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2 0 2 5 A N N U A L R E P O R T
2025 CMC is an innovative solutions provider helping build a stronger, safer and more sustainable world. Through an extensive manufacturing network principally located in the United States and Central Europe, CMC offers products and technologies to meet the critical reinforcement needs of the global construction sector. CMC s solutions support early-stage construction across a wide variety of applications, including infrastructure, non-residential, residential, industrial and energy generation and transmission.
L E T T E R T O S T O C K H O L D E R S Executing Our Strategic Vision To Our Shareholders, Peter R. Matt President and Chief Executive Officer Fiscal 2025 marked a pivotal chapter in CMC s journey one defined by bold execution of our strategy and a relentless focus on building a stronger, more resilient company. As we reflect on the year, I am proud to share how we are shaping the future of CMC while continuing to deliver meaningful value for our shareholders. Our strategic vision is centered on driving sustainable improvements to margins, earnings, cash flow, and returns on capital, while reducing volatility across our business. We are executing this vision through three interconnected paths: investing in our people and pursuing excellence in what we do, delivering valueaccretive organic growth, and enhancing our capabilities with strategically aligned inorganic growth. Investing in Our People and Pursuing Excellence At the heart of our strategy is a commitment to our people. Fiscal 2025 was the safest year in our Company s history, marking the third consecutive year of record safety performance. This achievement reflects the strength of our culture and underscores our dedication to our employees, communities and our customers. We also made significant investments in leadership and talent across our organization. We reorganized our North America Steel Group (NASG) to accelerate decision making and free up talent to lead critical initiatives. Within our Emerging Businesses Group (EBG), we assembled a team of seasoned leaders who are already driving performance improvements across several divisions. With a strong team in place and a portfolio of value-added solutions that save customers time and money, EBG is well-positioned to drive solid organic growth over the long-term. 1 In our pursuit of excellence, we launched our Transform, Advance, Grow (TAG) program broadly throughout CMC. TAG is our operational and commercial excellence initiative designed to optimize operations across every line of business and support function. This program is foundational to CMC s strategy and critical to achieving higher, less volatile financial performance through the cycle. In its first year, TAG exceeded our expectations, delivering over $50 million in EBITDA benefits across a number of operational initiatives, from scrap cost optimization to reduced consumable usage and enhanced logistics management. Importantly, our team continues to identify new opportunities across all our businesses to further reduce costs, increase efficiencies, and drive profitable sales, reflecting the continuous improvement culture we have built within our Company. We now expect TAG to generate a run-rate annualized EBITDA benefit of more than $150 million by the end of fiscal 2026, with virtually no related capital investment. Organic Growth: Investing in the Future CMC continues to invest in high-return organic projects that strengthen our core business and expand our reach. Our Arizona 2 micro mill achieved its first full quarter of positive EBITDA and exited the year with strong operational momentum. Our Steel West Virginia mill project remains on track for completion in the first half of calendar 2026. These state-ofthe-art facilities are strengthening CMC s strategic position within our markets by extending our product reach, improving our manufacturing flexibility, and enhancing our geographic coverage.
ss w Fiscal 2025 was a year of transformation. We strengthened our core, expanded our capabilities, and created new avenues for growth. As we enter fiscal 2026, we remain focused on executing our strategy, delivering value to our shareholders, and building a company that is stronger and better positioned for the future. Thank you for your continued support and confidence in CMC. I am excited about the path forward, and believe our best days are ahead. P E T E R R. M AT T President and Chief Executive Officer N O V E M B E R position us for s u st tter e b ain ill a 2 5 , 2 0 2 5 bl rm -te ng lo CYCLE OF SUCCESS h. growt Strategically, the precast platform expands our participation in early-stage construction, improves our customer value proposition, and increases our exposure to powerful structural trends including infrastructure investment, reshoring, and AI-related development. With 35 facilities While fiscal 2025 consolidated core EBITDA of $837 million retreated from the heights achieved in recent years, it was still among the best results in our Company s 110 year history. The first half of the fiscal year was marked by elevated macroeconomic uncertainty brought on by the U.S. presidential election cycle tariffs and questions related to the future path of interest rates. With the election behind us, several key international trade deals in place, and the commencement of Federal Reserve rate reductions, the structural tailwinds that we expect to drive CMC s core construction markets appear to be strong. Encouragingly, we ended fiscal 2025 on a high note by generating the Building a Stronger, More Resilient Company e Together, CP&P and Foley will contribute meaningfully to our results. The transactions will transform CMC s financial profile by sustainably enhancing margins, increasing normalized free cash flow conversion, reducing earnings volatility, and providing a scalable foundation for future growth. Financial Performance and Outlook e After a long period of analysis and study, one of the most transformative developments in CMC s history was announced just after the close of fiscal 2025. With the signing of agreements to acquire Concrete Pipe & Precast ( CP&P ) and Foley Products Company ( Foley ), we are well on our way to creating CMC s precast platform, which we believe will add significant value to our portfolio. These transactions will mark our strategic entry into the $30 billion precast concrete industry a sector characterized by high margins, strong cash flow, and missioncritical applications across infrastructure, utilities, and stormwater management. We anticipate significant annual synergies from these acquisitions by year three, driven by operational optimization and the sharing of best practices. best quarterly core EBITDA in nearly two years and establishing good margin and operational momentum that we expect to carry well into fiscal 2026. fs uc c Inorganic Growth: Creating a Scalable Precast Platform across 14 states, and high geographical overlap with existing CMC operations, we are well-positioned to unlock meaningful value through commercial, operational, and support function coordination. Our cy cle o Beyond steelmaking, we are making investments to meet customer demand and strengthen our offerings by expanding our specialized capabilities, in both our NASG and EBG segments. These efforts include the expansion of CMC s posttension cable production, increasing geogrid manufacturing capacity, and adding a second GalvaBar coating line. These investments, and others like them, require significantly less capital than our traditional steel business while generating high returns on capital and strong cash flows. We have made good progress on these projects and expect each of them to be placed into service in 2026 and 2027. 2
 • shareholder letter icon 11/25/2025 Letter Continued (Full PDF)
 • stockholder letter icon 11/21/2023 CMC Stockholder Letter
 • stockholder letter icon 11/26/2024 CMC Stockholder Letter
 • stockholder letter icon More "Non-Precious Metals & Non-Metallic Mining" Category Stockholder Letters
 • Benford's Law Stocks icon CMC Benford's Law Stock Score = 70


