3 commodity derivatives at February 29, 2024 as compared to August 31, 2023. See Note 9, Fair Value, for further discussion of the measurement of the fair value of the Company's Level 3 commodity derivatives.
Derivative instruments, gain (loss)		The following table summarizes activities related to the Company's derivatives not designated as hedging instruments recognized in the condensed consolidated statements of earnings. All other activity related to the Company's derivatives not designated as hedging instruments was immaterial for the periods presented. Three Months Ended Six Months Ended Gain (Loss) on Derivatives Not Designated as Hedging Instruments (in thousands) Primary Location February 29, 2024 February 28, 2023 February 29, 2024 February 28, 2023 Commodity Cost of goods sold $ 782 $ (5,995) $ 710 $ (9,080) Foreign exchange SG&A expenses 443 2,947 3,982 6,409 The following tables summarize activities related to the Company's derivatives designated as cash flow hedging instruments recognized in the condensed consolidated statements of comprehensive income and condensed consolidated statements of earnings. Amounts presented do not include the effects of foreign currency translation adjustments. Three Months Ended Six Months Ended Effective Portion of Derivatives Designated as Cash Flow Hedging Instruments Recognized in OCI, Net of Income Taxes (in thousands) February 29, 2024 February 28, 2023 February 29, 2024 February 28, 2023 Commodity $ (47,932) $ 23,950 $ (90,884) $ 91,989 Foreign exchange 8 7 15 13 Three Months Ended Six Months Ended Gain on Derivatives Designated as Cash Flow Hedging Instruments Reclassified from AOCI into Net Earnings (in thousands) Primary Location February 29, 2024 February 28, 2023 February 29, 2024 February 28, 2023 Commodity Cost of goods sold $ 136 $ 1,011 $ 1,901 $ 9,616 Foreign exchange SG&A expenses 61 59 122 120

FAIR VALUE (Tables)

FAIR VALUE (Tables)	6 Months Ended
	Feb. 29, 2024
Fair Value Disclosures [Abstract]
Financial assets and financial liabilities measured at fair value on a recurring basis	The following table summarizes 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) Total Quoted Prices in Significant Other Significant As of February 29, 2024: Assets: Investment deposit accounts (1) $ 508,855 $ 508,855 $ — $ — Commodity derivative assets (2) 87,269 952 — 86,317 Foreign exchange derivative assets (2) 951 — 951 — Liabilities: Commodity derivative liabilities (2) 6,179 6,179 — — Foreign exchange derivative liabilities (2) 2,199 — 2,199 — As of August 31, 2023: Assets: Investment deposit accounts (1) $ 508,227 $ 508,227 $ — $ — Commodity derivative assets (2) 195,689 1,264 — 194,425 Foreign exchange derivative assets (2) 1,898 — 1,898 — Liabilities: Commodity derivative liabilities (2) 4,068 4,068 — — Foreign exchange derivative liabilities (2) 2,566 — 2,566 — __________________________________ (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 New York Mercantile Exchange. Amounts in Level 2 are based on broker quotes in the over-the-counter market. Derivatives classified as Level 3 are described below. Further discussion regarding the Company's use of derivative instruments is included in Note 8, Derivatives. The fair value estimate of the Level 3 commodity derivatives are based on internally developed discounted cash flow models primarily utilizing unobservable inputs for which there is little or no market data. The Company forecasts future energy rates using a range of historical prices (the "floating rate"), which is the only significant unobservable input used in the Company's discounted cash flow models. Significantly higher or lower floating rates could have resulted in a material difference in the fair value measurement. The following table summarizes the range of floating rates used to measure the fair value of the Level 3 commodity derivatives at February 29, 2024 and August 31, 2023, which are applied uniformly across each of our Level 3 commodity derivatives: Floating rate (PLN) Low High Average February 29, 2024 334 574 468 August 31, 2023 480 855 630
Fair value, net derivative asset (liability) measured on recurring basis, unobservable input reconciliation	Below is a reconciliation of the beginning and ending balances of the Level 3 commodity derivatives recognized in the condensed consolidated statements of comprehensive income. The fluctuation in energy rates over time causes volatility in the fair value estimates and is the primary reason for unrealized gains and losses included in OCI in the three and six months ended February 29, 2024 and February 28, 2023, respectively. (in thousands) Three Months Ended February 29, 2024 Balance, December 1, 2023 $ 144,357 Total activity, realized and unrealized: Unrealized holding loss before reclassification (1) (56,481) Reclassification for gain included in net earnings (2) (1,559) Balance, February 29, 2024 $ 86,317 (in thousands) Six Months Ended February 29, 2024 Balance, September 1, 2023 $ 194,425 Total activity, realized and unrealized: Unrealized holding loss before reclassification (1) (103,758) Reclassification for gain included in net earnings (2) (4,350) Balance, February 29, 2024 $ 86,317 (in thousands) Three Months Ended February 28, 2023 Balance, December 1, 2022 $ 241,466 Total activity, realized and unrealized: Unrealized holding gain before reclassification (1) 40,085 Reclassification for gain included in net earnings (2) (709) Balance, February 28, 2023 $ 280,842 (in thousands) Six Months Ended February 28, 2023 Balance, September 1, 2022 $ 143,500 Total activity, realized and unrealized: Unrealized holding gain before reclassification (1) 144,282 Reclassification for gain included in net earnings (2) (6,940) Balance, February 28, 2023 $ 280,842 __________________________________ (1) Unrealized holding gain (loss), net of foreign currency translation, less amounts reclassified are included in net unrealized gain (loss) on derivatives in the condensed consolidated statements of comprehensive income. (2) Gains included in net earnings are recorded in cost of goods sold in the condensed consolidated statements of earnings.

