#1Josk Calle CMC Investor Overview November 2023 J#2Forward-Looking Statements This presentation contains forward-looking statements within the meaning of the federal securities laws with respect to general economic conditions, key macro-economic drivers that impact our business, the effects of ongoing trade actions, the effects of continued pressure on the liquidity of our customers, potential synergies and organic growth provided by acquisitions and strategic investments, demand for our products, shipment volumes, metal margins, the ability to operate our steel mills at full capacity, future availability and cost of supplies of raw materials and energy for our operations, share repurchases, legal proceedings, construction activity, international trade, the impact of the Russian invasion of Ukraine, capital expenditures, tax credits, our liquidity and our ability to satisfy future liquidity requirements, estimated contractual obligations, the expected capabilities and benefits of new facilities, the timeline for execution of our growth plan, and our expectations or beliefs concerning future events. The statements in this presentation that are not historical statements, are forward-looking statements. These forward-looking statements can generally be identified by phrases such as we or our management "expects," "anticipates," "believes," "estimates," "future," "intends," "may," "plans to," "ought," "could," "will," "should," "likely," "appears," "projects," "forecasts," "outlook" or other similar words or phrases, as well as by discussions of strategy, plans, or intentions. Our forward-looking statements are based on management's expectations and beliefs as of the date of this presentation. Although we believe that our expectations are reasonable, we can give no assurance that these expectations will prove to have been correct, and actual results may vary materially. Except as required by law, we undertake no obligation to update, amend or clarify any forward-looking statements to reflect changed assumptions, the occurrence of anticipated or unanticipated events, new information or circumstances or any other changes. Important factors that could cause actual results to differ materially from our expectations include those described in our filings with the Securities and Exchange Commission, including, but not limited to, in Part I, Item 1A, "Risk Factors" of our annual report on Form 10-K for the fiscal year ended August 31, 2023, as well as the following: changes in economic conditions which affect demand for our products or construction activity generally, and the impact of such changes on the highly cyclical steel industry; rapid and significant changes in the price of metals, potentially impairing our inventory values due to declines in commodity prices or reducing the profitability of our downstream contracts due to rising commodity pricing; excess capacity in our industry, particularly in China, and product availability from competing steel mills and other steel suppliers including import quantities and pricing; the impact of the Russian invasion of Ukraine on the global economy, inflation, energy supplies and raw materials; increased attention to environmental, social and governance ("ESG") matters, including any targets or other ESG or environmental justice initiatives; operating and startup risks, as well as market risks associated with the commissioning of new projects could prevent us from realizing anticipated benefits and could result in a loss of all or a substantial part of our investments; impacts from global health crises on the economy, demand for our products, global supply chain and on our operations; compliance with and changes in existing and future laws, regulations and other legal requirements and judicial decisions that govern our business, including increased environmental regulations associated with climate change and greenhouse gas emissions; involvement in various environmental matters that may result in fines, penalties or judgments; evolving remediation technology, changing regulations, possible third-party contributions, the inherent uncertainties of the estimation process and other factors that may impact amounts accrued for environmental liabilities; potential limitations in our or our customers' abilities to access credit and non- compliance of their contractual obligations, including payment obligations; activity in repurchasing shares of our common stock under our share repurchase program; financial and non-financial covenants and restrictions on the operation of our business contained in agreements governing our debt; our ability to successfully identify, consummate and integrate acquisitions and realize any or all of the anticipated synergies or other benefits of acquisitions; the effects that acquisitions may have on our financial leverage; risks associated with acquisitions generally, such as the inability to obtain, or delays in obtaining, required approvals under applicable antitrust legislation and other regulatory and third party consents and approvals; lower than expected future levels of revenues and higher than expected future costs; failure or inability to implement growth strategies in a timely manner; impact of goodwill or other indefinite lived intangible asset impairment charges; impact of long-lived asset impairment charges; currency fluctuations; global factors, such as trade measures, military conflicts and political uncertainties, including changes to current trade regulations, such as Section 232 trade tariffs and quotas, tax legislation and other regulations which might adversely impact our business; availability and pricing of electricity, electrodes and natural gas for mill operations; ability to hire and retain key executives and other employees; our ability to manage the transition to a new chief executive officer; competition from other materials or from competitors that have a lower cost structure or access to greater financial resources; information technology interruptions and breaches in security; ability to make necessary capital expenditures; availability and pricing of raw materials and other items over which we exert little influence, including scrap metal, energy