Exhibit No. 99.1

News Release

COMMERCIAL METALS COMPANY REPORTS FOURTH QUARTER

AND FULL YEAR FISCAL 2019 RESULTS

• Fourth quarter and full year net sales increased by 18% and 26%, respectively

• Indebtedness reduced by $124.5 million during the fourth quarter

• Americas Mills segment metal margin increased $13 per ton to $399 per ton in the fourth quarter and increased $73 per ton for the full year

• Earnings from continuing operations increased 68% to $0.72 per diluted share in the fourth quarter and increased 47% to $1.67 per diluted share for the full year

• Adjusted earnings from continuing operations increased 52% to $0.76 per diluted share in the fourth quarter and increased 41% to $2.08 per diluted share for the full year

Irving, TX - October 23, 2019 - Commercial Metals Company (NYSE: CMC) today announced financial results for its fiscal fourth quarter and year ended August 31, 2019. Net sales for the fourth quarter increased18% to $1.5 billion from $1.3 billion in the prior year quarter, and for the full year increased26% to $5.8 billion compared to $4.6 billion in the prior year, reflecting increased capacity from the previously announced rebar assets acquisition. Earnings from continuing operations were $85.9 million, or $0.72 per diluted share, in the fourth quarter compared to $51.3 million, or $0.43 per diluted share, in the prior year quarter. For the full year, earnings from continuing operations were $198.8 million, or $1.67 per diluted share, compared to $135.2 million, or $1.14 per diluted share in the prior year.

Barbara R. Smith, Chairman of the Board, President and Chief Executive Officer, commented, "2019 was a transformational year for CMC. I am proud of what our team accomplished, with results that reflect the successful execution of our growth strategy and the strong fundamentals in the end markets we serve."

"Key milestones in fiscal 2019 included the completion and integration of CMC's largest acquisition to date, the ramp up of our second micro mill in Oklahoma, and the addition of hot spooled rebar capability at our Arizona micro mill. Together, they bolster the strategy that has positioned CMC to be the largest supplier of rebar and a leading producer of merchant bar for the U.S. market place. In addition, our Polish operations generated full year EBITDA in excess of $100 million from strong sales and margins despite the flood of imported steel into the European Union. The successful execution of these accomplishments resulted in our ability to reduce our indebtedness by $124.5 million during the fourth quarter," Smith added.

Results for the fourth quarter and full year included net after-tax expenses related to certain non-operational costs resulting from the acquisition and integration of the rebar assets of $4.9 million and $48.8 million, respectively. Excluding these expenses, adjusted earnings from continuing operations were $90.8 million, or $0.76 per diluted share,

(CMC Year End 2019 - 2)

for the fourth quarter, an increase of 52% compared to $59.9 million, or $0.51 per diluted share, in the prior year quarter. For the full year, adjusted earnings from continuing operations were $247.6 million, or $2.08 per diluted share, an increase of 41% compared to $176.1 million, or $1.49 per diluted share, in the prior year, as detailed in the non-GAAP reconciliation on page 12.     

As a result of the strong free cash flow generated during the fourth quarter, the Company reduced its debt and accounts receivable programs usage while also improving its cash balance by $72.1 million to $192.5 million at fiscal year-end. Availability under the Company's credit and accounts receivable programs was $611.0 million at August 31, 2019.

On October 22, 2019, the board of directors declared a quarterly dividend of $0.12 per share of CMC common stock payable to stockholders of record on November 6, 2019. The dividend will be paid on November 20, 2019.

Business Segments - Fiscal Fourth Quarter 2019 Review

Our Americas Recycling segment adjusted EBITDA of $4.2 million for the fourth quarter of fiscal 2019 declined compared to $17.0 million for the fourth quarter last year. The decrease reflected a27%drop in ferrous and7%drop in non-ferrous prices year-on-year, which also constrained volume.

Our Americas Mills segment adjusted EBITDA of $160.8 million for the fourth quarter of fiscal 2019 rose 51% compared to $106.8 million for the fourth quarter last year, and includes adjusted EBITDA of $58.1 million from the acquired mills, on shipments of 455 thousand tons. Volume increased 45% compared to the prior year fourth quarter primarily due to the ramp up of our Oklahoma micro mill and the additional production from the acquired facilities. Metal margins increased$51 per ton compared to the fourth quarter last year, and $13 per ton sequentially from the third quarter of this year, reflecting the greater price stability of CMC's rebar and long product offerings when compared to the broader steel market.

