#1Josk Calle CMC COMMERCIAL METALS COMPANY Q3 FY 2023 Supplemental Slides#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, 2022 and Part II, Item 1A, "Risk Factors" of our most recent quarterly report on 10-Q, 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; impacts from global health crises, including the COVID-19 pandemic, on the economy, demand for our products, global supply chain and on our operations; 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; 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 repurchase program; 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; 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 Q3 FY23 Supplemental Slides June 22, 2023 2#3Increasing Shareholder Value....With a Winning Formula CMC Leading positions in core products and geographies Focused strategy that leverages capabilities, competitive strengths, and market knowledge Strong balance sheet and cash generation provides flexibility to execute on strategy Vertical structure optimizes returns through the entire value chain Disciplined capital allocation focused on maximizing returns for our shareholders Q3 FY23 Supplemental Slides | June 22, 2023 3#4Key Takeaways From Today's Call Strong financial results in the third quarter North America segment achieved year-over-year growth in EBITDA for the tenth consecutive quarter (excluding Q2 2022 gain on land sale) ● ✔Arizona 2 operational startup underway Anticipated to achieve breakeven on an EBITDA basis during the first quarter of FY 2024 ● • Increases CMC's ability to capitalize on strong multi-year market fundamentals ✔ Current market dynamics are good in North America, Europe remains challenged Expect fourth quarter financial performance to be strong Positive North America long-term fundamentals supported by infrastructure spending programs and outlook for large-scale industrial projects ✔Solid financial position Balance sheet strength and cash flow profile continue to provide capital allocation flexibility CMC $234 million Q3 Net Earnings $240 million Q3 Adjusted Earnings (¹) 1 Core EBITDA, annualized return on invested capital, adjusted earnings, and adjusted EPS 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 $1.98 Q3 Diluted EPS $2.02 Q3 Adjusted EPS(1) $392 million Q3 Core EBITDA(1) 19% Q3 Annualized ROIC(¹) Q3 FY23 Supplemental Slides June 22, 2023 4#5● ● ● Strategic Growth - Mill Projects Arizona 2 Status Operational startup underway Producing for commercial sale in Q4 2023 Initial ramp-up on rebar, before commissioning merchant Strategic Benefits Mill network optimization Extension of merchant bar footprint to West Coast On-site optimization with original AZ micro mill - Leverage shared infrastructure and staffing, improved production planning CMC ● ● ● ● Plant Highlights First micro mill in the world capable of both rebar and merchant bar production in a continuous process 500k tons of capacity, including 150k tons of merchant Outlook Expect EBITDA breakeven during Q1 FY 2024 Targeting FY 2024 production of approximately 400k tons Anticipated through-the-cycle annual EBITDA of $70M to $80M - Earnings at run-rate volumes should be above expected through-the-cycle levels within current market conditions CMC mills CMC recycling CMC fabrication ✓ CMC's mill projects are expected to provide significant network optimization opportunities New mill sites will enhance geographical reach and scale within key steel consuming markets ✓ Total incremental annual through-the-cycle EBITDA is expected in the range of $140 million to $160 million ✓ Project economics for both mills benefit from significant capital cost offsets: Arizona 2: sale of former California steelmaking site Steel West Virginia: upfront incentives from state and local agencies ● ● ● ● Steel West Virginia CMC STEEL G KLINOWA Status Expect groundbreaking this summer Strategic Benefits Network optimization across Eastern U.S. footprint - Improved logistics, production planning, enhanced customer service capabilities Plant Highlights Strategically located to serve dense Northeast and Mid-Atlantic markets, as well as the Midwest Outlook Expect startup in calendar 2025 