Commercial Metals Company (CMC): Business Model Canvas [Dec-2025 Updated]

You're digging into the mechanics of Commercial Metals Company (CMC) after their big late-2025 moves, and you need the straight facts on how they actually make money now, right? Honestly, this isn't just a scrap recycler anymore; with $7.8 billion in Fiscal Year 2025 net sales and major buys like the pending $1.84 billion Foley Products deal, their model is about deep vertical integration-from owning the EAF micro-mills to offering downstream construction services. I've mapped out exactly how this strategy connects their low-cost scrap advantage and sustainable steel production to their diverse customer segments, so you can see the full picture of their current value creation engine below.

Commercial Metals Company (CMC) - Canvas Business Model: Key Partnerships

You're looking at the core relationships Commercial Metals Company (CMC) established or solidified in late 2025 to execute its growth strategy, particularly in the precast concrete space. These aren't just vendor agreements; these are major, value-accretive integrations that fundamentally change the company's footprint and future cash flow profile. Honestly, the focus on these two acquisitions signals a major shift toward early-stage construction solutions.

The most concrete partnerships are the recent and pending acquisitions, which bring in established operational platforms and synergy targets. These deals are financed through significant capital market activity, including a $2 billion senior notes offering, split into $1 billion in 5.75% Senior Notes due 2033 and $1 billion in 6.00% Senior Notes due 2035, with funds for the Foley deal held in escrow.

Here is a breakdown of the key partnership transactions and their scale:

The integration of these two businesses creates a significant new platform for Commercial Metals Company. Following the completion of both purchases, CMC will operate 35 facilities across 14 states. This positions CMC to be the third-largest precast concrete platform in the United States. Furthermore, management has identified specific financial targets from this partnership:

• Annual run-rate synergies between Foley Products Company and CP&P are expected to reach $25 million to $30 million of EBITDA by year three.
• The combined platform is expected to be immediately accretive to earnings per share and free cash flow per share.

Beyond the major acquisitions, Commercial Metals Company relies on a network of operational partners to support its core and expanded businesses. While specific dollar amounts for these relationships aren't typically public, their function is critical to the overall model, which includes manufacturing steel and metal products principally in the United States and Central Europe.

You can expect these operational partnerships to involve:

• Strategic suppliers for non-scrap raw materials and alloys needed for specialized steel and new precast product lines.
• Logistics and freight carriers essential for distributing finished steel products and precast concrete solutions across the expanded footprint in the Mid-Atlantic and Southeast regions.
• Technology partners supporting mill automation and digital tools, building on the company's Transform, Advance and Grow (TAG) program aimed at operational efficiencies.

To give you a sense of the scale Commercial Metals Company was operating at just before these deals closed, the North America Steel Group reported an adjusted EBITDA of $239.4 million in the fourth quarter of fiscal 2025. That's the engine that helps fund these strategic moves.

Finance: draft 13-week cash view by Friday.

Commercial Metals Company (CMC) - Canvas Business Model: Key Activities

You're looking at the core engine of Commercial Metals Company (CMC) as of late 2025, which is all about turning scrap into essential construction materials and specialized products. The key activities are deeply integrated, focusing on efficiency and growth through capital projects.

Operating electric arc furnace (EAF) micro-mills and mini-mills

The company's manufacturing backbone relies on its EAF network. This activity is seeing significant expansion and modernization, which you can see in the recent capital deployment.

• Commercial Metals Company owns six electric arc furnace mini mills and two electric arc furnace micro mills in the U.S..
• The Arizona 2 Micro Mill achieved positive adjusted EBITDA in the fourth quarter of fiscal 2025.
• The new CMC Steel West Virginia micro mill, designed for 500,000 tons annually, was scheduled for operational start-up in late calendar 2025.
• The total project budget for the West Virginia mill was approximately $450 million net of incentives.
• Existing Mesa, Arizona micro-mills each produce 350,000 tons per year of rebar and 150,000 tons per year of smaller MBQ products.
• Upgrade projects at the Mesa facilities included a $20 million program at AZ 1 and a $10 million program at AZ 2, running through the end of fiscal 2025.

Capital expenditures for the full fiscal year 2025 were expected to be between $630 million and $650 million, reflecting these major capacity additions and upgrades.

Scrap metal recycling and processing for internal use and external sales

Recycling is the foundation, providing the primary feedstock for the EAFs. This activity is massive in scale.