and insurance; unexpected equipment failures; losses or limited potential gains due to hedging transactions; litigation claims and settlements, court decisions, regulatory rulings and legal compliance risks; risk of injury or death to employees, customers or other visitors to our operations; and civil unrest, protests and riots. CMC CMC: Investor Overview 2#3A Leader in Construction Reinforcement and Stabilization 2 segments - North America and Europe - share the same vertically integrated operating structure of finished steel 80% shipments are into markets with #1 position Presence of CMC facility of finished steel shipments 95% are into markets with #1 or #2 position Poland CMC is a Key Player in the Circular Steel Economy Leading positions in core products and geographies Focused strategy that leverages capabilities, competitive strengths, and market knowledge LL ‒‒‒ Raw Materials 43 U.S. locations, 12 Poland locations Profitable, low-cost source of raw materials for our mills, with additional upside • ● Mill Operations 10 U.S. locations, 1 Poland location The economic engine of CMC ● Downstream Operations 55 U.S. locations, 5 Poland locations Demand pull for our mills and insight into end market demand ● Strong balance sheet and cash generation provides flexibility to execute on strategy Vertical structure optimizes returns through the entire value chain Strong Positions In All Major Products United States Poland #1 #3 Rebar #1 MBQ #1 Fence Post Fabricated Rebar #1 #1 #2 #1 Rebar MBQ Wire Rod Mesh Tensar (Global) #1 Geogrids #1 Aggregate Piers Disciplined capital allocation focused on maximizing returns for our shareholders Robust record of creating shareholder value#4Performing Like an Industry Leader #1 Market Position in ~80% of the Finished Products We Sell CMC 29% Core EBITDA CAGR (2) (FY 2018 - FY 2023) #1 Leader in Environmental Performance Produce 60% Less Greenhouse Gas Emissions (1) Use 80% Less Energy (1) 0.4x Net Debt to Adjusted EBITDA (2) (FY 2023) 18% Return on Invested Capital (2) (FY 2023) [1] Compared to global steel industry average published by the World Steel Association [2] Return on Invested Capital, Core EBITDA, Net Debt to Adjusted EBITDA, and Return on Incremental Invested Capital Deployed are non-GAAP financial measures. For definitions and reconciliations of non-GAAP financial measures to the most directly comparable GAAP financial measures, see the appendix to this document 27% Return On Incremental Invested Capital Deployed (2) (FY 2016 - FY 2023) CMC: Investor Overview 4#5FY 2023 Was a Strong Year of Financial Performance Return on Invested Capital 3.8% FY '17 17.9% FY '23 Up nearly 5x from six years ago Annual Consolidated Core EBITDA 2,000 1,800 1,600 Core EBITDA ($ millions) וה 1,400 1,200 1,000 800 600 400 200 0 Gain on CA land sale INA Segment EBITDA (ex CA land sale) -o-Per Ton of Finished Steel Shipped Annual North America Segment Adjusted EBITDA 1,750 1,500 1,250 1,000 750 500 250 0 Core EBITDA Core EBITDA Margin FY 2018 FY 2019 FY 2020 FY 2021 FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 FY 2023 1,455 FY 2022 FY 2023 1,460 400 350 300 250 200 150 100 50 0 20% 18% 16% 14% 12% 10% 8% 6% 4% 2% % of Revenue FY 2018 FY 2019 [1] Total shareholder equity per share defined as year-end total stockholder equity divided by year-end common shares outstanding as reported on the Company's balance sheet Annual Europe Segment Adjusted EBITDA 400 350 300 250 200 150 100 50 0 Total Shareholder Equity per Share¹ Europe Adjusted EBITDA -0-Per Ton of Finished Steel Shipped $12.10 FY '17 FY 2020 FY 2021 FY 2022 192% increase in equity per common share 61 $35.37 FY '23 FY 2023 400 350 300 250 s 200 150 100 50 0 CMC: Investor Overview $ per ton 5#6● ● Looking Ahead CMC is investing in its next stage of strategic growth while positioned to capitalize on significant emerging structural trends. CLEAR STRATEGIC GROWTH PLAN High-return organic projects underway that are expected to: Strengthen CMC's leadership position in concrete reinforcement Unlock significant internal synergies across the existing operational network - Provide value-accretive cash flows M&A strategic priorities include concrete reinforcement, merchant bar, and construction solutions Build upon leadership positions and strengthen core operations Tensar provides a strong launchpad that meaningfully extends growth path beyond steel Major organic growth projects and recent acquisitions expected to add significantly to through-the-cycle earnings capability GMC ● POWERFUL STRUCTURAL TRENDS Successive crises of pandemic, supply chain failures, and geopolitical shocks have launched significant economic adjustments Construction activity is at the heart of economic realignment Re-shoring and energy export projects are large and well-funded - Provides greater than typical visibility into future project pipeline Resource intensive work that favors high- capability, sophisticated suppliers like CMC IIJA significantly increases federal support for infrastructure investment - Average spend over 5-year plan up 65% from prior federal package Supplements already strong state DOT budgets Estimated to increase annual rebar demand by 1.5 million tons at full run-rate - RESILIENCE IS BUILT INTO OUR BUSINESS MODEL Downstream project backlog and fixed pricing acts to stabilize earnings and cash flow Counter-cyclical balance to mill operations Working capital release CMC has invested large amounts in working capital since end of FY 2020 In a downturn, this amount would be converted to cash and help stabilize CMC cash flow Vertically integrated operating footprint structured and managed to optimize returns - Highly flexible network with ability to adjust quickly to various demand scenarios CMC: Investor Overview 6#7Clear Strategic Growth Plan CMC is targeting significant growth through a disciplined approach of 1) expanding in markets we know well; 2) growing with a customer base we know well; and 3) adding complementary solutions for applications we know well 1 July 2021 Third Polish rolling line Tensar. 