STOCK-BASED COMPENSATION PLANS

STOCK-BASED COMPENSATION PLANS (Tables)	6 Months Ended
	Feb. 29, 2024
Share-Based Payment Arrangement [Abstract]
Share-Based Payment Arrangement, Restricted Stock Unit, Activity	Information for restricted stock units and performance stock units accounted for as equity awards during the six months ended February 29, 2024 is as follows: Shares Weighted Average Outstanding as of August 31, 2023 1,777,591 $ 37.01 Granted 1,080,837 47.71 Vested (1,235,399) 37.93 Forfeited (26,529) 40.63 Outstanding as of February 29, 2024 1,596,500 $ 43.49
Schedule of Stock-based Compensation Expense	The following table summarizes total stock-based compensation expense, including fair value remeasurements, which was primarily included in SG&A expenses in the Company's condensed consolidated statements of earnings: Three Months Ended Six Months Ended (in thousands) February 29, 2024 February 28, 2023 February 29, 2024 February 28, 2023 Stock-based compensation expense $ 14,988 $ 16,949 $ 23,047 $ 33,624

STOCKHOLDERS_ EQUITY AND EARNIN

STOCKHOLDERS’ EQUITY AND EARNINGS PER SHARE (Tables)	6 Months Ended
	Feb. 29, 2024
Earnings Per Share [Abstract]
Calculations of the basic and diluted earnings per share from continuing operations	The calculations of basic and diluted EPS were as follows: Three Months Ended Six Months Ended (in thousands, except share and per share data) February 29, 2024 February 28, 2023 February 29, 2024 February 28, 2023 Net earnings $ 85,847 $ 179,849 $ 262,120 $ 441,623 Average basic shares outstanding 116,396,530 117,224,517 116,584,235 117,249,266 Effect of dilutive securities 1,127,583 1,498,742 1,467,014 1,735,832 Average diluted shares outstanding 117,524,113 118,723,259 118,051,249 118,985,098 Earnings per share: Basic $ 0.74 $ 1.53 $ 2.25 $ 3.77 Diluted 0.73 1.51 2.22 3.71

BUSINESS SEGMENTS (Tables)

BUSINESS SEGMENTS (Tables)	6 Months Ended
	Feb. 29, 2024
Segment Reporting [Abstract]
Summary of certain financial information from continuing operations by reportable segment	The following is a summary of certain financial information by reportable segment and Corporate and Other, as applicable:
Reconciliations of earnings from continuing operations to adjusted operating profit	The following table presents a reconciliation of net earnings to adjusted EBITDA from the reportable segments: Three Months Ended Six Months Ended (in thousands) February 29, 2024 February 28, 2023 February 29, 2024 February 28, 2023 Net earnings $ 85,847 $ 179,849 $ 262,120 $ 441,623 Interest expense 11,878 9,945 23,634 22,990 Income taxes 31,072 55,641 79,494 132,366 Depreciation and amortization 68,299 51,216 137,485 102,399 Asset impairments 4 36 4 45 Corporate and Other expenses 34,512 15,573 65,499 55,298 Adjusted EBITDA reportable segments $ 231,612 $ 312,260 $ 568,236 $ 754,721
Net sales by major product	The following tables display revenue by reportable segment and Corporate and Other from external customers, disaggregated by major product: Three Months Ended February 29, 2024 (in thousands) North America Steel Group Europe Steel Group Emerging Businesses Group Corporate and Other Total Major product: Raw materials $ 325,006 $ 4,137 $ — $ — $ 329,143 Steel products 612,308 158,180 — — 770,488 Downstream products 513,253 23,517 40,507 — 577,277 Construction products — — 65,467 — 65,467 Ground stabilization solutions — — 45,135 — 45,135 Other 35,635 6,666 4,885 13,591 60,777 Net sales from external customers 1,486,202 192,500 155,994 13,591 1,848,287 Intersegment net sales, eliminated on consolidation 18,904 1,058 7,453 (27,415) — Net sales $ 1,505,106 $ 193,558 $ 163,447 $ (13,824) $ 1,848,287 Six Months Ended February 29, 2024 (in thousands) North America Steel Group Europe Steel Group Emerging Businesses Group Corporate and Other Total Major product: Raw materials $ 638,661 $ 7,851 $ — $ — $ 646,512 Steel products 1,270,068 333,712 — — 1,603,780 Downstream products 1,090,255 62,145 78,053 — 1,230,453 Construction products — — 143,226 — 143,226 Ground stabilization solutions — — 102,458 — 102,458 Other 79,868 13,967 9,496 21,578 124,909 Net sales from external customers 3,078,852 417,675 333,233 21,578 3,851,338 Intersegment net sales, eliminated on consolidation 38,541 1,634 12,240 (52,415) — Net sales $ 3,117,393 $ 419,309 $ 345,473 $ (30,837) $ 3,851,338 Three Months Ended February 28, 2023 (in thousands) North America Steel Group Europe Steel Group Emerging Businesses Group Corporate and Other Total Major product: Raw materials $ 317,807 $ 4,894 $ — $ — $ 322,701 Steel products 628,806 272,607 — — 901,413 Downstream products 515,492 50,128 25,530 — 591,150 Construction products — — 75,431 — 75,431 Ground stabilization solutions — — 48,914 — 48,914 Other (1) 41,669 9,931 3,723 23,071 78,394 Net sales from external customers 1,503,774 337,560 153,598 23,071 2,018,003 Intersegment net sales, eliminated on consolidation 21,713 663 7,146 (29,522) — Net sales $ 1,525,487 $ 338,223 $ 160,744 $ (6,451) $ 2,018,003 Six Months Ended February 28, 2023 (in thousands) North America Steel Group Europe Steel Group Emerging Businesses Group Corporate and Other Total Major product: Raw materials $ 611,127 $ 9,761 $ — $ — $ 620,888 Steel products 1,332,400 584,543 — — 1,916,943 Downstream products 1,134,459 109,710 50,338 — 1,294,507 Construction products — — 158,998 — 158,998 Ground stabilization solutions — — 107,993 — 107,993 Other (1) 89,949 20,049 6,803 29,186 145,987 Net sales from external customers 3,167,935 724,063 324,132 29,186 4,245,316 Intersegment net sales, eliminated on consolidation 47,567 1,195 15,924 (64,686) — Net sales $ 3,215,502 $ 725,258 $ 340,056 $ (35,500) $ 4,245,316 _______________________________ (1) Other revenue during the three and six months ended February 28, 2023 includes $17.7 million derived from the Company's NMTC transactions. See Note 9, New Markets Tax Credit Transactions, to the consolidated financial statements in the 2023 Form 10-K for further information.

