Discontinued Operations

3 Months Ended

Nov. 30, 2011

Discontinued Operations [Abstract]

DISCONTINUED OPERATIONS

NOTE 7 — DISCONTINUED OPERATIONS

During the first quarter of 2012, the Company announced its decision to exit its steel pipe manufacturing operations in Croatia (“CMCS”) by closure of the facility and sale of the assets. The Company has begun winding down operations and expects the backlog and liquidation of inventory to be completed in the second quarter of 2012. The Company determined that the decision to exit this business met the definition of a discontinued operation. As a result, this business has been presented as a discontinued operation for all periods. During the first quarter of 2012, the Company recorded severance costs of approximately $18 million associated with exiting the business. This business was in the International Mills segment.

During the second quarter of 2010, the Company’s Board approved a plan to exit the joist and deck business through the sale of those facilities. The Company determined that the decision to exit this business met the definition of a discontinued operation. As a result, this business has been presented as a discontinued operation for all periods. At November 30, 2011, the remaining assets consist of real property for three locations. The joist and deck business was in the Americas Fabrication segment.

As of November 30, 2011, the assets and liabilities of discontinued operations have been presented as held for sale and included in other current assets and accrued expenses and other payables on the consolidated balance sheets. Financial information for discontinued operations was as follows:

(in thousands)	November 30, 2011		August 31, 2011
Current assets	$	71,102	$	52,272
Noncurrent assets		—		51,659
Current liabilities		62,331		41,115
Noncurrent liabilities		—		13,653

	Three Months Ended November 30,
	2011			2010
Revenue		14,144			8,303
Loss before taxes		(27,003	)		(13,885	)