Commercial Metals Company has the capacity to process and ship nearly 5 million tons of ferrous and non-ferrous scrap annually across its operations. The company turns scrap into new steel products by recycling more than 19 billion pounds of metal each year. You can see the cost impact of this activity in working capital usage; for instance, Q1 fiscal 2025 saw a $67.5 million usage for working capital, primarily due to rising scrap costs.

Rebar fabrication and downstream construction services (CMC Construction Services)

This covers the value-added services and products sold through the Emerging Businesses Group (EBG). The performance here was a highlight for the year.

The Adjusted EBITDA margin for CMC Construction Services hit a record in Q3 fiscal 2025 at 22.8%, an improvement of 110 basis points year-over-year. The EBG segment delivered its best-ever quarterly results in Q4 fiscal 2025, with net sales reaching $221.8 million (up 13.4% year-over-year) and Adjusted EBITDA at $50.6 million (up 19.1% year-over-year).

Executing the Transform, Advance, and Grow (TAG) operational program

The TAG program is the internal lever for margin enhancement, focusing on operational and commercial excellence across the board.

For the full fiscal year 2025, the TAG program exceeded expectations, delivering an estimated $50 million of EBITDA benefit relative to the prior year baseline. The program has over 25 first-wave initiatives currently executing. Early results from specific efforts, like reducing alloy consumption and improving melt shop yields, delivered a combined $10 million to $15 million in annual benefits. Commercial Metals Company expects the TAG program to drive an annualized EBITDA benefit of over $150 million by the end of fiscal 2026.

Manufacturing precast concrete and proprietary foundation systems (Tensar)

This activity falls under the EBG segment and has been significantly bolstered by recent strategic moves.

Tensar performance was record-setting in Q4 fiscal 2025, contributing to the segment's best-ever quarterly results. Furthermore, following year-end acquisitions of Foley Products Company and Concrete Pipe & Precast (CP&P), the combined entities represent a new growth platform with 35 facilities across 14 states, generating $735 million in revenue and $250 million in EBITDA. Management projects these additions will increase precast's contribution to CMC's EBITDA to 32% and add about 2.1 percentage points to the company's annualized core EBITDA margin.

Commercial Metals Company (CMC) - Canvas Business Model: Key Resources

You're looking at the core assets that Commercial Metals Company (CMC) relies on to execute its strategy, especially as of late 2025. These aren't just line items; they are the physical and intellectual engines driving the business.

Vertically integrated EAF mini-mill network and facilities globally

CMC's physical footprint is substantial, built around its vertically integrated structure that spans from scrap recycling to fabrication. This network is a primary barrier to entry for competitors.

Strong liquidity position of nearly $1.9 billion as of August 31, 2025

Financial strength provides the flexibility for capital deployment, like the announced post-year-end acquisitions. You need to know the balance sheet health to gauge operational runway.

As of the fiscal year-end on August 31, 2025, Commercial Metals Company maintained a strong liquidity profile. The available liquidity stood at nearly $1.9 billion. This was supported by cash and cash equivalents totaling $1.0 billion on that date. This robust position was further bolstered by a $2,000 million senior notes offering closed in November 2025, though those proceeds were placed in escrow pending acquisition closing.

Proprietary product solutions and design/engineering capabilities (e.g., Tensar)

The Emerging Businesses Group (EBG), driven heavily by Tensar, delivered its best-ever quarterly results in the fourth quarter of fiscal 2025. Tensar is not just a product seller; it's a technology licensor.

• Tensar sells into more than 80 national markets.
• The business holds over 140 global patents related to its Geopier technology.
• The acquisition of Tensar was valued at $550 million.
• Tensar's model involves designing customized solutions that are then licensed to contractors for execution.

Arizona 2 micro mill, a key new production capacity asset

The Arizona 2 micro mill is a significant capacity addition, designed for efficiency and product flexibility. It was expected to exit Fiscal Year 2025 operating near its full run rate.

The mill is unique as the first globally capable of producing both rebar and merchant bar products in an endless cast-roll mode. Furthermore, the West Virginia micro-mill commissioning process was targeted to begin in late calendar year 2025, representing further capacity expansion.

Experienced workforce and technical expertise in steel and concrete

The human capital base includes specialized teams supporting both the core steel operations and the engineered products segment. The company is actively growing this base through strategic hires and acquisitions.

As of 2023, Commercial Metals Company reported a total employee count of 13,022. The Arizona 2 micro mill alone employed roughly 185 people. The technical expertise is augmented by the acquisition of Tensar, which brought approximately 650 worldwide employees with specialized knowledge in ground stabilization. More recently, the pending acquisitions of Foley Products Company and Concrete Pipe & Precast, LLC, announced after the August 31, 2025, year-end, will further broaden the technical expertise in concrete products.

