10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

___________________________________

FORM 10-Q

___________________________________

x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended February 28, 2013

OR

¨ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from             to            

Commission File Number 1-4304

___________________________________

COMMERCIAL METALS COMPANY

(Exact name of registrant as specified in its charter)

___________________________________

Delaware	75-0725338
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification Number)

6565 N. MacArthur Blvd.

Irving, Texas 75039

(Address of principal executive offices)(Zip Code)

(214) 689-4300

(Registrant's telephone number, including area code)

___________________________________

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  x    No ¨

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).    Yes  x    No  ¨

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer or a smaller reporting company. See the definitions of "large accelerated filer," "accelerated filer" and "smaller reporting company" in Rule 12b-2 of the Exchange Act. (Check one):

Large accelerated filerx Accelerated filer¨ Non-accelerated filer ¨ (Do not check if a smaller reporting company) Smaller reporting company ¨

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes  ¨    No  x

The number of shares outstanding of common stock as of March 28, 2013 was 116,878,209.

COMMERCIAL METALS COMPANY AND SUBSIDIARIES

TABLE OF CONTENTS

PART I — FINANCIAL INFORMATION	3
Item 1. Financial Statements	3
Consolidated Statements of Operations (Unaudited) - Three and six months ended February 28, 2013 and February 29, 2012	3
Consolidated Statements of Comprehensive Income (Unaudited) - Three and six months ended February 28, 2013 and February 29, 2012	4
Consolidated Balance Sheets (Unaudited) - February 28, 2013 and August 31, 2012	5
Consolidated Statements of Cash Flows (Unaudited) - Six months ended February 28, 2013 and February 29, 2012	6
Consolidated Statements of Stockholders' Equity (Unaudited) - Six months ended February 28, 2013 and February 29, 2012	7
Notes to Consolidated Financial Statements (Unaudited)	8
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations	20
Item 3. Quantitative and Qualitative Disclosures About Market Risk	30
Item 4. Controls and Procedures	30
PART II — OTHER INFORMATION	30
Item 1. Legal Proceedings	30
Item 1A. Risk Factors	30
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds	30
Item 3. Defaults Upon Senior Securities	31
Item 4. Mine Safety Disclosures	31
Item 5. Other Information	31
Item 6. Exhibits	32
Signature	33
Index to Exhibits	34

2

PART I. FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

COMMERCIAL METALS COMPANY AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
	Three Months Ended					Six Months Ended
(in thousands, except share data)	February 28, 2013			February 29, 2012		February 28, 2013			February 29, 2012
Net sales	$	1,729,674		$	1,956,744	$	3,518,900		$	3,943,564
Costs and expenses:
Cost of goods sold	1,588,016			1,773,966		3,188,343			3,588,250
Selling, general and administrative expenses	115,844			123,891		241,825			250,412
Gain on sale of cost method investment	—			—		(26,088		)	—
Interest expense	16,490			16,043		33,514			32,340
	1,720,350			1,913,900		3,437,594			3,871,002
Earnings from continuing operations before taxes	9,324			42,844		81,306			72,562
Income taxes (benefit)	4,717			15,015		27,232			(80,312		)
Earnings from continuing operations	4,607			27,829		54,074			152,874
Earnings (loss) from discontinued operations before taxes	(46		)	1,794		342			(25,209		)
Income taxes (benefit)	(16		)	770		120			(8,924		)
Earnings (loss) from discontinued operations	(30		)	1,024		222			(16,285		)
Net earnings	4,577			28,853		54,296			136,589
Less net earnings (loss) attributable to noncontrolling interests	—			—		2			2
Net earnings attributable to CMC	$	4,577		$	28,853	$	54,294		$	136,587
Basic earnings (loss) per share attributable to CMC:
Earnings from continuing operations	$	0.04		$	0.24	$	0.47		$	1.32
Earnings (loss) from discontinued operations	—			0.01		—			(0.14		)
Net earnings	$	0.04		$	0.25	$	0.47		$	1.18
Diluted earnings (loss) per share attributable to CMC:
Earnings from continuing operations	$	0.04		$	0.24	$	0.46		$	1.31
Earnings (loss) from discontinued operations	—			0.01		—			(0.14		)
Net earnings	$	0.04		$	0.25	$	0.46		$	1.17
Cash dividends per share	$	0.12		$	0.12	$	0.24		$	0.24
Average basic shares outstanding	116,586,100			115,703,142		116,461,302			115,616,844
Average diluted shares outstanding	117,573,052			116,843,456		117,333,339			116,646,469

See notes to unaudited consolidated financial statements.

3

COMMERCIAL METALS COMPANY AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED)
	Three Months Ended						Six Months Ended
(in thousands)	February 28, 2013			February 29, 2012			February 28, 2013			February 29, 2012
Net earnings	$	4,577		$	28,853		$	54,296		$	136,589
Other comprehensive income (loss), net of taxes:
Foreign currency translation adjustment and other, net of taxes (benefit) of $(3,396) and $22,654, $8,396 and $(18,013)	(6,308		)	42,073			15,592			(33,452		)
Net unrealized gain (loss) on derivatives:
Unrealized holding gain (loss), net of taxes (benefit) of $1 and $(989), $89 and $(665)	57			(423		)	374			(1,609		)
Less: Reclassification for gain (loss) included in net earnings, net of taxes (benefit) of $125 and $(532), $174 and $(368)	274			(3		)	396			(1,136		)
Net unrealized gain (loss) on derivatives, net of taxes (benefit) of $(124) and $(457), $(85) and $(297)	(217		)	(420		)	(22		)	(473		)
Defined benefit obligation:
Amortization of prior service cost, net of taxes (benefit) of $1 and $0, $1 and $0	2			—			4			—
Adjustment from plan changes, net of taxes (benefit) of $0 and $0, $308 and $0	—			—			1,315			—
Defined benefit obligation, net of taxes (benefit) of $1 and $0, $309 and $0	2			—			1,319			—
Other comprehensive income (loss)	(6,523		)	41,653			16,889			(33,925		)
Comprehensive income (loss)	$	(1,946	)	$	70,506		$	71,185		$	102,664

See notes to unaudited consolidated financial statements.

4

COMMERCIAL METALS COMPANY AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (UNAUDITED)
(in thousands, except share data)	February 28, 2013			August 31, 2012
Assets
Current assets:
Cash and cash equivalents	$	170,097		$	262,422
Accounts receivable (less allowance for doubtful accounts of $10,650 and $9,480)	988,482			958,364
Inventories, net	892,688			807,923
Other	172,229			211,122
Total current assets	2,223,496			2,239,831
Property, plant and equipment:
Land	78,210			79,123
Buildings and improvements	490,260			483,708
Equipment	1,687,390			1,656,328
Construction in process	54,310			41,036
	2,310,170			2,260,195
Less accumulated depreciation and amortization	(1,329,704		)	(1,265,891		)
	980,466			994,304
Goodwill	76,959			76,897
Other assets	128,544			130,214
Total assets	$	3,409,465		$	3,441,246
Liabilities and stockholders' equity
Current liabilities:
Accounts payable-trade	$	412,592		$	433,132
Accounts payable-documentary letters of credit	90,038			95,870
Accrued expenses and other payables	269,619			343,337
Notes payable	47,403			24,543
Current maturities of long-term debt	204,072			4,252
Total current liabilities	1,023,724			901,134
Deferred income taxes	27,363			20,271
Other long-term liabilities	111,089			116,261
Long-term debt	950,407			1,157,073
Total liabilities	2,112,583			2,194,739
Commitments and contingencies
Stockholders' equity:
Common stock, par value $0.01 per share; authorized 200,000,000 shares; issued 129,060,664 shares; outstanding 116,878,209 and 116,351,424 shares	1,290			1,290
Additional paid-in capital	362,273			365,778
Accumulated other comprehensive income (loss)	(1,247		)	(18,136		)
Retained earnings	1,171,776			1,145,445
Less treasury stock, 12,182,455 and 12,709,240 shares at cost	(237,365		)	(248,009		)
Stockholders' equity attributable to CMC	1,296,727			1,246,368
Stockholders' equity attributable to noncontrolling interests	155			139
Total equity	1,296,882			1,246,507
Total liabilities and stockholders' equity	$	3,409,465		$	3,441,246

See notes to unaudited consolidated financial statements.

5

COMMERCIAL METALS COMPANY AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
	Six Months Ended
(in thousands)	February 28, 2013			February 29, 2012
Cash flows from (used by) operating activities:
Net earnings	$	54,296		$	136,589
Adjustments to reconcile net earnings to cash flows from (used by) operating activities:
Depreciation and amortization	68,037			69,064
Provision for losses (recoveries) on receivables, net	2,463			(616		)
Share-based compensation	7,185			5,973
Amortization of interest rate swaps termination gain	(5,815		)	—
Deferred income taxes	29,362			(107,818		)
Tax benefits from stock plans	(1		)	(32		)
Net (gain) loss on sale of cost method investment and other	(26,522		)	104
Write-down of inventory	1,784			8,460
Asset impairment	3,028			1,028
Changes in operating assets and liabilities:
Accounts receivable	4,785			(25,620		)
Accounts receivable sold (repurchased), net	(37,297		)	104,495
Inventories	(84,840		)	7,939
Other assets	11,461			22,441
Accounts payable, accrued expenses, other payables and income taxes	(99,312		)	(184,090		)
Other long-term liabilities	(5,326		)	1,157
Net cash flows from (used by) operating activities	(76,712		)	39,074
Cash flows from (used by) investing activities:
Capital expenditures	(41,849		)	(53,373		)
Proceeds from the sale of property, plant and equipment and other	6,897			8,097
Proceeds from the sale of cost method investment	28,995			—
Decrease in deposit for letters of credit	—			30,404
Net cash flows from (used by) investing activities	(5,957		)	(14,872		)
Cash flows from (used by) financing activities:
Increase (decrease) in documentary letters of credit	(5,268		)	6,121
Short-term borrowings, net change	21,870			40,270
Repayments on long-term debt	(2,402		)	(48,202		)
Stock issued under incentive and purchase plans, net of forfeitures	2,353			1,559
Cash dividends	(27,963		)	(27,752		)
Tax benefits from stock plans	1			32
Contribution from (purchase of) noncontrolling interests	10			(41		)
Net cash flows from (used by) financing activities	(11,399		)	(28,013		)
Effect of exchange rate changes on cash	1,743			(2,397		)
Decrease in cash and cash equivalents	(92,325		)	(6,208		)
Cash and cash equivalents at beginning of year	262,422			222,390
Cash and cash equivalents at end of period	$	170,097		$	216,182

See notes to unaudited consolidated financial statements.

6

COMMERCIAL METALS COMPANY AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (UNAUDITED)
	Common Stock			Additional			Accumulated Other						Treasury Stock					Non-
(in thousands, except share data)	Number of Shares	Amount		Paid-In Capital			Comprehensive Income (Loss)			Retained Earnings			Number of Shares		Amount			controlling Interests			Total
Balance, September 1, 2011	129,060,664	$	1,290	$	371,616		$	59,473		$	993,578		(13,526,901	)	$	(265,532	)	$	223		$	1,160,648
Comprehensive income (loss):
Net earnings										136,587								2			136,589
Other comprehensive loss							(33,925		)												(33,925		)
Comprehensive income																					102,664
Cash dividends										(27,752		)									(27,752		)
Issuance of stock under incentive and purchase plans, net of forfeitures				(7,355		)							429,284		8,914						1,559
Share-based compensation				5,007																	5,007
Tax benefits from stock plans				32																	32
Purchase of noncontrolling interests				26														(67		)	(41		)
Balance, February 29, 2012	129,060,664	$	1,290	$	369,326		$	25,548		$	1,102,413		(13,097,617	)	$	(256,618	)	$	158		$	1,242,117
	Common Stock			Additional			Accumulated Other						Treasury Stock					Non-
(in thousands, except share data)	Number of Shares	Amount		Paid-In Capital			Comprehensive Income (Loss)			Retained Earnings			Number of Shares		Amount			controlling Interests			Total
Balance, September 1, 2012	129,060,664	$	1,290	$	365,778		$	(18,136	)	$	1,145,445		(12,709,240	)	$	(248,009	)	$	139		$	1,246,507
Comprehensive income:
Net earnings										54,294								2			54,296
Other comprehensive income							16,889														16,889
Comprehensive income																					71,185
Cash dividends										(27,963		)									(27,963		)
Issuance of stock under incentive and purchase plans, net of forfeitures				(8,291		)							526,785		10,644						2,353
Share-based compensation				4,785																	4,785
Tax benefits from stock plans				1																	1
Contribution of noncontrolling interests																		14			14
Balance, February 28, 2013	129,060,664	$	1,290	$	362,273		$	(1,247	)	$	1,171,776		(12,182,455	)	$	(237,365	)	$	155		$	1,296,882

See notes to unaudited consolidated financial statements.

7

COMMERCIAL METALS COMPANY AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

NOTE 1. ACCOUNTING POLICIES

Accounting Principles The accompanying unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States ("GAAP") on a basis consistent with that used in the Annual Report on Form 10-K filed by Commercial Metals Company ("CMC," and together with its consolidated subsidiaries, the "Company") with the Securities and Exchange Commission ("SEC") for the year ended August 31, 2012, and include all normal recurring adjustments necessary to present fairly the consolidated balance sheets, statements of operations, comprehensive income, cash flows and stockholders' equity for the periods indicated. Certain amounts in fiscal 2012 have been reclassified to conform to the fiscal 2013 presentation. These notes should be read in conjunction with the audited consolidated financial statements and notes included in the Annual Report on Form 10-K for the year ended August 31, 2012. The results of operations for the three and six month periods are not necessarily indicative of the results to be expected for the full year.

Recent Accounting Pronouncements In the first quarter of 2013, the Company adopted guidance issued by the Financial Accounting Standards Board ("FASB") on disclosure requirements for the presentation of comprehensive income. This guidance requires entities to report components of comprehensive income in either (1) a continuous statement of comprehensive income or (2) two separate but consecutive statements. As a result of the adoption, the Company's financial statements now include a separate consolidated statement of comprehensive income immediately following the consolidated statement of operations.

In the first quarter of 2013, the Company adopted guidance that simplifies how entities test indefinite-lived intangible assets for impairment and improves consistency in impairment testing guidance among long-lived asset categories. The guidance permits entities to first assess qualitative factors to determine whether it is more likely than not that an indefinite-lived intangible asset is impaired as a basis for determining whether it is necessary to perform the quantitative impairment test in accordance with U.S. generally accepted accounting principles. An entity will have an option not to calculate annually the fair value of an indefinite-lived intangible asset if the entity determines that it is not more likely than not that the asset is impaired. The adoption of this guidance did not have a material impact on the Company's consolidated financial statements.

In March 2013, the FASB issued guidance requiring an entity to release any related cumulative translation adjustment into net income when it either sells a part or all of its investment in a foreign entity or no longer holds a controlling financial interest in a subsidiary or group of assets that is a nonprofit activity or a business within a foreign entity. In addition, the guidance resolves the diversity in practice for the treatment of business combinations achieved in stages involving a foreign entity. The new guidance is effective prospectively for fiscal years, and interim reporting periods within those years, beginning after December 15, 2013. The Company does not expect the adoption of this guidance to have a material impact on its consolidated financial statements.

In February 2013, the FASB issued guidance requiring an entity to disclose additional information about reclassifications out of accumulated other comprehensive income, including (1) changes in accumulated other comprehensive income balances by component and (2) significant items reclassified out of accumulated other comprehensive income and the effect on the respective line items in net income if the amounts are required to be reclassified in their entirety to net income. For other amounts that are not required to be reclassified in their entirety to net income in the same reporting period, an entity is required to cross-reference to other disclosures that provide additional detail about those amounts. The new guidance is effective prospectively for fiscal years, and interim reporting periods within those years, beginning after December 15, 2012. The Company does not expect the adoption of these disclosure requirements to have a material impact on its consolidated financial statements.

In February 2013, the FASB issued guidance requiring an entity to measure obligations resulting from joint and several liability arrangements for which the total amount of the obligation is fixed at the reporting date. The guidance also requires entities to disclose the nature and amount of the obligation as well as other information about the obligation. The new guidance is effective retrospectively for fiscal years, and interim reporting periods within those years, beginning after December 15, 2013. The Company does not expect the adoption of this guidance to have a material impact on its consolidated financial statements.

In December 2011, the FASB issued guidance requiring an entity to disclose the nature of its rights of setoff and related arrangements associated with its financial instruments and derivative instruments. The objective is to make financial statements

8

that are prepared under GAAP more comparable to those prepared under International Financial Reporting Standards. The new disclosures will give financial statement users information about both gross and net exposures. In January 2013, the FASB issued an update and clarified the scope of transactions that are subject to disclosures concerning offsetting. These disclosure requirements are effective for annual reporting periods beginning on or after January 1, 2013, and interim periods within those annual periods, and should be applied retrospectively for all comparative periods presented. The Company does not expect the adoption of these disclosure requirements to have a material impact on its consolidated financial statements.

NOTE 2. SALES OF ACCOUNTS RECEIVABLE

The Company has a domestic sale of accounts receivable program which expires on December 26, 2014. Under the program, the Company periodically contributes, and several of its subsidiaries periodically sell without recourse, certain eligible trade accounts receivable to CMC Receivables, Inc. ("CMCRV"), a wholly-owned subsidiary of the Company. CMCRV is structured to be a bankruptcy-remote entity and was formed for the sole purpose of buying and selling receivables generated by the Company. Depending on the Company's level of financing needs, CMCRV sells the trade accounts receivable in their entirety to two third-party financial institutions. The third-party financial institutions advance up to a maximum of $200 million for all receivables, and the remaining portion due to the Company is deferred until the ultimate collection of the underlying receivables. The Company accounts for sales to the financial institutions as true sales, and the cash advances for receivables are removed from the consolidated balance sheets and are reflected as cash provided by operating activities. Additionally, the receivables program contains certain cross-default provisions whereby a termination event could occur if the Company defaulted under certain of its credit arrangements. The covenants contained in the receivables purchase agreement are consistent with the credit facility described in Note 8, Credit Arrangements.

At February 28, 2013 and August 31, 2012, the Company sold $407.0 million and $406.9 million of receivables, respectively, to the third-party financial institutions and received $15.0 million and $10.0 million, respectively, as advance payments. The remaining amounts of $392.0 million and $396.9 million, respectively, are the deferred purchase prices and are included in trade receivables on the Company's consolidated balance sheets.

In addition to the domestic sale of accounts receivable program described above, the Company's international subsidiaries in Europe and Australia periodically sell accounts receivable without recourse. These arrangements constitute true sales, and once the accounts are sold, they are no longer available to the Company's creditors in the event of bankruptcy. Uncollected accounts receivable sold under these arrangements and removed from the consolidated balance sheets were $52.8 million and $95.1 million as of February 28, 2013 and August 31, 2012, respectively. The Australian program contains financial covenants in which the subsidiary must meet certain coverage and tangible net worth levels, as defined. At February 28, 2013, the Australian subsidiary was not in compliance with these covenants. The Company provided a guarantee of the Australian subsidiary's performance which resulted in the financial covenants being waived at February 28, 2013.