ACCUMULATED OTHER COMPREHENSI_3

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (AOCI by Components) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Feb. 29, 2024	Feb. 28, 2023	Feb. 29, 2024	Feb. 28, 2023
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance	$ (24,738)	$ (10,189)	$ (3,778)	$ (114,451)
Other comprehensive income (loss) before reclassifications(1)	(46,592)	35,548	(66,053)	146,780
Reclassification for gain(2)	(189)	(863)	(1,688)	(7,833)
Total other comprehensive income (loss), net of income taxes	(46,781)	34,685	(67,741)	138,947
Ending balance	(71,519)	24,496	(71,519)	24,496
Other comprehensive income, before reclassifications from derivatives, tax expense	11,300	(5,400)	21,400	(21,200)
Foreign Currency Translation
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance	(102,552)	(204,468)	(126,045)	(245,897)
Other comprehensive income (loss) before reclassifications(1)	1,341	11,628	24,834	53,057
Reclassification for gain(2)	0	0	0	0
Total other comprehensive income (loss), net of income taxes	1,341	11,628	24,834	53,057
Ending balance	(101,211)	(192,840)	(101,211)	(192,840)
Derivatives
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance	90,813	199,317	135,257	138,242
Other comprehensive income (loss) before reclassifications(1)	(47,924)	23,957	(90,869)	92,002
Reclassification for gain(2)	(189)	(863)	(1,688)	(7,833)
Total other comprehensive income (loss), net of income taxes	(48,113)	23,094	(92,557)	84,169
Ending balance	42,700	222,411	42,700	222,411
Defined Benefit Pension Plans
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance	(12,999)	(5,038)	(12,990)	(6,796)
Other comprehensive income (loss) before reclassifications(1)	(9)	(37)	(18)	1,721
Reclassification for gain(2)	0	0	0	0
Total other comprehensive income (loss), net of income taxes	(9)	(37)	(18)	1,721
Ending balance	$ (13,008)	$ (5,075)	$ (13,008)	$ (5,075)

REVENUE RECOGNITION - Revenue R

REVENUE RECOGNITION - Revenue Recognition Method (Details) - North America Steel Group - Recognized over Time	3 Months Ended		6 Months Ended
	Feb. 29, 2024	Feb. 28, 2023	Feb. 29, 2024	Feb. 28, 2023
Fabricated Product and Installation Services
Disaggregation of Revenue [Line Items]
Contract as percent of total segment revenue (percent)			8%
Fabricated Product without Installation Services
Disaggregation of Revenue [Line Items]
Contract as percent of total segment revenue (percent)	10%	1,200%	11%	1,300%

REVENUE RECOGNITION - Contract

REVENUE RECOGNITION - Contract Assets and Contract Liabilities (Details) - USD ($) $ in Thousands	Feb. 29, 2024	Aug. 31, 2023
Revenue from Contract with Customer [Abstract]
Contract assets (included in other current assets)	$ 61,044	$ 67,641
Contract liabilities (included in accrued expenses and other payables)	$ 26,047	$ 28,377

REVENUE RECOGNITION - Additiona

REVENUE RECOGNITION - Additional Information (Details) $ in Millions	6 Months Ended
	Feb. 29, 2024 USD ($)
Revenue from Contract with Customer [Abstract]
Revenue reclassified from contract liabilities	$ 23.4
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation	$ 1,100
Remaining performance obligation (percent)	80%
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-03-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period	12 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-03-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period	12 months

INVENTORIES, NET (Details)

INVENTORIES, NET (Details) - USD ($) $ in Thousands	Feb. 29, 2024	Aug. 31, 2023
Inventory Disclosure [Abstract]
Raw materials	$ 306,681	$ 261,619
Work in process	5,884	6,844
Finished goods	837,882	767,119
Total	$ 1,150,447	$ 1,035,582

INVENTORIES, NET - Narrative (D

INVENTORIES, NET - Narrative (Details) - USD ($) $ in Thousands	6 Months Ended
	Feb. 29, 2024	Feb. 28, 2023
Inventory Disclosure [Abstract]
Write-down of inventory	$ 10,392	$ 5,532