Finance: draft 13-week cash view by Friday.

Commercial Metals Company (CMC) - Canvas Business Model: Value Propositions

You're looking at the core reasons why Commercial Metals Company (CMC) captures and keeps its customers, which really boils down to being both green and cost-effective while delivering specialized products. The value proposition starts with their environmental commitment, which is intrinsically linked to their operational structure.

Sustainable Steel Production

Commercial Metals Company (CMC) offers steel produced with a significantly lower carbon footprint than traditional methods. Their Electric Arc Furnace (EAF) technology, fueled by scrap, is inherently cleaner. For fiscal year 2025, the Scope 1 & 2 GHG emissions intensity was reported at approximately 0.43 MT CO2e/MT of steel produced. This positions them as one of the greenest steel manufacturers globally, a key differentiator when infrastructure projects increasingly favor low-carbon materials. They are actively working toward their 2030 goal of a 20% reduction in Scope 1 and 2 GHG emissions intensity from a 2019 baseline.

Low-Cost Producer Advantage from Vertical Integration and Scrap Recycling

The control CMC has over its supply chain is a massive value driver, translating directly into competitive pricing for you. Their vertically integrated model means they manage the process from scrap collection all the way to finished fabrication. Honestly, this structure is a brilliant cost-control mechanism, making them less exposed to volatile virgin iron ore markets.

Here's the quick math on their material advantage:

• Nearly 98% of the raw materials used in their manufacturing process is recycled content.
• The Transform, Advance, and Grow (TAG) operational excellence program delivered an estimated $50 million of EBITDA benefit in fiscal year 2025.

This operational discipline helped them achieve $7.8 billion in net sales for the full fiscal 2025.

Comprehensive Early-Stage Construction Solutions

CMC is moving beyond just supplying finished steel products to offering comprehensive solutions for the early stages of construction, which is a huge convenience for project managers. This is being rapidly built out through strategic moves. For instance, the pending acquisitions of Foley Products Company and Concrete Pipe & Precast (CP&P) are set to establish a significant precast platform.

The scale of this expanded offering is substantial:

Even before these close, the existing CMC Construction Services segment posted an Adjusted EBITDA margin of 22.8% in Q4 FY2025, an improvement of 110 basis points year-over-year.

High Reliability and Superior Customer Service in Critical Applications

When you're building critical infrastructure, you need suppliers you can defintely count on. CMC backs its product quality with strong service metrics. They maintain a 97% global customer satisfaction score. Furthermore, their Emerging Businesses Group (EBG) delivered its best-ever quarterly results in Q4 FY2025, showing operational excellence across their diverse offerings. This reliability extends to their specialized segments, where strong project-related demand propelled Performance Reinforcing Steel (PRS) performance.

Proprietary Geosynthetic and Foundation Systems for Complex Projects

For challenging ground conditions where standard rebar isn't enough, CMC provides proprietary systems that enhance project stability and longevity. These are key value-adds for complex civil engineering work. For example, their Tensar geogrid products enhance soil stability, and Geopier systems provide ground improvement for foundations in difficult environments. The performance of the Tensar business within the EBG segment was noted as record in the fourth quarter of fiscal 2025, indicating strong market acceptance of these specialized, high-value solutions.

Key operational and financial highlights supporting these value propositions include:

• Consolidated Core EBITDA Margin (Q4 FY2025): 13.8%.
• North America Steel Group Adjusted EBITDA (Q4 FY2025): $239.4 million.
• Shares repurchased in Q4 FY2025: 974,462 shares for $50.0 million.

Finance: draft 13-week cash view by Friday.

Commercial Metals Company (CMC) - Canvas Business Model: Customer Relationships

You're analyzing how Commercial Metals Company (CMC) manages the relationships across its diverse customer base, which spans from massive infrastructure developers to smaller, transactional buyers. Honestly, for a company with $7.8 billion in net sales for fiscal year 2025, the relationship strategy has to be segmented, just like their business units.

Dedicated sales teams for large-scale, project-based B2B contracts

For major construction and infrastructure projects, CMC deploys dedicated B2B sales teams. These relationships are high-touch and long-cycle, focusing on securing multi-year supply agreements for core products like rebar and structural steel. The scale of the business means these contracts are critical; for instance, the North America Steel Group delivered an adjusted EBITDA of $239.4 million in Q4 2025, indicating significant, reliable volume flowing from these key accounts.