Our Americas Fabrication segment recorded an adjusted EBITDA loss of $13.2 million for the fourth quarter of fiscal 2019, an improvement compared to an adjusted EBITDA loss of $24.6 million for the prior year fourth quarter. The 2019 fourth quarter included $4.2 million of costs related to the closure of certain acquired locations. As in prior quarters, the fourth quarter EBITDA losses did not include the benefit of the purchase accounting adjustment related to amortization of the unfavorable contact backlog reserve that relates to the acquisition, which was $16.6 million. The acquired locations shipped 172 thousand tons in the 2019 fourth quarter. CMC's historical locations produced break-even results in the 2019 fourth quarter. Current rebar bidding activity remains strong and selling prices averaged $963 per ton in the 2019 fourth quarter, $120 per ton or 14%, higher compared to the same period in the prior year.

Our International Mill segment adjusted EBITDA of $22.7 million for the fourth quarter of fiscal 2019 declined compared to adjusted EBITDA of $36.7 million for the prior year quarter. The construction sector remains strong in

(CMC Year End 2019 - 3)

Poland and our operations produced record quarterly rebar shipments during the fourth quarter. Results of the operation in comparison to the prior year were lower due to a high volume of steel imports into the European Union.

Outlook

"Supported by the sentiment of our customers and the strength and profitability of our fabrication backlog, our outlook remains strong," said Ms. Smith. "We anticipate the current elevated rebar margin environment will continue, our fabrication business will be a positive contributor to our results, and the solid results will continue from our Polish operations. Our strong cash flow generation has allowed us to delever faster than originally anticipated, strengthening our balance sheet and enabling us to seek additional opportunities for long term growth that will benefit our stakeholders."

Conference Call

CMC invites you to listen to a live broadcast of its fourth quarter fiscal 2019 conference call today, Wednesday, October 23, 2019, at 11:00 a.m. ET. Barbara Smith, Chairman of the Board of Directors, President, and Chief Executive Officer, and Paul Lawrence, Vice President and Chief Financial Officer, will host the call. The call is accessible via our website at www.cmc.com. In the event you are unable to listen to the live broadcast, the call will be archived and available for replay on our website on the next business day. Financial and statistical information presented in the broadcast are located on CMC's website under "Investors".

About Commercial Metals Company

Commercial Metals Company and its subsidiaries manufacture, recycle and market steel and metal products, related materials and services through a network of facilities that includes eightelectric arc furnace ("EAF") mini mills, twoEAF micro mills, a rerolling mill, steel fabrication and processing plants, construction-related product warehouses, and metal recycling facilities in the U.S. and Poland.

Forward-Looking Statements

This news release 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 provided by our acquisitions, demand for our products, steel margins, the ability to operate our mills at full capacity, future supplies of raw materials and energy for our operations, share repurchases, legal proceedings, the undistributed earnings of our non-U.S. subsidiaries, U.S. non-residential construction activity, international trade, capital expenditures, our liquidity and our ability to satisfy future liquidity requirements, estimated contractual obligations, the effects of the acquisition of substantially all of the U.S. rebar fabrication facilities and the steel mini-mills located in or around Rancho Cucamonga, California, Jacksonville, Florida, Sayreville, New Jersey and Knoxville, Tennessee previously owned by Gerdau S.A. and certain of its subsidiaries (collectively, the “Acquired Business”) and our expectations or beliefs concerning future events. These forward-looking statements can generally be identified by phrases such as we or our management "expects," "anticipates," "believes," "estimates," "intends," "plans to," "ought," "could," "will," "should," "likely," "appears,"

(CMC Year End 2019 - 4)

"projects," "forecasts," "outlook" or other similar words or phrases. There are inherent risks and uncertainties in any forward-looking statements. We caution readers not to place undue reliance on any forward-looking statements.

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 Part I, Item 1A, "Risk Factors" of our annual report on Form 10-K for the fiscal year ended August 31, 2019, 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 fabrication contracts due to rising commodity prices; excess capacity in our industry, particularly in China, and product availability from competing steel mills and other steel suppliers including import quantities and pricing; compliance with and changes in environmental laws and regulations, including increased regulation associated with climate change and greenhouse gas emissions; involvement in various environmental matters that may result in fines, penalties or judgments; potential limitations in our or our customers' abilities to access credit and non-compliance by our customers with our contracts; 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 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; failure to retain key management and employees of the Acquired Business; issues or delays in the successful integration of the Acquired Business’ operations, systems and personnel with those of the Company, including the inability to substantially increase utilization of the Acquired Business' steel mini mills, and incurring or experiencing unanticipated costs and/or delays or difficulties; unfavorable reaction to the acquisition of the Acquired Business by customers, competitors, suppliers and employees; 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 impairment charges; impact of long-lived asset impairment charges; currency fluctuations; global factors, including political uncertainties and military conflicts; 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; new and clarifying guidance with regard to interpretation

(CMC Year End 2019 - 5)

of the Tax Cuts and Jobs Act ("TCJA") that could impact our assessment; and increased costs related to health care reform legislation.

