Commercial Metals : Q2 Fiscal 2023 Supplemental Presentation

COMMERCIAL METALS COMPANY

Q2 FY 2023 Supplemental Slides

Forward-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 effect of COVID-19 and related governmental and economic responses thereto, 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, 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 epidemics, 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, which is uncertain, but may prove to negatively impact our business and operations; 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.

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Increasing Shareholder Value....With a Winning Formula

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

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Key Takeaways From Today's Call

• Historically strong financial results despite Q2 margin and weather-related challenges
• • Quarter also included a significant planned outage
• Expect sequential earnings improvement
• • Anticipate benefits from margin stabilization and higher shipments
• Positive North America long-term fundamentals supported by infrastructure spending programs and outlook for large-scale industrial projects
• Arizona 2 expected to start production in late spring
• • Anticipate to begin shipping during the fourth quarter
  • Increases CMC's ability to capitalize on strong multi-year market fundamentals
• Management bench augmented with appointment of Peter Matt as President
• • Well-respectedindustry leader who has served on CMC's Board of Directors since 2020
• Strong financial position
• • Balance sheet strength and cash flow profile continue to provide capital allocation flexibility

$303 $171

millionmillion

Q2 Core EBITDA(1)

Q2 Adjusted Earnings(1)

$1.44 14%

Q2 Adjusted EPS(1)

Q2 Annualized ROIC(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	Q2 FY23 Supplemental Slides │ March 23, 2023 4
financial measures to the most directly comparable GAAP financial measures, see the appendix to this document

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

Scopes 1&2 Greenhouse Gas Emissions (GHG) Intensity

2.2

steelofMT	1.8
per		1.0
tCO2e				0.413
	Integrated	Global Average	U.S. Average		CMC
	Average

Progress on 2030 Goals (2019 baseline[1])

Reduce our Scope 1 and 2	Increase our renewable	Reduce our energy	Reduce our water
GHG emissions intensity	energy usage by 12%	consumption intensity by	withdrawal intensity by 8%
by 20%	points	5%

69%	53 %	82%	22%
Of goal	Of goal	Of goal	Of goal

Scopes 1-3 GHG Emissions
Intensity	Energy Intensity

		21.31
1.91
MT of steel	0.67	MT of steel
per	per
tCO2e		GJ	3.86
Global Industry	CMC	Global Industry	CMC

Water Withdrawal	Virgin Materials Used in
Intensity	Steelmaking

28.60		69%	ACCOUNTABILITY FOR OUR
			ACTIONS
steel		steelof% content
meterCubicper MT of		RESPECT FOR OUR
			ENVIRONMENT
	1.13		2%
Global Industry	CMC	Global Industry	CMC

[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

ACTING WITH INTEGRITY

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