Consultative approach for engineered solutions (e.g., precast, Tensar)

The Emerging Businesses Group (EBG), which houses specialized offerings like Tensar foundation systems, requires a consultative relationship. This isn't just selling steel; it's selling a technical solution. The success here is clear: the EBG delivered its best-ever quarterly results in Q4 2025, with net sales to external customers hitting $221.8 million, up 13.4% year-over-year, and an adjusted EBITDA margin of 22.8%. Furthermore, the late 2025 acquisition of Concrete Pipe & Precast (CP&P) for $675 million, which offers 'highly engineered precast and reinforced concrete pipe solutions,' solidifies this consultative tier, adding a platform expected to generate $735 million in revenue.

Transactional relationships for standard merchant bar and raw material sales

A significant portion of Commercial Metals Company's business, particularly the standard merchant bar and raw material sales, operates on a more transactional footing. These customers value competitive pricing and reliable delivery of commodity-like products. The company's commitment to being a low-cost recycler and manufacturer is the primary driver here, ensuring they remain the supplier of choice when price and immediate availability are the main decision factors.

High customer loyalty driven by product reliability and service

For the segments where Commercial Metals Company excels, product reliability and consistent service translate directly into customer stickiness. In the industrial and construction sectors, failure to deliver on spec or on time halts entire projects, so trust is paramount. While general industry data suggests that quality and experience drive loyalty more than price in 2025, for Commercial Metals Company, the operational excellence from initiatives like the Transform, Advance, Grow (TAG) program, which delivered an estimated $50 million of EBITDA benefit in FY2025, underpins this reliability.

Standardized commercial practices across CMC Construction Services

Within CMC Construction Services, the focus has been on streamlining the customer interface. Management noted that net sales and margins benefited from initiatives to standardize commercial practices and grow store traffic. This standardization aims to ensure a consistent, predictable experience for customers across their various locations, balancing the need for local responsiveness with corporate efficiency. This is a key commercial excellence initiative.

Here's a quick look at how the performance of the customer-facing segments stacked up in the fourth quarter of fiscal 2025:

The EBG's 22.8% margin shows the premium customers pay for those engineered solutions, which is definitely a relationship worth cultivating. Finance: draft 13-week cash view by Friday.

Commercial Metals Company (CMC) - Canvas Business Model: Channels

You're looking at how Commercial Metals Company (CMC) gets its products-from scrap metal to finished rebar and now precast concrete-into the hands of the people building the highways and data centers. The channel strategy is a mix of direct sales muscle and a massive physical footprint. This is how they move the product.

Direct sales force to general contractors and fabricators

CMC relies on its direct sales teams to connect with major customers like general contractors and fabricators. This direct approach is crucial for securing large, recurring orders in the core construction and infrastructure markets. The company's North America Steel Group, which generated 77.34% of total revenue in Q4 2025, is the primary engine here. This segment sells products like rebar, structural steel, and merchant bars directly into early-stage construction projects.

Extensive network of steel fabrication and service centers

The physical network is what makes the direct sales possible. Commercial Metals Company operates an extensive manufacturing network principally located in the United States and Central Europe. As of the end of fiscal year 2025, the company operated 212 facilities across the United States and Poland, which includes electric arc furnace (EAF) mini-mills, micro-mills, and steel fabrication plants. This network acts as the backbone for their service center function, allowing them to process and deliver materials to specification.

The recent strategic shift heavily emphasizes expanding this physical channel through acquisitions, particularly in the precast concrete space. Consider the acquisition of Concrete Pipe & Precast, LLC (CP&P) for $675 million in cash, which closed on December 1, 2025. This move immediately bolstered their channel presence in the construction materials sector.

Here's a look at the scale of the newly integrated precast channel:

This integration is designed to embed CMC into durable demand segments like data center construction and infrastructure investment.

Global distribution network for steel and metal products

Commercial Metals Company serves a global market, though the US remains dominant. While the company's FY 2023 sales breakdown showed 84% in the United States and 16% from Poland, the Q4 2025 regional revenue breakdown confirms North America's continued importance at 77.34% of total revenue. The network spans the US, Europe, and Asia, encompassing everything from local recycling centers to large-scale fabrication centers.