Anticipated through-the-cycle annual EBITDA of $70M to $80M Q3 FY23 Supplemental Slides | June 22, 2023 5#6Strategic Growth - Tensar Year in Review First Year Highlights • EBITDA contribution of $61 million since acquisition close¹ Successful launch of new InterAx geogrid product line - InterAx offers industry-leading value proposition to customers - Rapid customer adoption; product now constitutes a meaningful and growing portion of Tensar geogrid revenue - 15+ years of patent protection remaining Excellent commercial capabilities and customer service culture • May 2023 was the most profitable month under CMC ownership Acquired BOSTD plant in Oklahoma, providing enhanced supply chain coordination and opportunity for low-cost capital upgrades ● ● ● Opportunities Product demand exceeds production capabilities; opportunity to add capacity ● • Significant organic growth potential - Underpenetrated markets in the U.S. and overseas Execution on commercial synergies Pipeline of synergistic M&A opportunities exist over the long-term ● CMC [1] Covers period from May FY 2022 to May FY 2023 and excludes purchase accounting adjustments www ***** **** GEOPER Q3 FY23 Supplemental Slides | June 22, 2023#7Attractive Market Environment in North America Near-Term Market Outlook - Key Construction Indicators¹ Internal Indicators External Indicators Dodge Momentum Index 11% y/y Highway and Street Spending4 21% y/y CMC New Project Bid Volumes ↑ 29% y/y CMC Downstream Backlog Value 4% y/y Dodge Momentum Index continues to expand on a year-over-year basis, pointing toward future growth in private non-residential construction Construction spending for highways and streets has increased by double-digit percentages on a y/y basis since August 2022 CMC's internal demand measures echo key external indicators. The flow of new work into the project pipeline remains robust, with a solid blend of private and public work Backlog repricing over the last several quarters has led to historically high value in backlog U.S. Rebar Consumption Trending Up² (trailing 12-month basis) 10.0 9.5 9.0 8.5 8.0 7.5 7.0 6.5 Rebar Consumption (million tons) Seasonally Adjusted Annual Rate 1,750 1,500 1,250 D-13 Structural Adjustments have increased rebar consumption to 6% to 10% above pre- pandemic levels, with more potential upside ahead from infrastructure investment and the construction of major re-shoring projects New Housing Starts Have Stabilized³ (single-family and multi-family units) 2,000 Housing starts have stabilized since mid-2022 at levels 10% to 15% above the average pre-pandemic rate. 1,000 750 Recovery J-16 J-16 N-16 [1] Data as of the following dates: Dodge Momentum Index, May 2023; Highway and Street spending, April 2023; CMC indicators for Q3 FY 2023 [2] Data from Steel Manufacturers' Association [3] Data from U.S. Census Bureau's New Residential Construction Report [4] Data from U.S. Census Bureau's Construction Spending Report 2016-2019 average A-17 S-17 F-18 Stability J-18 D-18 M-19 0-19 M-20 A-20 Pandemic average J-21 Structural Adjustment N-21 J-21 Last 11 months A-22 A-23 S-22 F-23 Q3 FY23 Supplemental Slides | June 22, 2023 7#8Rebar Consumption by End Market (% of 2021 Total) Long-Term Outlook Supported by Powerful Structural Trends Breakdown of U.S. Rebar Consumption¹ and Potential Influences on Demand End Markets 100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% T CMC 35% high interest rate sensitivity 65% low to moderate interest rate sensitivity 55% of rebar consumption to benefit directly from federal legislation Other residential Single-family housing Other non-residential Office Healthcare Educational Public Utilities Commercial and Industrial Other public Sewer and waste Highways Residential inventories for sale are structurally low in most geographic markets. Despite higher interest rates, housing starts have been stable at rates above pre-pandemic levels since July 2022 Less than 10% of rebar consumption is unsupported by structural factors and at high-risk from tighter lending standards $250B Federal Support for Green Energy from the Inflation Reduction Act CHIPS Act and re-shoring; ~$350B in major projects announced