GOODWILL AND OTHER INTANGIBLE_2

GOODWILL AND OTHER INTANGIBLES (Changes in the Carrying Amount of Goodwill) (Details) - USD ($) $ in Thousands	6 Months Ended
	Feb. 29, 2024	Aug. 31, 2023
Goodwill [Roll Forward]
Goodwill, gross, beginning balance	$ 396,002
Segment reassignment	0
Acquisition adjustments(1)	(2,305)
Foreign currency translation	(76)
Goodwill, gross, ending balance	393,773
Accumulated impairment losses, beginning balance	10,181
Segment reassignment	0
Accumulated impairment, foreign currency translation	(5)
Accumulated impairment losses, ending balance	10,186
Goodwill, net, beginning balance	385,821
Segment reassignment	0
Foreign currency translation	71
Goodwill, net, ending balance	383,587
North America
Goodwill [Roll Forward]
Goodwill, gross, beginning balance	351,441
Segment reassignment	(351,441)
Foreign currency translation	0
Goodwill, gross, ending balance	0
Accumulated impairment losses, beginning balance	10,036
Segment reassignment		$ (10,036)
Accumulated impairment, foreign currency translation	0
Accumulated impairment losses, ending balance	0
Goodwill, net, beginning balance	341,405
Segment reassignment	(341,405)
Foreign currency translation	0
Goodwill, net, ending balance	0
Europe
Goodwill [Roll Forward]
Goodwill, gross, beginning balance	44,561
Segment reassignment	(44,561)
Foreign currency translation	0
Goodwill, gross, ending balance	0
Accumulated impairment losses, beginning balance	145
Segment reassignment		$ (145)
Accumulated impairment, foreign currency translation	0
Accumulated impairment losses, ending balance	0
Goodwill, net, beginning balance	44,416
Segment reassignment	(44,416)
Foreign currency translation	0
Goodwill, net, ending balance	0
North America Steel Group
Goodwill [Roll Forward]
Goodwill, gross, beginning balance	0
Segment reassignment	126,915
Foreign currency translation	0
Goodwill, gross, ending balance	126,915
Accumulated impairment losses, beginning balance	0
Segment reassignment	(9,542)
Accumulated impairment, foreign currency translation	0
Accumulated impairment losses, ending balance	9,542
Goodwill, net, beginning balance	0
Segment reassignment	117,373
Foreign currency translation	0
Goodwill, net, ending balance	117,373
Europe Steel Group
Goodwill [Roll Forward]
Goodwill, gross, beginning balance	0
Segment reassignment	4,075
Foreign currency translation	(133)
Goodwill, gross, ending balance	4,208
Accumulated impairment losses, beginning balance	0
Segment reassignment	(146)
Accumulated impairment, foreign currency translation	(5)
Accumulated impairment losses, ending balance	151
Goodwill, net, beginning balance	0
Segment reassignment	3,929
Foreign currency translation	128
Goodwill, net, ending balance	4,057
Emerging Businesses Group
Goodwill [Roll Forward]
Goodwill, gross, beginning balance	0
Segment reassignment	265,012
Acquisition adjustments(1)	(2,305)
Foreign currency translation	57
Goodwill, gross, ending balance	262,650
Accumulated impairment losses, beginning balance	0
Segment reassignment	(493)
Accumulated impairment, foreign currency translation	0
Accumulated impairment losses, ending balance	493
Goodwill, net, beginning balance	0
Segment reassignment	264,519
Foreign currency translation	(57)
Goodwill, net, ending balance	$ 262,157

GOODWILL AND OTHER INTANGIBLE_3

GOODWILL AND OTHER INTANGIBLES - Schedule of Intangible Assets (Details) - USD ($) $ in Thousands	Feb. 29, 2024	Aug. 31, 2023
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 245,319	$ 244,025
Accumulated Amortization	56,581	42,070
Net	188,738	201,955
Patents
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	7,203	7,203
Accumulated Amortization	6,057	5,570
Net	1,146	1,633
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	74,593	74,582
Accumulated Amortization	11,835	7,606
Net	62,758	66,976
Developed technologies
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	151,509	150,445
Accumulated Amortization	34,603	25,228
Net	116,906	125,217
Perpetual lease rights
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	6,181	5,984
Accumulated Amortization	978	910
Net	5,203	5,074
Trade names
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	3,309	3,287
Accumulated Amortization	1,300	1,129
Net	2,009	2,158
Non-compete agreements
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	2,300	2,300
Accumulated Amortization	1,680	1,502
Net	620	798
Other
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	224	224
Accumulated Amortization	128	125
Net	$ 96	$ 99

GOODWILL AND OTHER INTANGIBLE_4

GOODWILL AND OTHER INTANGIBLES - Schedule of Indefinite Lived Assets (Details) - USD ($) $ in Thousands	Feb. 29, 2024	Aug. 31, 2023
Indefinite-Lived Intangible Assets [Line Items]
Indefinite-Lived Intangible Assets (Excluding Goodwill)	$ 57,207	$ 57,206
Trade names
Indefinite-Lived Intangible Assets [Line Items]
Indefinite-Lived Intangible Assets (Excluding Goodwill)	54,057	54,056
In Process Research and Development
Indefinite-Lived Intangible Assets [Line Items]
Indefinite-Lived Intangible Assets (Excluding Goodwill)	2,400	2,400
Non-compete agreements
Indefinite-Lived Intangible Assets [Line Items]
Indefinite-Lived Intangible Assets (Excluding Goodwill)	$ 750	$ 750

GOODWILL AND OTHER INTANGIBLE_5

GOODWILL AND OTHER INTANGIBLES (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Feb. 29, 2024	Feb. 28, 2023	Feb. 29, 2024	Feb. 28, 2023
Business Acquisition [Line Items]
Goodwill Subject To Qualitive Testing	$ 285		$ 285
Goodwill Subject To Quantitative Testing	100.8		100.8
Amortization	7	$ 6.2	14.5	$ 12.3
Amortization in cost of goods sold	4.7	4.7	9.4	9.3
Amortization in selling, general and administrative expense	$ 2.3	$ 1.5	$ 5.1	$ 3