(CMC Year End 2019 - 6)

COMMERCIAL METALS COMPANY FINANCIAL & OPERATING STATISTICS (UNAUDITED)
	Three Months Ended											Fiscal Year Ended
(in thousands, except per ton amounts)	8/31/2019			5/31/2019		2/28/2019		11/30/2018		8/31/2018		8/31/2019		8/31/2018
Americas Recycling
Net sales	$	268,447		289,015		287,075		302,009		361,363		1,146,546		1,365,429
Adjusted EBITDA	$	4,235		12,331		10,124		15,434		16,996		42,124		68,694
Short tons shipped
Ferrous	559			597		570		579		644		2,305		2,435
Nonferrous	61			60		59		63		69		243		263
Total short tons shipped	620			657		629		642		713		2,548		2,698
Average selling price (per short ton)
Ferrous	$	217		252		266		273		298		252		289
Nonferrous	$	1,998		2,047		1,998		1,982		2,155		2,006		2,238
Americas Mills
Net sales	$	824,809		866,903		774,709		601,853		604,435		3,068,274		1,996,903
Adjusted EBITDA	$	160,832		158,114		112,396		113,873		106,830		545,215		301,805
Short tons shipped
Rebar	897			913		773		530		482		3,113		1,795
Merchant & Other	319			323		322		317		359		1,281		1,218
Total short tons shipped	1,216			1,236		1,095		847		841		4,394		3,013
Average price (per short ton)
Total selling price	$	645		670		677		682		674		666		612
Cost of ferrous scrap utilized	$	246		284		303		307		326		284		303
Metal margin	$	399		386		374		375		348		382		309
Americas Fabrication
Net sales	$	622,385		633,047		530,836		437,111		403,889		2,223,379		1,427,882
Adjusted EBITDA	$	(13,151	)	(23,289	)	(49,578	)	(36,996	)	(24,607	)	(123,014	)	(39,394	)
Total short tons shipped	448			469		396		319		307		1,632		1,114
Total selling price (per short ton)	$	963		925		845		868		843		905		800
International Mill
Net sales	$	205,461		209,365		175,198		227,024		253,058		817,048		887,038
Adjusted EBITDA	$	22,666		24,120		20,537		32,779		36,654		100,102		131,720
Short tons shipped
Rebar	151			126		66		80		145		423		459
Merchant & Other	237			250		238		312		289		1,037		1,041
Total short tons shipped	388			376		304		392		434		1,460		1,500
Average price (per short ton)
Total selling price	$	500		524		545		547		555		528		560
Cost of ferrous scrap utilized	$	265		288		301		295		305		288		314
Metal margin	$	235		236		244		252		250		240		246

(CMC Year End 2019 - 7)

COMMERCIAL METALS COMPANY BUSINESS SEGMENTS (UNAUDITED)
(in thousands)	Three Months Ended															Fiscal Year Ended
Net sales	8/31/2019			5/31/2019			2/28/2019			11/30/2018			8/31/2018			8/31/2019			8/31/2018
Americas Recycling	$	268,447		$	289,015		$	287,075		$	302,009		$	361,363		$	1,146,546		$	1,365,429
Americas Mills	824,809			866,903			774,709			601,853			604,435			3,068,274			1,996,903
Americas Fabrication	622,385			633,047			530,836			437,111			403,889			2,223,379			1,427,882
International Mill	205,461			209,365			175,198			227,024			253,058			817,048			887,038
Corporate and Other	(378,097		)	(392,458		)	(365,035		)	(290,655		)	(314,307		)	(1,426,245		)	(1,033,529		)
Total net sales	$	1,543,005		$	1,605,872		$	1,402,783		$	1,277,342		$	1,308,438		$	5,829,002		$	4,643,723
Adjusted EBITDA from continuing operations
Americas Recycling	$	4,235		$	12,331		$	10,124		$	15,434		$	16,996		$	42,124		$	68,694
Americas Mills	160,832			158,114			112,396			113,873			106,830			545,215			301,805
Americas Fabrication	(13,151		)	(23,289		)	(49,578		)	(36,996		)	(24,607		)	(123,014		)	(39,394		)
International Mill	22,666			24,120			20,537			32,779			36,654			100,102			131,720
Corporate and Other	(29,337		)	(27,305		)	(24,146		)	(59,554		)	(28,827		)	(140,342		)	(110,604		)