across semiconductors, electric vehicles, and EV batteries Infrastructure Investment and Jobs Act provides $550B in federal funding over five years; expected to create 1.5 million tons of rebar consumption at full run-rate Public Infrastructure The outlook for rebar consumption is supported by significant structural trends, strong corporate balance sheets, and meaningful levels of federal funding The construction end markets receiving increased levels of investment are the most rebar-intensive and least sensitive to interest rates and bank lending Rebar Consumption Intensities² (5-yr avg: tons of rebar consumed per $ million of value put-in-place) 30 26.4 20 10 0 Residential Private Non-Residential [1] Rebar consumption data for calendar 2021 from Concrete Reinforcing Steel Institute [2] Rebar intensities equal to consumption by market segment per Concrete Reinforcing Steel Institute divided by total construction spending by market segment per the U.S. Census Bureau 3.6 Residential 5.2 Non-Res Infrastructure Q3 FY23 Supplemental Slides June 22, 2023 8#9Well-Positioned to Benefit From Near-Term and Structural Trends Sources of Stability ● ● Strong Downstream Backlog Average pricing in downstream backlog has been stable at historically high levels over the last four quarters, following an extended period of repricing higher as newer work came in at improved price levels Current volume and pricing at historical highs Expected to help stabilize CMC North America earnings if steel product margins decline Downstream Backlog Value Trailing 3-month basis indexed to May CY 2021 180 170 160 150 140 130 120 110 100 CMC MAY-21 JUN-21 JUL-21 AUG-21 SEP-22 OCT-22 DEC-22 NOV-22 JAN-22 FEB-22 APR-22 MAR-22 ● ● • Flexibility to convert to cash, stabilizing CMC cash flow in a more challenging environment ● Working Capital Release CMC has invested roughly $800 million in working capital since end of FY 2020 ● Highly Flexible Operations Network Ability to optimize production across facilities and products in various demand scenarios Product mix and operational enhancement in Poland MAY-22 JUN-22 JUL-22 Backlog value continued to increase on a year-over-year basis AUG-22 SEP-23 OCT-23 NOV-23 DEC-23 JAN-23 FEB-23 MAR-23 APR-23 MAY-23 ● ● ● ● ● Sources of Growth Arizona 2 Micro Mill Operational start-up underway Expected to add 500,000 tons of low-cost production with ability to flex between rebar and merchant bar Improves ability to capitalize on growing domestic demand for rebar Provides opportunity to further optimize mill and fabrication network through production mix, logistics improvements, and resource sharing Tensar Acquisition Strong value proposition that reduces construction cost and duration Underpenetrated markets expected to provide significant organic growth opportunity Meaningfully extends CMC's growth runway; creates a platform for further expansion in high-margin engineered solutions • Highly complementary products used in early phase of construction Key construction indicators continue to point toward strength over the near-term. Looking further ahead, several structural trends are underway that could provide meaningful tailwinds to activity. CMC is positioned well to capitalize on upside or respond to softness. Q3 FY23 Supplemental Slides June 22, 2023 9#10Europe Segment Shipments Remain Supported by Strong Cost Position CMC has maintained strong volumes by leveraging a favorable cost position and advantageous commercial and operational flexibility, even in challenging industrial end markets. Poland and Germany Manufacturing PMIS¹ 65 60 55 50 45 40 35 Poland Construction Volume Index² (May 2021-100) 130 120 110 100 90 80 May-21 Jul-21 Sep-21 CMC Jan-22 Nov-21 Poland Mar-22 Germany May-22 Jul-22 Sep-22 Nov-22 Jan-23 [1] Data from S&P Global manufacturing PMI report [2] Data from Eurostat Mar-23 CMC Europe Steel Shipments (Trailing 4-quarter basis in short tons) 550,000 500,000 450,000 400,000 350,000 300,000 250,000 200,000 150,000 Q1-15 Long-term average Q3-15 Q1-16 Investment in an additional rolling line has improved ability to navigate today's dynamic market Q3-16 Q1-17 Q3-17 Q1-18 CMC Commissions 3rd