GOODWILL AND OTHER INTANGIBLE_6

GOODWILL AND OTHER INTANGIBLES - Schedule of Finite-Lived Intangible Assets Estimated Remaining Amortization Expense (Details) $ in Thousands	Feb. 29, 2024 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
Remainder of 2024	$ 13,812
2025	26,568
2026	25,345
2027	25,248
2028	$ 23,521

CREDIT ARRANGEMENTS (Schedule o

CREDIT ARRANGEMENTS (Schedule of Long-term Debt) (Details) - USD ($) $ in Thousands	Feb. 29, 2024	Aug. 31, 2023
Debt Instrument [Line Items]
Total debt	$ 1,171,210	$ 1,164,991
Less debt issuance costs	(13,956)	(14,840)
Total amounts outstanding	1,161,804	1,154,797
Less current maturities of long-term debt	(35,588)	(40,513)
Long-term debt	$ 1,126,216	1,114,284
2030 Notes
Debt Instrument [Line Items]
Weighted average interest rate	4.125%
Total debt	$ 300,000	300,000
2031 Notes
Debt Instrument [Line Items]
Weighted average interest rate	3.875%
Total debt	$ 300,000	300,000
2032 Notes
Debt Instrument [Line Items]
Weighted average interest rate	4.375%
Total debt	$ 300,000	300,000
Series 2022 Bonds, due 2047
Debt Instrument [Line Items]
Weighted average interest rate	4%
Total debt	$ 145,060	145,060
Plus unamortized bond premium	$ 4,550	$ 4,646
Short-term borrowings
Debt Instrument [Line Items]
Weighted average interest rate, short term	6.79%	7.80%
Total debt	$ 378	$ 8,419
Other
Debt Instrument [Line Items]
Weighted average interest rate	4.547%
Total debt	$ 15,861	16,042
Finance leases
Debt Instrument [Line Items]
Weighted average interest rate	5.092%
Total debt	$ 109,911	$ 95,470

CREDIT ARRANGEMENTS (Narrative)

CREDIT ARRANGEMENTS (Narrative) (Details) zł in Millions	3 Months Ended		6 Months Ended
	Feb. 29, 2024 USD ($)	Feb. 28, 2023 USD ($)	Feb. 29, 2024 USD ($)	Feb. 28, 2023 USD ($)	Feb. 29, 2024 PLN (zł)	Aug. 31, 2023 USD ($)	Aug. 31, 2023 PLN (zł)
Debt Instrument [Line Items]
Capitalized interest	$ 1,200,000	$ 5,400,000	$ 2,400,000	$ 10,000,000
CMCP
Debt Instrument [Line Items]
Revolving credit facility current borrowing capacity	150,200,000		150,200,000		zł 600	$ 145,400,000
Revolving credit facility, amount drawn	0		0			0
Poland Program
Debt Instrument [Line Items]
Transfer of accounts receivable program limit	72,100,000		72,100,000		zł 288	69,800,000
Advances outstanding under transfer of receivables programs						8,400,000	zł 34.7
Standby Letters of Credit
Debt Instrument [Line Items]
Stand by letters of credit outstanding amount	900,000		900,000
Poland Term Loan | CMCP
Debt Instrument [Line Items]
Stand by letters of credit outstanding amount	1,500,000		1,500,000			$ 16,300,000
Line of Credit | Revolving credit facility
Debt Instrument [Line Items]
Face amount of debt	600,000,000		600,000,000
Line of Credit | Secured Debt | Senior Secured Term Loan Facility
Debt Instrument [Line Items]
Face amount of debt	$ 200,000,000		$ 200,000,000

DERIVATIVES (Narrative) (Detail

DERIVATIVES (Narrative) (Details) - USD ($) $ in Millions	6 Months Ended
	Feb. 29, 2024	Aug. 31, 2023
Derivative [Line Items]
Cash flow hedging instruments expected to be reclassified into earnings within the next twelve months	$ 2.7
Foreign exchange
Derivative [Line Items]
Derivative notional amount	233.6	$ 221.4
Commodity
Derivative [Line Items]
Derivative notional amount	$ 478.9	$ 456.4

DERIVATIVES (Commodity Contract

DERIVATIVES (Commodity Contract Commitments) (Details) MWh in Thousands	6 Months Ended
	Feb. 29, 2024 MMBTU MWh t
Aluminum | Long
Derivative [Line Items]
Commodity contract commitments	2,750
Aluminum | Short
Derivative [Line Items]
Commodity contract commitments	1,550
Copper | Long
Derivative [Line Items]
Commodity contract commitments	442
Copper | Short
Derivative [Line Items]
Commodity contract commitments	10,455
Electricity | Long
Derivative [Line Items]
Commodity contract commitment, energy | MWh	3,204
Natural Gas | Long
Derivative [Line Items]
Commodity contract commitment, energy | MMBTU	4,830,600

DERIVATIVES - Schedule of Deriv

DERIVATIVES - Schedule of Derivative Location On Balance Sheet (Details) - USD ($) $ in Thousands	Feb. 29, 2024	Aug. 31, 2023
Commodity | Prepaid Expenses and Other Current Assets
Derivatives, Fair Value [Line Items]
Derivative assets (other current assets)	$ 7,410	$ 11,427
Commodity | Other Noncurrent Assets
Derivatives, Fair Value [Line Items]
Derivative assets (other current assets)	79,859	184,261
Commodity | Accounts Payable and Accrued Liabilities
Derivatives, Fair Value [Line Items]
Derivative liabilities (accrued expenses and other payables)	5,124	2,983
Commodity | Other Noncurrent Liabilities
Derivatives, Fair Value [Line Items]
Derivative liabilities (accrued expenses and other payables)	1,055	1,085
Foreign exchange | Prepaid Expenses and Other Current Assets
Derivatives, Fair Value [Line Items]
Derivative assets (other current assets)	951	1,898
Foreign exchange | Accounts Payable and Accrued Liabilities
Derivatives, Fair Value [Line Items]
Derivative liabilities (accrued expenses and other payables)	$ 2,199	$ 2,566

