Business Segments

9 Months Ended

May 31, 2013

Segment Reporting [Abstract]

Business segments

NOTE 16. BUSINESS SEGMENTS

The Company's reporting segments are based on strategic business areas, which offer different products and services. These segments have different lines of management responsibility as each business requires different marketing strategies and management expertise. The reporting segments are the Company's operating segments except for the Americas Mills reporting segment, which includes the domestic steel mills operating segment, and the domestic copper tube minimill operating segment. The domestic copper tube minimill is aggregated with the domestic steel mills because of similar economic characteristics, products, production processes, customers and distribution methods.

The Company structures its business into the following five segments: Americas Recycling, Americas Mills, Americas Fabrication, International Mill and International Marketing and Distribution. The Americas Recycling segment processes scrap metals for use as a raw material by manufacturers of new metal products. The Americas Mills segment includes the Company's five domestic steel minimills, two scrap metal shredders and nine processing facilities that directly support these mills, and the Company's domestic copper tube minimill. The Americas Fabrication segment consists of the Company's rebar and structural fabrication operations, fence post manufacturing plants, construction-related product facilities and plants that heat-treat steel to strengthen and provide flexibility. The International Mill segment includes the Company's minimill and the Company's recycling and fabrication operations in Poland. The International Marketing and Distribution segment includes international operations for the sale, distribution and processing of steel products, ferrous and nonferrous metals and other industrial products. Additionally, this segment includes the Company's U.S.-based marketing and distribution divisions and also operates a recycling facility in Singapore. Corporate contains expenses of the Company's corporate headquarters and interest expense related to its long-term public debt.

The financial information presented for the International Mill segment excludes CMCS operations. These operations have been classified as discontinued operations in the consolidated statements of operations. See Note 7, Discontinued Operations, for more information.

The Company uses adjusted operating profit (loss) to measure segment performance. Intersegment sales are generally priced at prevailing market prices. Certain corporate administrative expenses are allocated to segments based upon the nature of the expense. The accounting policies of the segments are the same as those described in Note 2, Summary of Significant Accounting Policies, to the consolidated financial statements in the Annual Report on Form 10-K for the year ended August 31, 2012.

The following is a summary of certain financial information from continuing operations by reportable segment:

	Three Months Ended May 31, 2013
	Americas							International
(in thousands)	Recycling		Mills		Fabrication			Mill			Marketing and Distribution		Corporate			Eliminations			Continuing Operations
Net sales-unaffiliated customers	$	300,866	$	315,185	$	380,629		$	200,750		$	592,988	$	3,888		$	—		$	1,794,306
Intersegment sales	40,877		188,507		3,171			2			816		—			(233,373		)	—
Net sales	341,743		503,692		383,800			200,752			593,804		3,888			(233,373		)	1,794,306
Adjusted operating profit (loss)	3,155		47,511		13,499			(3,831		)	7,728		(14,834		)	2,524			55,752
	Three Months Ended May 31, 2012
	Americas							International
(in thousands)	Recycling		Mills		Fabrication			Mill			Marketing and Distribution		Corporate			Eliminations			Continuing Operations
Net sales-unaffiliated customers	$	364,195	$	343,700	$	375,097		$	246,553		$	677,859	$	(675	)	$	—		$	2,006,729
Intersegment sales	48,217		221,425		4,229			5,285			5,549		—			(284,705		)	—
Net sales	412,412		565,125		379,326			251,838			683,408		(675		)	(284,705		)	2,006,729
Adjusted operating profit (loss)	3,895		59,285		199			1,277			23,346		(20,110		)	(122		)	67,770
	Nine Months Ended May 31, 2013
	Americas							International
(in thousands)	Recycling		Mills		Fabrication			Mill			Marketing and Distribution		Corporate			Eliminations			Continuing Operations
Net sales-unaffiliated customers	$	909,372	$	907,303	$	1,047,765		$	596,450		$	1,841,968	$	10,348		$	—		$	5,313,206
Intersegment sales	135,706		569,432		10,593			6,134			10,360		—			(732,225		)	—
Net sales	1,045,078		1,476,735		1,058,358			602,584			1,852,328		10,348			(732,225		)	5,313,206
Adjusted operating profit (loss)	9,892		148,802		19,879			(7,108		)	51,837		(51,398		)	780			172,684
Total assets*	272,678		665,405		649,338			456,093			868,978		1,215,106			(543,772		)	3,583,826
	Nine Months Ended May 31, 2012
	Americas							International
(in thousands)	Recycling		Mills		Fabrication			Mill			Marketing and Distribution		Corporate			Eliminations			Continuing Operations
Net sales-unaffiliated customers	$	1,114,185	$	1,032,891	$	988,840		$	715,651		$	2,094,050	$	4,676		$	—		$	5,950,293
Intersegment sales	132,676		583,615		11,847			49,458			22,784		—			(800,380		)	—
Net sales	1,246,861		1,616,506		1,000,687			765,109			2,116,834		4,676			(800,380		)	5,950,293
Adjusted operating profit (loss)	31,100		171,617		(17,150		)	17,691			45,799		(64,314		)	(8,613		)	176,130
Total assets at August 31, 2012*	285,136		676,909		629,970			529,160			870,933		961,654			(519,117		)	3,434,645

* Excludes total assets from discontinued operations of $3.8 million at May 31, 2013 and $6.6 million at August 31, 2012.

The following table provides a reconciliation of consolidated adjusted operating profit to net earnings from continuing operations:

	Three Months Ended May 31,				Nine Months Ended May 31,
(in thousands)	2013		2012		2013		2012
Earnings from continuing operations	$	18,962	$	39,066	$	73,036	$	191,940
Income taxes (benefit)	17,737		7,488		44,969		(72,824		)
Interest expense	18,043		19,605		51,557		51,945
Discounts on sales of accounts receivable	1,010		1,611		3,122		5,069
Adjusted operating profit from continuing operations	55,752		67,770		172,684		176,130