Rolling Line Q3-18 Q1-19 Q3-19 Q1-20 Q3-20 Q1-21 Q3-21 Q1-22 Q3-22 Q1-23 Q3-23 Shipment Breakdown (Quarterly average in short tons) 500,000 450,000 400,000 350,000 300,000 250,000 200,000 150,000 100,000 50,000 0 Billet Wire MBQ Rebar The Polish government passed a measure to support the housing market by offering first time homebuyers 2% interest rates on mortgage debt. This compares to the current rate of 9%. The legislation is expected to go into effect in July and could provide a meaningful benefit to the Polish construction sector. FY 2013 to Q4 '21 to Q3' 21 Q3 '23 Q3 FY23 Supplemental Slides | June 22, 2023 10#11Q3 Operational Update Performance Drivers Outlook CMC ● ● ● ● ● ● Downstream product margins over scrap expanded significantly compared to the prior year period - Improved by approximately $300 per ton y/y North America finished steel volumes reflected good underlying demand levels and a typical seasonal rebound from Q2 Major planned outage to replace a rolling line split between Q3 and Q4 North America controllable costs per ton of finished steel declined meaningfully from the sequential quarter on improved fixed cost leverage, lower per-unit costs for key consumables, and a lower cost burden related to major planned maintenance outages Europe segment results negatively impacted year-over-year by a lower steel pricing environment, higher energy costs, and a reduction in shipments - Steel product margin over scrap declined $111 per ton from a year ago - Energy costs increased by ~$60 per ton y/y Europe maintained profitability and historically high shipment volumes within a challenging market environment Leveraged strong competitive cost position and operational flexibility to address market opportunities Q4 financial results are expected to be historically strong North America finished steel shipments should be consistent with Q3 levels, supported by end market strength and a robust downstream backlog North America segment margins are expected to be similar to Q3 Financial results in Europe are anticipated to be relatively unchanged vs. Q3 Q3 FY23 Supplemental Slides June 22, 2023 11#12Q3 Consolidated Operating Results Performance Summary Units in 000's except per ton amounts External Finished Steel Tons Shipped¹ Core EBITDA² Core EBITDA per Ton of Finished Steel Shipped² Adjusted Earnings² Q3 '22 CMC 1,654 Q4 '22 1,560 Q1 '23 1,559 Q2 '23 1,408 Non-Operating Adjustments (excluded from results above) Figures are pre-tax for Q3 2023 $7.3 million in costs related to start-up activities at Arizona 2 mill project Q3 '23 1,598 $483,913 $419,021 $424,985 $302,788 $391,718 $293 $269 $273 $215 $245 $320,244 $294,924 $266,192 $171,319 $239,729 Core EBITDA Bridge - Q3 2022 to Q3 2023 $ Millions 550 500 450 400 350 300 250 200 150 100 50 0 484 23 Q3 2022 NA Segment EBITDA (111) [1] External Finished Steel Tons Shipped equal to shipments of Steel Products plus Downstream Products [2] Core EBITDA, Core EBITDA per ton of finished steel shipped, and adjusted earnings are non-GAAP measures. For reconciliations of non-GAAP financial measures to the most directly comparable GAAP financial measures, see the appendix to this document. //// Europe Segment EBITDA (1) Corp & Eliminations Other Non-Op Items 392 Q3 2023 Q3 FY23 Supplemental Slides June 22, 2023 12#13Q3 North America Performance Summary Units in 000's except per ton amounts Adjusted EBITDA Adjusted EBITDA per Ton of Finished Steel Shipped External Finished Steel Tons Shipped[¹] Adjusted EBITDA Margin Key Performance Drivers Q3 2023 vs Q3 2022 ● . . • Q3 '22 1,178 CMC Q4 '22 1,132 18.7% Q1 '23 1,086 18.5% Q2 '23 $322 $327 $348 $308 972 $379,355 $370,516 $377,956 $299,311 $402,175 20.8% 18.2% Increased downstream product margins over scrap - Up approximately $300 per ton y/y Full value chain profitability on sales of downstream products above long-term average Q3 '23 1,169 $344 20.2% Meaningful contribution to sequential EBITDA improvement from lower controllable costs per ton - Improved fixed cost leverage, lower per-unit costs for key consumables, lower cost burden related to major planned maintenance projects Contribution from Tensar ($13.6 million of