DERIVATIVES (Derivatives Not De

DERIVATIVES (Derivatives Not Designated as Hedging Instruments) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Feb. 29, 2024	Feb. 28, 2023	Feb. 29, 2024	Feb. 28, 2023
Derivative Instruments, Gain (Loss) [Line Items]
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification, after Tax	$ (47,924)	$ 23,957	$ (90,869)	$ 92,002
Commodity
Derivative Instruments, Gain (Loss) [Line Items]
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification, after Tax	(47,932)	23,950	(90,884)	91,989
Commodity | Cost of goods sold
Derivative Instruments, Gain (Loss) [Line Items]
Gain (Loss) on Derivatives Not Designated as Hedging Instruments (in thousands)	782	(5,995)	710	(9,080)
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, before Tax	136	1,011	1,901	9,616
Foreign exchange
Derivative Instruments, Gain (Loss) [Line Items]
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification, after Tax	8	7	15	13
Foreign exchange | SG&A expenses
Derivative Instruments, Gain (Loss) [Line Items]
Gain (Loss) on Derivatives Not Designated as Hedging Instruments (in thousands)	443	2,947	3,982	6,409
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, before Tax	$ 61	$ 59	$ 122	$ 120

FAIR VALUE (Financial Assets an

FAIR VALUE (Financial Assets and Financial Liabilities Measured at Fair Value on Recurring Basis) (Details) - USD ($)	Feb. 29, 2024	Aug. 31, 2023	Feb. 28, 2023
Significant Unobservable Inputs (Level 3) | Minimum | Commodity | Valuation Technique, Discounted Cash Flow
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Energy floating rate	$ 334		$ 480
Significant Unobservable Inputs (Level 3) | Maximum | Commodity | Valuation Technique, Discounted Cash Flow
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Energy floating rate	574		855
Significant Unobservable Inputs (Level 3) | Average | Commodity | Valuation Technique, Discounted Cash Flow
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Energy floating rate	468		$ 630
Fair value, measurements, recurring | Money market investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Money market investments	508,855,000	$ 508,227,000
Fair value, measurements, recurring | Commodity
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	87,269,000	195,689,000
Derivative liabilities	6,179,000	4,068,000
Fair value, measurements, recurring | Foreign exchange
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	951,000	1,898,000
Derivative liabilities	2,199,000	2,566,000
Fair value, measurements, recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | Money market investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Money market investments	508,855,000	508,227,000
Fair value, measurements, recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | Commodity
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	952,000	1,264,000
Derivative liabilities	6,179,000	4,068,000
Fair value, measurements, recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | Foreign exchange
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	0	0
Derivative liabilities	0	0
Fair value, measurements, recurring | Significant Other Observable Inputs (Level 2) | Money market investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Money market investments	0	0
Fair value, measurements, recurring | Significant Other Observable Inputs (Level 2) | Commodity
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	0	0
Derivative liabilities	0	0
Fair value, measurements, recurring | Significant Other Observable Inputs (Level 2) | Foreign exchange
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	951,000	1,898,000
Derivative liabilities	2,199,000	2,566,000
Fair value, measurements, recurring | Significant Unobservable Inputs (Level 3) | Money market investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Money market investments	0	0
Fair value, measurements, recurring | Significant Unobservable Inputs (Level 3) | Commodity
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	86,317,000	194,425,000
Derivative liabilities	0	0
Fair value, measurements, recurring | Significant Unobservable Inputs (Level 3) | Foreign exchange
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	0	0
Derivative liabilities	$ 0	$ 0

Fair Value (Reconciliation of C

Fair Value (Reconciliation of Commodity Derivative Recognized in Other Comprehensive Income) (Details) - Commodity - Significant Unobservable Inputs (Level 3) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Feb. 29, 2024	Feb. 28, 2023	Feb. 29, 2024	Feb. 28, 2023
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	$ 144,357	$ 241,466	$ 194,425	$ 143,500
Unrealized holding gain before reclassification	(56,481)	40,085	(103,758)	144,282
Reclassification for gain included in net earnings	(1,559)	(709)	(4,350)	(6,940)
Ending balance	$ 86,317	$ 280,842	$ 86,317	$ 280,842

FAIR VALUE - Narrative (Details

FAIR VALUE - Narrative (Details) - USD ($) $ in Millions	Feb. 29, 2024	Aug. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-Term Debt	$ 1,000	$ 1,000
Significant Other Observable Inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-Term Debt	$ 935.6	$ 900.9

STOCK-BASED COMPENSATION PLAN_2

STOCK-BASED COMPENSATION PLANS (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Feb. 29, 2024	Feb. 28, 2022	Feb. 29, 2024	Feb. 28, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period in years			3 years
Stock-based compensation	$ 14,988	$ 16,949	$ 23,047	$ 33,624
Liability method awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares granted			188,453
Equivalent shares outstanding	460,093		460,093
Equivalent shares expected to vest	437,088		437,088