CMC Shareholder/Stockholder Letter Transcript:

2 0 2 5
A N N U A L
R E P O R T

2025
CMC is an innovative solutions provider helping build a stronger, safer and more sustainable world. Through an
extensive manufacturing network principally located in the United States and Central Europe, CMC offers products
and technologies to meet the critical reinforcement needs of the global construction sector. CMC   s solutions
support early-stage construction across a wide variety of applications, including infrastructure, non-residential,
residential, industrial and energy generation and transmission.

L E T T E R
T O
S T O C K H O L D E R S
Executing Our Strategic Vision
To Our Shareholders,
Peter R. Matt
President and Chief Executive Officer
Fiscal 2025 marked a pivotal chapter
in CMC   s journey   one defined by bold
execution of our strategy and a relentless
focus on building a stronger, more resilient
company. As we reflect on the year, I am
proud to share how we are shaping the
future of CMC while continuing to deliver
meaningful value for our shareholders.
Our strategic vision is centered on driving
sustainable improvements to margins,
earnings, cash flow, and returns on
capital, while reducing volatility across
our business. We are executing this vision
through three interconnected paths:
investing in our people and pursuing
excellence in what we do, delivering valueaccretive organic growth, and enhancing
our capabilities with strategically aligned
inorganic growth.
Investing in Our People and
Pursuing Excellence
At the heart of our strategy is a
commitment to our people. Fiscal 2025
was the safest year in our Company   s
history, marking the third consecutive
year of record safety performance. This
achievement reflects the strength of our
culture and underscores our dedication
to our employees, communities and our
customers.
We also made significant investments
in leadership and talent across our
organization. We reorganized our North
America Steel Group (NASG) to accelerate
decision making and free up talent to lead
critical initiatives. Within our Emerging
Businesses Group (EBG), we assembled a
team of seasoned leaders who are already
driving performance improvements across
several divisions. With a strong team
in place and a portfolio of value-added
solutions that save customers time and
money, EBG is well-positioned to drive
solid organic growth over the long-term.
1
In our pursuit of excellence, we launched
our Transform, Advance, Grow (TAG)
program broadly throughout CMC. TAG is
our operational and commercial excellence
initiative designed to optimize operations
across every line of business and support
function. This program is foundational to
CMC   s strategy and critical to achieving
higher, less volatile financial performance
through the cycle.
In its first year, TAG exceeded our
expectations, delivering over $50
million in EBITDA benefits across a
number of operational initiatives, from
scrap cost optimization to reduced
consumable usage and enhanced logistics
management. Importantly, our team
continues to identify new opportunities
across all our businesses to further reduce
costs, increase efficiencies, and drive
profitable sales, reflecting the continuous
improvement culture we have built within
our Company. We now expect TAG to
generate a run-rate annualized EBITDA
benefit of more than $150 million by the
end of fiscal 2026, with virtually no related
capital investment.
Organic Growth: Investing in the
Future
CMC continues to invest in high-return
organic projects that strengthen our core
business and expand our reach. Our
Arizona 2 micro mill achieved its first full
quarter of positive EBITDA and exited the
year with strong operational momentum.
Our Steel West Virginia mill project
remains on track for completion in the
first half of calendar 2026. These state-ofthe-art facilities are strengthening CMC   s
strategic position within our markets by
extending our product reach, improving our
manufacturing flexibility, and enhancing
our geographic coverage.