EBITDA) Lower steel product margins over scrap cost negatively impacted sequential and y/y performance North America - Key Margins $ / ton 1,200 SP and DP Margin Over Scrap 1,000 800 600 400 200 0 808 Notes: [1] External Finished Steel Tons Shipped equal to shipments of Steel Products plus Downstream Products [2] Downstream Product Margin Over Scrap equals Average Selling Price minus cost of ferrous scrap utilized during the prior quarter [3] Steel Products Margin Over Scrap equals Average Selling Price minus Cost of ferrous scrap utilized [4] Weighted average finished steel margin over scrap equals weighted average selling price of steel products and downstream products minus cost of ferrous scrap utilized 638 322 Q3 '22 876 717 327 1,012 695 Q4 '22 Adjusted EBITDA per ton 348 1,093 639 308 Q4 '22 Q1 '23 Q2 '23 Adjusted EBITDA per Ton of Finished Steel Shipped Downstream Products Margin Over Scrap (1 Qtr Lag) [2²] Steel Products Margin Over Scrap [3] North America Indexed Margins and Controllable Costs Indexed - $ / ton of external finished steel shipped 125 120 115 110 105 100 95 90 Q3 '22 Q1 '23 Q2 '23 Wgt Avg Finished Steel Mgn Over Scrap [4] 1,106 595 344 Q3 '23 400 350 300 250 200 150 100 50 0 Adjusted EBITDA per ton Q3 '23 Controllable Costs Q3 FY23 Supplemental Slides June 22, 2023 13#14Q3 Europe Performance Summary Units in 000's except per ton amounts Adjusted EBITDA Adjusted EBITDA per Ton of Finished Steel Shipped External Finished Steel Tons Shipped [¹] Adjusted EBITDA Margin Key Performance Drivers Q3 2023 vs Q3 2022 ● ● ● Q3 '22 476 CMC Q4 '22 25.0% Margins over scrap declined from the prior year period Down $111 per ton y/y 428 Q1 '23 $254 $150 $136 473 15.5% $120,974 $64,096 $64,505 $12,949 $9,618 15.9% Energy costs increased compared to the prior year period by roughly $60 per ton Improved by $16 per ton from the prior quarter Shipment volumes declined modestly from the prior year period Q2 '23 436 $30 3.6% Q3 '23 Notes: [1] External Finished Steel Tons Shipped equal to shipments of Steel Products [2] Steel Products Margin Over Scrap equals Average Selling Price minus Cost of ferrous scrap utilized 429 $22 2.7% Europe - Key Margins $ / ton Steel Product Margin Over Scrap 500 NA ASP minus Europe ASP 450 400 350 300 250 200 150 100 250 200 150 100 50 437 0 254 Q3 '22 Q4 '18 Q1 '19 Q4 '22 Adjusted EBITDA per Ton 453 Average Steel Product Selling Price Differential to North America $ / ton Q2 '19 150 Q3 '19 Q4'19 NA Steel Product ASP Variance to Europe ASP FY 2019 to FY 2022 Average Q1 '20 Q2 '20 426 Q3 '20 136 Q4 '20 Q1 '23 Q1 '21 Q2 '21 367 Q3 '21 30 Q2 '23 Q3 '23 Steel Products Margin Over Scrap [2] Q4 '21 Q1 '22 Q2 '22 326 Q3 '22 22 Q4 '22 Q1 '23 Q2 '23 Q3 '23 300 250 200 150 100 50 0 Q3 FY23 Supplemental Slides June 22, 2023 Adjusted EBITDA per ton 14#15Disciplined 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 Cash flow from earnings Working capital release Quarterly dividend of $0.16 per share (increased 14% in Q4 2022) CMC 2023 Uses of Cash Completion of Arizona 2 greenfield project Initial investments in CMC Steel West Virginia Key equipment replacement and upgrade projects at several mills Opportunistic M&A Share repurchases ($83 million YTD in FY 2023) Repayment of 2023 senior notes Shareholder Cash Distribution Programs in Place $350 million share repurchase program ($105 million remaining) Q3 FY23 Supplemental Slides June 22, 2023 15#16Cash Generation Profile Adjusted EBITDA Less Sustaining Capital Expenditures and Disbursements to Stakeholders¹ (in millions) $1,400 $1,200 $1,000 $800 $600 $400 $200 $0 $5 CMC FY 2015 $37 FY 2016 $2 FY 2017 $141 FY 2018 $155 FY 2019 $279 FY 2020 CMC's cash flow capabilities have been greatly enhanced through our strategic transformation ► FY 2023 capital expenditures expected in a range of $575 million to $600 million Source: Public filings, Internal data [1] Adjusted EBITDA less Sustaining Capital Expenditures and Disbursements to Stakeholders is a non-GAAP financial measure. For reconciliations of non-GAAP financial measures to the most directly comparable GAAP financial measures, see the appendix to this document. $380 FY 2021 $1,270 Gain