STOCK-BASED COMPENSATION PLAN_3

STOCK-BASED COMPENSATION PLANS - Restricted Stock Unit Activity (Details) - Restricted Stock Units (RSUs)	6 Months Ended
	Feb. 29, 2024 $ / shares shares
Shares
Beginning balance (in shares) | shares	1,777,591
Granted (in shares) | shares	1,080,837
Vested (in shares) | shares	(1,235,399)
Forfeited (in shares) | shares	(26,529)
Ending balance (in shares) | shares	1,596,500
Weighted Average Fair Value
Beginning balance (in dollars per share) | $ / shares	$ 37.01
Granted (in dollars per share) | $ / shares	47.71
Vested (in dollars per share) | $ / shares	37.93
Forfeited (in dollars per share) | $ / shares	40.63
Ending balance (in dollars per share) | $ / shares	$ 43.49

STOCKHOLDERS EQUITY AND EARNI_2

STOCKHOLDERS EQUITY AND EARNINGS PER SHARE (Calculations of the Basic and Diluted Earnings Per Share) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Feb. 29, 2024	Feb. 28, 2023	Feb. 29, 2024	Feb. 28, 2023
Earnings Per Share [Abstract]
Net earnings	$ 85,847	$ 179,849	$ 262,120	$ 441,623
Average basic shares outstanding (shares)	116,396,530	117,224,517	116,584,235	117,249,266
Effect of dilutive securities (shares)	1,127,583	1,498,742	1,467,014	1,735,832
Average diluted shares outstanding (shares)	117,524,113	118,723,259	118,051,249	118,985,098
Earnings per share:
Basic (in USD per share)	$ 0.74	$ 1.53	$ 2.25	$ 3.77
Diluted (in USD per share)	$ 0.73	$ 1.51	$ 2.22	$ 3.71

STOCKHOLDERS EQUITY AND EARNI_3

STOCKHOLDERS EQUITY AND EARNINGS PER SHARE (Narrative) (Details) - USD ($)	3 Months Ended	6 Months Ended
	Feb. 29, 2024	Feb. 29, 2024	Jan. 31, 2024	Oct. 31, 2021
Earnings Per Share [Abstract]
Stock repurchase program, authorized amount				$ 350,000,000
Stock repurchase program, authorized increase			$ 500,000,000
Treasury stock acquired, shares	945,205	1,566,848
Treasury stock acquired (in dollars per share)	$ 50.72	$ 48.73
Stock repurchase program, remaining authorized repurchase amount	$ 510,400,000	$ 510,400,000

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Narrative) (Details) - CERCLA sites - USD ($) $ in Millions	Feb. 29, 2024	Aug. 31, 2023
Loss Contingencies [Line Items]
Accrual for environmental loss contingencies	$ 4.1	$ 4.5
Accrued environmental loss contingencies, noncurrent	$ 1.8	$ 2

BUSINESS SEGMENTS (Narrative) (

BUSINESS SEGMENTS (Narrative) (Details)	6 Months Ended
	Feb. 29, 2024 segments
Segment Reporting [Abstract]
Number of reporting segments	3