(CMC Year End 2019 - 8)

COMMERCIAL METALS COMPANY CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS (UNAUDITED)
	Three Months Ended					Fiscal Year Ended
(in thousands, except share data)	8/31/2019		8/31/2018			8/31/2019			8/31/2018
Net sales	$	1,543,005	$	1,308,438		$	5,829,002		$	4,643,723
Costs and expenses:
Cost of goods sold	1,290,346		1,125,027			5,025,514			4,021,558
Selling, general and administrative expenses	131,882		108,975			463,271			401,452
Impairment of assets	369		840			384			14,372
Interest expense	17,702		15,654			71,373			40,957
	1,440,299		1,250,496			5,560,542			4,478,339
Earnings from continuing operations before income taxes	102,706		57,942			268,460			165,384
Income taxes	16,826		6,682			69,681			30,147
Earnings from continuing operations	85,880		51,260			198,779			135,237
Earnings (loss) from discontinued operations before income taxes	280		(1,786		)	(528		)	3,235
Income taxes (benefit)	49		(2,086		)	158			(34		)
Earnings (loss) from discontinued operations	231		300			(686		)	3,269
Net earnings	$	86,111	$	51,560		$	198,093		$	138,506
Basic earnings (loss) per share*
Earnings from continuing operations	$	0.73	$	0.44		$	1.69		$	1.16
Earnings (loss) from discontinued operations	—		—			(0.01		)	0.03
Net earnings	$	0.73	$	0.44		$	1.68		$	1.19
Diluted earnings (loss) per share*
Earnings from continuing operations	$	0.72	$	0.43		$	1.67		$	1.14
Earnings (loss) from discontinued operations	—		—			(0.01		)	0.03
Net earnings	$	0.72	$	0.44		$	1.66		$	1.17
Cash dividends per share	$	0.12	$	0.12		$	0.48		$	0.48
Average basic shares outstanding	118,046,800		117,119,557			117,834,558			116,822,583
Average diluted shares outstanding	119,392,062		118,407,316			119,124,628			118,145,848

* EPS is calculated independently for each component and may not sum to net earnings EPS due to rounding

(CMC Year End 2019 - 9)

COMMERCIAL METALS COMPANY AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS
	August 31,
(in thousands, except share data)	2019			2018
Assets
Current assets:
Cash and cash equivalents	$	192,461		$	622,473
Accounts receivable (less allowance for doubtful accounts of $8,403 and $4,489)	1,016,088			749,484
Inventories	692,368			589,005
Other current assets	179,088			116,243
Total current assets	2,080,005			2,077,205
Property, plant and equipment:
Land	142,825			85,288
Buildings and improvements	750,381			631,501
Equipment	2,234,800			1,918,342
Construction in process	68,579			35,741
	3,196,585			2,670,872
Less accumulated depreciation and amortization	(1,695,614		)	(1,595,834		)
Property, plant and equipment, net	1,500,971			1,075,038
Goodwill	64,138			64,310
Other noncurrent assets	113,657			111,751
Total assets	$	3,758,771		$	3,328,304
Liabilities and stockholders' equity
Current liabilities:
Accounts payable	$	288,005		$	261,258
Accrued expenses and other payables	353,786			260,939
Acquired unfavorable contract backlog	35,360			—
Borrowings under accounts receivable programs	3,929			—
Current maturities of long-term debt	13,510			19,746
Total current liabilities	694,590			541,943
Deferred income taxes	79,290			37,834
Other noncurrent liabilities	133,620			116,325
Long-term debt	1,227,214			1,138,619
Total liabilities	2,134,714			1,834,721
Commitments and contingencies (Note 20)
Stockholders' equity:
Common stock, par value $0.01 per share; authorized 200,000,000 shares; issued 129,060,664 shares; outstanding 117,924,938 and 117,015,558 shares	1,290			1,290
Additional paid-in capital	358,668			352,674
Accumulated other comprehensive loss	(124,126		)	(93,677		)
Retained earnings	1,585,379			1,446,495
Less treasury stock, 11,135,726 and 12,045,106 shares at cost	(197,350		)	(213,385		)
Stockholders' equity	1,623,861			1,493,397
Stockholders' equity attributable to noncontrolling interests	196			186
Total equity	1,624,057			1,493,583
Total liabilities and stockholders' equity	$	3,758,771		$	3,328,304

See notes to consolidated financial statements.