1 April 2022 Tensar acquisition Meaningfully extends CMC's growth runway; creates a platform for further expansion • Under-penetrated markets provide significant growth upside • Highly complementary products used in early phase of construction CMC 2 November 2022 Kodiak Resources acquisition September 2022 Advanced Steel Recovery acquisition EDSCO TENDON SYSTEMS Broaden, deepen, and diversify CMC's market presence and value proposition to customers • Support core business through commercial and volume enhancement Provide meaningful commercial synergy opportunities March 2023 Tendon Systems acquisition 3 3 2 July 2023 EDSCO acquisition June 2023 Arizona 2 mill start-up First merchant bar-capable micro mill in the world • Replaces rebar production from higher- cost former Steel CA plant Further optimizes mill network and provides access to large West Coast MBQ market 4 ● 4 2025 Steel West Virginia mill start-up State-of-the-art micro mill to serve the Northeast, Mid-Atlantic, and Mid-Western markets Will complement CMC's existing operational footprint - significant benefits expected from enhanced production flexibility, customer service capabilities, and logistical efficiencies CMC: Investor Overview 7#8Powerful Long-Term Structural Trends Successive crises of pandemic, supply chain failures, and geopolitical shocks, as well as government support for the transition to green energy, have launched significant structural adjustments. INFRASTRUCTURE INVESTMENT 2021 Infrastructure Investment and Jobs Act (IIJA) significantly increases federal support for infrastructure investment - Estimated to increase annual rebar demand by 1.5 million tons at full run-rate Dodge Analytics Infrastructure Design- Phase Index¹ +650% Y/Y (trailing 3-mo) FY 2024 State DOT Highway Budgets² +13% vs. prior year $550 billion from IIJA RESHORING AND SUPPLY CHAIN REALIGNMENT Overseas supply chain failures and direct government support have stimulated a massive amount of investment across multiple industries Automakers are investing for a long-term transition to electric vehicles Semiconductor & Supporting Investments³ 69 projects $315 billion $52 billion CHIPS Act Electric Vehicle and Battery Plants4 $12 billion DOE loans Funding from IRA Government Support for Investment 124 projects >$150 billion [1] For period ended August 2023 [2] Data from American Road and Transportation Builders' Associations [3] Data from Semiconductor Industry Association [4] Data from Environmental Defense Fund [5] Data from American Clean Power Association ● ENERGY TRANSITION Direct government support is stimulating significant investments in clean energy generation, as well as manufacturing facilities to produce utility scale batteries, wind turbines, and solar panels Clean Energy Generation Investments5 ~$150 billion announced in 12 months to August 2023 Manufacturing Facilities for Clean Energy5 ~$22 billion announced in 12 months to August 2023 $250 billion Inflation Reduction Act The trends highlighted above have the potential to support rebar demand for years to come. Investments are being driven by necessity and the availability of government funding, making them less interest rate sensitive than traditional non-residential markets such as office, retail, and lodging. CMC: Investor Overview 8#9Resilience Is Built Into Our Business Model CMC's vertical operating structure reduces volatility in both earnings and cash flows. • Backlog is currently at historically high volume and pricing levels, which should translate into strong average realized shipping price for several more quarters ● Expected to help stabilize CMC North America earnings if steel product margins decline • Project backlog has historically not experienced cancellations, even during extreme events such as the Great Financial Crisis or COVID pandemic North America Product Margins Over Scrap Cost per Ton Q4 '22 Q4 '23 $800 $1,200 $1,000 $800 $600 $400 $200 $0 Q3 '19 Q4 '19 Downstream Products Margin Over Scrap (left-axis) Steel Products Margin Over Scrap (right-axis) Q1 '20 CMC Q2 '20 Q3 '20 Strong Downstream Backlog Q4 '20 '21 Q3 '21 ¹22 Q4 '21 [1] Source: Company filings '23 $600 $400 $200 $0 Earnings Support In Declining Steel Market Environment (Downstream backlog provides a counter-balance to spot sales) Earnings from mill spot steel sales NA Adjusted EBITDA per Ton of Finished Steel Shipped $400 Q4 '23 Q4 '22 327 327 $350 $300 $250 $200 $150 $100 $50 $0 Q3 '19 Q4 '19 Q1 '20 Q2 '20 Q3 '20 Q4 '20 Q1 '21 Q2 '21 Q3 '21 Q4 '21 Earnings from fixed price downstream sales Q1 '22 Q2 '22 Q3 '22 Q4 '22 Q1 '23 Q2 '23 Q3 '23 Q4 '23 Working Capital Release • Working capital investment during the current pricing upcycle has been significant In the case of a downturn, or pricing downcycle, a large amount of cash will be harvested • Net impact is to stabilize CMC's cash flows during economic volatility Net Working Capital Investment Since Cycle Low¹ (Q4 2020) 1,200 1,000 800 600 400 200 0 ● $ - Millions Q4-20 Q1-21 Q2-21 Q3-21 Q4-21 dou Q1-22 Q2-22 Q3-22 Q4-22 Q1-23 Q2-23 CMC: Investor Overview Q3-23 9 806 Highly Flexible Operations Network Ability to optimize production across facilities and products in various demand scenarios Q4-23#10Europe is Strategically Important CMC's Europe segment earns well above its cost of capital over the course of an economic cycle. Additionally, a presence in Europe provides valuable insights into emerging construction trends and optionality regarding future growth Europe Segment Return on Invested Capital 35% 30% 25% 20% 15% 10% 5% 6% 2014 4% % 8% 12% 22% Source: Company filings and data 15% 2015 2016 2017 2018 2019 7% 2020 20% 2021 35% 2022 2% 2023 13% 10-yr avg ● ● World-Class Asset That Provides Valuable Insights CMC's operations in Poland are among the lowest cost in Europe Ability to produce rebar, merchant bar, and wire rod simultaneously provides flexibility to respond rapidly to changing market conditions Construction trends in Europe tend to lead developments in the U.S.; CMC has adapted technologies for the U.S. market Spooled and respooled rebar Automated rebar fabrication CMC shares its best practices between segments; many advancements have been developed in our Polish operations Beachhead for Possible Expansion A presence in Central Europe provides CMC the option to expand further in the region Changing regulations regarding greenhouse gas emissions and trade could open significant opportunities for value- accretive growth CMC: Investor Overview 10#11Leverage Profile Net Debt¹,2 / EBITDA³ 4.5x 4.0x 3.5x 3.0x 2.5x 2.0x 1.5x 1.0x 0.5x NM 2.0x Q4 2018 Transformational rebar asset acquisition 3.8x Q1 2019 3.9x CMC Q2 2019 3.2x 2.5x Q3 2019 Q4 2019 X6 L Q1 2020 1.6x Q2 2020 1.2x Q3 2020 0.9x Q4 2020 1.1x Source: Public filings, Internal data Notes: Q1 2021 1.2x Q2 2021 Construction of Arizona 2 Tensar acquisition 1.0x Q3 2021 0.8x 0.7x 0.5x 0.7x 0.5x 0.4x Q4 2021 Q1 2022 Q2 2022 Q3 2022 Q4 2022 01 2023 Q2 2023 Q3 2023 Q4 2023 Net Debt-to-Capitalization4 50% 45% 40% 35% 30% 25% 20% 15% 10% 5% 1. Total debt is defined as long-term debt plus current maturities of long-term debt and short-term borrowings. 