Commercial Metals : Q1 Fiscal 2023 Supplemental Presentation

COMMERCIAL METALS COMPANY

Q1 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 COVID-19 on the economy, demand for our products, global supply chain and on our operations, including the responses of governmental authorities to contain COVID-19 and the impact of various COVID-19 vaccines; 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; 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; 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; 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.

Q1 FY23 Supplemental Slides │ January 9, 2023 2

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

Q1 FY23 Supplemental Slides │ January 9, 2023 3

Key Takeaways From Today's Call

• CMC's trend of strong financial performance continued in Q1 2023
• • Second best core EBITDA in Company history
• Divergence in market conditions between North America and Europe
• North America segment well positioned for 2023
• • Internal leading indicators point toward resilience; backlog at historically high levels
  • Anticipate enlarged federal infrastructure package will impact construction activity starting in 2023
  • Addition of Tensar and expected spring 2023 startup of Arizona 2 position CMC to capitalize on favorable market trends
• Good Europe segment performance in an uncertain economic environment
• • CMC has gained market share by leveraging its advantageous cost structure
  • Q1 adjusted EBITDA remained well above historical levels, but outlook appears less certain
• Strong financial position
• • Balance sheet strength and cash flow profile provide capital allocation flexibility

$425 $266

millionmillion

Q1 Core EBITDA(1)

Q1 Adjusted Earnings(1)

$2.24 23%

Q1 Adjusted EPS(1)

Q1 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

financial measures to the most directly comparable GAAP financial measures, see the appendix to this document

Q1 FY23 Supplemental Slides │ January 9, 2023 4

Q1 2023 Continued a Trend of Strong Financial Performance

Quarterly Consolidated Core EBITDA1

($ millions)

$600

$500

$425

$400

$300

$200

$100

$0

Q1 '18

Q2 '18

Q3 '18

Q4 '18

Q1 '19

Q2 '19

Q3 '19

Q4 '19

Q1 '20

Q2 '20

Q3 '20

Q4 '20

Q1 '21

Q2 '21

Q3 '21

Q4 '21

Q1 '22

Q2 '22

Q3 '22

Q4 '22

Q1 '23

Quarterly North America Segment Adjusted EBITDA2

($ millions)

$400			$378

$300

$200

$100

$0

Q1 '18

Q2 '18

Q3 '18

Q4 '18

Q1 '19

Q2 '19

Q3 '19

Q4 '19

Q1 '20

Q2 '20

Q3 '20

Q4 '20

Q1 '21

Q2 '21

Q3 '21

Q4 '21

Q1 '22

Q2 '22

Q3 '22

Q4 '22

Q1 '23

Quarterly Europe Segment Adjusted EBITDA

($ millions)

$150

$125

$100

$75			$65

$50

$25

$0

Q1 '18

Q2 '18

Q3 '18

Q4 '18

Q1 '19

Q2 '19

Q3 '19

Q4 '19

Q1 '20

Q2 '20

Q3 '20

Q4 '20

Q1 '21

Q2 '21

Q3 '21

Q4 '21

Q1 '22

Q2 '22

Q3 '22

Q4 '22

Q1 '23

[1] Core EBITDA is a 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	Q1 FY23 Supplemental Slides │ January 9, 2023 5
[2] Q2 2022 North America adjusted EBITDA excludes gain on sale of California real estate