(CMC Year End 2019 - 10)

COMMERCIAL METALS COMPANY AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
	Year Ended August 31,
(in thousands)	2019			2018
Cash flows from (used by) operating activities:
Net earnings	$	198,093		$	138,506
Adjustments to reconcile net earnings to cash flows from (used by) operating activities:
Depreciation and amortization	158,671			131,659
Amortization of acquired unfavorable contract backlog	(74,784		)	—
Share-based compensation	25,106			23,929
Deferred income taxes and other long-term taxes	49,523			14,377
Asset impairments	384			15,053
Provision for losses on receivables, net	388			2,510
Write-down of inventory	723			1,407
Net (gain) loss on sales of a subsidiary, assets and other	(2,281		)	(1,322		)
Changes in operating assets and liabilities, net of acquisitions	48,702			(89,586		)
Beneficial interest in securitized accounts receivable	(367,521		)	(670,457		)
Net cash flows from (used by) operating activities	37,004			(433,924		)
Cash flows from (used by) investing activities:
Acquisitions, net of cash acquired	(700,941		)	(6,980		)
Capital expenditures	(138,836		)	(174,655		)
Proceeds from the sale of discontinued operations and other	1,893			75,482
Proceeds from insurance	4,405			27,375
Proceeds from the sale of property, plant and equipment	3,910			8,103
Advances under accounts receivable programs	—			226,325
Repayments under accounts receivable programs	—			(304,178		)
Beneficial interest in securitized accounts receivable	367,521			670,457
Net cash flows from (used by) investing activities	(462,048		)	521,929
Cash flows from (used by) financing activities:
Proceeds from issuance of long-term debt	180,000			350,000
Proceeds from accounts receivable programs	288,896			—
Repayments under accounts receivable programs	(296,033		)	—
Repayments of long-term debt	(127,704		)	(19,967		)
Cash dividends	(56,537		)	(56,076		)
Stock issued under incentive and purchase plans, net of forfeitures	(1,876		)	(9,302		)
Debt issuance costs	—			(5,254		)
Other	10			31
Net cash flows from (used by) financing activities	(13,244		)	259,432
Effect of exchange rate changes on cash	(598		)	(703		)
Increase (decrease) in cash and cash equivalents	(438,886		)	346,734
Cash, restricted cash and cash equivalents at beginning of year	632,615			285,881
Cash, restricted cash and cash equivalents at end of year	$	193,729		$	632,615
Supplemental information:
Cash and cash equivalents	$	192,461		$	622,473
Restricted cash	$	1,268		$	10,142
Total cash, cash equivalents and restricted cash	$	193,729		$	632,615

(CMC Year End 2019 - 11)

COMMERCIAL METALS COMPANY

NON-GAAP FINANCIAL MEASURES (UNAUDITED)

This press release contains financial measures not derived in accordance with generally accepted accounting principles ("GAAP"). Reconciliations to the most comparable GAAP measures are provided below.

Core EBITDA from Continuing Operations is a non-GAAP financial measure. Core EBITDA from continuing operations is the sum of earnings (loss) from continuing operations before interest expense and income taxes (benefit). It also excludes recurring non-cash charges for depreciation and amortization, asset impairments, and equity compensation.Core EBITDA from continuing operations also excludes certain material acquisition and integration related costs, mill operational start-up costs, CMC Steel Oklahoma incentives, net debt restructuring and extinguishment gains and losses and severance expenses. Core EBITDA from continuing operations should not be considered an alternative to earnings (loss) from continuing operations or net earnings (loss), or as a better measure of liquidity than net cash flows from operating activities, as determined by GAAP. However, we believe that Core EBITDA from continuing operations provides relevant and useful information, which is often used by analysts, creditors and other interested parties in our industry as it allows: (i) comparison of our earnings to those of our competitors; (ii) a supplemental measure of our ongoing core performance; and (iii) the assessment of period-to-period performance trends. Additionally, Core EBITDA from continuing operations is the target benchmark for our annual and long-term cash incentive performance plans for management. Core EBITDA from continuing operations may be inconsistent with similar measures presented by other companies.