17 strategically located facilities from CP&P in the Mid-Atlantic/South Atlantic

The CP&P acquisition is a prime example of channel expansion targeting specific, high-growth geographies. The 17 CP&P facilities are strategically positioned across seven core states in the Mid-Atlantic and South Atlantic regions. These locations supply precast concrete and pipe products directly to infrastructure, non-residential, and residential construction markets in those areas. This move is about securing local market leadership in high-demand regions.

Digital tools for order management and customer interaction

While the business is heavily physical, digital tools are increasingly important for efficiency and customer access. The industry trend shows leading service centers creating cloud B2B marketplaces for sourcing and tracking orders in North America and Europe. CMC itself has invested in modernization, adopting applications like SAP S/4 HANA. The high-margin Emerging Businesses Group (EBG) is showing digital adoption success, delivering its best-ever quarterly results in Q4 2025 with net sales reaching $221.8 million, a 13.4% year-over-year jump.

You can see the digital impact in the EBG's performance:

• EBG Q4 2025 Net Sales: $221.8 million
• EBG Q4 2025 Adjusted EBITDA Margin: A robust 22.8%
• Total FY 2025 Net Sales: $7.8 billion

The company is clearly using digital means to enhance the performance of its higher-margin segments, which is a smart play given the overall FY 2025 net sales were $7.8 billion.

Finance: draft the pro-forma facility count post-Foley close by Monday.

Commercial Metals Company (CMC) - Canvas Business Model: Customer Segments

You're looking at the core buyers for Commercial Metals Company (CMC) as of late 2025, which is a mix of large-scale industrial and infrastructure players, plus a growing focus on specialized downstream construction components.

The geographic concentration of these customers is heavily weighted toward the United States. For the fourth quarter of fiscal year 2025, the North America region was responsible for generating 77.34% of total revenue, which itself totaled $2.1 billion for that quarter.

The customer base is best understood by looking at the performance of the major operating segments in Q4 2025, which gives you a clear picture of where the revenue is coming from:

The North America Steel Group remains the largest revenue contributor, with net sales reaching $1.62 billion in the fiscal fourth quarter of 2025. This group primarily serves the foundational construction and industrial markets.

The customer segments served by Commercial Metals Company (CMC) include:

• Non-residential and infrastructure construction, such as projects involving bridges, highways, and dams.
• Energy and utility projects, covering areas like LNG facilities, transmission lines, and renewable generation infrastructure.
• Original Equipment Manufacturers (OEMs) in sectors like defense and truck trailer manufacturing.
• Downstream construction businesses that utilize steel products.

A significant strategic move in late 2025 directly targets the downstream construction segment. The pending acquisitions of Concrete Pipe & Precast (CP&P) and Foley Products Company are set to create a major precast platform. These combined entities are projected to generate $735 million in revenue and $250 million in EBITDA, boasting an impressive EBITDA margin of approximately 34%. This positions Commercial Metals Company (CMC) to become the number three precast player in the United States, and number one in the Southeast region.

The Emerging Businesses Group also shows growth, with net sales increasing by 13.4% year-over-year to $221.8 million in Q4 2025. This group often services more specialized or proprietary product needs within the broader construction and industrial landscape.

Commercial Metals Company (CMC) - Canvas Business Model: Cost Structure

You're looking at the core expenses that drive Commercial Metals Company's operations, which are heavily weighted toward materials and capital-intensive processes. Honestly, for a metals recycler and producer, the cost structure is dominated by the commodity markets you buy and the energy you burn to transform that material.

Raw material costs, primarily scrap metal, which is highly volatile

The single largest cost component for Commercial Metals Company is the procurement of scrap metal, the primary feedstock for its Electric Arc Furnace (EAF) operations. This cost is inherently volatile, directly tied to global scrap supply and demand dynamics. For the full fiscal year ending August 31, 2025, Commercial Metals Company's Cost of Goods Sold was reported as $6.578B. This figure reflects the massive scale of raw material purchasing required to feed its mills.

We saw this volatility play out clearly in the past. For example, in the first quarter of fiscal 2024, the cost of scrap utilized increased by $18 per ton year-over-year, which squeezed margins significantly. By the fourth quarter of fiscal 2025, however, scrap costs had declined by $46 per ton compared to the third quarter, showing the rapid swings that management must navigate.

Energy and power consumption for EAF operations

EAF melting is power-intensive, making energy costs a critical, variable cost. While specific consolidated energy spend for fiscal 2025 isn't explicitly broken out here, the focus on cost control suggests ongoing efforts to manage this input. For instance, the Europe Steel Group benefited from a government rebate related to natural gas costs of $4.0 million in the second quarter of fiscal 2025, highlighting the direct impact of energy pricing policies and efficiency programs on the bottom line. The company's Transform, Advance, Grow (TAG) program also includes scrap cost optimization and logistics optimization, which indirectly helps manage the total cost associated with energy use per ton produced.