2. Net Debt is defined as total debt less cash & cash equivalents. 0% 25% Q4 2018 Transformational rebar asset acquisition 45% 46% Q1 2019 Q2 2019 42% Q3 2019 37% Q4 2019 33% Q1 2020 32% 3. EBITDA depicted is adjusted EBITDA from continuing operations on a trailing 12-month basis. 4. Net debt-to-capitalization is defined as net debt on CMC's balance sheet divided by the sum of total debt and stockholders' equity. For a reconciliation of non-GAAP financial measures to the most directly comparable GAAP financial measures, see the appendix to this document. Q2 2020 24% Q3 2020 18% Q4 2020 Q1 2021 Q2 2021 Financial strength gives us the flexibility to fund our announced projects, pursue opportunistic M&A, and distribute cash to shareholders Construction of Arizona 2 Tensar acquisition 04 2021 Q3 2021 Q1 2022 14% Q2 2022 24% Q3 2022 17% 04 2022 Q1 2023 CMC: Investor Overview 11 02 2023 03 2023 Q4 2023#12Disciplined Capital Allocation Strategy CMC will prudently allocate capital while maintaining a strong and flexible balance sheet CMC Capital Allocation Priorities: 1 Value-Generating Growth 2 Shareholder Distributions 3 Debt Management 2023 Sources of Cash (all figures in $ millions) 2023 Uses of Cash (all figures in $ millions) Cash flow from earnings Sustaining capex, including key equipment replacement projects • Working capital release Growth ● $1,195 from cash flow from earnings¹ $149 from working capital release $1,344 cash flow from operating activities Quarterly dividend of $0.16 per share (last increased 14% in Q4 2022) ● Completion of Arizona 2 greenfield project - Initial investments in CMC Steel WV Opportunistic M&A Cash distributions to shareholders Share repurchases Cash dividends Debt reduction via repayment of 2023 senior notes Shareholder Cash Distribution Programs in Place [1] Equal to net earnings plus adjustments to reconcile net earnings to net cash flows from operating activities [2] As of August 31, 2023 $607 for capital expenditures $235 for opportunistic M&A $176 for shareholder distributions $390 for long-term debt repayment $1,408 of capital deployment $350 million share repurchase program ($87 million remaining)² CMC: Investor Overview 12#13Significant Increase in Through-the-Cycle Earnings Capability Core EBITDA Generation (trailing four quarter basis) $1,700 $1,600 $1,500 $1,400 $1,300 $1,200 $1,100 $1,000 $900 $800 $700 $600 $500 $400 $300 $200 $100 $0 Core EBITDA (trailing four quarters) - $ millions CMC has significantly increased its earnings and cash flow capabilities Q1-17 Since the beginning of FY 2020, average Core EBITDA has increased 180% compared to the prior three-year period Extensive strategic transformation drove the performance improvement and included the exit of non-core businesses, construction of a state-of-the-art micro mill, and an acquisition that increased CMC's North America operational footprint by over 50% • CMC is currently investing in attractive projects that are expected to drive further value-accretive growth Q2-17 Q3-17 Q4-17 Average: $370 million Q1-18 Q2-18 Q3-18 Q4-18 Q1-19 Q2-19 Q3-19 Q4-19 +180% Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Average: $1,040 million Q2-21 Q3-21 Q4-21 Q1-22 Q2-22 Q3-22 Q4-22 Q1-23 Q2-23 Q3-23 CMC: Investor Overview 1,460 Q4-23 13#14CMC: Key Takeaways Leading solutions provider for concrete reinforcement, soil stabilization and long steel products Benefiting from powerful secular trends Executing organic growth strategy, utilizing best-in-class assets Disciplined acquirer with "dry powder" and proven integration abilities Strong balance sheet and evolved capital allocation strategy, with emphasis on returning cash to shareholders Robust record of creating shareholder value WEIGHT 8 t MAX LOAD 10 t#15REBAR tCO2e per MT of steel ZERO™ Scopes 1&2 Greenhouse Gas Emissions (GHG) Intensity 2.2 A Leader in Sustainability CMC plays a key role in the circular steel economy, turning society's metallic waste into the steel that forms the backbone of modern life Integrated Global Average Average Scopes 1-3 GHG Emissions Intensity 1.91 1.8 Global Industry CMC WIRE ZERO™ 0.67 1.0 U.S. Average Energy Intensity 21.31 0.413 CMC MERCHANT Progress on 2030 Goals (2019 baseline[¹]) Reduce our Scope 1 and 2 GHG emissions intensity by 20% Increase our renewable energy usage by 12% points 69% Of goal Water Withdrawal Intensity 28.60 1.13 LLLL 3.86 CMC Global Industry CMC Global Industry [1] Represents progress on environmental goals as of fiscal year 2022, compared to fiscal year 2019 Note: GHG emissions statistics for CMC include only steel mill operations, which represents over 95% of CMC's emissions footprint Sources: CMC 2022 Sustainability Report; virgin material content for industry based on data from Bureau of International Recycling; all other industry data sourced from the World Steel Association ZERO™ 53% Of goal CMC 69% Virgin Materials Used in Steelmaking Reduce our energy consumption intensity by Global Industry 2% CMC POST ZERO™ 5% 82% Of goal Reduce our water withdrawal intensity by 8% INTEGRI 22% Of goal ONE CMC AFETY ACCOUNTABILITY FOR OUR ACTIONS RESPECT FOR OUR ENVIRONMENT ACTING WITH INTEGRITY CMC: Investor Overview 15#16CMC ⒸCMC Appendix: Business Information#17Structure Type % of Market Segment Domestic Rebar Consumption Breakdown U.S. Rebar Consumption Breakdown¹ (5-year average to 2021) 100 90 80 70 60 50 40 30 20 10 0 CMC Conservation & Water Supply Sewer