A reconciliation of earnings from continuing operations before income taxes to Core EBITDA from continuing operations is provided below:

	Three Months Ended														Fiscal Year Ended
(in thousands)	8/31/2019			5/31/2019			2/28/2019			11/30/2018			8/31/2018		8/31/2019			8/31/2018
Earnings (loss) from continuing operations	$	85,880		$	78,551		$	14,928		$	19,420		$	51,260	$	198,779		$	135,237
Interest expense	17,702			18,513			18,495			16,663			15,654		71,373			40,957
Income taxes (benefit)	16,826			29,105			18,141			5,609			6,682		69,681			30,147
Depreciation and amortization	41,051			41,181			41,245			35,176			32,610		158,653			131,508
Asset impairments	369			15			—			—			840		384			14,372
Non-cash equity compensation	7,758			7,342			5,791			4,215			5,679		25,106			24,038
Acquisition and integration related costs	6,177			2,336			5,475			27,970			10,907		41,958			25,507
Amortization of acquired unfavorable contract backlog	(16,582		)	(23,394		)	(23,476		)	(11,332		)	—		(74,784		)	—
Mill operational start-up costs*	—			—			—			—			—		—			13,471
CMC Steel Oklahoma incentives	—			—			—			—			—		—			(3,000		)
Purchase accounting effect on inventory	—			—			10,315			—			—		10,315			—
Core EBITDA from continuing operations	$	159,181		$	153,649		$	90,914		$	97,721		$	123,632	$	501,465		$	412,237

* Net of interest, taxes, depreciation and amortization, impairments, and non-cash equity compensation

(CMC Year End 2019 - 12)

Adjusted earnings from continuing operations is a non-GAAP financial measure that is equal to earnings (loss) from continuing operations before certain acquisition and integration related costs, mill operational start-up costs, CMC Steel Oklahoma incentives, asset impairments, debt restructuring and extinguishment gains and losses and severance expenses, including the estimated income tax effects thereof. Additionally, we adjust adjusted earnings from continuing operations for the effects of the TCJA as well as the tax benefit associated with an international reorganization. Adjusted earnings from continuing operations should not be considered as an alternative to earnings from continuing operations or any other performance measure derived in accordance with GAAP. However, we believe that adjusted earnings from continuing operations provides relevant and useful information to investors as it allows: (i) a supplemental measure of our ongoing core performance and (ii) the assessment of period-to-period performance trends. Management uses adjusted earnings from continuing operations to evaluate our financial performance. Adjusted earnings from continuing operations may be inconsistent with similar measures presented by other companies. Adjusted earnings from continuing operations per diluted share is defined as adjusted earnings from continuing operations on a diluted per share basis.

A reconciliation of earnings from continuing operations to adjusted earnings from continuing operations is provided below:

	Three Months Ended															Fiscal Year Ended
(in thousands)	8/31/2019			5/31/2019			2/28/2019			11/30/2018			8/31/2018			8/31/2019			8/31/2018
Earnings (loss) from continuing operations	$	85,880		$	78,551		$	14,928		$	19,420		$	51,260		$	198,779		$	135,237
Impairment of structural steel assets	—			—			—			—			—			—			12,136
Acquisition and integration related costs	6,177			2,336			5,475			27,970			10,907			41,958			25,507
Mill operational start-up costs	—			—			—			—			—			—			18,016
CMC Steel Oklahoma incentives	—			—			—			—			—			—			(3,000		)
Purchase accounting effect on inventory	—			—			10,315			—			—			10,315			—
Total adjustments (pre-tax)	$	6,177		$	2,336		$	15,790		$	27,970		$	10,907		$	52,273		$	52,659
Tax Impact
TCJA impact	$	—		$	—		$	7,550		$	—		$	—		$	7,550		$	10,600
International reorganization	—			—			—			—			—			—			(9,200		)
Related tax effects on adjustments	(1,297		)	(490		)	(3,316		)	(5,874		)	(2,290		)	(10,977		)	(13,236		)
Total tax impact	(1,297		)	(490		)	4,234			(5,874		)	(2,290		)	(3,427		)	(11,836		)
Adjusted earnings from continuing operations	$	90,760		$	80,397		$	34,952		$	41,516		$	59,877		$	247,625		$	176,060
Adjusted earnings from continuing operations per diluted share	$	0.76		$	0.67		$	0.29		$	0.35		$	0.51		$	2.08		$	1.49

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