During the six months ended February 28, 2013 and February 29, 2012, proceeds from the domestic and international sales of receivables were $603.0 million and $988.7 million, respectively, and cash payments to the owners of receivables were $640.3 million and $884.2 million, respectively. The Company is responsible for servicing the receivables for a nominal servicing fee. Discounts on domestic and international sales of accounts receivable were $0.9 million and $2.1 million for the three and six months ended February 28, 2013, respectively, and $1.8 million and $3.5 million for the three and six months ended February 29, 2012, respectively. These discounts primarily represent the cost of funds and are included in selling, general and administrative expenses in the Company's consolidated statements of operations.

NOTE 3. INVENTORIES

Inventories are stated at the lower of cost or market. Inventory cost for most domestic inventories is determined by the last-in-first-out ("LIFO") method. LIFO inventory reserves were $238.1 million and $261.8 million at February 28, 2013 and August 31, 2012, respectively. Inventory cost for international inventories and the remaining domestic inventories are determined by the first-in-first-out ("FIFO") method.

At February 28, 2013 and August 31, 2012, 42% and 55%, respectively, of the Company's total inventories were valued at LIFO. The remainder of inventories, valued at FIFO, consisted mainly of material dedicated to CMC Poland Sp. z o.o. ("CMCP") (formerly CMC Zawiercie S.A. or CMCZ) and certain marketing and distribution businesses.

The majority of the Company's inventories are in the form of finished goods with minimal work in process. At February 28, 2013 and August 31, 2012, $97.2 million and $68.0 million, respectively, were in raw materials.

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NOTE 4. GOODWILL AND OTHER INTANGIBLE ASSETS

The following table details the changes in the carrying amount of goodwill by reportable segment:

	Americas						International
(in thousands)	Recycling		Mills		Fabrication		Mill		Marketing and Distribution			Consolidated
Balance at August 31, 2012	$	7,267	$	295	$	57,144	$	2,685	$	9,506		$	76,897
Foreign currency translation	—		—		—		116		(54		)	62
Balance at February 28, 2013	$	7,267	$	295	$	57,144	$	2,801	$	9,452		$	76,959

The total gross carrying amounts of the Company's intangible assets that were subject to amortization were $43.9 million and $44.3 million at February 28, 2013 and August 31, 2012, respectively, and are included in other noncurrent assets on the Company's consolidated balance sheets. Excluding goodwill, there are no other significant intangible assets with indefinite lives. Amortization expense for intangible assets was $1.2 million and $2.5 million for the three and six months ended February 28, 2013, respectively, and $1.5 million and $3.0 million for the three and six months ended February 29, 2012, respectively.

NOTE 5. SEVERANCE

Severance cost recorded by the Company during the three and six months ended February 28, 2013 was not material. During the three and six months ended February 29, 2012, the Company recorded severance cost of $2.5 million and $22.3 million, respectively. The severance cost recorded during fiscal 2012 primarily related to the Company's discontinued operations. See Note 7, Discontinued Operations, for additional details.

NOTE 6. DISPOSITIONS

During the first quarter of fiscal 2013, the Company completed the sale of its 11% ownership interest in Trinecke Zelezarny, a.s. ("Trinecke"), a Czech Republic joint-stock company, for $29.0 million resulting in a pre-tax gain of $26.1 million. The Trinecke investment was included in the International Marketing and Distribution segment. During the first quarter of fiscal 2012, the Company completed the sale of two properties that were previously joist & deck locations.

NOTE 7. DISCONTINUED OPERATIONS

During the first quarter of fiscal 2012, the Company announced its decision to exit the steel pipe manufacturing operations in Croatia ("CMCS") by closure of the facility and sale of the assets. The Company determined that the decision to exit this business met the definition of a discontinued operation. As a result, the Company recorded severance cost of $18.0 million and this business has been presented as a discontinued operation for all periods presented. The Company sold a majority of CMCS' assets during fiscal 2012. The remaining assets were sold during the first quarter of fiscal 2013 for $3.9 million with no impact to the consolidated statements of operations.

As of February 28, 2013, the assets of discontinued operations have been presented as held for sale and are included in other current assets on the Company's consolidated balance sheets. Financial information for discontinued operations was as follows:

(in thousands)	February 28, 2013			August 31, 2012
Current assets	$	3,858		$	6,601
	Three Months Ended					Six Months Ended
(in thousands)	February 28, 2013			February 29, 2012		February 28, 2013		February 29, 2012
Revenue	$	—		$	9,858	$	—	$	24,002
Earnings (loss) before taxes	(46		)	1,794		342		(25,209		)

10

NOTE 8. CREDIT ARRANGEMENTS

On December 27, 2011, the Company entered into a third amended and restated $300 million revolving credit facility that matures on December 27, 2016. The maximum availability under this facility can be increased to $400 million with the consent of both parties. The program's capacity, with a sublimit of $50 million for letters of credit, is reduced by outstanding stand-by letters of credit which totaled $29.3 million at February 28, 2013. Under the credit facility, the Company was required to maintain a minimum interest coverage ratio (adjusted EBITDA to interest expense, as each is defined in the facility) of not less than 3.00 to 1.00 for the twelve month cumulative period ended November 30, 2012 and for each fiscal quarter on a rolling twelve month cumulative period thereafter. At February 28, 2013, the Company's interest coverage ratio was 5.64 to 1.00. The credit facility also requires the Company to maintain a debt to capitalization ratio that does not exceed 0.60 to 1.00. At February 28, 2013, the Company's debt to capitalization ratio was 0.50 to 1.00. The credit facility provides for interest based on the LIBOR, the Eurodollar rate or Bank of America's prime rate.

During the third quarter of fiscal 2012, the Company terminated its existing interest rate swap transactions and received cash proceeds of approximately $53 million, net of customary finance charges. The resulting gain was deferred and is being amortized as a reduction to interest expense over the remaining term of the respective debt tranches. At February 28, 2013, the unamortized portion was $41.1 million and the amortization of the deferred gain was $2.9 million and $5.8 million for the three and six months ended February 28, 2013, respectively.

The Company has uncommitted credit facilities available from domestic and international banks. In general, these credit facilities are used to support trade letters of credit (including accounts payable settled under bankers' acceptances), foreign exchange transactions and short-term advances which are priced at market rates.

Long-term debt, including the deferred gain from the termination of the interest rate swaps, was as follows:

(in thousands)	Weighted Average Interest Rate as of February 28, 2013	February 28, 2013		August 31, 2012
$200 million notes at 5.625% due November 2013	3.5%	$	202,857	$	204,873
$400 million notes at 6.50% due July 2017	5.7%	413,005		414,491
$500 million notes at 7.35% due August 2018	6.4%	525,241		527,554
Other, including equipment notes		13,376		14,407
		1,154,479		1,161,325
Less current maturities		204,072		4,252
		$	950,407	$	1,157,073

Interest on the notes is payable semiannually.

CMCP has uncommitted credit facilities of $77.1 million with several banks with expiration dates ranging from March 31, 2013 to November 30, 2013. At February 28, 2013, $47.4 million was outstanding under these facilities and is included in notes payable on the Company's consolidated balance sheets. The weighted average interest rate on these facilities was 5.4% at February 28, 2013.

Interest of $0.3 million and $0.8 million was capitalized in the cost of property, plant and equipment constructed for the three and six months ended February 28, 2013, respectively, and $0.1 million and $0.5 million for the three and six months ended February 29, 2012, respectively. Interest of $33.7 million and $38.3 million was paid during the three and six months ended February 28, 2013, respectively, and $30.2 million and $34.6 million during the three and six months ended February 29, 2012, respectively.

11

NOTE 9. DERIVATIVES AND RISK MANAGEMENT

The Company's worldwide operations and product lines expose it to risks from fluctuations in metal commodity prices, foreign currency exchange rates, natural gas prices and interest rates. One objective of the Company's risk management program is to mitigate these risks using derivative instruments. The Company enters into metal commodity futures and forward contracts to mitigate the risk of unanticipated changes in gross margin due to the volatility of the commodities' prices, enters into foreign currency forward contracts that match the expected settlements for purchases and sales denominated in foreign currencies and enters into natural gas forward contracts to mitigate the risk of unanticipated changes in operating cost due to the volatility of natural gas prices. When sales commitments to customers include a fixed price freight component, the Company occasionally enters into freight forward contracts to reduce the effects of the volatility of ocean freight rates.

At February 28, 2013, the Company's notional value of its foreign currency contract commitments was $239 million.

The following table provides information regarding the Company's commodity contract commitments as of February 28, 2013:

Commodity	Long/Short	Total
Aluminum	Long	6,338	MT
Aluminum	Short	3,125	MT
Copper	Long	872	MT
Copper	Short	3,810	MT
Natural Gas	Long	10,000	MMBtu
Zinc	Long	22	MT

MT = Metric Ton

MMBtu = One million British thermal units

The Company designates only those contracts which closely match the terms of the underlying transaction as hedges for accounting purposes. These hedges resulted in substantially no ineffectiveness in the Company's consolidated statements of operations, and there were no components excluded from the assessment of hedge effectiveness for the three and six months ended February 28, 2013 and February 29, 2012. Certain foreign currency and commodity contracts were not designated as hedges for accounting purposes, although management believes they are essential economic hedges.

The following tables summarize activities related to the Company's derivative instruments and hedged items recognized in the consolidated statements of operations:

		Three Months Ended						Six Months Ended
Derivatives Not Designated as Hedging Instruments (in thousands)	Location	February 28, 2013			February 29, 2012			February 28, 2013			February 29, 2012
Commodity	Cost of goods sold	$	717		$	(3,336	)	$	306		$	241
Commodity	SG&A expenses	588			—			—			—
Foreign exchange	Net sales	—			(73		)	(11		)	(181		)
Foreign exchange	Cost of goods sold	—			(304		)	—			(537		)
Foreign exchange	SG&A expenses	2,916			6,465			2,880			(694		)
Other	Cost of goods sold	(10		)	—			5			—
Gain (loss) before taxes		$	4,211		$	2,752		$	3,180		$	(1,171	)

12

The Company's fair value hedges are designated for accounting purposes with gains and losses on the hedged items offsetting the gain or loss on the related derivative transaction. Hedged items relate to firm commitments on commercial sales and purchases and capital expenditures.

Derivatives Designated as Fair Value Hedging Instruments (in thousands)		Three Months Ended						Six Months Ended
	Location	February 28, 2013			February 29, 2012			February 28, 2013			February 29, 2012
Foreign exchange	Net sales	$	(228	)	$	—		$	(228	)	$	—
Foreign exchange	Cost of goods sold	777			—			548			—
Foreign exchange	SG&A expenses	—			(4,120		)	—			(1,550		)
Interest rate	Interest expense	—			15,969			—			17,174
Gain before taxes		$	549		$	11,849		$	320		$	15,624

Hedged Items Designated as Fair Value Hedging Instruments (in thousands)		Three Months Ended						Six Months Ended
	Location	February 28, 2013			February 29, 2012			February 28, 2013			February 29, 2012
Foreign exchange	Net sales	$	274		$	—		$	251		$	—
Foreign exchange	Cost of goods sold	(705		)	—			(548		)	—
Foreign exchange	SG&A expenses	—			4,120			—			1,550
Interest rate	Interest expense	—			(15,969		)	—			(17,174		)
Loss before taxes		$	(431	)	$	(11,849	)	$	(297	)	$	(15,624	)

Effective Portion of Derivatives Designated as Cash Flow Hedging Instruments Recognized in Accumulated Other Comprehensive Income (Loss) (in thousands)	Three Months Ended						Six Months Ended
	February 28, 2013			February 29, 2012			February 28, 2013		February 29, 2012
Commodity	$	(13	)	$	44		$	1	$	19
Foreign exchange	70			(467		)	373		(1,628		)
Gain (loss), net of taxes	$	57		$	(423	)	$	374	$	(1,609	)

Effective Portion of Derivatives Designated as Cash Flow Hedging Instruments Reclassified from Accumulated Other Comprehensive Income (Loss) (in thousands)		Three Months Ended					Six Months Ended
	Location	February 28, 2013		February 29, 2012			February 28, 2013		February 29, 2012
Commodity	Cost of  goods sold	$	6	$	28		$	6	$	15
Foreign exchange	Net sales	10		(36		)	61		(1,193		)
Foreign exchange	Cost of goods sold	91		—			50		—
Foreign exchange	SG&A expenses	66		(97		)	76		(161		)
Interest rate	Interest expense	101		102			203		203
Gain (loss), net of taxes		$	274	$	(3	)	$	396	$	(1,136	)

13

The Company's derivative instruments were recorded at their respective fair values as follows on the consolidated balance sheets:

Derivative Assets (in thousands)	February 28, 2013		August 31, 2012
Commodity — not designated for hedge accounting	$	1,923	$	407
Foreign exchange — designated for hedge accounting	674		670
Foreign exchange — not designated for hedge accounting	430		798
Derivative assets (other current assets and other assets)*	$	3,027	$	1,875

Derivative Liabilities (in thousands)	February 28, 2013		August 31, 2012
Commodity — designated for hedge accounting	$	8	$	2
Commodity — not designated for hedge accounting	1,052		993
Foreign exchange — designated for hedge accounting	250		1,272
Foreign exchange — not designated for hedge accounting	179		1,248
Other — not designated for hedge accounting	4		32
Derivative liabilities (accrued expenses, other payables and long-term liabilities)*	$	1,493	$	3,547

 _________________ 

* Derivative assets and liabilities do not include the hedged items designated as fair value hedges.

As of February 28, 2013, all of the Company's derivative instruments designated to hedge exposure to the variability in future cash flows of the forecasted transactions will mature within twelve months.

All of the instruments are highly liquid and not entered into for trading purposes.

NOTE 10. FAIR VALUE

The Company has established a fair value hierarchy which prioritizes the inputs to the valuation techniques used to measure fair value into three levels. These levels are determined based on the lowest level input that is significant to the fair value measurement. Levels within the hierarchy are defined as follows:

Level 1 - Unadjusted quoted prices in active markets for identical assets and liabilities;

Level 2 - Quoted prices for similar assets and liabilities in active markets (other than those included in Level 1) which are observable, either directly or indirectly; and

Level 3 - Valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable.

The following tables summarize information regarding the Company's financial assets and financial liabilities that were measured at fair value on a recurring basis:

			Fair Value Measurements at Reporting Date Using
(in thousands)	February 28, 2013		Quoted Prices in Active Markets  for Identical Assets (Level 1)		Significant  Other Observable Inputs (Level 2)		Significant Unobservable  Inputs (Level 3)
Assets:
Money market investments (1)	$	82,885	$	82,885	$	—	$	—
Commodity derivative assets (2)	1,923		1,923		—		—
Foreign exchange derivative assets (2)	1,104		—		1,104
Liabilities:
Commodity derivative liabilities (2)	1,060		1,052		8		—
Foreign exchange derivative liabilities (2)	429		—		429		—
Other derivative liabilities (2)	4		—		4		—

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			Fair Value Measurements at Reporting Date Using
(in thousands)	August 31, 2012		Quoted Prices in Active Markets  for Identical Assets (Level 1)		Significant  Other Observable  Inputs (Level 2)		Significant Unobservable  Inputs (Level 3)
Assets:
Money market investments (1)	$	172,462	$	172,462	$	—	$	—
Commodity derivative assets (2)	407		407		—		—
Foreign exchange derivative assets (2)	1,468		—		1,468		—
Liabilities:
Commodity derivative liabilities (2)	995		993		2		—
Foreign exchange derivative liabilities (2)	2,520		—		2,520		—
Other derivative liabilities (2)	32		—		32		—

 _________________ 

(1) Money market investments are short-term in nature, and the value is determined by broker quoted prices in active markets. The investment portfolio mix can change each period based on the Company's assessment of investment options.

(2) Derivative assets and liabilities classified as Level 1 are commodity futures contracts valued based on quoted market prices in the London Metal Exchange or the New York Mercantile Exchange. Amounts in Level 2 are based on broker quotes in the over-the-counter market. Further discussion regarding the Company's use of derivatives and the classification of the assets and liabilities is included in Note 9. Derivatives and Risk Management.

Fair value of property, plant and equipment held for sale (Level 3) was $3.9 million based on appraised values less costs to sell at February 28, 2013. CMC does not have other assets or intangible assets measured at fair value on a non-recurring basis at February 28, 2013. Impairment charges for property, plant and equipment were $3.0 million for the six months ended February 28, 2013.

The carrying values of the Company's short-term items, including the deferred purchase prices of accounts receivable, documentary letters of credit and notes payable approximate fair value due to their short term nature.

The carrying values and estimated fair values of the Company's financial assets and liabilities that are not required to be measured at fair value are as follows:

		February 28, 2013		August 31, 2012
(in thousands)	Fair Value Hierarchy	Carrying Value	Fair Value	Carrying Value	Fair Value
$200 million notes at 5.625% due November 2013 (1)	Level 2	202,857	208,607	204,873	212,413
$400 million notes at 6.50% due July 2017 (1)	Level 2	413,005	444,341	414,491	434,991
$500 million notes at 7.35% due August 2018 (1)	Level 2	525,241	569,791	527,554	559,894

(1) The fair value of the notes is calculated based on indicated market values.

15

NOTE 11. INCOME TAX

The Company's effective income tax rate from continuing operations for the three and six months ended February 28, 2013 was 50.6% and 33.5%, respectively, compared with 35.0% and (110.7)% for the three and six months ended February 29, 2012, respectively. The increase in the effective tax rate to 50.6% for the three months ended February 28, 2013 compared to 35.0% for the three months ended February 29, 2012 is due to a change in the mix and amount of pre-tax income in the jurisdictions in which the Company operates. The Company's effective tax rate from discontinued operations for the three and six months ended February 28, 2013 was 34.8% and 35.1%, respectively, compared with 42.9% and 35.4% for the three and six months ended February 29, 2012, respectively.

During the first quarter of fiscal 2012, the Company recognized a tax loss in the amount of $291 million related to its investment in its Croatian subsidiary. As a result of this loss, a tax benefit of $102.1 million was recorded in continuing operations in the first quarter of 2012. The Company will report and disclose the investment loss on its U.S. tax return as ordinary worthless stock and bad debt deductions. This tax benefit was the primary reason for the variance from the statutory tax rate of 35%.

The Company received net refunds of $2.2 million and made net payments of $13.7 million for income taxes during the six months ended February 28, 2013 and February 29, 2012, respectively.

The reserve for unrecognized tax benefits related to the accounting for uncertainty in income taxes was $27.4 million and $12.4 million, exclusive of interest and penalties, as of February 28, 2013 and February 29, 2012, respectively.

The Company's policy classifies interest recognized on an underpayment of income taxes and any statutory penalties recognized on a tax position as tax expense and the balances at the end of a reporting period are recorded as part of the current or noncurrent reserve for uncertain income tax positions. For the three and six months ended February 28, 2013, before any tax benefits, the Company recorded immaterial amounts of accrued interest and penalties on unrecognized tax benefits.

During the next twelve months, it is reasonably possible that the statute of limitations may lapse pertaining to positions taken by the Company in prior year tax returns or that income tax audits in various taxing jurisdictions could be finalized. As a result, the total amount of unrecognized tax benefits may decrease by approximately $17.8 million, which would reduce the provision for taxes on earnings by an immaterial amount.

