A：The acquisition of Foley Products Company will add a best-in-class business with industry-leading margins to CMC's portfolio. It will create a high-quality, large-scale platform in the precast concrete industry in the U.S. Upon closing both transactions, CMC will become the third largest precast player in the U.S. and a leader across the mid-Atlantic and Southeast regions, supported by 16 facilities across 10 states.

A：FPC has grown into the largest regional precast producer in the U.S. with five plants across 10 states. It has a strong track record of growth and best-in-class margin performance, which is attributed to its talented management team and industry-leading practices. FPC is known for its one-stop shop capabilities for construction applications, providing enduring competitive advantages to CMC.

A：The acquisition of Foley is expected to generate annual run-rate EBITDA synergies of approximately $25 to $30 million by year 3. In addition, there are script to ed million of EBITDA synergies from the previously announced acquisition of C PMP. The majority of these benefits will come from applying best practices across the platform, including optimized production planning, manufacturing efficiency, and a simplified structure for support functions.

A：The addition of Foley and CPP will enhance CMC's market position by providing a unique offering of early-stage construction solutions, from site preparation to structural erection, which will be attractive in the marketplace. It will also grow more compelling over time as CMC integrates its portfolio and offers turnkey solutions. The proximity of precast sites to CMC's rebar mills and fabrication plants allows for optimal coordination and substantial commercial opportunities.

A：Strategic considerations behind the acquisition of Foley include the transformation it will bring to CMC's financial profile, the increase in margin levels and free cash flow capabilities, and the reduction in earnings and cash flow volatility. Foley's precast platform is expected to generate significant value for customers and shareholders alike, acting as a cornerstone of CMC's newly created precast platform.

A：The acquisition of Foley is valued at a purchase multiple of 16x on Foley's expected calendar year 2025 EBITDA, which is reduced to approximately 14x when cash tax savings are considered. CMC will benefit from a tax step-up on assets. The transaction is expected to be immediately accretive to earnings and cash flow per share. Foley's EBITDA margins are 50 to 60 percentage points higher than those of many blue-chip building products and construction material companies.

A：Cmc is seeking to improve its financial metrics through three strategies: investing in people and excellence, pursuing value accretive organic growth, and driving capability-enhancing inorganic growth.

A：The year 2025 was the safest year in Cmc's history, marking the third consecutive year of record safety performance.

A：Significant progress in organic growth was made, with a full quarter of positive EBITDA at Arizona II and the achievement of an 80 million net tax credit related to Steel West Virginia. Additionally, the company expects to generate a run rate annualized EBITDA benefit of more than 150 million without related capital investment by the end of fiscal year.

A：North America's construction activity is expected to remain favorable due to resilient construction activity and a balanced supply landscape. Volumes and margins are supported by healthy downstream bid volumes and resilience across various market segments. The company anticipates further improvement in profitability in the first quarter.

A：The rebar trade case has been passed to the Department of Commerce for investigation after the ITC found merit in the claim of dumping. A preliminary ruling is expected in late 2025 or early 2026. Price increases on rebar sizes have been observed since the case was filed.

A：The EBG segment is seeing encouraging signals with solid quoting levels, busy engineering firms, improved quote conversion into backlog, and opportunities for growth through market expansion and product adoption. The segment is expected to achieve a consistent organic growth rate in the mid to high single digits and EBITDA margins in the high teens.

A：The Europe steel group's performance modestly improved from the third quarter with normalized demand and slightly higher metal margins. The implementation of new EU trade legislation is expected to bolster trade protection, which could reduce foreign steel imports and increase domestic demand for Cmc's products.

A：The adjustments to the previously disclosed litigation included a $3.8 million pre-tax expense for interest on the judgment amount, an impairment charge of $3.4 million, and a $2.9 million unrealized gain on undesignated commodity hedges.

A：The adjusted EBITDA increased by $87.4 million in total compared to the prior year period, with the North American Steel Group contributing $124 million of improvement.

A：The increase in the North American Steel Group's adjusted EBITDA was driven primarily by higher margins over scrap costs on steel products and contributions from tag operational excellence efforts, including scrap optimization, alloy consumption reduction, process yield improvements, and logistics optimization.

A：The reason for the Europe Steel group's increased adjusted EBITDA margin was the receipt of a $31 million CO2 credit, which was the first of two payments received in the quarter as part of the government energy cost reimbursement program. Excluding this credit, adjusted EBITDA was driven by higher margins and a script increase in shipment volumes, as well as ongoing cost management efforts.

A：The decrease in the Emerging Business Group's net sales and adjusted EBITDA was not specifically detailed in the transcript, but the improvement was largely driven by several factors, including strong demand for geogrids and proprietary products, improved tensar cost performance, and the impact of commercial initiatives.

A：Approximately $600 million is expected to be invested in total capital spending for fiscal 2026, of which about $3 million is associated with completing the construction of the West Virginia micro mill and a few high return growth investments within the ESG segment.

A：The outlook for the first quarter of fiscal 2026 indicates that finished steel shipments within the North American Steel Group will follow normal seasonal trends, while the adjusted EBITDA margin is expected to increase sequentially on higher steel product margins over scrap.