systems Highway and street 10 20 30 40 Other Hotels, motels Hospitals, Institutions Educational Office Public utility & other Commercial & Indusrial 50 Market Segment % of Total Consumption 60 70 Improvements New multi-family New single-family 80 90 100 INFRASTRUCTURE -NON RESIDENTIAL RESIDENTIAL [1] Data from Concrete Reinforcing Institute [2] Based on FY 2022 North America segment steel product and downstream shipments (shipments to OEM and agriculture are not included in above figures) LE CMC Finished Product Shipment Breakdown² 33% 30% 20% CMC: Investor Overview 17#18Rebar Consumption Outlook The most rebar intensive market segments are forecasted to experience the highest rates of growth over the next five years Rebar Consumption Intensities² (5-year average: tons of rebar consumed per $ million of value put-in-place) 35 30 25 20 15 10 5 0 0.9 Improvements 4.0 New single family Residential 9.3 New multi-family 3.3 3.5 Public utility Educational 4.8 Office 6.9 Commercial & Industial Nonresidential 7.1 Healthcare 7.4 Lodging 19.3 Sewer systems 28.0 Highways 30.0 Conservation Infrastructure Forecasted 5-Year Growth Rate³ by Market Segment (based on forecasts from PCA and Dodge Analytics) 10.0% 8.0% 6.0% 4.0% 2.0% (2.0%) (4.0%) (6.0%) Dark column - PCA forecast Lighter column - Dodge Analytics forecast New single-family LIH New multi-family Residential Public Utility Educational Office Industrial Commercial Non-Residential Health care [1] Forecasts provided by Portland Cement Association and Dodge Analytics [2] Rebar intensities equal to consumption by structure type per Concrete Reinforcing Steel Institute divided by total construction spending by structure type per the U.S. Census Bureau [3] Forecasted 5-year growth rates based on following periods, PCA Cement Consumption estimates for 2022 and 2027; Dodge Analytics New Construction starts for 2021 and 2026 TH Lodging Sewer Systems Highways Conservation Infrastructure 18#19Europe Market Environment is Challenging Lackluster demand and compressed margins negatively impacted fourth quarter results for CMC's Europe segment. Demand Manufacturing Germany and Poland PMIs below 50 for 15 consecutive months¹ Construction Housing units under construction down 5% y/y² Construction Polish cement production down 10% y/y² Recent Market Developments Supply Long Product Production Polish long steel production down ~13% y/y² Long Product Imports EU and Polish imports down y/y³ Costs [1] Data from S&P Global manufacturing PMI report [2] Data from Statistics Poland for periods matching CMC's Q4 2022 and Q4 2023 [3] Data from Eurofer and Statistics Poland Energy Costs Natural gas purchase contracts repriced Oct 1; will reduce cost per ton by $15 to $20 Energy Rebates Expect to receive $60M in rebates as reimbursement for high energy related costs incurred Cost Position CMC remains one of the lowest cost long products producers in Europe Macroeconomic Backdrop Interest Rates Central bank has reduced rates by 100bps since early Sep to stimulate growth Inflation Inflation is down from its 2023 peak y/y change of 18.4%, but remains high at 8.2% Currency Valuation Zloty has weakened against USD and EUR, making imported steel more expensive Conditions are currently challenging, but green shoots and potential catalysts exist. These include a mortgage subsidy program for first-time homebuyers and the potential release of €35 billion to Poland from the EU Recovery and Resilience fund. CMC CMC: Investor Overview 19#20Tensar Overview Leader in Engineered Ground and Soil Stabilization Solutions With Strong Financial Profile and Growth Record #1 Leading Position in Geogrids and Geopiers ~7% Revenue & EBITDA CAGRS¹ ~25% Average EBITDA Margins¹ ~75% EBITDA Conversion to FCF¹ [1] During five years (2016 to 2021) prior to acquisition by CMC ● ● Diverse Geographical Exposure and Commercial Reach - Tensar Sells Into Over 80 Countries Globally Geogrid only Geogrid and Geopier ~85% of geogrid sales are served out of facilities in the U.S. and U.K. Tensar's geogrid manufacturing footprint is more extensive than competitors and can reach markets around the globe Strong logistical capabilities allow Tensar to reliably supply projects Team of engineers provide direct support to customers during the design and implementation phases of projects CMC: Investor Overview 20#21Tensar - Addressable Market and Value Proposition Attractive End-Use Markets with Significant Product Adoption Potential Size of Addressable End Markets and Description of Applications (Defined as estimated sales of comparable products and services, $ in billions) Buildings Private roads Working surfaces Retaining walls & slopes Energy & Renewables Access roads Working surfaces Retaining walls & slopes Infrastructure & Site Prep Access roads Working surfaces Storage of heavy loads Retaining walls & slopes GMC $0.4 $2.0 $13 billion $0.8 addressable market¹ $2.4 Current penetration is ~5% [1] Based on third party market study $7.5 Geopiers Multi-family housing Distribution & logistics Office building Industrial Roadways Subgrade stabilization Asphalt reinforcement Pavement optimization Strong Value Proposition to Drive Increased Adoption Value Proposition and Importance by Project Stakeholder Value Proposition Lower Construction Cost Faster Construction Lower Total Cost of Ownership Extended Asset Life Lower Environmental Impact Governments High Priority Project Stakeholders Private Owners Proj. Engineers O Contractors O Medium Priority Low Priority CMC: Investor Overview 21#22CMC ⒸCMC Appendix: Financial Reconciliations#23Adjusted EBITDA and Core EBITDA Figures in thousand & Net earnings from continuing operations Interest expense Income taxes Depreciation and amortization Amortization of acquired unfavorable contract backlog Asset impairments Adjusted EBITDA¹ Non-cash equity compensation Loss on debt extinguishment Gain on sale of assets Facility closure Acquisition settlement Labor cost government refund New Markets Tax Credits Acquisition and integration related costs and other Purchase accounting effect on inventory Mill operational commissioning costs CMC Steel Oklahoma incentives Severance Fligures in thousand J Net earnings from continuing operations