The Company files income tax returns in the United States and multiple foreign jurisdictions with varying statutes of limitations. In the normal course of business, the Company and its subsidiaries are subject to examination by various taxing authorities. The following is a summary of tax years subject to examination:

US Federal — 2008 and forward

US States — 2008 and forward

Foreign — 2005 and forward

The Company is currently under examination by the Internal Revenue Service and state revenue authorities from 2009 to 2011. Management believes the Company's recorded tax liabilities as of February 28, 2013 sufficiently reflect the anticipated outcome of these examinations.

16

NOTE 12. SHARE-BASED COMPENSATION PLANS

The interim information below should be read in conjunction with the disclosures included in CMC's Annual Report on Form 10-K for the year ended August 31, 2012. Restricted stock units ("RSUs") and performance stock units ("PSUs") totaling 1.6 million and 0.5 million, respectively, were granted during the six months ended February 28, 2013 and February 29, 2012, respectively, at a weighted-average fair value of $13.44 and $10.64, respectively. The Company granted 0.2 million and 0.8 million in stock appreciation rights ("SARs") at a weighted average exercise price of $14.25 and $11.63 during the six months ended February 28, 2013 and February 29, 2012, respectively. The RSUs, PSUs and SARs granted during fiscal 2013 and 2012 will vest over a period of three years.

Total share-based compensation expense recognized as a component of selling, general and administrative expenses was $3.6 million and $7.2 million for the three and six months ended February 28, 2013, respectively, and $2.1 million and $6.0 million for the three and six months ended February 29, 2012, respectively.

Share-Based Liability Awards The Company granted 234,109 and 1,132,204 equivalent shares of cash-settled RSUs, PSUs and stock appreciation rights ("SARs") during the six months ended February 28, 2013 and February 29, 2012, respectively . The PSUs vest upon the achievement of performance goals and objectives of the Company over the performance period. The RSUs and SARs vest over a three year period. The Company has accounted for these cash-settled awards as a liability and the value is adjusted to the current share price of CMC's common stock at each reporting period. As of February 28, 2013, the Company had 1,475,580 equivalent shares in awards outstanding. The Company expects 1,117,350 equivalent shares to vest.

NOTE 13. CAPITAL STOCK

On December 6, 2012, the Company amended the stockholder rights plan (the "Rights Agreement") dated as of July 30, 2011. As a result of the amendment, the rights to purchase Series B Junior Participating Preferred Stock of the Company pursuant to the Rights Agreement expired at 5:00 p.m. (Dallas, Texas time) on December 6, 2012 (the "Final Expiration Date"), and the Rights Agreement effectively terminated as of such time.

NOTE 14. EARNINGS PER SHARE ATTRIBUTABLE TO CMC

In calculating earnings per share, there were no adjustments to net earnings to arrive at earnings for any periods presented. The reconciliation of the denominators of the earnings per share calculations is as follows:

	Three Months Ended		Six Months Ended
	February 28, 2013	February 29, 2012	February 28, 2013	February 29, 2012
Shares outstanding for basic earnings per share	116,586,100	115,703,142	116,461,302	115,616,844
Effect of dilutive securities:
Stock-based incentive/purchase plans	986,952	1,140,314	872,037	1,029,625
Shares outstanding for diluted earnings per share	117,573,052	116,843,456	117,333,339	116,646,469

At February 28, 2013 and February 29, 2012, SARs with total share commitments of 2.0 million and 2.2 million, respectively, were antidilutive and therefore were excluded from the calculation of diluted earnings per share. All stock options and SARs expire by 2022.

CMC's restricted stock is included in the number of shares of common stock issued and outstanding, but is omitted from the basic earnings per share calculation until the shares vest.

The Company did not purchase any shares during the first six months of 2013 and had remaining authorization to purchase 8,259,647 shares of its common stock at February 28, 2013.

NOTE 15. COMMITMENTS AND CONTINGENCIES

In the ordinary course of conducting its business, the Company becomes involved in litigation, administrative proceedings and government investigations, including environmental matters. See Note 17, Commitments and Contingencies, to the consolidated financial statements in the Annual Report on Form 10-K for the year ended August 31, 2012.

17

On September 18, 2008, the Company was served with a class action antitrust lawsuit alleging violations of Section 1 of the Sherman Act, brought by Standard Iron Works of Scranton, Pennsylvania, against nine steel manufacturing companies, including CMC. The lawsuit, filed in the United States District Court for the Northern District of Illinois, alleges that the defendants conspired to fix, raise, maintain and stabilize the price at which steel products were sold in the United States by artificially restricting the supply of such steel products. The lawsuit, which purports to be brought on behalf of a class consisting of all purchasers of steel products directly from the defendants between January 1, 2005 and September 2008, seeks treble damages and costs, including reasonable attorney fees and pre- and post-judgment interest. Motions for and against class certification have been filed. Oral arguments related to class certification are pending. Discovery on the case merits remains pending. The Company believes the case is without merit and intends to defend it vigorously.

Since the filing of the direct purchaser lawsuit, a case has been filed in federal court in the Northern District of Illinois on behalf of a class of indirect purchasers in approximately 28 states naming the same defendants and containing allegations substantially identical to those of the Standard Iron Works complaint. That case has in effect been stayed. Another indirect purchaser action was filed in Tennessee state court, again naming the same defendants but contending that the conspiracy continued through 2010. The case has been removed to federal court, and plaintiffs have moved to remand. The motion to remand has not yet been decided, and no motion practice or discovery has taken place. The Company believes that the lawsuits are without merit and plans to defend them vigorously. Due to the uncertainty and the information available at this time, we cannot reasonably estimate a range of loss relating to these cases.

Guarantees During the fourth quarter of 2012, the Company entered into a guarantee agreement with a bank in connection with a credit facility granted by the bank to a supplier of the company. The fair value of the guarantee is negligible. As of February 28, 2013, the maximum credit facility with the bank was $4.0 million, and the Company's maximum exposure was $4.0 million.

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 consists of the scrap metal processing and sales operations primarily in Texas, Florida and the southern United States. The Americas Mills segment includes the Company's domestic steel mills, including the scrap processing facilities that directly support these mills, and the domestic copper tube minimill. The Americas Fabrication segment consists of the Company's rebar fabrication operations, fence post manufacturing plants and construction-related and other products facilities. The International Mill segment includes the minimill, recycling and fabrication operations in Poland. International Marketing and Distribution includes international operations for the sales, distribution and processing of steel products, ferrous and nonferrous metals and other industrial products. Additionally, the International Marketing and Distribution segment includes the Company's U.S.-based trading and distribution divisions, CMC Cometals and CMC Cometals Steel. 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.

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

	Three Months Ended February 28, 2013
	Americas							International
(in thousands)	Recycling		Mills		Fabrication			Mill			Marketing and Distribution		Corporate			Eliminations			Continuing Operations
Net sales-unaffiliated customers	$	301,035	$	285,302	$	314,389		$	179,842		$	645,445	$	3,661		$	—		$	1,729,674
Intersegment sales	50,339		191,292		3,577			(77		)	4,491		—			(249,622		)	—
Net sales	351,374		476,594		317,966			179,765			649,936		3,661			(249,622		)	1,729,674
Adjusted operating profit (loss)	2,243		48,769		(3,812		)	(4,153		)	3,948		(19,194		)	(1,084		)	26,717
	Three Months Ended February 29, 2012
	Americas							International
(in thousands)	Recycling		Mills		Fabrication			Mill			Marketing and Distribution		Corporate			Eliminations			Continuing Operations
Net sales-unaffiliated customers	$	376,597	$	344,625	$	298,226		$	216,177		$	715,828	$	5,291		$	—		$	1,956,744
Intersegment sales	43,047		181,260		3,367			913			7,527		—			(236,114		)	—
Net sales	419,644		525,885		301,593			217,090			723,355		5,291			(236,114		)	1,956,744
Adjusted operating profit (loss)	6,389		54,401		(9,969		)	6,592			26,554		(20,936		)	(2,346		)	60,685
	Six Months Ended February 28, 2013
	Americas							International
(in thousands)	Recycling		Mills		Fabrication			Mill			Marketing and Distribution		Corporate			Eliminations			Continuing Operations
Net sales-unaffiliated customers	$	608,506	$	592,118	$	667,136		$	395,700		$	1,248,980	$	6,460		$	—		$	3,518,900
Intersegment sales	94,829		380,925		7,422			6,132			9,544		—			(498,852		)	—
Net sales	703,335		973,043		674,558			401,832			1,258,524		6,460			(498,852		)	3,518,900
Adjusted operating profit (loss)	6,737		101,291		6,380			(3,277		)	44,109		(36,564		)	(1,744		)	116,932
Total assets*	297,604		664,628		631,393			513,525			913,921		916,921			(532,385		)	3,405,607
	Six Months Ended February 29, 2012
	Americas							International
(in thousands)	Recycling		Mills		Fabrication			Mill			Marketing and Distribution		Corporate			Eliminations			Continuing Operations
Net sales-unaffiliated customers	$	749,990	$	689,191	$	613,743		$	469,098		$	1,416,191	$	5,351		$	—		$	3,943,564
Intersegment sales	84,459		362,190		7,618			44,173			17,235		—			(515,675		)	—
Net sales	834,449		1,051,381		621,361			513,271			1,433,426		5,351			(515,675		)	3,943,564
Adjusted operating profit (loss)	27,205		112,332		(17,349		)	16,414			22,453		(44,204		)	(8,491		)	108,360
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 $3.9 million at February 28, 2013 and $6.6 million at August 31, 2012.

19

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

	Three Months Ended					Six Months Ended
(in thousands)	February 28, 2013			February 29, 2012		February 28, 2013		February 29, 2012
Earnings from continuing operations	$	4,607		$	27,829	$	54,074	$	152,874
Income taxes (benefit)	4,717			15,015		27,232		(80,312		)
Interest expense	16,490			16,043		33,514		32,340
Discounts on sales of accounts receivable	903			1,798		2,112		3,458
Adjusted operating profit from continuing operations	26,717			60,685		116,932		108,360
Adjusted operating profit (loss) from discontinued operations	(46		)	2,387		342		(24,165		)
Adjusted operating profit	$	26,671		$	63,072	$	117,274	$	84,195

ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our unaudited consolidated financial statements and the notes thereto, which are included in this report, and our audited consolidated financial statements and the notes thereto, which are included in our Annual Report on Form 10-K for the fiscal year ended August 31, 2012. This discussion contains or incorporates by reference "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), and the Private Securities Litigation Reform Act of 1995. These forward-looking statements are not historical facts, but rather are based on expectations, estimates, assumptions and projections about our industry, business and future financial results, based on information available at the time this report is filed with the Securities and Exchange Commission ("SEC") or, with respect to any document incorporated by reference, available at the time that such document was prepared. Our actual results could differ materially from the results contemplated by these forward-looking statements due to a number of factors, including those identified in the section entitled "Forward-Looking Statements" in this Item 2 of this Quarterly Report on Form 10-Q and in the section entitled "Risk Factors" in Item 1A of our Annual Report on Form 10-K for the fiscal year ended August 31, 2012. We do not assume any obligation to update or revise any forward-looking statements to reflect changed assumptions, the occurrence of anticipated or unanticipated events, new information or circumstances or otherwise, except as required by law.

CRITICAL ACCOUNTING POLICIES

There have been no material changes to our critical accounting policies as set forth in Item 7, Management's Discussion and Analysis of Financial Condition and Results of Operations, included in our Annual Report on Form 10-K filed with the SEC for the year ended August 31, 2012.

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CONSOLIDATED RESULTS OF OPERATIONS

	Three Months Ended				Increase (Decrease)		Six Months Ended				Increase (Decrease)
(in thousands)	February 28, 2013		February 29, 2012		%		February 28, 2013		February 29, 2012		%
Net sales*	$	1,729,674	$	1,956,744	(12	)%	$	3,518,900	$	3,943,564	(11	)%
Earnings from continuing operations	4,607		27,829		(83	)%	54,074		152,874		(65	)%
Adjusted EBITDA	60,054		95,294		(37	)%	186,225		150,827		23	%

_______________________________________

* Excludes divisions classified as discontinued operations.

In the table above, we have included a financial statement measure that was not derived in accordance with United States generally accepted accounting principles ("GAAP"). We use adjusted EBITDA (earnings before interest expense, income taxes, depreciation, amortization, impairment charges and net earnings attributable to noncontrolling interests) as a non-GAAP financial measure. In calculating adjusted EBITDA, we exclude our largest recurring non-cash charge, depreciation and amortization, as well as impairment charges. Adjusted EBITDA provides a core operational performance measurement that compares results without the need to adjust for federal, state and local taxes which have considerable variation between domestic jurisdictions. Tax regulations in international operations add additional complexity. Also, we exclude interest cost in our calculation of adjusted EBITDA. The results are, therefore, without consideration of financing alternatives of capital employed. We use adjusted EBITDA as one guideline to assess our unleveraged performance return on our investments. Adjusted EBITDA is also the target benchmark for our annual and long-term cash incentive performance plans for management and part of a debt compliance test for our revolving credit agreement. Adjusted EBITDA may be inconsistent with similar measures presented by other companies. Reconciliations of net earnings from continuing operations to adjusted EBITDA are provided below:

	Three Months Ended					Increase (Decrease)		Six Months Ended					Increase (Decrease)
(in thousands)	February 28, 2013			February 29, 2012		%		February 28, 2013		February 29, 2012			%
Earnings from continuing operations	$	4,607		$	27,829	(83	)%	$	54,074	$	152,874		(65	)%
Less net earnings (loss) attributable to noncontrolling interests	—			—		—	%	2		2			—	%
Interest expense	16,490			16,043		3	%	33,514		32,340			4	%
Income taxes (benefit) from continuing operations	4,717			15,015		(69	)%	27,232		(80,312		)	(134	)%
Depreciation, amortization and impairment charges	34,286			34,122		—	%	71,065		68,601			4	%
Adjusted EBITDA from continuing operations	60,100			93,009		(35	)%	185,883		173,501			7	%
Adjusted EBITDA from discontinued operations	(46		)	2,285		(102	)%	342		(22,674		)	(102	)%
Adjusted EBITDA	$	60,054		$	95,294	(37	)%	$	186,225	$	150,827		23	%

Our adjusted EBITDA does not include interest expense, income taxes, depreciation, amortization and impairment charges. Because we have borrowed money in order to finance our operations, interest expense is a necessary element of our costs and our ability to generate revenues. Because we use capital assets, depreciation and amortization are also necessary elements of our costs. Impairment charges, when necessary, accelerate the write-off of fixed assets that otherwise would have been accomplished by periodic depreciation charges. Additionally, the payment of income taxes is a necessary element of our operations. Therefore, any measures that exclude these elements have material limitations. To compensate for these limitations, we believe that it is appropriate to consider both net earnings (loss) determined in accordance with GAAP, as well as adjusted EBITDA, to evaluate our performance. Further, we separately analyze any significant fluctuations in interest expense, depreciation, amortization, impairment charges and income taxes.

The following are the significant factors that impacted our financial performance during the second quarter of 2013 compared with the same period during fiscal 2012:

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- Our sales for the second quarter of 2013 were down across most of our segments, with the International Marketing and Distribution segment having the most significant sales decline when compared to the second quarter of 2012.

- Our International Marketing and Distribution segment's net sales declined $73.4 million or 10% and adjusted operating profit decreased $22.7 million during the second quarter of 2013 as compared to the prior year's second quarter. The decline in this segment's results is primarily due to declining volumes and margins as market conditions in Europe continued to erode.

- Our International Mill segment's net sales decreased 17% and adjusted operating profit decreased $10.7 million to an adjusted operating loss of $4.2 million during the second quarter of 2013 as compared to the prior year's second quarter. The decline in adjusted operating profit is primarily due to a 16% or 54 thousand ton decrease in volumes.

- Partially offsetting these declines, our Americas Fabrication segment's net sales increased 5% and adjusted operating loss narrowed by $6.2 million during the second quarter of fiscal year 2013 as compared to the prior year's second quarter. The results were primarily due to stable input pricing, improved backlog margins and higher shipments.

SEGMENT OPERATING DATA

Unless otherwise indicated, all dollar amounts below are calculated before income taxes. Financial results for our reportable segments are consistent with the basis and manner in which we internally disaggregate financial information for the purpose of making operating decisions. See Note 16, Business Segments, to the unaudited consolidated financial statements included in this report.

We use adjusted operating profit (loss) to compare and to evaluate the financial performance of our segments. Adjusted operating profit (loss) is the sum of our earnings (loss) before income taxes and financing costs.

The following table shows net sales and adjusted operating profit (loss) by business segment:

	Three Months Ended						Six Months Ended
(in thousands)	February 28, 2013			February 29, 2012			February 28, 2013			February 29, 2012
Net sales:
Americas Recycling	$	351,374		$	419,644		$	703,335		834,449
Americas Mills	476,594			525,885			973,043			1,051,381
Americas Fabrication	317,966			301,593			674,558			621,361
International Mill	179,765			217,090			401,832			513,271
International Marketing and Distribution	649,936			723,355			1,258,524			1,433,426
Corporate	3,661			5,291			6,460			5,351
Eliminations	(249,622		)	(236,114		)	(498,852		)	(515,675	)
	$	1,729,674		$	1,956,744		$	3,518,900		3,943,564
Adjusted operating profit (loss):
Americas Recycling	$	2,243		$	6,389		$	6,737		27,205
Americas Mills	48,769			54,401			101,291			112,332
Americas Fabrication	(3,812		)	(9,969		)	6,380			(17,349	)
International Mill	(4,153		)	6,592			(3,277		)	16,414
International Marketing and Distribution	3,948			26,554			44,109			22,453
Corporate	(19,194		)	(20,936		)	(36,564		)	(44,204	)
Eliminations	(1,084		)	(2,346		)	(1,744		)	(8,491	)
Adjusted operating profit from Continuing Operations	26,717			60,685			116,932			108,360
Discontinued Operations	(46		)	2,387			342			(24,165	)
Adjusted operating profit	$	26,671		$	63,072		$	117,274		84,195

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LIFO Impact on Adjusted Operating Profit (Loss) LIFO is an inventory costing method that assumes the most recent inventory purchases or goods manufactured are sold first. Therefore, current sales prices are offset against current inventory costs. In periods of rising prices, the LIFO inventory costing method has the effect of eliminating inflationary profits from operations. In periods of declining prices, this method has the effect of eliminating deflationary losses from operations. In either case the goal is to reflect economic profit of current market conditions. The table below reflects LIFO income or (expense) which represents decreases or (increases) in the LIFO inventory reserve.

