BUSINESS SEGMENTS (Tables)

9 Months Ended

May 31, 2024

Summary of certain financial information from continuing operations by reportable segment

The following is a summary of certain financial information by reportable segment and Corporate and Other, as applicable:

Reconciliations of earnings from continuing operations to adjusted operating profit

The following table presents a reconciliation of net earnings to adjusted EBITDA from the reportable segments:


	Three Months Ended May 31,				Nine Months Ended May 31,
(in thousands)	2024		2023		2024		2023
Net earnings	$	119,440	$	233,971	$	381,560	$	675,594
Interest expense	12,117		8,878		35,751		31,868
Income taxes	40,867		76,099		120,361		208,465
Depreciation and amortization	70,692		55,129		208,177		157,528
Asset impairments	146		1		150		46
Corporate and Other expenses	37,070		37,715		102,569		93,013
Adjusted EBITDA reportable segments	$	280,332	$	411,793	$	848,568	$	1,166,514

Net sales by major product

The following tables display revenue by reportable segment and Corporate and Other from external customers, disaggregated by major product:


	Three Months Ended May 31, 2024
(in thousands)	North America Steel Group		Europe Steel Group		Emerging Businesses Group		Corporate and Other		Total
Major product:
Raw materials	$	396,954	$	4,721	$	—	$	—	$	401,675
Steel products	648,618		167,705		—		—		816,323
Downstream products	594,329		29,599		41,904		—		665,832
Construction products	—		—		73,117		—		73,117
Ground stabilization solutions	—		—		69,451		—		69,451
Other	31,457		6,781		4,121		9,728		52,087
Net sales to external customers	1,671,358		208,806		188,593		9,728		2,078,485
Intersegment net sales, eliminated in consolidation	19,495		737		8,041		(28,273)		—
Net sales	$	1,690,853	$	209,543	$	196,634	$	(18,545)	$	2,078,485

	Nine Months Ended May 31, 2024
(in thousands)	North America Steel Group		Europe Steel Group		Emerging Businesses Group		Corporate and Other		Total
Major product:
Raw materials	$	1,035,615	$	12,572	$	—	$	—	$	1,048,187
Steel products	1,918,686		501,417		—		—		2,420,103
Downstream products	1,684,584		91,744		119,957		—		1,896,285
Construction products	—		—		216,343		—		216,343
Ground stabilization solutions	—		—		171,909		—		171,909
Other	111,325		20,748		13,617		31,306		176,996
Net sales to external customers	4,750,210		626,481		521,826		31,306		5,929,823
Intersegment net sales, eliminated in consolidation	58,036		2,371		20,281		(80,688)		—
Net sales	$	4,808,246	$	628,852	$	542,107	$	(49,382)	$	5,929,823


	Three Months Ended May 31, 2023
(in thousands)	North America Steel Group		Europe Steel Group		Emerging Businesses Group		Corporate and Other		Total
Major product:
Raw materials	$	387,106	$	5,967	$	—	$	—	$	393,073
Steel products	749,623		269,112		—		—		1,018,735
Downstream products	631,964		46,448		29,648		—		708,060
Construction products	—		—		86,505		—		86,505
Ground stabilization solutions	—		—		69,628		—		69,628
Other	49,698		9,240		3,274		6,776		68,988
Net sales to external customers	1,818,391		330,767		189,055		6,776		2,344,989
Intersegment net sales, eliminated in consolidation	24,031		569		3,622		(28,222)		—
Net sales	$	1,842,422	$	331,336	$	192,677	$	(21,446)	$	2,344,989

	Nine Months Ended May 31, 2023
(in thousands)	North America Steel Group		Europe Steel Group		Emerging Businesses Group		Corporate and Other		Total
Major product:
Raw materials	$	998,233	$	15,728	$	—	$	—	$	1,013,961
Steel products	2,082,023		853,655		—		—		2,935,678
Downstream products	1,766,423		156,158		79,986		—		2,002,567
Construction products	—		—		245,503		—		245,503
Ground stabilization solutions	—		—		177,621		—		177,621
Other(1)	139,647		29,289		10,077		35,962		214,975
Net sales to external customers	4,986,326		1,054,830		513,187		35,962		6,590,305
Intersegment net sales, eliminated in consolidation	71,598		1,764		19,546		(92,908)		—
Net sales	$	5,057,924	$	1,056,594	$	532,733	$	(56,946)	$	6,590,305

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(1) Other revenue during the nine months ended May 31, 2023 includes $17.7 million derived from the Company's NMTC transactions. See Note 9, New Markets Tax Credit Transactions, to the consolidated financial statements in the 2023 Form 10-K for further information.