A：The strategic initiatives include executing on tag operational and commercial excellence programs, completing value accretive organic projects, and adding complementary early-stage construction solutions that provide attractive new growth lanes.

A：The company expects nonresidential spending to trend upwards, supported by a huge backlog of potential projects and significant potential projects announced. Residential markets are currently lackluster but are expected to improve as interest rates begin to drift down, driven by a deficit in the millions of homes in the country.

A：The steel group will see a reduction in CO2 credits, with another credit received in the first quarter that will be about half the size of the fourth quarter's credit, resulting in a $15 million impact. Additionally, there will be a typical seasonal plant maintenance outage that will reduce operating performance, excluding the CO2 credits, to near breakeven levels.

A：Following the acquisition of Foley and CPNP, the company has completed significant integration efforts and is very happy with the platform built. Once leverage is brought down to an acceptable range, the company would start looking at other potential transactions. The fragmented precast concrete market is seen as an opportunity for future growth with potential for both bolt-on acquisitions and larger transactions.

A：The company sees the overall precast concrete market as a $30 billion market that is fragmented, presenting opportunities for growth over time. According to the company, bolt-on acquisitions will be attractive because they are typically cheaper, come with synergies, and strengthen the core business. Bigger transactions will be more episodic. The company aims to create a national-scale platform with several hundred million dollars of EBITDA, grown in a measured way, and is committed to being disciplined in M&A and ensuring success in integrating these assets.

A：The integration of Foley's operations is expected to improve CPM's margins due to differences in operating models between Foley and CPM. Foley's business model has different strengths that complement CPM's, and CPM has recently acquired some lower-margin businesses which affect overall margins. However, Foley's precast plants have attractive margins, and certain acquisitions are expected to have higher investment levels initially as part of integrating the businesses.

A：The company plans to invest $600 million in CapEx next year, of which a significant portion is for precast businesses. The precast businesses have much lower maintenance CapEx needs compared to other parts of the business. The CapEx beyond maintenance is expected to have very attractive returns. The company expects to allocate extra capital to accelerate investments in CPM, with an additional investment of $5 million per year.

A：The company does not specify a precise timeline for when the synergies from the recent acquisitions will be fully realized but suggests that the improvements in CP margins should be thought of over a 3 to 5 year horizon. The company is planning to invest an extra $5 million annually to accelerate some of the synergies. The incremental EBITDA mentioned refers to the additional EBITDA generation from the recent acquisition, not to be confused with the previously announced CPP acquisition.

A：The company plans to maintain its current dividend policy and long-term capital allocation strategy. They have completed significant acquisitions and now focus on integration and ensuring these transactions are highly successful and generate great returns for the business. Consequently, they will slow down the share repurchase program, which will only offset employee share grants in the short term as they reduce leverage. Once they achieve the target leverage, they plan to ramp up share repurchases, as share repurchases are a crucial part of their capital allocation strategy.

A：The company plans to integrate the new acquisitions by focusing on successful transactions and high return investments. They intend to continue organic growth projects across the company, with a shift towards more capital-light investments as they move past certain projects like in West Virginia. Additionally, they aim to slow down share repurchases to offset employee share grants as they bring leverage back down to target levels. They expect to achieve their financial goals, such as an edx net leverage, through strong cash flow generation, reduction in CapEx, and an optimistic business environment.

A：The company's strategy is to become an early-stage construction supplier, which aligns with their recent acquisitions of rebar, fabrication, tensar, precast platforms, and construction services. They aim to build on the assets they currently have to become a leader in early-stage construction. Specifically, the goal is to develop a national footprint for the precast business, which could generate several hundred million dollars in EBITDA. Additionally, they see great potential in the tensar business, which they believe is still underpenetrated, and are excited about the prospects for performance reinforcing steel due to increased demand and growth in construction activity.

A：The company envisions itself as a leader in early-stage construction with a diverse portfolio of businesses that can scale and be significant to customers. They intend to focus on value-added products with high margins and good returns on invested capital. They want businesses that bring value to customers and plan to pursue a strategy that involves acquisitions and investments in businesses with strong potential for growth.

A：Typical seasonal variations in the North American steel group show a 2-3% reduction in volumes during September through November due to a good construction season. Additionally, they note that certain segments are more affected by the seasonal nature of site preparation. There's also a mention of an outage season in Europe which is less seasonal but affects the business due to its cyclicality.

A：Barriers to entry in the company's business include customer relationships, reputation, and capabilities. Established customer relationships and a good reputation for delivering quality products on time are significant factors. Additionally, the company recognizes the importance of scale, which may be achieved through M&A. They note that while there are organic growth projects, building scale likely will involve M&A. They also emphasize the potential for bolt-on acquisitions that would be very appealing due to the expected synergies.

A：The company expects the precast business to grow significantly through inorganic means, with an eye towards reaching several hundred million dollars in EBITDA. They are confident in the growth trajectory due to the adoption and penetration of precast products which address labor shortage issues and stormwater management. Geographical growth expectations for construction activity are very attractive over the coming years, which supports the company's growth outlook.