The International Mill segment exclusively uses the FIFO inventory valuation method and thus is not included in this table:

	Three Months Ended						Six Months Ended
(in thousands)	February 28, 2013			February 29, 2012			February 28, 2013		February 29, 2012
Americas Recycling	$	(957	)	$	(4,625	)	$	1,393	$	5,942
Americas Mills	(3,503		)	(3,130		)	1,557		(547		)
Americas Fabrication	491			3,368			7,723		13,028
International Marketing and Distribution	4,292			2,414			13,045		3,523
Consolidated pre-tax LIFO (expense) income	$	323		$	(1,973	)	$	23,718	$	21,946

BUSINESS SEGMENT RESULTS

Americas Recycling Adjusted operating profit decreased during the second quarter of 2013 as compared to the prior year's second quarter as ferrous selling prices declined 7% to $336 per ton when compared to the second quarter of fiscal 2012. Additionally, ferrous and nonferrous margins were lower in this year's second quarter when compared to the prior year's second quarter. LIFO expense decreased by $3.6 million to $1.0 million in the second quarter of fiscal 2013, from $4.6 million in the second quarter of fiscal 2012. We exported 8% and 6% of our ferrous scrap tonnage during the second quarter of 2013 and 2012, respectively, and 25% and 35% of our nonferrous scrap tonnage during the second quarter of 2013 and 2012, respectively.

The following table reflects our Americas Recycling segment's average selling prices per ton and tons shipped (in thousands):

	Three Months Ended				Increase (Decrease)					Six Months Ended				Increase (Decrease)
	February 28, 2013		February 29, 2012		Amount			%		February 28, 2013		February 29, 2012		Amount			%
Average ferrous selling price	$	336	$	363	$	(27	)	(7	)%	$	329	$	357	$	(28	)	(8	)%
Average nonferrous selling price	$	2,815	$	2,873	$	(58	)	(2	)%	$	2,807	$	2,886	$	(79	)	(3	)%
Ferrous tons shipped	515		550		(35		)	(6	)%	1,018		1,088		(70		)	(6	)%
Nonferrous tons shipped	59		62		(3		)	(5	)%	118		122		(4		)	(3	)%

Americas Mills We include our five domestic steel mills, the scrap locations which directly support the steel mills, and our copper tube minimill in our Americas Mills segment.

Within the segment, adjusted operating profit for our five domestic steel mills was $47.7 million for the second quarter of 2013 as compared to adjusted operating profit of $51.9 million for the second quarter of 2012. Compared to the prior year's second quarter, shipping volumes declined for our merchant and billet products. However, our rebar shipments continued to strengthen when compared to the prior year's second quarter. In addition, we experienced lower margins on our merchant products during the second quarter of 2013 due to import pressure, although our rebar margins improved as compared to the prior year's second quarter. The utilization of our mills remained consistent at 82% in the second quarters of both 2012 and 2013. Shipments included 62 thousand tons of billets in the second quarter of 2013 as compared to shipments of 88 thousand tons of billets in the second quarter of 2012.

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The table below reflects our domestic steel mills' operating statistics (in thousands) and average prices per short ton:

	Three Months Ended				Increase (Decrease)					Six Months Ended				Increase (Decrease)
	February 28, 2013		February 29, 2012		Amount			%		February 28, 2013		February 29, 2012		Amount			%
Tons melted	626		607		19			3	%	1,198		1,274		(76		)	(6	)%
Tons rolled	543		542		1			—	%	1,137		1,091		46			4	%
Tons shipped	602		644		(42		)	(7	)%	1,268		1,285		(17		)	(1	)%
Average mill selling price (finished goods)	$	696	$	750	$	(54	)	(7	)%	$	691	$	743	$	(52	)	(7	)%
Average mill selling price (total sales)	682		726		(44		)	(6	)%	675		716		(41		)	(6	)%
Average cost of ferrous scrap consumed	350		392		(42		)	(11	)%	345		389		(44		)	(11	)%
Average metal margin	332		334		(2		)	(1	)%	330		327		3			1	%
Average ferrous scrap purchase price	307		353		(46		)	(13	)%	300		348		(48		)	(14	)%

Our copper tube minimill recorded an adjusted operating profit of $1.1 million during the second quarter of 2013 as compared to an adjusted operating profit of $2.5 million during the second quarter of 2012. The results were negatively impacted by LIFO expense of $0.1 million in the second quarter of 2013 as compared to LIFO income of $3.7 million in the second quarter of 2012.

The table below reflects our copper tube minimill's operating statistics:

	Three Months Ended		Increase (Decrease)				Six Months Ended		Increase (Decrease)
(pounds in millions)	February 28, 2013	February 29, 2012	Amount		%		February 28, 2013	February 29, 2012	Amount		%
Pounds shipped	10.3	9.4	0.9		10	%	20.1	18.7	1.4		7	%
Pounds produced	8.5	9.3	(0.8	)	(9	)%	16.8	17.1	(0.3	)	(2	)%

Americas Fabrication This segment recorded an adjusted operating loss of $3.8 million for this year's second quarter, marking a significant improvement over the prior year's second quarter adjusted operating loss of $10.0 million. The segment benefited from improvements in both shipping volumes and transactional pricing. Results were negatively impacted by a decrease in LIFO income of $2.9 million in the second quarter of 2013, from LIFO income of $3.4 million in the second quarter of 2012. The composite average fabrication selling price was $950 per ton during the second quarter of 2013, up from $914 per ton during the second quarter of 2012.

The tables below show our average fabrication selling prices per short ton and total fabrication plant shipments:

	Three Months Ended				Increase (Decrease)					Six Months Ended				Increase (Decrease)
Average selling price (excluding stock and buyout sales)	February 28, 2013		February 29, 2012		Amount			%		February 28, 2013		February 29, 2012		Amount			%
Rebar	$	897	$	870	$	27		3	%	$	898	$	851	$	47		6	%
Structural	2,819		2,428		391			16	%	2,442		2,328		114			5	%
Post	938		940		(2		)	—	%	921		946		(25		)	(3	)%

	Three Months Ended		Increase (Decrease)				Six Months Ended		Increase (Decrease)
Tons shipped (in thousands)	February 28, 2013	February 29, 2012	Amount		%		February 28, 2013	February 29, 2012	Amount		%
Rebar	204	192	12		6	%	429	405	24		6	%
Structural	12	15	(3	)	(20	)%	27	28	(1	)	(4	)%
Post	25	25	—		—	%	45	44	1		2	%

International Mill During the second quarter of 2013, this segment had an adjusted operating loss of $4.2 million, compared with an adjusted operating profit of $6.6 million in the prior year's second quarter. Volumes declined 16%, or 54 thousand tons,

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primarily related to our merchant and wire rod products. International Mill selling prices also declined $8 per ton to $605 per ton during the second quarter of 2013. The results reflected the ongoing challenges in the Eurozone. Our mill ran at 58% utilization in the second quarter of 2013 as compared to 83% utilization for the second quarter of 2012. Shipments in the second quarter of 2013 included 39 thousand tons of billets, compared to 26 thousand tons of billets, in the second quarter of the prior year.

The table below reflects our International Mill's operating statistics (in thousands) and average prices per short ton:

	Three Months Ended				Increase (Decrease)					Six Months Ended				Increase (Decrease)
	February 28, 2013		February 29, 2012		Amount			%		February 28, 2013		February 29, 2012		Amount			%
Tons melted	266		401		(135		)	(34	)%	659		834		(175		)	(21	)%
Tons rolled	241		356		(115		)	(32	)%	581		709		(128		)	(18	)%
Tons shipped	277		331		(54		)	(16	)%	622		790		(168		)	(21	)%
Average mill selling price (total sales)	$	605	$	613	$	(8	)	(1	)%	$	604	$	607	$	(3	)	—	%
Average ferrous scrap production cost	379		401		(22		)	(5	)%	380		389		(9		)	(2	)%
Average metal margin	226		212		14			7	%	224		218		6			3	%
Average ferrous scrap purchase price	303		328		(25		)	(8	)%	307		319		(12		)	(4	)%

International Marketing and Distribution During the second quarter of 2013, this segment reported a decrease in sales of 10% and reported an adjusted operating profit of $3.9 million, compared to an adjusted operating profit of $26.6 million in the second quarter of 2012. The results were primarily affected by decreased revenues and margins in our raw materials business and our Australian operations. Overall, this segment continued to lack momentum in terms of volumes and margins as uncertainty continued to exist in most major global markets.

Corporate Our corporate expenses for the three months ended February 28, 2013 were $19.2 million, compared to $20.9 million for the three months ended February 29, 2012. The reduction in corporate expenses is a result of our continued cost containment initiatives when compared to the prior year's second quarter.

Interest Expense Our interest expense increased by $0.4 million to $16.5 million during the second quarter of 2013 as compared to the second quarter of 2012 primarily from reduced gain on interest rate swap transactions. During the third quarter of 2012, the Company terminated its interest rate swap transactions and received cash proceeds of approximately $53 million, net of customary finance charges. The resulting gain was deferred and is being amortized as a reduction to interest expense over the remaining term of the respective debt tranches.

Income Taxes Our effective income tax rate from continuing operations for the three and six months ended February 28, 2013 was 50.6% and 33.5%, respectively, compared with 35.0% and (110.7)% for the three and six months ended February 29, 2012, respectively. The increase in the effective tax rate to 50.6% for the three months ended February 28, 2013 compared to 35% for the three months ended February 29, 2012 is due to a change in the mix and amount of pre-tax income in the jurisdictions in which the Company operates. Our effective tax rates can be impacted by state and local taxes as well as by earnings or losses from foreign jurisdictions. State and local taxes are generally consistent while the composition of domestic and foreign earnings can create larger fluctuations in the rate. Additionally, our rate for the six months ended February 29, 2012 was impacted by a tax benefit of $102.1 million related to ordinary worthless stock and bad debt deductions associated with the Company's former Croatian subsidiary.

DISCONTINUED OPERATIONS DATA

Adjusted operating profit from discontinued operations was not material in the second quarter of 2013, compared to an adjusted operating profit of $2.4 million in the second quarter of 2012. During the first quarter of fiscal 2012, we announced our decision to exit the steel pipe manufacturing operations in Croatia ("CMCS") by closure of the facility and sale of the assets. We determined that the decision to exit this business met the definition of a discontinued operation. CMCS shipped its remaining production orders during the second quarter of 2012, and the results of CMCS primarily relate to the liquidation of inventory. Discontinued operations, primarily consisting of CMCS, reported an adjusted operating loss of $24.2 million, including $18.0 million of severance expense, in the six months ended February 29, 2012. We sold a majority of CMCS' assets

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during fiscal 2012. The remaining assets were sold during the first quarter of fiscal 2013 for $3.9 million with no impact on the consolidated statement of operations.

OUTLOOK

Our third quarter historically yields better results as the construction season begins to ramp up. The American Institute of Architects reported an Architecture Billings Index (ABI) of 54.9 in February 2013, the highest level in over five and a half years. We believe that the ABI level will eventually translate into increased demand for our domestic operations, and pricing should move in unison with any scrap price changes. Our International Mill segment anticipates a modest improvement in results over the second quarter of 2013 due to seasonal volume improvements. Although German manufacturing is showing signs of life, we do not anticipate any appreciable improvements in the Eurozone over the near term. We believe that continued weakness in most global markets in which we participate will continue to negatively burden our International Marketing and Distribution segment.

LIQUIDITY AND CAPITAL RESOURCES

See Note 8 - Credit Arrangements, to the unaudited consolidated financial statements included in this report for additional information.

We believe we have adequate access to several sources of contractually committed borrowings and other available credit facilities.

While we believe the lending institutions participating in our credit arrangements are financially capable, it is important to note that the banking and capital markets periodically experience volatility that may limit our ability to raise capital. Additionally, changes to our credit rating by any rating agency may negatively impact our ability to raise capital and our financing costs.

The table below reflects our sources, facilities and availability of liquidity as of February 28, 2013:

(in thousands)	Total Facility		Availability
Cash and cash equivalents	$	170,097	$ N/A
Revolving credit facility	300,000		270,720
Domestic receivable sales facility	200,000		185,000
International accounts receivable sales facilities	185,674		132,854
Bank credit facilities — uncommitted	109,114		61,711
Notes due from 2013 to 2018	1,100,000		*
Equipment notes	13,376		*

* We believe we have access to additional financing and refinancing, if needed.

CMC Poland Sp. z o.o. ("CMCP") (formerly CMC Zawiercie S.A. or CMCZ) has uncommitted credit facilities of PLN 245 million ($77.1 million) with several banks with expiration dates ranging from March 31, 2013 to November 30, 2013. The Company intends to renew the uncommitted credit facilities upon expiration. At February 28, 2013, we had PLN 150.6 million ($47.4 million) outstanding under these facilities.

We have $200 million of 5.625% notes due November 2013, $400 million of 6.50% notes due July 2017 and $500 million of 7.35% notes due August 2018. All of these notes require interest only payments until maturity. We expect cash from operations to be sufficient to meet all interest and principal payments due within the next twelve months, and we believe we will be able to obtain additional financing or to refinance these notes when they mature. The Company is considering various alternatives as it relates to the maturity of its $200 million notes due November, 2013.

Certain of our financing agreements include various financial covenants. Our $300 million revolving credit facility required us to maintain a minimum interest coverage ratio (adjusted EBITDA to interest expense, as each is defined in the facility) of not less than 3.00 to 1.00 for the twelve month cumulative period ended November 30, 2012 and for each fiscal quarter on a rolling twelve month cumulative period thereafter. At February 28, 2013, our interest coverage ratio was 5.64 to 1.00. The credit facility also requires us to maintain a debt to capitalization ratio that does not exceed 0.60 to 1.00. At February 28, 2013, our debt to capitalization ratio was 0.50 to 1.00. The credit facility provides for interest based on the LIBOR, the Eurodollar rate or

26

Bank of America's prime rate. The program's capacity, with a sublimit of $50 million for letters of credit, is reduced by outstanding stand-by letters of credit that totaled $29.3 million at February 28, 2013.

Our foreign operations generated approximately 27% of our revenue during the second quarter of 2013, and as a result, our foreign operations had cash and cash equivalents of approximately $90.4 million at February 28, 2013. Historically, our domestic operations have generated the majority of our cash, which has been used to fund the cash needs of our domestic operations as well as our foreign operations. Additionally, our domestic operations have access to the $300 million revolving credit facility and the $200 million sale of accounts receivable program described below. It is the Company's intention to indefinitely reinvest all undistributed earnings of non-US subsidiaries. While not expected, if a repatriation occurs in the future, we would be required to provide for taxes on repatriated earnings from our non-U.S. subsidiaries.

We regularly maintain a substantial amount of accounts receivable. We actively monitor our accounts receivable and, based on current market conditions and customers' financial condition, we record allowances as soon as we believe accounts are uncollectible. Continued pressure on the liquidity of our customers could result in additional reserves as we make our assessments in the future. We use credit insurance both in the U.S. and internationally to mitigate the risk of customer insolvency. We estimate that the amount of credit insured receivables (and those covered by export letters of credit) was approximately 57% of total receivables at February 28, 2013.

For added flexibility, we may sell certain accounts receivable both in the U.S. and internationally. See Note 2, Sales of Accounts Receivable, to the unaudited consolidated financial statements contained in this report. Our domestic sale of accounts receivable program contains certain cross-default provisions whereby a termination event could occur if we default under certain of our credit arrangements. Additionally, our sales of accounts receivable program contains covenants that are consistent with the covenants contained in our revolving credit agreement.

Cash Flows Our cash flows from operating activities result primarily from sales of steel and related products, and to a lesser extent, sales of nonferrous metal products and other raw materials used in steel manufacturing. We have a diverse and generally stable customer base. From time to time, we use futures or forward contracts to mitigate the risks from fluctuations in foreign currency exchange rates, commodity prices and natural gas prices. See Note 9, Derivatives and Risk Management, to the unaudited consolidated financial statements contained in this report.

During the first six months of 2013, we used $76.7 million of net cash flows provided by operating activities as compared to $39.1 million of net cash flow provided by operating activities during the first six months of 2012. Significant fluctuations in working capital were as follows:

• Accounts receivable - Excluding the impacts of our accounts receivable sales program discussed below, accounts receivable decreased during the first six months of 2013 from lower sales in the second quarter of 2013 as compared to the fourth quarter of 2012. Days' sales outstanding was 51 days and 44 days as of February 28, 2013 and February 29, 2012, respectively.

• Accounts receivable sold (repurchased) - We reduced the use of our accounts receivable sales program during the first six months of fiscal 2013 as compared to receivable sales during the first six months of 2012.

• Inventory - Inventory increased during the first six months of fiscal 2013 as our sales declined at a faster pace than our purchases and production as compared to the first six months of 2012. Days' sales in inventory was 51 days and 44 days as of February 28, 2013 and February 29, 2012, respectively.

• Accounts payable/accrued expenses - The decline in cash used for accounts payable and accrued expenses is primarily a reflection of our business cycle. Reflecting the overall economic environment, our operating levels declined during the first six months of fiscal 2012 compared to the end of fiscal 2011 at a greater rate than during the first six months of fiscal 2013 compared to the end of fiscal 2012.

During the first six months of 2013, $6.0 million was used by investing activities as compared to a usage of $14.9 million during the first six months of 2012. For the six months ended February 28, 2013, we invested $41.8 million in capital expenditures offset by $29 million of cash proceeds as a result of the November 2012 sale of our Trinecke investment and $6.9 million in proceeds from sales of other long-lived assets.

We have revised our capital expenditures program for fiscal 2013 down to a range of $130 to $140 million. We regularly assess our capital spending and reevaluate our requirements based on current and expected results.

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During the first six months of 2013, $11.4 million was used by financing activities as compared to utilizing $28.0 million during the first six months of 2012. For the first half of fiscal 2013, we had net short-term borrowings of $21.8 million offset by a reduction of $5.3 million in our usage of documentary letters of credit. Our cash dividends remained consistent at approximately $28.0 million for the first half of both 2013 and 2012.

Our contractual obligations for the next twelve months of approximately $1 billion are expenditures incurred in connection with normal revenue producing activities. We believe our cash flows from operating activities and credit facilities are adequate to fund our ongoing operations and planned capital expenditures.

CONTRACTUAL OBLIGATIONS

The following table represents our contractual obligations as of February 28, 2013:

	Payments Due By Period*
Contractual Obligations (in thousands)	Total		Less than 1 Year		1-3 Years		3-5 Years		More than 5 Years
Long-term debt(1)	$	1,113,376	$	204,072	$	5,925	$	402,715	$	500,664
Notes payable	47,403		47,403		—		—		—
Interest(2)	342,490		74,369		126,140		115,935		26,046
Operating leases(3)	148,985		35,942		51,340		30,130		31,573
Purchase obligations(4)	1,149,399		795,752		180,805		104,470		68,372
Total contractual cash obligations	$	2,801,653	$	1,157,538	$	364,210	$	653,250	$	626,655

* We have not discounted the cash obligations in this table.

(1) Total amounts are included in the February 28, 2013 consolidated balance sheet. See Note 8, Credit Arrangements, to the unaudited consolidated financial statements included in this report.

(2) Interest payments related to our short-term debt are not included in the table as they do not represent a significant obligation as of February 28, 2013.

(3) Includes minimum lease payment obligations for non-cancelable equipment and real-estate leases in effect as of February 28, 2013.

(4) Approximately 78% of these purchase obligations are for inventory items to be sold in the ordinary course of business. Purchase obligations include all enforceable, legally binding agreements to purchase goods or services that specify all significant terms, regardless of the duration of the agreement. Agreements with variable terms are excluded because we are unable to estimate the minimum amounts. Another significant obligation relates to capital expenditures.