Interest expense Income taxes Depreciation and amortization Amortization of acquired unfavorable contract backlog Asset impairments Adjusted EBITDA ¹ Non-cash equity compensation Core EBITDA¹ Trailing Four-Quarter Core EBITDA from Continuing Operations $1,459,520 Loss on debt extinguishment Gain on sale of assets Facility closure Acquisition settlement Labor cost government refund New Markets Tax Credits 08/31/23 05/31/23 02/28/23 Q2 2023 $179,849 9,945 55,641 51,216 Acquisition and integration related costs and other Purchase accounting effect on inventory Mill operational commissioning costs² CMC Steel Oklahoma incentives Severance Q4 2023 $184,166 8,259 53,742 61,302 3,734 $311,203 16,529 | 12,297 Q3 2023 $233,971 8,878 76,099 55,129 $145,245 7,758 1 $374,078 10.376 6,177 7,264 36 $296,687 16,949 ||||II (17,659) 2,336 6,811 $340,029 $391,718 $302,788 $424,985 $419,021 $1,538,512 $1,630,707 $1,651,026 $1,552,847 11/30/22 Q12023 $261,774 13,045 76,725 51,183 9 $402,736 16,675 TITIN 5,574 08/31/19 05/31/19 Q4 2019 $85,880 Q3 2019 $78,551 18.513 17,702 16,826 29,105 41,050 (16,582) 369 41,181 (23,394) 15 840 $143,971 $69,333 $65,536 $107,046 7,342 4,215 5,791 5,679 5,475 10,315 08/31/22 05/31/22 02/28/22 Q4 2022 Q3 2022 Q2 2022 $288,630 $312,429 $383,314 14,230 13,433 12,011 49,991 92,590 126,432 49,081 43,583 41,134 453 $402,385 9.122 02/28/19 Q2 2019 $14.928 11/30/18 08/31/18 Q12019 Q4 2018 $19.420 $51,260 15,654 18,495 16,663 18,141 5,609 6,682 41,245 32,610 35,176 (23,476) (11,332) 1,008 6,506 27,970 TIT 10,907 Core EBITDA¹ $159,180 $153,649 $90,914 $97,721 $123,632 Trailing Four-Quarter Core EBITDA from Continuing Operations $501,464 $465,916 $422,123 $417,105 $412,237 3,245 $465,280 11,986 4,478 2,169 05/31/18 02/28/18 Q3 2018 Q2 2018 $42.325 $9,781 11,511 7.181 1,728 13.312 32,949 34,050 935 $101,032 5,376 TIT 4,975 $483,913 $323,107 $326,806 $255,916 $230,464 $1,389,742 $1,136,293 $984.273 $814,028 $734,106 1,473 (3,000) 1,228 $564,119 $314,022 16,251 9,619 16,052 (273,315) [1] See page 28 for definitions of non-GAAP measures [2] Net of interest, taxes, depreciation and amortization, impairments, and non-cash equity compensation 3 MONTHS ENDED 11/30/21 08/31/21 05/31/21 Q12022 Q4 2021 Q3 2021 $232,889 $152,313 $130,408 11,035 11,659 11,965 28,872 40.444 38,175 41,226 42,437 41,804 (1,495) (1,508) 2,439 277 $247,797 $221,121 8,119 13,800 5,905 3,165 6,565 12,136 461 $64,876 $79,267 8,550 4,433 3 MONTHS ENDED 11/30/17 8/31/20217 05/31/17 Q12018 Q4 2017 Q3 2017 $31,871 ($10,070) $31,567 6,611 5,939 12.448 8.425 (5.955) 11,006 31,899 31,880 32,116 III 3,720 III|| 5,433 (4,457) III 1,182 70 $22,976 $87,207 4,211 3,560 22,672 |||||II 02/28/21 Q2 2021 Q12021 $66,233 $63,911 14,021 14,259 20,941 21.593 41,573 41,799 (1,509) (1,523) 474 3,594 $141,733 $143,633 12,696 9,062 16,841 (5,877) 5,694 11/30/20 08/31/20 05/31/20 02/29/20 11/30/19 Q4 2020 Q3 2020 Q2 2020 Q12020 $67,782 $64,169 $63,596 $82,755 13,962 15,409 15,888 16,578 18,495 23,804 22.845 27.332 41,654 41,765 41,389 (10,691) (4,348) (5,997) 1,098 5,983 $132,300 $146,782 $137,721 9,875 6.170 7.536 1,778 40,941 (8,331) 530 $159,805 8,269 91 $73,651 7,911 5.214 |||||| (1,348) 02/28/17 11/30/16 08/31/16 05/31/16 Q2 2017 Q12017 Q4 2016 Q3 2016 $22.992 $4.936 ($9.592) $35.111 12.439 13,292 13.307 14,737 7.772 2,100 (10,536) 10,676 30,357 30,282 30,835 31,883 2.903 32,123 (2,985) 388 $50,998 8,245 8,129 $109,856 $85,896 $92,853 $57,988 $90,767 $81,562 $59,243 $346,593 $327,504 $323,170 $289,560 $301,195 $310,774 $308,568 $171,087 $156,561 $175,994 $154,815 $145,257 $174,413 $658,457 $632,627 $650,479 $633.665 $632,499 $578,156 1,863 (789) IIIIIIII $69,623 39,952 76 $63,966 $92,483 $61,088 6,446 6,783 6,840 115 11,365 965 63 IIIIII ||||| Q2 2016 $10,849 16,625 2,064 31,550 02/29/16 11/30/15 Q12016 $25,633 18.304 11.772 31,991 ||||| 6.339 $100,346 $79,356 ||||||| $87,700 6,266 (2,830) IIIIIII CMC: Investor Overview 23 $91,136#24Europe Segment Return on Invested Capital Segment assets Less: cash and cash equivalents Less: accounts payable Less: accrued expenses Invested capital Segment assets Less: cash and cash equivalents Less: accounts payable Less: accrued expenses Invested capital Segment assets Less: cash and cash equivalents Less: accounts payable Less: accrued expenses Invested capital Segment EBITDA Less: depreciation and amortization Operating profit Less: income tax at 19% Net operating profit after-tax Invested capital (average of trailing 5 quarters) Return on invested capital CMC THREE MONTHS ENDED 08/31/23 05/31/23 02/28/23 11/30/22 08/31/22 05/31/22 02/28/22 11/30/21 08/31/21 05/31/21 02/28/21 1,031,699 1,206,182 1,189,014 1,171,324 1,056,101 1,164,918 823,127 736,872 729,766 675,880 566,195 526,023 532,850 506,192 521,678 483,718 22,236 18,766 22,948 66,597 32,946 17,429 17,780 5,904 5,578 4,793 6,863 8,148 14,523 15,058 4,083 11,101 52,650 79,506 87,193 81,918 83,007 132,334 102,406 69,994 113,742 77,726 79,599 57,983 56,954 46,787 66,826 33,259 53,156 61,166 59,621 53,241 89,592 45,755 37,819 32,099 45,278 34,329 28,807 28,926 27,154 26,590 886,907 925,564 657,186 623,155 578,348 548,083 445,404 431,084 432,447 417,194 424,179 49,111 32,480 391,026 923,553 1,054,754 1,017,707 963,188 08/31/19 05/31/19 02/28/19 464,177 2,130 47,403 19,030 395,614 501,079 507,775 3,794 2,569 48,128 57,248 27,705 25,012 421,452 422,946 08/31/15 05/31/15 02/28/15 08/31/23 08/31/22 08/31/21 11/30/18 20% 08/31/18 05/31/18 408,224 423,219 418,103 458,171 468,798 544,992 566,438 502,670 490,846 15,311 7,476 ,663 2,950 4,587 4,621 5,533 6,840 31,580 42,139 37,483 44,173 35,428 42,835 63,433 55,456 18,124 20,861 20,359 24,150 24,248 22,824 20,827 17,702 343,208 352,743 355,598 386,899 404,536 474,711 476,645 422,672 08/31/20 61,353 346,051 148,258 62,008 39,457 31,250 27,516 25,674 21,896 314,801 120,742 36,334 4,160 59,812 22,941 6,904 17,736 254,989 97,801 29,431 969,222 734,232 487,073 35% 412,092 7% 2% 501,886 485,548 476,946 511,140 463,292 464,428 433,405 390,933 364,758 24,157 5,032 2,684 10,239 2,970 6,451 3,402 1,925 14,860 56,124 51,907 53,205 69,208 55,087 48,527 42,404 47,465 37,712 26,563 21,271 31,589 28,449 26,747 27,172 27,673 21,368 20,119 395,041 407,338 389,467 403,244 