on California land sale FY 2022 $1,013 LTM Q3 FY'23 Q3 FY23 Supplemental Slides June 22, 2023 16#17Balance Sheet Strength Debt maturity profile provides strategic flexibility Debt Maturity Profile (US$ in millions) 2023 CMC 2024 2025 2026 Revolving Credit Facility $600 2027 2028 2029 [1] 2047 tax-exempt bonds were priced to yield 3.5%; coupon rate is 4.0% Source: Public filings 4.125% 3.875% 4.375% Notes Notes Notes $300 2030 $300 2031 $300 2032 4.0% Bond¹ $145 2047 Q3 FY'23 Liquidity (US$ in millions) $475 $599 $200 $114 $43 Cash and Cash Equivalents Revolver Term Loan Poland Credit Facilities Poland Accounts Receivable Facility Q3 FY23 Supplemental Slides June 22, 2023 17#18Leverage Profile Net Debt¹,2 / EBITDA³ 4.5x 4.0x 3.5x 3.0x 2.5x 2.0x 1.5x 1.0x 0.5x NM 13.9x Q2 2019 CMC 3.2x Q3 2019 2.5x Q4 2019 01 2020 1.6x Q2 2020 1.2x Q3 2020 0.9x Q4 2020 1.1x 1.2x Q1 2021 Source: Public filings, Internal data Notes: 1.0x Q2 2021 Q3 2021 0.8x 0.7x Q4 2021 Q1 2022 0.5x 0.7x Q2 2022 Q3 2022 0.5x 0.4x 0.5x 0.5x Q4 2022 Q1 2023 Q2 2023 Q3 2023 Net Debt-to-Capitalization4 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. 50% 45% 40% 35% 30% 25% 20% 15% 10% 5% 0% T 46% Q2 2019 42% Q3 2019 37% Q4 2019 33% 32% Q1 2020 Q2 2020 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. 24% Q3 2020 21% 18% 2 04 2020 Q1 2021 22% Q2 2021 20% Q3 2021 Financial strength gives us the flexibility to fund our announced projects, pursue opportunistic M&A, and distribute cash to shareholders 17% Q4 2021 18% Q1 2022 14% Q2 2022 24% Q3 2022 17% Q4 2022 15% 15% 13% Q1 2023 Q2 2023 Q3 FY23 Supplemental Slides June 22, 2023 Q3 2023 18#19REBAR tCO2e per MT of steel ZERO™ Scopes 1&2 Greenhouse Gas Emissions (GHG) Intensity 2.2 Clear Sustainability Leader 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 1.8 Scopes 1-3 GHG Emissions Intensity 1.91 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 LLLL 3.86 CMC 1.13 Global Industry 53% Of goal ZERO™ 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 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 SAFETY ACCOUNTABILITY FOR OUR ACTIONS RESPECT FOR OUR ENVIRONMENT ACTING WITH INTEGRITY Q3 FY23 Supplemental Slides | June 22, 2023 19#20Appendix: Non-GAAP Financial Reconciliations CMC CMC Q3 FY23 Supplemental Slides | June 22, 2023 20#21Adjusted EBITDA and and CMC Core Core EBITDA - Last Five Quarters EBITDA Figures in thousand $ Net earnings from continuing operations Interest expense Income taxes Depreciation and amortization Asset impairments Adjusted EBITDA¹ Non-cash equity compensation New Markets Tax Credit Acquisition and integration related costs and other Purchase accounting effect on inventory Mill operational start-up costs² Core EBITDA¹ Shipments in thousand tons North America steel product shipments North America downstream shipments Europe steel product shipments Total finished steel shipments Adjusted EBITDA per ton of finished steel shipped Core EBITDA per ton of finished steel shipped [1] See page 26 for definitions of non-GAAP measures [2] Net of depreciation and non-cash equity compensation 13,433 13,045 76,725 14,230 49,991 92,590 5/31/2023 2/28/2023 11/30/2022 8/31/2022 5/31/2022 $233,971 $179,849 $261,774 $288,630 $312,429 8,878 76,099 55,129 1 $374,078 10,376 51,183 9 $402,736 16,675 49,081 453 $402,385 9,122 787 382 429 1,598 7,264 6,811 $391,718 $302,788 $234 $245 3 MONTHS ENDED 9,945 55,641 51,216 36 $296,687 16,949 (17,659) 661 311 436 1,408 $211 $215 5,574 $424,985 $419,021 704 382 473 1,559 1,008 6,506 $258 $273 700 432 428 1,560 $258 $269 43,583 3,245 $465,280 11,986 4,478 2,169 $483,913 779 399 476 1,654 $281 $293 Q3 FY23 Supplemental Slides June 22, 2023 21#22Adjusted Earnings CMC Figures in thousand $ Net earnings from continuing operations Asset impairments New Markets Tax Credit Acquisition and integration related costs and other Purchase accounting effect on inventory Mill operational start-up costs Total adjustments (pre-tax) Tax impact Related tax effects on adjustments Total tax impact Adjusted earnings¹ Average diluted shares outstanding (thousands) Adjusted earnings per diluted share [1] See page 26 for definitions of non-GAAP measures 