Other Commercial Commitments

We maintain stand-by letters of credit to provide support for certain transactions that our insurance providers and suppliers request. At February 28, 2013, we had committed $29.3 million under these arrangements.

OFF-BALANCE SHEET ARRANGEMENTS

We did not enter into any new material off-balance sheet arrangements during the first six months of fiscal 2013.

CONTINGENCIES

See Note 15 - Commitments and Contingencies, to the unaudited consolidated financial statements included in this report.

In the ordinary course of conducting our business, we become involved in litigation, administrative proceedings and government investigations, including environmental matters. We may incur settlements, fines, penalties or judgments because of some of these matters. While we are unable to estimate the ultimate dollar amount of exposure or loss in connection with these matters, we make accruals as warranted. Inherent uncertainties exist in these estimates primarily due to evolving remediation technology, changing regulations, possible third-party contributions and the uncertainties involved in litigation. We believe that we have adequately provided in our consolidated financial statements for the potential impact of these contingencies. We also believe that the outcomes will not materially affect the results of operations, our financial position or our cash flows.

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FORWARD-LOOKING STATEMENTS

This Quarterly Report on Form 10-Q contains "forward-looking statements" within the meaning of Section 27A of the Securities Act, Section 21E of the Exchange Act, and the Private Securities Litigation Reform Act of 1995, with respect to our financial condition, results of operations, cash flows and 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," "projects," "forecasts," "outlook" or other similar words or phrases. There are inherent risks and uncertainties in any forward-looking statements. Although the Company believes that its expectations are reasonable, it can give no assurance that these expectations will prove to have been correct, and actual results may vary materially. Except as required by law, the Company undertakes no obligation to update, amend or clarify any forward-looking statements to reflect events, new information or otherwise. Developments that could impact our expectations include the following:

• absence of global economic recovery or possible recession relapse;

• solvency of financial institutions and their ability or willingness to lend;

• success or failure of governmental efforts to stimulate the economy including restoring credit availability and confidence in a recovery;

• continued sovereign debt problems in the Euro-zone;

• customer non-compliance with contracts;

• financial covenants and restrictions on business contained in agreements governing our debt;

• construction activity or lack thereof;

• decisions by governments affecting the level of steel imports, including tariffs and duties;

• litigation claims and settlements;

• difficulties or delays in the execution of construction contracts resulting in cost overruns or contract disputes;

• metals pricing over which we exert little influence;

• increased capacity and product availability from competing steel minimills and other steel suppliers including import

quantities and pricing;

• execution of cost reduction strategies;

• ability to retain key executives;

• court decisions and regulatory rulings;

• industry consolidation or changes in production capacity or utilization;

• global factors including political and military uncertainties;

• currency fluctuations;

• interest rate changes;

• availability and pricing of raw materials, including scrap metal, energy, insurance and supply prices;

• passage of new, or interpretation of existing, environmental laws and regulations;

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• the pace of overall economic activity, particularly in China;

• business disruptions, costs and future events related to any tender offers and proxy contests initiated by an activist

shareholder;

• ability to make necessary capital expenditures;

• unexpected equipment failures;

• competition from other materials;

• losses or limited potential gains due to hedging transactions;

• risk of injury or death; and

• increased costs related to health care legislation.

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

There have been no material changes to the information set forth in Item 7A. Quantitative and Qualitative Disclosures about Market Risk included in the Company's Annual Report on Form 10-K for the year ended August 31, 2012.

ITEM 4. CONTROLS AND PROCEDURES

The term "disclosure controls and procedures" is defined in Rules 13a-15(e) and 15d-15(e) of the Exchange Act. This term refers to the controls and procedures of a company that are designed to ensure that information required to be disclosed by a company in the reports that it files under the Exchange Act is recorded, processed, summarized and reported within required time periods, including controls and disclosures designed to ensure that this information is accumulated and communicated to the Company's management, including its Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure. Our Chief Executive Officer and our Chief Financial Officer have evaluated the effectiveness of our disclosure controls and procedures as of the end of the period covered by this quarterly report, and they have concluded that as of that date, our disclosure controls and procedures were effective.

We have an ongoing initiative to implement a new enterprise information system (the "Recy system") in our recycling businesses. We are implementing the Recy system in stages throughout fiscal 2013 and 2014. Management believes the necessary procedures are in place to maintain effective internal control over financial reporting as the implementation continues.

Other than this item, no other changes in our internal control over financial reporting (as such term is defined in Rule 13a-15(f) under the Securities Exchange Act of 1934) occurred during our fiscal quarter ended February 28, 2013 that materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

PART II. OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS

During the quarter ended February 28, 2013, there were no material developments with respect to any legal proceedings previously disclosed in Item 3 of Part I of the Company's Annual Report on Form 10-K for the year ended August 31, 2012.

ITEM 1A. RISK FACTORS

There have been no material changes to the risk factors previously disclosed in Item 1A Part I of the Company's Annual Report on Form 10-K for the fiscal year ended August 31, 2012.

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

Not Applicable.

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ITEM 3. DEFAULTS UPON SENIOR SECURITIES

Not Applicable.

ITEM 4. MINE SAFETY DISCLOSURES

Not Applicable.

ITEM 5. OTHER INFORMATION

As previously reported on the Current Report on Form 8-K filed on March 13, 2013, James B. Alleman, Senior Vice President of Human Resources and Organizational Development, elected to leave the Company effective March 31, 2013.

In connection with his departure, the Company and Mr. Alleman entered into a Separation Agreement (the “Agreement”) on March 28, 2013. Except as set forth in the Agreement, the Agreement supersedes the Terms and Conditions of Stock Award, Employment and Separation, dated June 1, 2010, between Mr. Alleman and the Company. The Agreement prohibits Mr. Alleman from directly or indirectly competing with the Company for a period ending April 30, 2015 and from directly or indirectly hiring or soliciting employees of the Company for a period ending September 30, 2014. In addition, Mr. Alleman has agreed to certain ongoing confidentiality and cooperation obligations contained in the Agreement. In consideration for Mr. Alleman's release and waiver of claims and commitment to the non-competition obligations referenced in the Agreement, the Company agreed to pay Mr. Alleman: (i) a lump sum payment in the gross amount of $750,000, which is equivalent to two years annual base salary; (ii) subject to the Company meeting its fiscal year 2013 bonus metrics, a prorated annual performance bonus as formulaically determined and prorated through April 30, 2013; (iii) continuation of existing health benefits and other perquisites through April 30, 2013; (iv) Company fully-subsidized COBRA coverage continuing through October 30, 2014; (v) payment of all vested benefits in the Company Profit Sharing/401(k) Plan and Benefits Restoration Plan on the dates permitted or designated under each such plan; (vi) accelerated pro rata vesting of certain equity awards, according to the provisions of the applicable award agreement; and (vii) per the terms of the respective award agreements, the extension of the exercise date of 9,775 of the 27,236 stock appreciation rights granted to Mr. Alleman on November 23, 2011 to the earlier of April 30, 2015 and the expiration date of each award.

The foregoing summary of the Agreement is qualified in its entirety by reference to the Agreement itself, a copy of which is filed as Exhibit 10.1 to this report and is hereby incorporated herein by reference.

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ITEM 6. EXHIBITS

Exhibits required by Item 601 of Regulation S-K:

3.1(a)	Restated Certificate of Incorporation (filed as Exhibit 3(i) to Commercial Metals' Form 10-K for the fiscal year ended August 31, 2009 and incorporated herein by reference).
3.1(b)	Certificate of Amendment of Restated Certificate of Incorporation dated February 1, 1994 (filed as Exhibit 3(i)(a) to Commercial Metals' Form 10-K for the fiscal year ended August 31, 2009 and incorporated herein by reference).
3.1(c)	Certificate of Amendment of Restated Certificate of Incorporation dated February 17, 1995 (filed as Exhibit 3(i)(b) to Commercial Metals' Form 10-K for the fiscal year ended August 31, 2009 and incorporated herein by reference).
3.1(d)	Certificate of Amendment of Restated Certificate of Incorporation dated January 26, 2006 (filed as Exhibit 3(i) to Commercial Metals' Form 10-Q for the quarter ended February 28, 2006 and incorporated herein by reference).
3.1(e)	Certificate of Designation, Preferences and Rights of Series A Preferred Stock (filed as Exhibit 2 to Commercial Metals' Form 8-A filed August 3, 1999 and incorporated herein by reference).
3.1(f)	Certificate of Designation of Series B Junior Participating Preferred Stock of Commercial Metals Company (filed as Exhibit 99.2 to Commercial Metals' Form 8-A filed August 1, 2011 and incorporated herein by reference).
3.1(g)	Certificate of Elimination of Series B Junior Participating Preferred Stock dated December 7, 2012 (filed as Exhibit 3.1 to Commercial Metals' Form 8-K filed December 7, 2012 and incorporated herein by reference).
3.2	Second Amended and Restated Bylaws (filed as Exhibit 3.1 to Commercial Metals' Form 8-K filed October 25, 2010 and incorporated herein by reference).
4.1	First Amendment to Rights Agreement, dated as of December 6, 2012, between Commercial Metals Company and Broadridge Corporate Issuer Solutions, Inc., as rights agent (filed as Exhibit 4.1 to Commercial Metals' Form 8-K filed December 7, 2012 and incorporated herein by reference).
10.1	Separation Agreement, dated March 28, 2013, by and between James Alleman and Commercial Metals Company (filed herewith).
31.1	Certification of Joseph Alvarado, President and Chief Executive Officer of Commercial Metals Company, pursuant to Section 302 to the Sarbanes-Oxley Act of 2002 (filed herewith).
31.2	Certification of Barbara R. Smith, Senior Vice President and Chief Financial Officer of Commercial Metals Company, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 (filed herewith).
32.1	Certification of Joseph Alvarado, President and Chief Executive Officer of Commercial Metals Company, pursuant to 18 U.S.C. 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (filed herewith).
32.2	Certification of Barbara R. Smith, Senior Vice President and Chief Financial Officer of Commercial Metals Company, pursuant to 18 U.S.C. 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (filed herewith).
101*	The following financial information from Commercial Metals Company's Quarterly Report on Form 10-Q for the quarter ended February 28, 2013, formatted in XBRL (eXtensible Business Reporting Language): (i) the Consolidated Statements of Operations (Unaudited), (ii) the Consolidated Balance Sheets (Unaudited), (iii) the Consolidated Statements of Cash Flows (Unaudited), (iv) the Consolidated Statements of Stockholders' Equity (Unaudited) and (v) the Notes to Consolidated Financial Statements (submitted electronically herewith).

 _________________

* In accordance with Rule 406T of Regulation S-T, the XBRL information in Exhibit 101 to this quarterly report on Form 10-Q shall not be deemed to be "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (Exchange Act), or otherwise subject to the liability of that section, and shall not be incorporated by reference into any registration statement or other document filed under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.

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SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

	COMMERCIAL METALS COMPANY
April 1, 2013	/s/ Barbara R. Smith
	Barbara R. Smith
	Senior Vice President and Chief Financial Officer (Duly authorized officer and principal financial officer of the registrant)

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INDEX TO EXHIBITS

Exhibit No.	Description of Exhibit
3.1(a)	Restated Certificate of Incorporation (filed as Exhibit 3(i) to Commercial Metals' Form 10-K for the fiscal year ended August 31, 2009 and incorporated herein by reference).
3.1(b)	Certificate of Amendment of Restated Certificate of Incorporation dated February 1, 1994 (filed as Exhibit 3(i)(a) to Commercial Metals' Form 10-K for the fiscal year ended August 31, 2009 and incorporated herein by reference).
3.1(c)	Certificate of Amendment of Restated Certificate of Incorporation dated February 17, 1995 (filed as Exhibit 3(i)(b) to Commercial Metals' Form 10-K for the fiscal year ended August 31, 2009 and incorporated herein by reference).
3.1(d)	Certificate of Amendment of Restated Certificate of Incorporation dated January 26, 2006 (filed as Exhibit 3(i) to Commercial Metals' Form 10-Q for the quarter ended February 28, 2006 and incorporated herein by reference).
3.1(e)	Certificate of Designation, Preferences and Rights of Series A Preferred Stock (filed as Exhibit 2 to Commercial Metals' Form 8-A filed August 3, 1999 and incorporated herein by reference).
3.1(f)	Certificate of Designation of Series B Junior Participating Preferred Stock of Commercial Metals Company (filed as Exhibit 99.2 to Commercial Metals' Form 8-A filed August 1, 2011 and incorporated herein by reference).
3.1(g)	Certificate of Elimination of Series B Junior Participating Preferred Stock dated December 7, 2012 (filed as Exhibit 3.1 to Commercial Metals' Form 8-K filed December 7, 2012 and incorporated herein by reference).
3.2	Second Amended and Restated Bylaws (filed as Exhibit 3.1 to Commercial Metals' Form 8-K filed October 25, 2010 and incorporated herein by reference).
4.1	First Amendment to Rights Agreement, dated as of December 6, 2012, between Commercial Metals Company and Broadridge Corporate Issuer Solutions, Inc., as rights agent (filed as Exhibit 4.1 to Commercial Metals' Form 8-K filed December 7, 2012 and incorporated herein by reference).
10.1	Separation agreement, dated March 28, 2013, by and between James Alleman and Commercial Metals Company (filed herewith).
31.1	Certification of Joseph Alvarado, President and Chief Executive Officer of Commercial Metals Company, pursuant to Section 302 to the Sarbanes-Oxley Act of 2002 (filed herewith).
31.2	Certification of Barbara R. Smith, Senior Vice President and Chief Financial Officer of Commercial Metals Company, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 (filed herewith).
32.1	Certification of Joseph Alvarado, President and Chief Executive Officer of Commercial Metals Company, pursuant to 18 U.S.C. 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (filed herewith).
32.2	Certification of Barbara R. Smith, Senior Vice President and Chief Financial Officer of Commercial Metals Company, pursuant to 18 U.S.C. 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (filed herewith).
101*	The following financial information from Commercial Metals Company's Quarterly Report on Form 10-Q for the quarter ended November 30, 2012, formatted in XBRL (eXtensible Business Reporting Language): (i) the Consolidated Statements of Operations (Unaudited), (ii) the Consolidated Balance Sheets (Unaudited), (iii) the Consolidated Statements of Cash Flows (Unaudited), (iv) the Consolidated Statements of Stockholders' Equity (Unaudited) and (v) the Notes to Consolidated Financial Statements (submitted electronically herewith).

 _________________

* In accordance with Rule 406T of Regulation S-T, the XBRL information in Exhibit 101 to this quarterly report on Form 10-Q shall not be deemed to be "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (Exchange Act), or otherwise subject to the liability of that section, and shall not be incorporated by reference into any registration statement or other document filed under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.

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EX-10.1

Execution Copy

SEPARATION AGREEMENT

This Separation and Separation Agreement (“Agreement”) is entered into this 28^th day of March, 2013 by and between Commercial Metals Company, a Delaware corporation, with principal offices at 6565 N. MacArthur Blvd, Irving, Texas 75039 (the “Company”) and James Alleman, who resides at 5505 Emerson Ave. Dallas, Texas 75209 (“Executive”).

WHEREAS, the Company has employed Executive for approximately seven years, most recently as Senior Vice President Human Resources, and Executive has faithfully performed his responsibilities as an executive of the Company; and

WHEREAS, Executive and the Company have agree to Executive's separation from employment effective April 30, 2013; and

WHEREAS, the parties now desire to enter into this Agreement to set forth the terms and conditions relating to the separation by Executive of his employment;

NOW, THEREFORE, in consideration of the mutual promises and covenants set forth below, the Parties agree as follows:

1. Executive will relinquish his position as Senior Vice President Human Resources as well as any and all other officer and director positions with the Company and its subsidiaries effective as of April 30, 2013 (“Separation Date”). The Company shall continue to employ Executive until the Separation Date; and his salary and all benefits will remain unchanged until such date. Executive will not be required to be present in the company offices but agrees that his services shall be available to the company as needed through the Separation Date and will be subject to the same standards of conduct and performance applicable to all officers and managers of the Company. Other than as provided in this Agreement, Executive waives and agrees that he shall not receive any other compensation or benefits from the Company.

2. In consideration for Executive's service to the Company, and for Executive's release and waiver of claims and commitment to the non-competition obligations referenced herein, the Company shall pay Executive:

(a) a payment in the gross amount of $750,000.00, which is equivalent to two years annual base salary, to be paid in a lump sum (and subject to payroll tax withholding required by federal law, subject to the Executive's execution of this Agreement, on the first payroll run after expiration of all revocation periods.

(b) subject to the Company meeting its fiscal year 2013 bonus metrics, a proratedannual performance bonus (the “Prorated APB”) as formulaically determined (pro-rated through April 30, 2013), and based on the FY2013 Annual Performance Bonus Program as approved and amended by the Company's Compensation Committee and paid within thirty (30) days following the approval of the award calculations by the Compensation Committee, and subject to: (i) the Executive's execution of this Agreement, (ii) appropriate revocation periods, and (iii) any and all federal withholding. The parties hereto acknowledge that for purposes of this Paragraph 2(b) and for purposes of calculating the Prorated APB, the Company shall use the greater of Executive's annual base salary at the time of his separation ($375,000.00) or $398,300.00, which is an amount representing P50 Market Survey Data.

The following is for illustration purposes only and assumes the Company reaches the Target threshold:

Greater of Annual Base Salary or P50 Market	Threshold	Target	Max	Prorated APB
$398,300.00	30%	65%	130%	$170,871

Execution Copy

(c) health benefits and other perquisites the same as Executive presently receives through the Separation Date plus Company fully-subsidized COBRA coverage continuing for eighteen (18) months following separation.

(d) payment of all vested benefits in the Company Profit Sharing/401(k) Plan and Benefits Restoration Plan, provided such amounts shall be paid on the dates permitted or designated under each such plan.

(e) as approved by the Compensation Committee, accelerated vesting of equity awards, according to the provisions of the applicable award agreement, as shown below:

(i) accelerated pro-rata vesting of 21,460 Restricted Stock Units out of the 48,493 units granted and as yet unvested; to be settled in cash or common stock per the terms of the applicable award agreements and based upon the average of the daily trading closing prices on the NYSE for the month of April 2013, as follows:

Granted 06/03/2010 15,000     

Granted 01/18/2011 735

Granted 11/23/2011 1,965

Granted 10/23/2012 3,760

21,460

(ii) pro-rata vesting of a projected 47,271 Performance Stock Units out of a total of 76,776 granted and as yet unvested as outlined below (numbers shown assume the three-year performance results to be at target); which have been prorated, per the terms of the applicable award agreement, based on the number of days worked by the Executive in the performance period up to the date of separation. The number of performance units finally awarded may be further adjusted up or down based on the actual performance results for the performance period to which these awards are tied and will be payable as per the terms of the applicable award agreement. Further, if needed to avoid adverse consequences to Executive pursuant to Section 409A of the Internal Revenue Code of 1986, as amended (“Section 409A”), Executive agrees that Company shall deposit such shares into Executive's CUSIP at the transfer agent with a legend restricting resale of such shares for the period of time needed to comply with Section 409A.