378,488 382,278 359,926 320,176 292,066 THREE MONTHS ENDED 11/30/14 08/31/14 05/31/14 02/28/14 11/30/13 08/31/13 THREE MONTHS ENDED 02/28/18 11/30/17 08/31/17 05/31/17 02/28/17 11/30/16 TWELVE MONTHS ENDED 08/31/19 08/31/18 08/31/17 08/31/16 [1] See page 28 for definitions of non-GAAP measures [2] Net of interest, taxes, depreciation and amortization, impairments, and non-cash equity compensation 54,614 28,651 402,956 11/30/20 08/31/20 05/31/20 02/29/20 11/30/19 08/31/15 08/31/14 100,101 131,720 76,068 57,553 48,075 66,814 25,993 27,255 25,830 25,911 28,095 32,225 74,109 104,465 50,239 31,642 19,980 34,589 14,081 19,848 9,545 6,012 3,796 6,572 60,028 84,616 40,693 25,630 16,184 28,017 408,478 392,163 333,235 307,128 368,597 15% 12% 8% 4% 436,304 22% 6% 08/31/16 05/31/16 02/29/16 11/30/15 378,248 364,124 353,804 342,361 8,227 4,003 3,562 3,369 36,558 38,112 39,850 31,957 21,734 19,951 19,415 19,368 311,729 302,057 290,977 287,668 CMC: Investor Overview 24#25Net Debt to Adjusted EBITDA and Net Debt-to-Capitalization Figures in thousand Long-term debt Current maturities of long-term debt and short-term borrowings Total debt Less: Cash and cash equivalents Net debt¹ Earnings from continuing operations Interest expense Income taxes Depreciation and amortization Asset impairments Amortization of acquired unfavorable contract backlog Adjusted EBITDA from continuing operations¹ Trailing 12 month adjusted EBITDA from continuing operations Total debt Total stockholders' equity Total capitalization¹ Net debt to trailing 12 month adjusted EBITDA from continuing operations Net debt to capitalization¹ CMC 8312023 5/312023 2/28/2023 1130/2022 8312022 $1,114,284 $1,102,883 $1,099,728 $1,093,146 $1,113,249 40,513 56,222 264,762 239,406 388,796 $1,154.797 $1,159,105 $1,364.490 $1,332,552 $1,502,045 592,332 475,489 603,966 582,069 672,596 $562,465 $683.616 $760,524 $750,483 $829,449 $184,166 8,259 53,742 61,302 3,734 $311,203 $233,971 $179,849 $261,774 8,878 9,945 13,045 76,099 55,641 76,725 51,216 51,183 36 55,129 1 9 $1,384,704 $1,475,886 $1,567,088 $1,834,520 0.4x $374,078 $296,687 $402,736 11% $1,154,797 $1,159,105 $1,364,490 $1,332,552 $1,502,045 4.121.114 4,023,625 3.783.193 3,584,235 3.286.429 $5,275,911 $5,182,730 $5.147.683 $4,916,787 $4,788,474 0.5x 13% 0.5x 15% [1] See page 28 for definitions of non-GAAP measures 0.4x $288,630 14,230 49,991 49,081 453 15% $402,385 $1,745,806 0.5x 17% 5/312022 2/28/2022 1130/2021 $1,115,478 $1,445,755 $1,007,801 423,091 27,554 56,896 $1,538.569 $1,473,309 $1.064,697 410,265 846,587 415,055 $1,128,304 $626,722 $649,642 $312,429 13.433 92,590 43.583 3,245 $465,280 $1,591,218 $1,538,569 3,142,169 $4,680,738 0.7x 24% $383,314 12.011 126,432 41.134 1.228 $564.119 $232,889 11.035 28,872 41,226 $1,347,059 $924,673 0.5x $314.022 $1,473,309 $1,064,697 2,869,947 2,486,189 $4,343,256 $3,550,886 14% 0.7x 18% 3 MONTHS ENDED 8312021 5/312021 $1,015,415 $1,020,129 54,366 56,735 $1,069,781 $1,076.864 497,745 443,120 $572,036 $633,744 $152,313 11.659 40,444 42,437 2,439 (1,495) $247,797 $754,284 0.8x $130,408 11,965 38,175 41,804 277 (1,508) $221,121 17% $638,787 $1,069,781 $1,076,864 $1,033,812 2,295,109 2,156,597 2,009,492 $3,364,890 $3,233,461 $3,043,304 1.0x 228/2021 1130/2020 8312020 $1,011,035 $1,064,893 $1,065,536 22,777 20,701 18.149 $1,033,812 $1,085,594 $1,083,685 367,347 465,162 542,103 $666.465 $620,432 $541,582 20% $66,233 14,021 20,941 41.573 474 (1,509) $141.733 $564,448 $560,436 $576,608 12x $63,911 14.259 21,593 41,799 3,594 (1,523) $143.633 22% $67,782 13.962 18.495 41,654 1.098 (10,691) $132,300 1.1x 21% $1,085,594 $1,083,685 $1,171,071 1,934,899 1.889,413 1,800,662 $3,020,493 $2,973,098 $2,971,733 0.9x 5/312020 2292020 1130/2019 8/312019 $1,153,800 $1,144,573 $1,179,443 $1,227,214 17,271 13,717 17.439 $1,171,071 $1,167,288 $1.193.160 $1,244,653 462,110 232,442 224,797 192,461 $708,961 $934.846 $968.363 $1,052,192 18% $64,169 15,409 23,804 41.765 5,983 (4,348) $146,782 $589,553 1.2x 24% 22,715 $63,596 15.888 22,845 41,389 $85,880 17.702 $82,755 16,578 27,332 16,826 40,941 41,050 530 369 (8,331) (16,582) $159.805 $145,245 (5,997) $137.721 $586,742 $518,354 $424,085 $1,167,288 $1,193,160 $1,244,653 1,758,055 1,701,697 1,624.057 $2,925,343 $2,894,857 $2,868,710 1.6x 32% 1.9x CMC: Investor Overview 25 5/312019 $1,306,863 54,895 $1,361,758 120,315 $1,241,443 $78,551 18,513 29,105 41.181 15 (23,394) $143.971 $385,886 $1,361,758 1,564,195 $2,925,953#26Return on Invested Capital - FY 2023 and FY 2017 FISCAL QUARTERS Q2 2023 $235,490 9,945 Figures in thousand $ Earnings before income taxes Plus: interest expense Plus: acquisition and integration related costs Plus: loss on extinguishment of debt Plus: mill operational commissioning costs Plus: asset impairments Plus: purchase accounting effect on inventory Less: New Markets Tax Credit Less: (gain)/ loss on sale of assets Operating profit - adjusted Operating profit - adjusted Less: income tax at statutory rate¹ Net operating profit after tax Assets Less: cash and cash equivalents Less: accounts payable Less: accrued expenses and other payables Invested capital Annualized net operating profit after tax Invested capital (average of 5 prior qtrs ending amounts) Return on Invested Capital² GMC 12 MONTHS ENDED 8/31/2023 $1,121,967 40,127 35,827 3,780 (17,659) $1,184,042 $1,184,042 288,906 $895,136 $5,004,340 $895,136 $5,004,340 17.9% 8/31/2017 $55,611 44,118 22,672 8,238 $130,639 $130,639 45,724 $84,915 $2,207,977 $84,915 $2,207,977 3.8% Q4 2023 Q3 2023 $237,908 $310,070 8,259 8,878 16,131 3,734 7,287 1 $266,032 $326,236 [1] Federal statutory rate of 21% plus approximate impact of state level income tax [2] See page 28 for definitions of non-GAAP measures 6,825 36 (17,659) Q1 2023 $338,499 13,045 5,584 9 $234,637 $357,137 Q4 2022 $338,621 14,230 1,008 453 6,506 Q4 2017 ($45,551) 5,939 22,672 7,616 Q3 2017 $51,898 12,448 69 684 $361,502 ($9,324) $64,415 FISCAL QUARTERS Q2 2017 $40,355 12,439 91 Q1 2017 $8,909 13,292 462 Q4 2016 ($12,061) 12,563 39,952 $52,885 $22,663 $40,454 465,167 517,544 $6,639,094 $6,520,860 $6,484,851 $6,273,967 $6,237,027 $2,975,131 $3,274,599 $3,131,833 $3,002,580 $3,130,869 592,332 475,489 603,966 582,069 672,596 252,595 275,778 395,546 364,390 