5/31/2023 2/28/2023 $233,971 $179,849 1 36 (17,659) 7,287 $7,288 (1,530) ($1,530) $239,729 118,398 $2.02 6,825 ($10,798) 2,268 $2,268 $171,319 118,723 $1.44 3 MONTHS ENDED 11/30/2022 8/31/2022 $261,774 $288,630 9 453 5,584 $5,593 1,008 6,506 $7,967 (1,175) (1,673) ($1,175) ($1,673) $266,192 $294,924 118,925 120,457 $2.45 $2.24 5/31/2022 $312,429 3,245 4,478 2,169 $9,892 (2,077) ($2,077) $320,244 122,800 $2.61 Q3 FY23 Supplemental Slides June 22, 2023 22#23Annualized Return on Invested Capital - Q3 2023 CMC Figures in thousand $ Earnings before income taxes Plus: interest expense Plus: mill operational start-up costs Plus: asset impairments 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 (Q3 2023 and Q2 2023 ending amounts) Return on Invested Capital² [1] Federal statutory rate of 21% plus approximate impact of state level income tax [2] See page 26 for definitions of non-GAAP measures 3 MOS ENDED 5/31/2023 $310,070 8,878 7,287 1 $326,236 $326,236 79,602 $246,634 $6,520,860 475,489 382,482 414,240 $5,248,649 $986,536 $5,164,074 19.1% Q3 FY23 Supplemental Slides June 22, 2023 23#24Adjusted EBITDA Less Sustaining Capital Expenditures and Disbursements to Stakeholders Figures in thousand $ Net earnings from continuing operations Interest expense Income taxes Depreciation and amortization Asset impairments Amortization of acquired unfavorable contract backlog Adjusted EBITDA¹ Sustaining capital expenditures and disbursements to stakeholders Sustaining capital expenditures (depreciation and amortization used as proxy) Interest expense Cash income taxes Dividends Less: Equity Compensation Total sustaining capital expenditures and disbursements to stakeholders Adjusted EBITDA less sustaining capital expenditures and disbursements to stakeholders¹ CMC [1] See page 26 for definitions of non-GAAP measures 12 MONTHS ENDED 5/31/2023 8/31/2022 8/31/2021 8/31/2020 8/31/2019 8/31/2018 8/31/2017 8/31/2016 8/31/2015 $964,224 $1,217,262 $412,865 $278,302 $198,779 $135,237 $50,175 $62,001 $58,583 46,098 258,456 206,609 50,709 51,904 297,885 121,153 40,957 44,151 30,147 15,276 131,508 124,490 14,372 1,730 61,837 71,373 92,476 69,681 165,749 158,652 7,611 384 (29,367) (74,784) 62,121 76,456 13,976 36,097 127,111 135,559 40,028 2,573 175,024 4,926 167,613 6,784 (6,035) $754,284 499 $576,608 $424,085 $352,221 $1,475,886 $1,745,806 206,609 158,652 71,373 131,508 40,957 7,198 124,490 44,151 7,977 30,963 175,024 167,613 165,749 46,098 50,709 51,904 61,837 190,483 229,316 140,950 44,499 73,003 67,749 57,766 57,056 56,537 56,076 55,514 (53,122) (46,978) (43,677) (31,850) (25,106) (24,038) (21,469) $463,071 $475,820 $374,556 $297,291 $269,433 $211,701 $233,649 $1,012,815 $1,269,986 $379,728 $279,317 $154,652 $235,822 $140,520 $2,173 $305,237 $309,268 127,111 62,121 135,559 76,456 61,000 55,945 (26,355) (24,484) $268,420 $304,476 50,201 55,342 $36,817 $4,792 9 MONTHS ENDED 5/31/2023 5/31/2022 $675,594 $928,632 31,868 36,479 208,465 247,894 157,528 125,943 46 4,473 $1,073,501 157,528 31,868 150,658 56,257 (44,000) $352,311 $1,343,421 125,943 36,479 174,195 33,978 (37,856) $332,739 $721,190 $1,010,682 Q3 FY23 Supplemental Slides June 22, 2023 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 capitalization Net debt to trailing 12 month adjusted EBITDA from continuing operations Net debt to capitalization CMC 5/31/2023 2/28/2023 11/30/2022 8/31/2022 5/31/2022 2/28/2022 11/30/2021 8/31/2021 5/31/2021 2/28/2021 11/30/2020 8/31/2020 5/31/2020 2/29/2020 11/30/2019 8/31/2019 5/31/2019 2/28/2019 $1,102,883 $1,099,728 $1,093,146 $1,113,249 $1,115,478 $1,445,755 $1,007,801 $1,015,415 $1,020,129 $1,011,035 $1,064,893 $1,065,536 $1,153,800 $1,144,573 $1,179,443 $1,227,214 $1,306,863 $1,310,150 56,896 54,366 56,735 22,777 20,701 17,271 $1,064,697 $1,069,781 $1,076,864 $1,033,812 415,055 497,745 443,120 367,347 $649,642 $572,036 $633,744 $666,465 $1,085,594 $1,083,685 $1,171,071 465,162 542,103 462,110 $620,432 $541,582 $708,961 56,222 $1,159,105 475,489 $683,616 $233,971 8,878 76,099 55,129 1 $374,078 $1,475,886 0.5x 264,762 239,406 388,796 423,091 $1,364,490 $1,332,552 $1,502,045 $1,538,569 $1,473,309 603,966 582,069 672,596 410,265 846,587 $760,524 $750,483 $829,449 $1,128,304 $626,722 13% $179,849 9,945 55,641 51,216 36 $261,774 13,045 76,725 51,183 $296,687 $402,736 0.5x 9 15% $1,159,105 $1,364,490 $1,332,552 $1,502,045 $1,538,569 $1,473,309 4,023,625 3,783,193 3,584,235 3,286,429 3,142,169 2,869,947 $5,182,730 $5,147,683 $4,916,787 $4,788,474 $4,680,738 $4,343,256 [1] See page 26 for definitions of non-GAAP measures $1,567,088 $1,834,520 $1,745,806 $1,591,218 $1,347,059 0.4x $288,630 $312,429 $383,314 13,433 12,011 92,590 126,432 43,583 41,134 3,245 14,230 49,991 49,081 453 15% $402,385 $465,280 $564,119 27,554 0.5x 17% 1,228 0.7x 24% 0.5x 14% $232,889 $152,313 11,035 11,659 28,872 41,226 $130,408 $66,233 11,965 14,021 40,444 38,175 20,941 42,437 41,804 41,573 2,439 277 474 (1,495) (1,508) (1,509) $314,022 $247,797 $221,121 $141,733 $924,673 $754,284 $638,787 $564,448 $1,064,697 $1,069,781 $1,076,864 2,486,189. 2,295,109 2,156,597 $3,550,886 $3,364,890 $3,233,461 $1,033,812 2,009,492 $3,043,304 0.7x 3 MONTHS ENDED 18% 0.8x 17% 1.0x 20% 1.2x 22% 18,149 $63,911 $67,782 $64,169 14,259 13,962 15,409 21,593 18,495 23,804 41,799 41,654 41,765 3,594 1,098 5,983 (1,523) (10,691) (4,348) (5,997) $143,633 $132,300 $146,782 $137,721 1.1x 21% $560,436 $576,608 $589,553 $586,742 0.9x 13,717 17,439 $1,167,288 $1,193,160 $1,244,653 $1,361,758 232,442 224,797 192,461 120,315 $934,846 $968,363 $1,052,192 $1,241,443 18% 22,715 1.2x 24% $63,596 15,888 22,845 41,389 $1,085,594 $1,083,685 $1,171,071 $1,167,288 $1,193,160 $1,244,653 $1,361,758 $1,399,052 1,934,899 1,889,413 1,800,662 1,758,055 1,701,697 1,624,057 1,564,195 1,498,496 $3,020,493 $2,973,098 $2,971,733 $2,925,343 $2,894,857 $2,868,710 $2,925,953 $2,897,548 1.6x 32% $518,354 $85,880 $78,551 17,702 18,513 16,826 29,105 41,181 530 369 15 (8,331) (16,582) (23,394) (23,476) $159,805 $145,245 $143,971 $69,333 $82,755 16,578 27,332 40,941 1.9x 54,895 41,050 33% 88,902 $1,399,052 66,742 $1,332,310 $14,928 18,495 18,141 41,245 Q3 FY23 Supplemental Slides June 22, 2023 25#26Definitions for non-GAAP financial measures ADJUSTED EARNINGS Adjusted earnings is a non-GAAP financial measure that is equal to earnings before debt extinguishment costs, settlement for New Market Tax Credit transactions, certain gains on sale of assets, asset impairments, purchase accounting effect on inventory, mill operational start-up costs, acquisition and integration related costs and other, including the estimated income tax effects thereof. Adjusted earnings 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 earnings provides relevant and useful information to investors as it allows: (i) a supplemental measure of our ongoing core performance and (ii) the assessment of period-to-period performance trends. Management uses adjusted earnings to evaluate our financial performance. Adjusted earnings may be inconsistent with similar measures presented by other companies. Adjusted earnings per diluted share (or adjusted EPS) is defined as adjusted earnings on a diluted per share basis. 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 start-up 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. ADJUSTED EBITDA Adjusted EBITDA is a non-GAAP financial measure. Adjusted EBITDA is the sum of the Company's net earnings before interest expense, income taxes, depreciation and amortization expense, asset impairments, settlement for New Market Tax Credit transactions, 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. ADJUSTED EBITDA LESS SUSTAINING CAPITAL EXPENDITURES AND DISBURSEMENTS TO STAKEHOLDERS Adjusted EBITDA less sustaining capital expenditures and disbursements to shareholders is defined as Adjusted EBITDA less depreciation and amortization (used as a proxy for sustaining capital expenditures) less interest expense, less cash income taxes less dividend payments plus stock-based compensation. NET DEBT Net debt is defined as total debt less cash and cash equivalents. 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. FREE CASH FLOW Free cash flow is defined as cash from operations less capital expenditures. CMC Q3 FY23 Supplemental Slides June 22, 2023 26#27Thank You CMC Q3 FY23 Supplemental Slides | June 22, 2023 27