Granted 06/03/2010 25,000     

Granted 01/18/2011 N/A

Granted 11/23/2011 8,689

Granted 10/23/2012 3,764

42,271

(iii) prorated vesting of 9,775 Stock Appreciation Rights out of a total of 27,236 granted on 11/23/2011 and, per the terms of the respective award agreements, the extension of the exercise date to the earlier of (i) two years following the Separation Date, and (ii) the expiration date of each award.

3. To the extent any benefits provided by the Company under Paragraph 2 are taxable to the Executive, such benefits, for purposes of Section 409A, shall be provided as separate monthly in-kind payments of those benefits. To the extent any such benefits are subject to and not otherwise exempt from Section 409A, the provision of such in-kind benefits during one calendar year shall not affect the in-kind benefits to be provided in another calendar year, and the rights to such in-kind benefits shall not be subject to liquidation or exchange for another benefit. With respect to reimbursement of expenses, the amount of expenses eligible for reimbursement during a calendar year shall not affect the expenses eligible for reimbursement in any other calendar year. The Company shall make all reimbursements and payments no later than the last day of the calendar year following the calendar year in which the expenses were incurred, and the Company's gross-up of any taxes shall be made no later than the end of the calendar year next following the calendar year in which the Executive remits the related taxes to the Internal Revenue Service.

Execution Copy

4. Executive agrees that he is separating from the Company of his own free will, and that the terms of his various restrictive covenants, as set forth in Paragraph 9, are valid and enforceable. The Company shall have the right to discontinue all amounts payable under this Agreement, to recover all payments made under this Agreement from the date of any breach by Executive, and to obtain injunctive relief should Executive breach any of the covenants referenced herein.

5. In consideration of the mutual promises and covenants contained in this Agreement and after adequate opportunity to consult with legal counsel:

(a) except as provided for in subpart (e) below or as otherwise prohibited by law, Executive for himself and each of his respective heirs, representatives, agents, successors, and assigns, irrevocably and unconditionally releases and forever discharges the Company and its respective current and former officers, directors, shareholders, employees, representatives, heirs, attorneys, and agents, as well as its respective predecessors, parent companies, subsidiaries, affiliates, divisions, successors, and assigns and its respective current and former officers, directors, shareholders, employees, representatives, attorneys, and agents (collectively the “Released Parties”), from any and all causes of action, claims, actions, rights, judgments, obligations, damages, demands, accountings, or liabilities of whatever kind or character, which Executive may have against them, or any of them, by reason of or arising out of, touching upon, or concerning Executive's employment with the Company or his separation from the Company. Executive acknowledges that this release of claims specifically includes, but is not limited to, any and all claims for fraud; breach of contract; breach of the implied covenant of good faith and fair dealing; inducement of breach; interference with contractual rights; wrongful or unlawful discharge or demotion; violation of public policy; invasion of privacy; intentional or negligent infliction of emotional distress; intentional or negligent misrepresentation; conspiracy; failure to pay wages, benefits, vacation pay, expenses, severance pay, attorneys' fees, or other compensation of any sort; defamation; unlawful effort to prevent employment; discrimination on the basis of race, color, sex, sexual orientation, national origin, ancestry, religion, age, disability, medical condition, or marital status; any whistleblower protection or retaliation claim; any claim under Title VII of the Civil Rights Act of 1964 (Title VII, as amended), 42 U.S.C. § 2000, et seq., the Civil Rights Act of 1991, the Age Discrimination in Employment Act (“ADEA''), 29 U.S.C. § 621, et seq., the Older Workers Benefit Protection Act (“OWBPA”), 29 U.S.C. § 626(f), the Equal Pay Act, the Family and Medical Leave Act (“FMLA”), the Fair Labor Standards Act (“FLSA”), the Americans with Disabilities Act (“ADA”), the Consolidated Omnibus Budget Reconciliation Act of 1986 (“COBRA”), the Occupational Safety and Health Act (“OSHA”) or any other health and/or safety laws, statutes, or regulations, the Executive Separation Income Security Act of 1974 (“ERISA”), the Internal Revenue Code of 1986, as amended; the Sarbanes-Oxley Act of 2002 (“SOX”), the Lilly Ledbetter Fair Pay Act of 2009, the Genetic Information and Nondiscrimination Act (“GINA) and any and all other foreign, federal, state, or local laws, common law, or case law, including but not limited to all statutes, regulations, common law. Notwithstanding the preceding sentence or any other provision of this Agreement, this release is not intended to interfere with Executive's right to file a charge with the Equal Employment Opportunity Commission (the “EEOC”) in connection with any claim Executive believes he may have against the Company or its affiliates. However, by executing this Agreement, Executive hereby waives the right to recover in any proceeding he may bring before the EEOC or any state human rights commission or in any proceeding brought by the EEOC or any state human rights commission (or any other agency) on Executive's behalf. This release shall not apply to any of the Company's obligations under this Agreement, COBRA continuation coverage benefits or any employee benefit plan subject to the Employment Separation Income Security Act of 1974, as amended, in which Executive has vested.

(b) Executive agrees that he shall not file a lawsuit or adversarial proceeding of any kind with any court, agency or arbitral forum against the Company or any Released Parties, asserting any claims that are released in this Agreement. Executive represents and agrees that, prior to signing this Agreement, he has not filed or pursued any complaints, charges, or lawsuits of any kind with any court, governmental or administrative agency, or arbitral forum against the Company, or any other person or entity released under Paragraph 5(a) above, asserting any claims whatsoever. Executive understands and acknowledges that, in the event he commences any proceeding in violation of this Agreement, he waives and is estopped from receiving any monetary award or other legal or equitable relief in such proceeding.

Execution Copy

(c) Executive represents and warrants that Executive is not aware of any (i) violations, allegations or claims that the Company has violated any federal, state, local or foreign law or regulation of any kind, or (ii) any facts or circumstances relating to any alleged violations, allegations or claims that the Company has violated any federal, state, local or foreign law or regulation of any kind, of which Executive has not previously made the executive leadership team aware. If Executive learns of any such information, Executive shall immediately inform the Company's Senior Vice President of Law, Government Affairs, and Global Compliance.

(d) Executive represents and warrants that he has not assigned or subrogated any of his rights, claims, and/or causes of action, including any claims referenced in this Agreement, or authorized any other person or entity to assert such claim or claims on his behalf, and he agrees to indemnify and hold harmless the Company against any assignment of said rights, claims, and/or causes of action.

(e) If Executive should breach any of his obligations under this Agreement, the Company shall have no further obligation to make the unvested payments described in this Agreement.

(f) Nothing in this Agreement shall affect or apply to Executive's rights and benefits in and to: (i) the Commercial Metals Company's Profit Sharing and 401(k) Plan, the Commercial Metals Companies 2005 Benefit Restoration Plan and the Commercial Metals Companies Benefit Restoration Plan established September 1, 1995. Executive will retain all rights and benefits in accordance with applicable plan documents. Executive understands and acknowledges that, consistent with the terms of the Plans referenced above, he will be eligible for and entitled to all future payments or distributions to which Executive is or may be entitled to receive as a result of his participation in these plans for plan years or performance periods ending after the Separation Date. Executive's active participation in all such plans and programs will cease on the Separation Date, however, consistent with the terms of the Plans referenced above all benefits or compensation under such plans and programs that Executive has earned or in the future may be credited to Executive's account or to which Executive will become entitled to receive under such plans and programs by virtue of his service through the Separation Date will be payable pursuant to the terms of such plans; and (ii) payment of accrued, unpaid salary and reimbursement of eligible business expenses through the Separation Date.

6. Executive shall, immediately following execution of this Agreement, to the extent not previously returned or delivered: (a) return all equipment, records, files, documents, data, programs or other materials and property in Executive's possession, custody or control which relates or belongs to the Company or any one or more of its affiliates, including, without limitation, all, Confidential Information (defined below), computer equipment, access codes, messaging devices, credit cards, cell phones, keys and access cards; and (b) deliver all original and copies of confidential information, electronic data, notes, materials, records, plans, data or other documents, files or programs (whether stored in paper form, computer form, digital form, electronically or otherwise, on Company equipment or Executive's personal equipment) that relate or refer in any to (1) the Company or any one or more of its affiliates, its business or its employees, or (2) the Company's Confidential Information or similar information. By signing this Agreement, Executive represents and warrants that Executive has not retained and has or shall timely return and deliver all the items described or referenced in subsections (a) or (b) above; and, that should Executive later discover additional items described or referenced in subsections (a) or (b) above, Executive shall promptly notify the Company and return/deliver such items to the Company. Confidential Information means information (1) disclosed to or known by Executive as a consequence of or through his employment with Employer or Affiliate; and (2) which relates to any aspect of Employer's or Affiliate's business, research, or development. “Confidential Information” includes, but is not limited to, Employer's and Affiliate's trade secrets, proprietary information, business plans, marketing plans, financial information, employee performance, compensation and benefit information, cost and pricing information, identity and information pertaining to customers, suppliers and vendors, and their purchasing history with Employer, any business or technical information, design, process, procedure, formula, improvement, or any portion or phase thereof, that is owned by or has, at the time of termination, been used by the Employer, any information related to the development of products and production processes, any information concerning proposed new products and production processes, any information concerning marketing processes, market feasibility studies, cost data, profit plans, capital plans and proposed or existing marketing techniques or plans, financial information, including, without limitation, information set forth in internal records, files and ledgers, or incorporated in profit and loss statements, fiscal reports, business plans or other financial or business reports, and information provided to Employer or Affiliate by a third party under restrictions against disclosure or use by Employer or others.

Execution Copy

7. Executive shall not, directly or indirectly, disclose, communicate, or publish in any format any libelous, defamatory, or disparaging information concerning the Company, its executives, officers, Board of Directors, its parents, subsidiaries, affiliates, employees, operations, technology, proprietary or technical information, strategies or business whatsoever, or cause others to disclose, communicate, or publish any disparaging information concerning the same. The Company shall not directly or indirectly, disclose, communicate, or publish in any format any libelous, defamatory, or disparaging information concerning Executive and agrees that it shall provide a neutral reference if asked by prospective employers to Executive.

8. Executive hereby agrees to provide his full cooperation, at the request of the Company, with any of the Released Parties in the transitioning of his job duties and responsibilities, any and all investigations or other legal, equitable or business matters or proceedings which involve any matters for which Executive worked on or had responsibility during his employment with the Company. Executive also agrees to be reasonably available to the Company or its representatives to provide general advice or assistance as requested by the Company. This includes but is not limited to testifying (and preparing to testify) as a witness in any proceeding or otherwise providing information or reasonable assistance to the Company in connection with any investigation, claim or suit, and cooperating with the Company regarding any investigation, litigation, claims or other disputed items involving the Company that relate to matters within the knowledge or responsibility of Executive. Specifically, Executive agrees (i) to meet with the Company's representatives, its counsel or other designees at reasonable times and places with respect to any items within the scope of this provision; (ii) to provide truthful testimony regarding same to any court, agency or other adjudicatory body; (iii) to provide the Company with immediate notice of contact or subpoena by any non-governmental adverse party, and (iv) to not voluntarily assist any such non-governmental adverse party or such non-governmental adverse party's representatives. Executive acknowledges and understands that his obligations of cooperation under this Paragraph are not limited in time and may include, but shall not be limited to, the need for or availability for testimony. Executive shall receive no additional compensation for time spent assisting the Company pursuant to this Paragraph 8.

9. Executive acknowledges that during his employment with the Company as Senior Vice President - Human Resources, he was provided with, and/or had access to information that is considered Confidential Information (as defined in Paragraph 6) pertaining to the Company. Executive agrees that he shall not at any time disclose to anyone, including, without limitation, any person, firm, corporation, or other entity, or publish, or use for any purpose, any Confidential Information pertaining to the Company. Executive agrees that he shall take all reasonable measures to protect the secrecy of and avoid disclosure and unauthorized use of, any Confidential Information pertaining to the Company. Therefore, and in light of the compensation Executive will receive under this Agreement, Executive hereby covenants as follows:

(a) From the present through April 30, 2015, the Executive will not, without the consent of the Company's Chief Executive Officer, accept employment, consult with, or serve in any capacity for or with any business entity that is a Competitor of the Company. Competitor is defined as all business entities engaged in the steel manufacturing, steel fabrication steel trading, steel distribution, metals heat treating or metals recycling industries, including but not limited to those companies identified as Peer Group members in the Company's annual Proxy Statement. Additionally, Executive agrees that during the he will not, without the prior written consent of the Chief Executive Officer, consult with, provide information to, or perform services for any investment firm, financier, or other person or entity which Executive knows, after reasonable inquiry, is considering or pursuing acquisition of the Company or an investment in the Company of more than $25,000.00.

(b) In addition, from the present through September 30, 2014, Executive shall not directly or indirectly (x) solicit, hire, attempt to hire, retain, or compensate any individual who as of March 15, 2013 is an employee, officer or director of the Company or any affiliate of the Company or (y) solicit business from, attempt to transact business with, call upon, or transact business directly or indirectly with any customer or prospective customer of the Company with whom the Company transacted business or solicited within the preceding forty-eight (48) months.

(c) Without waiving its right to enforce the foregoing provisions 9(a) and 9(b), Employer agrees that Executive may request a reasonable waiver of these two provisions.

10. If a court of competent jurisdiction determines that any provision of this Agreement is invalid or unenforceable, then the invalidity or unenforceability of that provision shall not affect the validity or enforceability of any other

Execution Copy

provision of this Agreement, and all other provisions shall remain in full force and effect and such invalid or unenforceable provision shall be reformulated by such court to preserve the intent of the parties hereto.

11. All of the terms and provisions contained in this Agreement shall inure to the benefit of and shall be binding upon the parties hereto and their respective heirs, legal representatives, successors, and assigns.

12. This Agreement may be executed in counterparts, each of which shall be deemed an original.

15. This Agreement shall not in any way be construed as an admission that the Company, Executive, or any    other individual or entity has any liability to or acted wrongfully in any way with respect to Executive, the Company, or any other person.

16. The Company represents that it has the authority to enter into this Agreement and has obtained all necessary corporate approvals necessary to do so. Executive represents and warrants that he has been advised in writing to consult with an attorney before signing this Agreement; that he has had an opportunity to be represented by independent legal counsel of his own choosing throughout all of the negotiations preceding the execution of this Agreement; that he has executed this Agreement after the opportunity for consultation with his independent legal counsel; that he is of sound mind and body, competent to enter into this Agreement, and is fully capable of understanding the terms and conditions of this Agreement; that he has carefully read this Agreement in its entirety; that he has had reasonable opportunity to have the provisions of the Agreement explained to him by his own counsel; that he fully understands the terms and significance of all provisions of this Agreement; that he voluntarily assents to all the terms and conditions contained in this Agreement; and that he is signing the Agreement of his own force and will, without any coercion or duress.

17. Except as otherwise specifically provided herein, this Agreement constitutes the entire agreement and understanding of the parties with respect to the subject matter hereof and with respect to Executive's employment with the Company, contains all the covenants, promises, representations, warranties, and agreements between the parties with respect to Executive's separation from the Company and its subsidiaries and all positions therewith, and supersedes all prior employment or severance or other agreements between Executive and the Company and its subsidiaries, whether written or oral, or any of its predecessors or affiliates. Except as otherwise provided herein, Executive acknowledges that no representation, inducement, promise, or agreement, oral or written, has been made by either party, or by anyone acting on behalf of either party, which is not embodied herein, and that no agreement, statement, or promise relating to Executive's separation from the Company and its subsidiaries that is not contained in this Agreement shall be valid or binding. Executive represents and acknowledges that in executing this Agreement, he does not rely, and has not relied, upon any representation(s) by the Company or its agents except as expressly contained in this Agreement. Any modification of this Agreement will be effective only if it is in writing and signed by both parties.

18. No failure by either party hereto at any time to give notice of any breach by the other party of, or to require compliance with, any condition or provision of this Agreement shall (i) be deemed a waiver of similar or dissimilar provisions or conditions at the same or at any prior or subsequent time or (ii) preclude insistence upon strict compliance in the future.

19. Executive agrees that, as a condition to receipt of the consideration described herein above, he shall sign an affirmation of the waiver and release contained in this Agreement on April 30, 2013.The form of affirmation to be signed by Executive is attached as Attachment A hereto.

20. This Agreement is entered into under, and shall be governed for all purposes by; the laws of the State of Texas without giving effect to any choice of law principles and venue over any claim relating to this Agreement shall rest exclusively in Dallas County, Texas.

21. Executive, by Executive's free and voluntary act of signing below, (i) acknowledges that he has been given a period of 21 days to consider whether to agree to the terms contained herein, (ii) acknowledges that he has been advised in writing to consult with an attorney prior to executing this Agreement, (iii) acknowledges that he understands that this Agreement specifically releases and waives all rights and claims Executive may have under the ADEA prior to the date on which Executive signs this Agreement, and (iv) agrees to all of the terms of this Agreement and intends to be legally bound thereby. Furthermore, Executive acknowledges that the promises and benefits provided for in Paragraph 3 of this Agreement will be delayed until this Agreement becomes effective, enforceable and irrevocable. This Agreement will become effective, enforceable and irrevocable on the eighth

Execution Copy

day after the date on which it is executed by Executive. During the seven-day period prior to the Separation Date, Executive may revoke his agreement to accept the terms hereof by indicating in writing to the Company his intention to revoke. If Executive exercises his right to revoke hereunder, Executive shall forfeit his right to receive any of the payments or benefits provided for herein, and to the extent such payments or benefits have already been made, Executive agrees that he will immediately reimburse the Company for the amounts of such promises and benefits.

[Signature Page to Follow]

Execution Copy

WHEREFORE, the parties, by their signatures below, evidence their agreement to the provisions stated above:

COMMERCIAL METALS COMPANY

/s/ Joseph Alvarado

Joseph AlvaradoPresident and Chief Executive Officer

EMPLOYEE

By: /s/ James Alleman

James Alleman

Execution Copy

ATTACHMENT A

AFFIRMATION

By my signature below, I hereby re-execute and affirm the Separation Agreement, originally signed by me on March__, 2013, including, but not limited to, the release and waiver of claims to the extent set forth in the Agreement.