High capital expenditure for new mill construction and maintenance

Building and maintaining EAF micro mills requires substantial upfront and ongoing capital. These fixed costs are necessary to maintain a competitive, modern production base. We can see the investment in the Arizona 2 micro mill through its commissioning costs; in the third quarter of fiscal 2024, CMC incurred $11.8 million in costs, net of depreciation, related to this effort. By the fourth quarter of fiscal 2025, that mill was generating positive adjusted EBITDA, showing the long-term capital deployment is intended to shift costs from CapEx to operational efficiency and profitability.

Here's a snapshot of recent capital investment indicators:

• Commissioning costs for Arizona 2 micro mill (Q4 FY2024): $15.1 million (net of depreciation).
• Fixed assets for CMC Markets segment declined by 7% since year-end, reflecting progression beyond a recent investment cycle.
• The company announced pending acquisitions of Foley Products Company and CP&P after year-end August 31, 2025, signaling future CapEx for integration and growth.

Selling, General, and Administrative (SG&A) expenses

These are the overhead costs of running the business, separate from direct production costs. For the first quarter of fiscal 2025 (ended November 30, 2024), Commercial Metals Company reported Selling, General, and Administrative expenses of $177,858 thousand (or $177.86 million) for the three-month period. [cite: 8 from first search] This is a key area management focuses on for efficiency, as seen in the TAG program's goal to exceed $100 million in targeted EBITDA benefits.

Interest expense on debt, including the $2,000 million Senior Notes offering

Debt servicing is a fixed financial cost that Commercial Metals Company actively manages. Before the late 2025 debt issuance, quarterly interest expense was in the low double-digit millions. For instance, the interest expense on debt for the fiscal quarter ending June 2025 was $12.14 million. This figure does not include the significant impact of the new financing.

The major event in late 2025 was the closing of the $2,000 million Senior Notes offering on November 26, 2025, split into two tranches: $1,000 million at 5.75% due 2033 and $1,000 million at 6.00% due 2035. This new debt, issued to fund the Foley Acquisition, will substantially increase the baseline interest expense going forward. Here's the quick math on the annual interest cost from just the new notes, assuming they were outstanding for a full year at their stated coupon rates:

What this estimate hides is that the litigation-related interest charges, which totaled an estimated net after-tax charge of $274 million for fiscal 2025, are separate from this operational debt servicing. Still, the $117.5 million in new annual interest expense represents a material addition to the cost structure moving into fiscal 2026. Finance: draft 13-week cash view by Friday.

Commercial Metals Company (CMC) - Canvas Business Model: Revenue Streams

Commercial Metals Company (CMC) generated $7.8 billion in Total Net Sales for the full Fiscal Year 2025.

The revenue streams are segmented across its core operations, with significant contributions from its North America Steel Group and its growth-focused Emerging Businesses Group.

Here is a breakdown of the key revenue components based on the latest available figures:

The North America Steel Group is the largest single contributor to the top line, bringing in $6.15 billion in product sales for Fiscal Year 2025. This segment is central to the company's revenue base.

The Emerging Businesses Group (EBG) shows a clear revenue stream from its specialized products and services. For the fourth quarter of Fiscal Year 2025, the EBG recorded net sales of $221.8 million. This Q4 performance represented a 13.4% increase year-over-year.

Sales of Raw Material Products, primarily scrap metal, represent a distinct revenue stream derived from the initial processing and sale of materials. In the fourth quarter of Fiscal Year 2025, this core business segment contributed 16.71% of the total revenue for that quarter.

Another important, though less granularly quantified in the top-line breakdown, revenue source is the sale of fabricated rebar and downstream construction services. This revenue is captured within the North America Steel Group's results, with finished steel shipments increasing by 3% compared to the prior year, and rebar shipments growing at a similar rate in Q4 2025. Furthermore, net sales and margins within CMC Construction Services benefited from commercial initiatives and strong project-related demand.

You can see the relative scale of the largest segment versus the total:

• North America Steel Group FY2025 Sales: $6.15 billion
• Total FY2025 Net Sales: $7.8 billion

Finance: draft a reconciliation showing how the Q4 2025 Raw Material Products revenue in dollars ($2.1 billion 0.1671) compares to the Q4 2025 EBG sales of $221.8 million by Monday.