382,482 422,814 396,560 428,055 226,456 345,974 307,488 438,811 414,240 378,572 441,586 540,136 274,972 258,288 220,433 202,847 $5,243,561 $5,248,649 $5,079,499 $4,853,752 $4,596,240 $2,221,108 $2,394,559 $2,208,366 $2,110,171 $2,105,681 224,395 243,532 264,112 CMC: Investor Overview 26#27Return on Invested Capital and Return on Incremental Invested Capital Deployed Reconciliations RETURN ON INCREMENTAL INVESTED CAPITAL DEPLOYED Figures in thousands $ Incremental net operating profit after tax Incremental invested capital Return on incremental invested capital deployed² CMC CHANGE FY16 to TTM Q4 '23 $751,981 $2,805,855 26.8% Earnings from continuing operations before income taxes Plus: interest expense Plus: mill operational commissioning costs Plus: acquisition and integration related costs Plus: loss on extiguishment of debt Plus: asset impairments Plus: purchase accounting effect on inventory Less: gain on sale of assets Less: New Markets Tax Credit Operating profit - adjusted Operating profit - adjusted Less: income tax at statutory rate¹ Net operating profit after tax² Assets Less: cash and cash equivalents Less: accounts payable Less: accrued expenses and other payables Invested capital (5 qtr average] Annualized net operating profit after tax Invested capital Return on invested capital ² Federal statutory rate plus state local (FY 2023 rate) TTM to Q4 '23 $1,121,967 40,127 35,827 3,780 $1,184,042 288,906 $895.136 Q4 2023 $237,908 8,259 16,131 $895,136 $5.004,340 17.9% 3,734 24.4% Q3 2023 $310,070 8,878 7,287 (17,659) $1,184,042 $266,032 $326,236 - 1 FISCAL QUARTERS Q2 2023 $235,490 9,945 6,825 Q12023 $338,499 13,045 5,584 36 - 9 [1] Measures for FY 2016 and trailing 12 months to Q4 2023 use the FY 2022 statutory rate for comparison purposes [2] See page 28 for definitions of non-GAAP measures - Q4 2022 $338,621 14,230 1,008 453 6,506 Q3 2022 $405,019 13,433 4.478 $6,639,094 $6,520,860 $6,484,851 $6,273,967 $6,237,027 $6,103,702 592,332 475,489 603,966 582,069 672,596 410,265 364,390 382.482 422,814 396,560 428,055 492,947 438,811 414,240 378,572 441,586 540,136 474,653 $5,004.340 $5,243,561 $5,248,649 $5,079,499 $4,853,752 $4,596,240 $4.725,837 3,245 2,169 (17,659) $234,637 $357,137 $360,818 $428,344 FY 2016 $75,977 62,973 11,480 40,028 (2,591) $187,867 $187,867 44.712 $143.155 $143,155 $2,198,485 6.5% Q4 2016 23.8% FISCAL QUARTERS Q3 2016 02 2016 Q1 2016 $3,130,869 $3,110,686 $3,043,511 $3,302,707 $3,372,302 517,544 483,855 381,678 637,188 485,323 207,875 236,712 225,649 253.951 302,457 263,086 236,009 210,670 246,238 279,415 $2,198,485 $2,142,364 $2,154,110 $2,225,514 $2,165,330 $2,305,107 Q4 2015 CMC: Investor Overview 27#28Definitions for non-GAAP financial measures NET OPERATING PROFIT AFTER TAX Net operating profit after tax is defined as adjusted operating profit less income tax at the statutory rate. INVESTED CAPITAL Invested capital is defined as total assets less cash and cash equivalents, accounts payable and accrued expenses and other payables. RETURN ON INVESTED CAPITAL Return on Invested Capital is defined as: 1) after-tax operating profit divided by 2) total assets less cash & cash equivalents less non-interest-bearing liabilities. For annual measures, trailing 5-quarter averages are used for balance sheet figures. RETURN ON INCREMENTAL INVESTED CAPITAL DEPLOYED Return on incremental capital deployed is defined as: 1) the change in after-tax operating profit from period 1 to period 2 divided by 2) the change in invested capital from period 1 to period 2. NET DEBT Net debt is defined as total debt less cash and cash equivalents. ADJUSTED EBITDA Adjusted EBITDA is the sum of the Company's net earnings before interest expense, income taxes, depreciation and amortization expense, asset impairments and amortization of acquired unfavorable contract backlog. Adjusted EBITDA should not be considered as an alternative to net earnings, or any other performance measure derived in accordance with GAAP. However, we believe that adjusted EBITDA provides relevant and useful information to investors as it allows: (i) a supplemental measure of our ongoing performance and (ii) the assessment of period-to-period performance trends. Management uses adjusted EBITDA to evaluate our financial performance. Adjusted EBITDA may be inconsistent with similar measures presented by other companies. NET DEBT TO ADJUSTED EBITDA Net debt to Adjusted EBITDA is defined as: 1) net debt divided by 2) trailing Adjusted EBITDA from continuing operations. TOTAL CAPITALIZATION Total capitalization is defined as total debt and total stockholders' equity. NET DEBT-TO-CAPITALIZATION Net debt to capitalization is defined as net debt divided by total capitalization. CORE EBITDA Core EBITDA is the sum of net earnings before interest expense and income taxes. It also excludes recurring non-cash charges for depreciation and amortization, asset impairments, and amortization of acquired unfavorable contract backlog. Core EBITDA also excludes debt extinguishment costs, settlement for New Market Tax Credit transactions, non-cash equity compensation, certain gains on sale of assets, certain facility closure costs, acquisition settlement costs, labor cost government refunds, acquisition and integration related costs, mill operational commissioning costs, CMC Steel Oklahoma incentives, severance, and purchase accounting effect on inventory. Core EBITDA should not be considered an alternative to earnings (loss) from continuing operations or net earnings (loss), or as a better measure of liquidity than net cash flows from operating activities, as determined by GAAP. However, we believe that Core EBITDA provides relevant and useful information, which is often used by analysts, creditors and other interested parties in our industry as it allows: (i) comparison of our earnings to those of our competitors; (ii) a supplemental measure of our ongoing core performance; and (iii) the assessment of period-to-period performance trends. Additionally, Core EBITDA is the target benchmark for our annual and long-term cash incentive performance plans for management. Core EBITDA may be inconsistent with similar measures presented by other companies. CMC CMC: Investor Overview 28