EXECUTIVE

By:__________________________                    

James Alleman

Date: __________

EX-31.1

EXHIBIT 31.1

CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER

I, Joseph Alvarado, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Commercial Metals Company;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: April 1, 2013

/s/ Joseph Alvarado

Joseph Alvarado

President and Chief Executive Officer

EX-31.2

EXHIBIT 31.2

CERTIFICATION OF PRINCIPAL FINANCIAL OFFICER

I, Barbara R. Smith, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Commercial Metals Company;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: April 1, 2013

/s/ Barbara R. Smith

Barbara R. Smith

Senior Vice President and Chief Financial Officer

EX-32.1

EXHIBIT 32.1

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of Commercial Metals Company (the “Company”) on Form 10-Q for the period ended February 28, 2013 (the “Report”), I, Joseph Alvarado, President and Chief Executive Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to my knowledge:

(1) the Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

(2) the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

/s/ Joseph Alvarado

Joseph Alvarado

President and Chief Executive Officer

Date: April 1, 2013

EX-32.2

EXHIBIT 32.2

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of Commercial Metals Company (the “Company”) on Form 10-Q for the period ended February 28, 2013 (the “Report”), I, Barbara R. Smith, Senior Vice President and Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to my knowledge:

(1) the Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

(2) the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

/s/ Barbara R. Smith

Barbara R. Smith

Senior Vice President and Chief Financial Officer

Date: April 1, 2013

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Discontinued Operations (Narrative) (Details) (USD $) In Millions, unless otherwise specified	3 Months Ended	6 Months Ended	3 Months Ended
	Feb. 29, 2012	Feb. 29, 2012	Nov. 30, 2011 CMCS [Member]	Nov. 30, 2012 CMCS [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Severance expense	$ 2.5	$ 22.3	$ 18.0
Business divestiture disposal price				$ 3.9

XML

Fair Value (Financial Assets and Liabilities Not Required to Be Measured at Fair Value) (Details) (USD $) In Thousands, unless otherwise specified	Feb. 28, 2013		Aug. 31, 2012
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt and Capital Lease Obligations	$ 1,154,479		$ 1,161,325
$200 million notes at 5.625% due November 2013 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt and Capital Lease Obligations	202,857		204,873
$200 million notes at 5.625% due November 2013 [Member] | Level 2 [Member] | Carrying Value [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt and Capital Lease Obligations	202,857	[1]	204,873	[1]
$200 million notes at 5.625% due November 2013 [Member] | Level 2 [Member] | Fair Value [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt and Capital Lease Obligations	208,607	[1]	212,413	[1]
$400 million notes at 6.50% due July 2017 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt and Capital Lease Obligations	413,005		414,491
$400 million notes at 6.50% due July 2017 [Member] | Level 2 [Member] | Carrying Value [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt and Capital Lease Obligations	413,005	[1]	414,491	[1]
$400 million notes at 6.50% due July 2017 [Member] | Level 2 [Member] | Fair Value [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt and Capital Lease Obligations	444,341	[1]	434,991	[1]
$500 million notes at 7.35% due August 2018 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt and Capital Lease Obligations	525,241		527,554
$500 million notes at 7.35% due August 2018 [Member] | Level 2 [Member] | Carrying Value [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt and Capital Lease Obligations	525,241	[1]	527,554	[1]
$500 million notes at 7.35% due August 2018 [Member] | Level 2 [Member] | Fair Value [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt and Capital Lease Obligations	$ 569,791	[1]	$ 559,894	[1]

[1] (1) The fair value of the notes is calculated based on indicated market values.

XML

Derivatives And Risk Management (Effective Portion Of Derivatives Designated As Cash Flow Hedging Instruments Recognized In Accumulated Other Comprehensive Income (Loss)) (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended		6 Months Ended
	Feb. 28, 2013	Feb. 29, 2012	Feb. 28, 2013	Feb. 29, 2012
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss), net of taxes, for cash flow hedges recognized in AOCI	$ 57	$ (423)	$ 374	$ (1,609)
Commodity [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss), net of taxes, for cash flow hedges recognized in AOCI	(13)	44	1	19
Foreign exchange [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss), net of taxes, for cash flow hedges recognized in AOCI	$ 70	$ (467)	$ 373	$ (1,628)

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Income Taxes (Narrative) (Details) (USD $) In Millions, unless otherwise specified	3 Months Ended			6 Months Ended
	Feb. 28, 2013	Feb. 29, 2012	Nov. 30, 2011	Feb. 28, 2013	Feb. 29, 2012
Income Tax Disclosure [Abstract]
Effective Income Tax Rate, Continuing Operations	50.60%	35.00%		33.50%	(110.70%)
Effective tax rate from discontinued operations	34.80%	42.90%		35.10%	35.40%
Net Income tax payments (refunds)				$ (2.2)	$ 13.7
Statutory tax rate					35.00%
Gross unrecognized tax benefits	27.4	12.4		27.4	12.4
Possible unrecognized tax benefits reduction during the next twelve months	17.8			17.8
Statement [Line Items]
Tax benefit related to investment in subsidiary			102.1
CMCS [Member]
Statement [Line Items]
Tax loss related to investment in subsidiary			$ 291

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Derivatives And Risk Management (Derivatives Designated As Fair Value Hedging Instruments) (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended		6 Months Ended
	Feb. 28, 2013	Feb. 29, 2012	Feb. 28, 2013	Feb. 29, 2012
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) before taxes for fair value hedges	$ 549	$ 11,849	$ 320	$ 15,624
Foreign exchange [Member] | Net sales [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) before taxes for fair value hedges	(228)	0	(228)	0
Foreign exchange [Member] | Cost of goods sold [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) before taxes for fair value hedges	777	0	548	0
Foreign exchange [Member] | SG&A expenses [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) before taxes for fair value hedges	0	(4,120)	0	(1,550)
Interest rate [Member] | Interest expense [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) before taxes for fair value hedges	$ 0	$ 15,969	$ 0	$ 17,174

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Sales Of Accounts Receivable (Narrative) (Details) (USD $)	3 Months Ended		6 Months Ended
	Feb. 28, 2013	Feb. 29, 2012	Feb. 28, 2013	Feb. 29, 2012	Feb. 28, 2013 Domestic Sale Of Accounts Receivable [Member] entities	Aug. 31, 2012 Domestic Sale Of Accounts Receivable [Member]	Feb. 28, 2013 International [Member]	Aug. 31, 2012 International [Member]
Securitization or Asset-backed Financing Arrangement, Financial Asset for which Transfer is Accounted as Sale [Line Items]
Number of financial institutions					2
Sale of receivables maximum facility					$ 200,000,000
Accounts receivable sold					407,000,000	406,900,000	52,800,000	95,100,000
Advance payment received on sale of account receivable					15,000,000	10,000,000
Deferred purchase prices of sales of accounts receivable					392,000,000	396,900,000
Proceeds from sale and collection of receivables			603,000,000	988,700,000
Payments to acquire receivables			640,300,000	884,200,000
Discounts on sales of accounts receivable	$ 903,000	$ 1,798,000	$ 2,112,000	$ 3,458,000

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Earnings Per Share Attributable To CMC (Reconciliation of the Denominators of the Earnings Per Share Calculations) (Details)	3 Months Ended		6 Months Ended
	Feb. 28, 2013	Feb. 29, 2012	Feb. 28, 2013	Feb. 29, 2012
Reconciliation of the denominators of the earnings per share
Shares outstanding for basic earnings per share	116,586,100	115,703,142	116,461,302	115,616,844
Effect of dilutive securities:
Stock-based incentive/purchase plans	986,952	1,140,314	872,037	1,029,625
Shares outstanding for diluted earnings per share	117,573,052	116,843,456	117,333,339	116,646,469

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Accounting Policies (Policies)

6 Months Ended

Feb. 28, 2013

Accounting Policies [Abstract]

Accounting principles

Accounting Principles The accompanying unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States ("GAAP") on a basis consistent with that used in the Annual Report on Form 10-K filed by Commercial Metals Company ("CMC," and together with its consolidated subsidiaries, the "Company") with the Securities and Exchange Commission ("SEC") for the year ended August 31, 2012, and include all normal recurring adjustments necessary to present fairly the consolidated balance sheets, statements of operations, comprehensive income, cash flows and stockholders' equity for the periods indicated. Certain amounts in fiscal 2012 have been reclassified to conform to the fiscal 2013 presentation. These notes should be read in conjunction with the audited consolidated financial statements and notes included in the Annual Report on Form 10-K for the year ended August 31, 2012. The results of operations for the three and six month periods are not necessarily indicative of the results to be expected for the full year.

Recent accounting pronouncements

Recent Accounting Pronouncements In the first quarter of 2013, the Company adopted guidance issued by the Financial Accounting Standards Board ("FASB") on disclosure requirements for the presentation of comprehensive income. This guidance requires entities to report components of comprehensive income in either (1) a continuous statement of comprehensive income or (2) two separate but consecutive statements. As a result of the adoption, the Company's financial statements now include a separate consolidated statement of comprehensive income immediately following the consolidated statement of operations.

In the first quarter of 2013, the Company adopted guidance that simplifies how entities test indefinite-lived intangible assets for impairment and improves consistency in impairment testing guidance among long-lived asset categories. The guidance permits entities to first assess qualitative factors to determine whether it is more likely than not that an indefinite-lived intangible asset is impaired as a basis for determining whether it is necessary to perform the quantitative impairment test in accordance with U.S. generally accepted accounting principles. An entity will have an option not to calculate annually the fair value of an indefinite-lived intangible asset if the entity determines that it is not more likely than not that the asset is impaired. The adoption of this guidance did not have a material impact on the Company's consolidated financial statements.

In March 2013, the FASB issued guidance requiring an entity to release any related cumulative translation adjustment into net income when it either sells a part or all of its investment in a foreign entity or no longer holds a controlling financial interest in a subsidiary or group of assets that is a nonprofit activity or a business within a foreign entity. In addition, the guidance resolves the diversity in practice for the treatment of business combinations achieved in stages involving a foreign entity. The new guidance is effective prospectively for fiscal years, and interim reporting periods within those years, beginning after December 15, 2013. The Company does not expect the adoption of this guidance to have a material impact on its consolidated financial statements.

In February 2013, the FASB issued guidance requiring an entity to disclose additional information about reclassifications out of accumulated other comprehensive income, including (1) changes in accumulated other comprehensive income balances by component and (2) significant items reclassified out of accumulated other comprehensive income and the effect on the respective line items in net income if the amounts are required to be reclassified in their entirety to net income. For other amounts that are not required to be reclassified in their entirety to net income in the same reporting period, an entity is required to cross-reference to other disclosures that provide additional detail about those amounts. The new guidance is effective prospectively for fiscal years, and interim reporting periods within those years, beginning after December 15, 2012. The Company does not expect the adoption of these disclosure requirements to have a material impact on its consolidated financial statements.

In February 2013, the FASB issued guidance requiring an entity to measure obligations resulting from joint and several liability arrangements for which the total amount of the obligation is fixed at the reporting date. The guidance also requires entities to disclose the nature and amount of the obligation as well as other information about the obligation. The new guidance is effective retrospectively for fiscal years, and interim reporting periods within those years, beginning after December 15, 2013. The Company does not expect the adoption of this guidance to have a material impact on its consolidated financial statements.

In December 2011, the FASB issued guidance requiring an entity to disclose the nature of its rights of setoff and related arrangements associated with its financial instruments and derivative instruments. The objective is to make financial statements that are prepared under GAAP more comparable to those prepared under International Financial Reporting Standards. The new disclosures will give financial statement users information about both gross and net exposures. In January 2013, the FASB issued an update and clarified the scope of transactions that are subject to disclosures concerning offsetting. These disclosure requirements are effective for annual reporting periods beginning on or after January 1, 2013, and interim periods within those annual periods, and should be applied retrospectively for all comparative periods presented. The Company does not expect the adoption of these disclosure requirements to have a material impact on its consolidated financial statements.

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Derivatives And Risk Management (Derivative Assets) (Details) (USD $) In Thousands, unless otherwise specified	Feb. 28, 2013		Aug. 31, 2012
Derivatives, Fair Value [Line Items]
Derivative assets (other current assets and other assets)	$ 3,027	[1]	$ 1,875	[1]
Commodity [Member] | Not designated for hedge accounting [Member]
Derivatives, Fair Value [Line Items]
Derivative assets (other current assets and other assets)	1,923		407
Foreign exchange [Member] | Designated for hedge accounting [Member]
Derivatives, Fair Value [Line Items]
Derivative assets (other current assets and other assets)	674		670
Foreign exchange [Member] | Not designated for hedge accounting [Member]
Derivatives, Fair Value [Line Items]
Derivative assets (other current assets and other assets)	$ 430		$ 798

[1] * Derivative assets and liabilities do not include the hedged items designated as fair value hedges.

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Credit Arrangements (Long-term Debt, Including the Deferred Gain from the Termination of the Interest Rate Swaps) (Details) (USD $)	6 Months Ended	12 Months Ended
	Feb. 28, 2013	Aug. 31, 2012
Debt Instrument [Line Items]
Total long-term debt including current maturities	$ 1,154,479,000	$ 1,161,325,000
Current maturities of long-term debt	204,072,000	4,252,000
Long-term debt	950,407,000	1,157,073,000
$200 million notes at 5.625% due November 2013 [Member]
Debt Instrument [Line Items]
Debt instrument, face amount	200,000,000	200,000,000
Debt instrument, interest rate, stated percentage	5.625%	5.625%
Debt instrument, maturity date	November 2013	November 2013
Weighted average interest rate	3.50%
Total long-term debt including current maturities	202,857,000	204,873,000
$400 million notes at 6.50% due July 2017 [Member]
Debt Instrument [Line Items]
Debt instrument, face amount	400,000,000	400,000,000
Debt instrument, interest rate, stated percentage	6.50%	6.50%
Debt instrument, maturity date	July 2017	July 2017
Weighted average interest rate	5.70%
Total long-term debt including current maturities	413,005,000	414,491,000
$500 million notes at 7.35% due August 2018 [Member]
Debt Instrument [Line Items]
Debt instrument, face amount	500,000,000	500,000,000
Debt instrument, interest rate, stated percentage	7.35%	7.35%
Debt instrument, maturity date	August 2018	August 2018
Weighted average interest rate	6.40%
Total long-term debt including current maturities	525,241,000	527,554,000
Other, including equipment notes [Member]
Debt Instrument [Line Items]
Total long-term debt including current maturities	$ 13,376,000	$ 14,407,000

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Severance (Narrative) (Details) (USD $) In Millions, unless otherwise specified	3 Months Ended	6 Months Ended
	Feb. 29, 2012	Feb. 29, 2012
Restructuring and Related Activities [Abstract]
Severance costs	$ 2.5	$ 22.3

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Fair Value (Narrative) (Details) (USD $) In Millions, unless otherwise specified	6 Months Ended
	Feb. 28, 2013 levels
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Number of fair value hierarchy	3
Fair value, inputs, level 3 [Member] | Fair Value, Measurements, Nonrecurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Plant, property and equipment	3.9
Fair value measurements recognized loss [Member] | Fair Value, Measurements, Nonrecurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impairment charges for plant, property and equipment	3.0

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Business Segments (Summary of Certain Financial Information from Continuing Operations by Reportable Segment) (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended			6 Months Ended
	Feb. 28, 2013		Feb. 29, 2012	Feb. 28, 2013		Feb. 29, 2012	Aug. 31, 2012
Segment Reporting Information [Line Items]
Net sales-unaffiliated customers	$ 1,729,674		$ 1,956,744	$ 3,518,900		$ 3,943,564
Adjusted operating profit (loss)	26,717		60,685	116,932		108,360
Segment, Continuing Operations [Member]
Segment Reporting Information [Line Items]
Net sales-unaffiliated customers	1,729,674		1,956,744	3,518,900		3,943,564
Intersegment sales	0		0	0		0
Net sales	1,729,674		1,956,744	3,518,900		3,943,564
Adjusted operating profit (loss)	26,717		60,685	116,932		108,360
Total assets	3,405,607	[1]		3,405,607	[1]		3,434,645
Americas Recycling [Member]
Segment Reporting Information [Line Items]
Net sales-unaffiliated customers	301,035		376,597	608,506		749,990
Intersegment sales	50,339		43,047	94,829		84,459
Net sales	351,374		419,644	703,335		834,449
Adjusted operating profit (loss)	2,243		6,389	6,737		27,205
Total assets	297,604	[1]		297,604	[1]		285,136	[1]
Americas Mills [Member]
Segment Reporting Information [Line Items]
Net sales-unaffiliated customers	285,302		344,625	592,118		689,191
Intersegment sales	191,292		181,260	380,925		362,190
Net sales	476,594		525,885	973,043		1,051,381
Adjusted operating profit (loss)	48,769		54,401	101,291		112,332
Total assets	664,628	[1]		664,628	[1]		676,909	[1]
Americas Fabrication [Member]
Segment Reporting Information [Line Items]
Net sales-unaffiliated customers	314,389		298,226	667,136		613,743
Intersegment sales	3,577		3,367	7,422		7,618
Net sales	317,966		301,593	674,558		621,361
Adjusted operating profit (loss)	(3,812)		(9,969)	6,380		(17,349)
Total assets	631,393			631,393			629,970
International Mill [Member]
Segment Reporting Information [Line Items]
Net sales-unaffiliated customers	179,842		216,177	395,700		469,098
Intersegment sales	(77)		913	6,132		44,173
Net sales	179,765		217,090	401,832		513,271
Adjusted operating profit (loss)	(4,153)		6,592	(3,277)		16,414
Total assets	513,525	[1]		513,525	[1]		529,160
International Marketing and Distribution [Member]
Segment Reporting Information [Line Items]
Net sales-unaffiliated customers	645,445		715,828	1,248,980		1,416,191
Intersegment sales	4,491		7,527	9,544		17,235
Net sales	649,936		723,355	1,258,524		1,433,426
Adjusted operating profit (loss)	3,948		26,554	44,109		22,453
Total assets	913,921	[1]		913,921	[1]		870,933
Corporate [Member]
Segment Reporting Information [Line Items]
Net sales-unaffiliated customers	3,661		5,291	6,460		5,351
Intersegment sales	0		0	0		0
Net sales	3,661		5,291	6,460		5,351
Adjusted operating profit (loss)	(19,194)		(20,936)	(36,564)		(44,204)
Total assets	916,921			916,921			961,654	[1]
Eliminations [Member]
Segment Reporting Information [Line Items]
Net sales-unaffiliated customers	0		0	0		0
Intersegment sales	(249,622)		(236,114)	(498,852)		(515,675)
Net sales	(249,622)		(236,114)	(498,852)		(515,675)
Adjusted operating profit (loss)	(1,084)		(2,346)	(1,744)		(8,491)
Total assets	$ (532,385)			$ (532,385)			$ (519,117)	[1]

[1] Excludes total assets from discontinued operations of $3.9 million at February 28, 2013 and $6.6 million at August 31, 2012.

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Derivatives And Risk Management (Hedged Items Designated As Fair Value Hedging Instruments) (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended		6 Months Ended
	Feb. 28, 2013	Feb. 29, 2012	Feb. 28, 2013	Feb. 29, 2012
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) before taxes for hedged items of fair value hedges	$ (431)	$ (11,849)	$ (297)	$ (15,624)
Foreign exchange [Member] | Net sales [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) before taxes for hedged items of fair value hedges	274	0	251	0
Foreign exchange [Member] | Cost of goods sold [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) before taxes for hedged items of fair value hedges	(705)	0	(548)	0
Foreign exchange [Member] | SG&A expenses [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) before taxes for hedged items of fair value hedges	0	4,120	0	1,550
Interest rate [Member] | Interest expense [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) before taxes for hedged items of fair value hedges	$ 0	$ (15,969)	$ 0	$ (17,174)

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Accounting Policies

6 Months Ended

Feb. 28, 2013

Accounting Policies [Abstract]

Accounting policies

NOTE 1. ACCOUNTING POLICIES

Accounting Principles The accompanying unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States ("GAAP") on a basis consistent with that used in the Annual Report on Form 10-K filed by Commercial Metals Company ("CMC," and together with its consolidated subsidiaries, the "Company") with the Securities and Exchange Commission ("SEC") for the year ended August 31, 2012, and include all normal recurring adjustments necessary to present fairly the consolidated balance sheets, statements of operations, comprehensive income, cash flows and stockholders' equity for the periods indicated. Certain amounts in fiscal 2012 have been reclassified to conform to the fiscal 2013 presentation. These notes should be read in conjunction with the audited consolidated financial statements and notes included in the Annual Report on Form 10-K for the year ended August 31, 2012. The results of operations for the three and six month periods are not necessarily indicative of the results to be expected for the full year.