ss
w
Fiscal 2025 was a year of transformation.
We strengthened our core, expanded our
capabilities, and created new avenues
for growth. As we enter fiscal 2026, we
remain focused on executing our strategy,
delivering value to our shareholders, and
building a company that is stronger and
better positioned for the future.
Thank you for your continued support and
confidence in CMC. I am excited about the
path forward, and believe our best days are
ahead.
P E T E R R. M AT T
President and Chief Executive Officer
N O V E M B E R
position us for s
u st
tter
e
b
ain
ill
a
2 5 ,
2 0 2 5
bl
rm
-te
ng
lo
CYCLE OF
SUCCESS
h.
growt
Strategically, the precast platform
expands our participation in early-stage
construction, improves our customer value
proposition, and increases our exposure
to powerful structural trends   including
infrastructure investment, reshoring, and
AI-related development. With 35 facilities
While fiscal 2025 consolidated core
EBITDA of $837 million retreated from
the heights achieved in recent years, it
was still among the best results in our
Company   s 110 year history. The first half
of the fiscal year was marked by elevated
macroeconomic uncertainty brought on by
the U.S. presidential election cycle tariffs
and questions related to the future path
of interest rates. With the election behind
us, several key international trade deals in
place, and the commencement of Federal
Reserve rate reductions, the structural
tailwinds that we expect to drive CMC   s
core construction markets appear to be
strong. Encouragingly, we ended fiscal
2025 on a high note by generating the
Building a Stronger, More Resilient
Company
e
Together, CP&P and Foley will contribute
meaningfully to our results. The
transactions will transform CMC   s financial
profile by sustainably enhancing margins,
increasing normalized free cash flow
conversion, reducing earnings volatility,
and providing a scalable foundation for
future growth.
Financial Performance and Outlook
e
After a long period of analysis and
study, one of the most transformative
developments in CMC   s history was
announced just after the close of fiscal
2025. With the signing of agreements to
acquire Concrete Pipe & Precast (   CP&P   )
and Foley Products Company (   Foley   ),
we are well on our way to creating CMC   s
precast platform, which we believe will
add significant value to our portfolio.
These transactions will mark our strategic
entry into the $30 billion precast concrete
industry   a sector characterized by high
margins, strong cash flow, and missioncritical applications across infrastructure,
utilities, and stormwater management.
We anticipate significant annual synergies
from these acquisitions by year three,
driven by operational optimization and the
sharing of best practices.
best quarterly core EBITDA in nearly two
years and establishing good margin and
operational momentum that we expect to
carry well into fiscal 2026.
fs
uc
c
Inorganic Growth: Creating a
Scalable Precast Platform
across 14 states, and high geographical
overlap with existing CMC operations, we
are well-positioned to unlock meaningful
value through commercial, operational,
and support function coordination.
Our cy
cle
o
Beyond steelmaking, we are making
investments to meet customer demand
and strengthen our offerings by expanding
our specialized capabilities, in both our
NASG and EBG segments. These efforts
include the expansion of CMC   s posttension cable production, increasing
geogrid manufacturing capacity, and
adding a second GalvaBar   coating line.
These investments, and others like them,
require significantly less capital than our
traditional steel business while generating
high returns on capital and strong cash
flows. We have made good progress on
these projects and expect each of them to
be placed into service in 2026 and 2027.
2



shareholder letter icon 11/25/2025 Letter Continued (Full PDF)
 

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