BUSINESS SEGMENTS (Summary of C

BUSINESS SEGMENTS (Summary of Certain Financial Information from Continuing Operations by Reportable Segment and Major Product) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Feb. 29, 2024	Feb. 28, 2023	Feb. 29, 2024	Feb. 28, 2023	Aug. 31, 2023
Segment Reporting Information [Line Items]
Net sales	$ 1,848,287	$ 2,018,003	$ 3,851,338	$ 4,245,316
Adjusted EBITDA reportable segments	231,612	312,260	568,236	754,721
Total assets	6,662,265	6,639,094	6,662,265	6,639,094	$ 6,639,094
Unaffiliated Customers
Segment Reporting Information [Line Items]
Net sales			3,851,338	4,245,316
Raw materials
Segment Reporting Information [Line Items]
Net sales	329,143	322,701	646,512	620,888
Steel products
Segment Reporting Information [Line Items]
Net sales	770,488	901,413	1,603,780	1,916,943
Downstream products
Segment Reporting Information [Line Items]
Net sales	577,277	591,150	1,230,453	1,294,507
Construction products
Segment Reporting Information [Line Items]
Net sales	65,467	75,431	143,226	158,998
Ground stabilization solutions
Segment Reporting Information [Line Items]
Net sales	45,135	48,914	102,458	107,993
Other
Segment Reporting Information [Line Items]
Net sales	60,777	78,394	124,909	145,987
North America Steel Group
Segment Reporting Information [Line Items]
Net sales	1,505,106	1,525,487	3,117,393	3,215,502
Europe Steel Group
Segment Reporting Information [Line Items]
Net sales	193,558	338,223	419,309	725,258
Emerging Businesses Group
Segment Reporting Information [Line Items]
Net sales	163,447	160,744	345,473	340,056
Corporate and Other
Segment Reporting Information [Line Items]
Net sales	(13,824)	(6,451)	(30,837)	(35,500)
Segments
Segment Reporting Information [Line Items]
Net sales	1,834,696	1,994,932	3,829,760	4,216,130
Adjusted EBITDA reportable segments	231,612	312,260	568,236	754,721
Total assets	5,829,640	5,968,319	5,829,640	5,968,319
Segments | North America Steel Group
Segment Reporting Information [Line Items]
Net sales	1,486,202	1,503,774	3,078,852	3,167,935
Adjusted EBITDA reportable segments	222,294	274,240	489,114	624,027
Total assets	4,252,618	4,166,521	4,252,618	4,166,521
Segments | North America Steel Group | Unaffiliated Customers
Segment Reporting Information [Line Items]
Net sales			3,078,852	3,167,935
Segments | North America Steel Group | Raw materials
Segment Reporting Information [Line Items]
Net sales	325,006	317,807	638,661	611,127
Segments | North America Steel Group | Steel products
Segment Reporting Information [Line Items]
Net sales	612,308	628,806	1,270,068	1,332,400
Segments | North America Steel Group | Downstream products
Segment Reporting Information [Line Items]
Net sales	513,253	515,492	1,090,255	1,134,459
Segments | North America Steel Group | Construction products
Segment Reporting Information [Line Items]
Net sales	0	0	0	0
Segments | North America Steel Group | Ground stabilization solutions
Segment Reporting Information [Line Items]
Net sales	0	0	0	0
Segments | North America Steel Group | Other
Segment Reporting Information [Line Items]
Net sales	35,635	41,669	79,868	89,949
Segments | Europe Steel Group
Segment Reporting Information [Line Items]
Net sales	192,500	337,560	417,675	724,063
Adjusted EBITDA reportable segments	(8,611)	11,469	30,331	72,717
Total assets	739,354	927,468	739,354	927,468
Segments | Europe Steel Group | Unaffiliated Customers
Segment Reporting Information [Line Items]
Net sales			417,675	724,063
Segments | Europe Steel Group | Raw materials
Segment Reporting Information [Line Items]
Net sales	4,137	4,894	7,851	9,761
Segments | Europe Steel Group | Steel products
Segment Reporting Information [Line Items]
Net sales	158,180	272,607	333,712	584,543
Segments | Europe Steel Group | Downstream products
Segment Reporting Information [Line Items]
Net sales	23,517	50,128	62,145	109,710
Segments | Europe Steel Group | Construction products
Segment Reporting Information [Line Items]
Net sales	0	0	0	0
Segments | Europe Steel Group | Ground stabilization solutions
Segment Reporting Information [Line Items]
Net sales	0	0	0	0
Segments | Europe Steel Group | Other
Segment Reporting Information [Line Items]
Net sales	6,666	9,931	13,967	20,049
Segments | Emerging Businesses Group
Segment Reporting Information [Line Items]
Net sales	155,994	153,598	333,233	324,132
Adjusted EBITDA reportable segments	17,929	26,551	48,791	57,977
Total assets	837,668	874,330	837,668	874,330
Segments | Emerging Businesses Group | Unaffiliated Customers
Segment Reporting Information [Line Items]
Net sales			333,233	324,132
Segments | Emerging Businesses Group | Raw materials
Segment Reporting Information [Line Items]
Net sales	0	0	0	0
Segments | Emerging Businesses Group | Steel products
Segment Reporting Information [Line Items]
Net sales	0	0	0	0
Segments | Emerging Businesses Group | Downstream products
Segment Reporting Information [Line Items]
Net sales	40,507	25,530	78,053	50,338
Segments | Emerging Businesses Group | Construction products
Segment Reporting Information [Line Items]
Net sales	65,467	75,431	143,226	158,998
Segments | Emerging Businesses Group | Ground stabilization solutions
Segment Reporting Information [Line Items]
Net sales	45,135	48,914	102,458	107,993
Segments | Emerging Businesses Group | Other
Segment Reporting Information [Line Items]
Net sales	4,885	3,723	9,496	6,803
Segments | Corporate and Other
Segment Reporting Information [Line Items]
Net sales	13,591	23,071	21,578	29,186
Total assets	832,625	670,775	832,625	670,775
Segments | Corporate and Other | Unaffiliated Customers
Segment Reporting Information [Line Items]
Net sales			21,578	29,186
Segments | Corporate and Other | Raw materials
Segment Reporting Information [Line Items]
Net sales	0	0	0	0
Segments | Corporate and Other | Steel products
Segment Reporting Information [Line Items]
Net sales	0	0	0	0
Segments | Corporate and Other | Downstream products
Segment Reporting Information [Line Items]
Net sales	0	0	0	0
Segments | Corporate and Other | Construction products
Segment Reporting Information [Line Items]
Net sales	0	0	0	0
Segments | Corporate and Other | Ground stabilization solutions
Segment Reporting Information [Line Items]
Net sales	0	0	0	0
Segments | Corporate and Other | Other
Segment Reporting Information [Line Items]
Net sales	13,591	23,071	21,578	29,186
Intersegment | North America Steel Group
Segment Reporting Information [Line Items]
Net sales	18,904	21,713	38,541	47,567
Intersegment | Europe Steel Group
Segment Reporting Information [Line Items]
Net sales	1,058	663	1,634	1,195
Intersegment | Emerging Businesses Group
Segment Reporting Information [Line Items]
Net sales	7,453	7,146	12,240	15,924
Intersegment | Corporate and Other
Segment Reporting Information [Line Items]
Net sales	$ (27,415)	$ (29,522)	$ (52,415)	$ (64,686)

BUSINESS SEGMENTS (Reconciliati

BUSINESS SEGMENTS (Reconciliations of Earnings from Continuing Operations to Adjusted Operating Profit) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Feb. 29, 2024	Feb. 28, 2023	Feb. 29, 2024	Feb. 28, 2023
Segment Reporting [Abstract]
Net earnings	$ 85,847	$ 179,849
Interest expense	11,878	9,945	$ 23,634	$ 22,990
Income taxes	31,072	55,641	79,494	132,366
Depreciation and amortization	68,299	51,216	137,485	102,399
Asset impairments	4	36	4	45
Corporate and Other expenses	34,512	15,573	65,499	55,298
Adjusted EBITDA reportable segments	$ 231,612	$ 312,260	568,236	754,721
Settlement of New markets Tax Credit transaction			$ 0	$ 17,659