Recent Accounting Pronouncements In the first quarter of 2013, the Company adopted guidance issued by the Financial Accounting Standards Board ("FASB") on disclosure requirements for the presentation of comprehensive income. This guidance requires entities to report components of comprehensive income in either (1) a continuous statement of comprehensive income or (2) two separate but consecutive statements. As a result of the adoption, the Company's financial statements now include a separate consolidated statement of comprehensive income immediately following the consolidated statement of operations.

In the first quarter of 2013, the Company adopted guidance that simplifies how entities test indefinite-lived intangible assets for impairment and improves consistency in impairment testing guidance among long-lived asset categories. The guidance permits entities to first assess qualitative factors to determine whether it is more likely than not that an indefinite-lived intangible asset is impaired as a basis for determining whether it is necessary to perform the quantitative impairment test in accordance with U.S. generally accepted accounting principles. An entity will have an option not to calculate annually the fair value of an indefinite-lived intangible asset if the entity determines that it is not more likely than not that the asset is impaired. The adoption of this guidance did not have a material impact on the Company's consolidated financial statements.

In March 2013, the FASB issued guidance requiring an entity to release any related cumulative translation adjustment into net income when it either sells a part or all of its investment in a foreign entity or no longer holds a controlling financial interest in a subsidiary or group of assets that is a nonprofit activity or a business within a foreign entity. In addition, the guidance resolves the diversity in practice for the treatment of business combinations achieved in stages involving a foreign entity. The new guidance is effective prospectively for fiscal years, and interim reporting periods within those years, beginning after December 15, 2013. The Company does not expect the adoption of this guidance to have a material impact on its consolidated financial statements.

In February 2013, the FASB issued guidance requiring an entity to disclose additional information about reclassifications out of accumulated other comprehensive income, including (1) changes in accumulated other comprehensive income balances by component and (2) significant items reclassified out of accumulated other comprehensive income and the effect on the respective line items in net income if the amounts are required to be reclassified in their entirety to net income. For other amounts that are not required to be reclassified in their entirety to net income in the same reporting period, an entity is required to cross-reference to other disclosures that provide additional detail about those amounts. The new guidance is effective prospectively for fiscal years, and interim reporting periods within those years, beginning after December 15, 2012. The Company does not expect the adoption of these disclosure requirements to have a material impact on its consolidated financial statements.

In February 2013, the FASB issued guidance requiring an entity to measure obligations resulting from joint and several liability arrangements for which the total amount of the obligation is fixed at the reporting date. The guidance also requires entities to disclose the nature and amount of the obligation as well as other information about the obligation. The new guidance is effective retrospectively for fiscal years, and interim reporting periods within those years, beginning after December 15, 2013. The Company does not expect the adoption of this guidance to have a material impact on its consolidated financial statements.

In December 2011, the FASB issued guidance requiring an entity to disclose the nature of its rights of setoff and related arrangements associated with its financial instruments and derivative instruments. The objective is to make financial statements that are prepared under GAAP more comparable to those prepared under International Financial Reporting Standards. The new disclosures will give financial statement users information about both gross and net exposures. In January 2013, the FASB issued an update and clarified the scope of transactions that are subject to disclosures concerning offsetting. These disclosure requirements are effective for annual reporting periods beginning on or after January 1, 2013, and interim periods within those annual periods, and should be applied retrospectively for all comparative periods presented. The Company does not expect the adoption of these disclosure requirements to have a material impact on its consolidated financial statements.

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Business Segments (Reconciliation of Consolidated Adjusted Operating Profit to Net Earnings from Continuing Operations) (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended		6 Months Ended
	Feb. 28, 2013	Feb. 29, 2012	Feb. 28, 2013	Feb. 29, 2012
Segment Reporting [Abstract]
Earnings from continuing operations	$ 4,607	$ 27,829	$ 54,074	$ 152,874
Income taxes (benefit)	4,717	15,015	27,232	(80,312)
Interest expense	16,490	16,043	33,514	32,340
Discounts on sales of accounts receivable	903	1,798	2,112	3,458
Adjusted operating profit from continuing operations	26,717	60,685	116,932	108,360
Adjusted operating profit (loss) from discontinued operations	(46)	2,387	342	(24,165)
Adjusted operating profit	$ 26,671	$ 63,072	$ 117,274	$ 84,195

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Derivatives And Risk Management (Narrative) (Details) (USD $) In Millions, unless otherwise specified	Feb. 28, 2013
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Notional value of foreign currency contract commitments	$ 239

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Derivatives And Risk Management (Tables)

6 Months Ended

Feb. 28, 2013

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Commodity contract commitments

The following table provides information regarding the Company's commodity contract commitments as of February 28, 2013:

Commodity	Long/Short	Total
Aluminum	Long	6,338	MT
Aluminum	Short	3,125	MT
Copper	Long	872	MT
Copper	Short	3,810	MT
Natural Gas	Long	10,000	MMBtu
Zinc	Long	22	MT

MT = Metric Ton

MMBtu = One million British thermal units

Derivatives not designated as hedging instruments

The following tables summarize activities related to the Company's derivative instruments and hedged items recognized in the consolidated statements of operations:

		Three Months Ended						Six Months Ended
Derivatives Not Designated as Hedging Instruments (in thousands)	Location	February 28, 2013			February 29, 2012			February 28, 2013			February 29, 2012
Commodity	Cost of goods sold	$	717		$	(3,336	)	$	306		$	241
Commodity	SG&A expenses	588			—			—			—
Foreign exchange	Net sales	—			(73		)	(11		)	(181		)
Foreign exchange	Cost of goods sold	—			(304		)	—			(537		)
Foreign exchange	SG&A expenses	2,916			6,465			2,880			(694		)
Other	Cost of goods sold	(10		)	—			5			—
Gain (loss) before taxes		$	4,211		$	2,752		$	3,180		$	(1,171	)

Derivatives designated as fair value hedging instruments

Hedged items relate to firm commitments on commercial sales and purchases and capital expenditures.

Derivatives Designated as Fair Value Hedging Instruments (in thousands)		Three Months Ended						Six Months Ended
	Location	February 28, 2013			February 29, 2012			February 28, 2013			February 29, 2012
Foreign exchange	Net sales	$	(228	)	$	—		$	(228	)	$	—
Foreign exchange	Cost of goods sold	777			—			548			—
Foreign exchange	SG&A expenses	—			(4,120		)	—			(1,550		)
Interest rate	Interest expense	—			15,969			—			17,174
Gain before taxes		$	549		$	11,849		$	320		$	15,624

Hedged items designated as fair value hedging instruments

Hedged Items Designated as Fair Value Hedging Instruments (in thousands)		Three Months Ended						Six Months Ended
	Location	February 28, 2013			February 29, 2012			February 28, 2013			February 29, 2012
Foreign exchange	Net sales	$	274		$	—		$	251		$	—
Foreign exchange	Cost of goods sold	(705		)	—			(548		)	—
Foreign exchange	SG&A expenses	—			4,120			—			1,550
Interest rate	Interest expense	—			(15,969		)	—			(17,174		)
Loss before taxes		$	(431	)	$	(11,849	)	$	(297	)	$	(15,624	)

Effective portion of derivatives designated as cash flow hedging instruments recognized In accumulated other comprehensive income (loss)

Effective Portion of Derivatives Designated as Cash Flow Hedging Instruments Recognized in Accumulated Other Comprehensive Income (Loss) (in thousands)	Three Months Ended						Six Months Ended
	February 28, 2013			February 29, 2012			February 28, 2013		February 29, 2012
Commodity	$	(13	)	$	44		$	1	$	19
Foreign exchange	70			(467		)	373		(1,628		)
Gain (loss), net of taxes	$	57		$	(423	)	$	374	$	(1,609	)

Effective portion of derivatives designated as cash flow hedging instruments reclassified from accumulated other comprehensive income (loss)

Effective Portion of Derivatives Designated as Cash Flow Hedging Instruments Reclassified from Accumulated Other Comprehensive Income (Loss) (in thousands)		Three Months Ended					Six Months Ended
	Location	February 28, 2013		February 29, 2012			February 28, 2013		February 29, 2012
Commodity	Cost of  goods sold	$	6	$	28		$	6	$	15
Foreign exchange	Net sales	10		(36		)	61		(1,193		)
Foreign exchange	Cost of goods sold	91		—			50		—
Foreign exchange	SG&A expenses	66		(97		)	76		(161		)
Interest rate	Interest expense	101		102			203		203
Gain (loss), net of taxes		$	274	$	(3	)	$	396	$	(1,136	)

Derivative assets

The Company's derivative instruments were recorded at their respective fair values as follows on the consolidated balance sheets:

Derivative Assets (in thousands)	February 28, 2013		August 31, 2012
Commodity — not designated for hedge accounting	$	1,923	$	407
Foreign exchange — designated for hedge accounting	674		670
Foreign exchange — not designated for hedge accounting	430		798
Derivative assets (other current assets and other assets)*	$	3,027	$	1,875

Derivative liabilities

Derivative Liabilities (in thousands)	February 28, 2013		August 31, 2012
Commodity — designated for hedge accounting	$	8	$	2
Commodity — not designated for hedge accounting	1,052		993
Foreign exchange — designated for hedge accounting	250		1,272
Foreign exchange — not designated for hedge accounting	179		1,248
Other — not designated for hedge accounting	4		32
Derivative liabilities (accrued expenses, other payables and long-term liabilities)*	$	1,493	$	3,547

 _________________ 

* Derivative assets and liabilities do not include the hedged items designated as fair value hedges.

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Credit Arrangements (Tables)

6 Months Ended

Feb. 28, 2013

Debt Disclosure [Abstract]

Long-term debt, including the deferred gain from the termination of the interest rate swaps

Long-term debt, including the deferred gain from the termination of the interest rate swaps, was as follows:

(in thousands)	Weighted Average Interest Rate as of February 28, 2013	February 28, 2013		August 31, 2012
$200 million notes at 5.625% due November 2013	3.5%	$	202,857	$	204,873
$400 million notes at 6.50% due July 2017	5.7%	413,005		414,491
$500 million notes at 7.35% due August 2018	6.4%	525,241		527,554
Other, including equipment notes		13,376		14,407
		1,154,479		1,161,325
Less current maturities		204,072		4,252
		$	950,407	$	1,157,073

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Share-based Compensation (Narrative) (Details) (USD $) In Millions, except Share data, unless otherwise specified	3 Months Ended		6 Months Ended
	Feb. 28, 2013	Feb. 29, 2012	Feb. 28, 2013	Feb. 29, 2012
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period in years			3 years
Share-based compensation expense	$ 3.6	$ 2.1	$ 7.2	$ 6.0
SARs excluding cash components [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
SARs, granted, number			200,000	800,000
Granted, weighted average exercise price			$ 14.25	$ 11.63
RSUs and PSUs excluding cash components [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares granted			1,600,000	500,000
Weighted average grant-date fair value			$ 13.44	$ 10.64
Share Based Liability Awards [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares granted			234,109	1,132,204
Equivalent number of shares outstanding	1,475,580		1,475,580
Equivalent number of shares expected to vest	1,117,350		1,117,350
RSUs and SARs in Share Based Liability Awards [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period in years			3 years

XML

Derivatives And Risk Management (Commodity Contract Commitments) (Details)	Feb. 28, 2013 Mg
Aluminum [Member] | Long [Member]
Derivative [Line Items]
Commodity Contract Commitments	6,338
Aluminum [Member] | Short [Member]
Derivative [Line Items]
Commodity Contract Commitments	3,125
Copper [Member] | Long [Member]
Derivative [Line Items]
Commodity Contract Commitments	872
Copper [Member] | Short [Member]
Derivative [Line Items]
Commodity Contract Commitments	3,810
Natural Gas [Member] | Long [Member]
Derivative [Line Items]
Energy Contract Commitments	10,000
Zinc [Member] | Long [Member]
Derivative [Line Items]
Commodity Contract Commitments	22

XML

Fair Value (Tables)

6 Months Ended

Feb. 28, 2013

Fair Value Disclosures [Abstract]

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block]

The following tables summarize information regarding the Company's financial assets and financial liabilities that were measured at fair value on a recurring basis:

			Fair Value Measurements at Reporting Date Using
(in thousands)	February 28, 2013		Quoted Prices in Active Markets  for Identical Assets (Level 1)		Significant  Other Observable Inputs (Level 2)		Significant Unobservable  Inputs (Level 3)
Assets:
Money market investments (1)	$	82,885	$	82,885	$	—	$	—
Commodity derivative assets (2)	1,923		1,923		—		—
Foreign exchange derivative assets (2)	1,104		—		1,104
Liabilities:
Commodity derivative liabilities (2)	1,060		1,052		8		—
Foreign exchange derivative liabilities (2)	429		—		429		—
Other derivative liabilities (2)	4		—		4		—

			Fair Value Measurements at Reporting Date Using
(in thousands)	August 31, 2012		Quoted Prices in Active Markets  for Identical Assets (Level 1)		Significant  Other Observable  Inputs (Level 2)		Significant Unobservable  Inputs (Level 3)
Assets:
Money market investments (1)	$	172,462	$	172,462	$	—	$	—
Commodity derivative assets (2)	407		407		—		—
Foreign exchange derivative assets (2)	1,468		—		1,468		—
Liabilities:
Commodity derivative liabilities (2)	995		993		2		—
Foreign exchange derivative liabilities (2)	2,520		—		2,520		—
Other derivative liabilities (2)	32		—		32		—

 _________________ 

(1) Money market investments are short-term in nature, and the value is determined by broker quoted prices in active markets. The investment portfolio mix can change each period based on the Company's assessment of investment options.

(2) Derivative assets and liabilities classified as Level 1 are commodity futures contracts valued based on quoted market prices in the London Metal Exchange or the New York Mercantile Exchange. Amounts in Level 2 are based on broker quotes in the over-the-counter market. Further discussion regarding the Company's use of derivatives and the classification of the assets and liabilities is included in Note 9. Derivatives and Risk Management.

Fair Value, by Balance Sheet Grouping [Table Text Block]

The carrying values and estimated fair values of the Company's financial assets and liabilities that are not required to be measured at fair value are as follows:

		February 28, 2013		August 31, 2012
(in thousands)	Fair Value Hierarchy	Carrying Value	Fair Value	Carrying Value	Fair Value
$200 million notes at 5.625% due November 2013 (1)	Level 2	202,857	208,607	204,873	212,413
$400 million notes at 6.50% due July 2017 (1)	Level 2	413,005	444,341	414,491	434,991
$500 million notes at 7.35% due August 2018 (1)	Level 2	525,241	569,791	527,554	559,894

(1) The fair value of the notes is calculated based on indicated market values.

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Earnings Per Share Attributable To CMC (Tables)

6 Months Ended

Feb. 28, 2013

Earnings Per Share [Abstract]

Reconciliation of the denominators of the earnings per share calculations

The reconciliation of the denominators of the earnings per share calculations is as follows:

	Three Months Ended		Six Months Ended
	February 28, 2013	February 29, 2012	February 28, 2013	February 29, 2012
Shares outstanding for basic earnings per share	116,586,100	115,703,142	116,461,302	115,616,844
Effect of dilutive securities:
Stock-based incentive/purchase plans	986,952	1,140,314	872,037	1,029,625
Shares outstanding for diluted earnings per share	117,573,052	116,843,456	117,333,339	116,646,469

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Consolidated Statements Of Stockholders' Equity (USD $) In Thousands, except Share data, unless otherwise specified	Total	Common Stock	Additional Paid-In Capital	Accumulated Other Comprehensive Income (Loss)	Retained Earnings	Treasury Stock	Noncontrolling Interests
Beginning balance, treasury stock, value at Aug. 31, 2011						$ (265,532)
Beginning balance at Aug. 31, 2011	1,160,648	1,290	371,616	59,473	993,578		223
Beginning balance, treasury stock, shares at Aug. 31, 2011						(13,526,901)
Beginning balance, shares at Aug. 31, 2011		129,060,664
Comprehensive income (loss):
Net earnings	136,589				136,587		2
Other comprehensive income (loss)	(33,925)			(33,925)
Comprehensive income	102,664
Cash dividends	(27,752)				(27,752)
Issuance of stock under incentive and purchase plans, net of forfeitures	1,559		(7,355)			8,914
Issuance of stock under incentive and purchase plans, net of forfeitures, shares						429,284
Share-based compensation	5,007		5,007
Purchase of noncontrolling interests	(41)		26				(67)
Tax benefits from stock plans	32		32
Ending balance at Feb. 29, 2012	1,242,117	1,290	369,326	25,548	1,102,413		158
Ending balance, treasury stock, value at Feb. 29, 2012						(256,618)
Ending balance, shares at Feb. 29, 2012		129,060,664
Ending balance, treasury stock, shares at Feb. 29, 2012						(13,097,617)
Beginning balance, treasury stock, value at Aug. 31, 2012	(248,009)					(248,009)
Beginning balance at Aug. 31, 2012	1,246,507	1,290	365,778	(18,136)	1,145,445		139
Beginning balance, treasury stock, shares at Aug. 31, 2012	(12,709,240)					(12,709,240)
Beginning balance, shares at Aug. 31, 2012	129,060,664	129,060,664
Comprehensive income (loss):
Net earnings	54,296				54,294		2
Other comprehensive income (loss)	16,889			16,889
Comprehensive income	71,185
Cash dividends	(27,963)				(27,963)
Issuance of stock under incentive and purchase plans, net of forfeitures	2,353		(8,291)			10,644
Issuance of stock under incentive and purchase plans, net of forfeitures, shares						526,785
Share-based compensation	4,785		4,785
Contribution of noncontrolling interests	14						14
Tax benefits from stock plans	1		1
Ending balance at Feb. 28, 2013	1,296,882	1,290	362,273	(1,247)	1,171,776		155
Ending balance, treasury stock, value at Feb. 28, 2013	$ (237,365)					$ (237,365)
Ending balance, shares at Feb. 28, 2013	129,060,664	129,060,664
Ending balance, treasury stock, shares at Feb. 28, 2013	(12,182,455)					(12,182,455)

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Business Segments (Tables)

6 Months Ended

Feb. 28, 2013

Segment Reporting [Abstract]

Summary of certain financial information from continuing operations by reportable segment

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

	Three Months Ended February 28, 2013
	Americas							International
(in thousands)	Recycling		Mills		Fabrication			Mill			Marketing and Distribution		Corporate			Eliminations			Continuing Operations
Net sales-unaffiliated customers	$	301,035	$	285,302	$	314,389		$	179,842		$	645,445	$	3,661		$	—		$	1,729,674
Intersegment sales	50,339		191,292		3,577			(77		)	4,491		—			(249,622		)	—
Net sales	351,374		476,594		317,966			179,765			649,936		3,661			(249,622		)	1,729,674
Adjusted operating profit (loss)	2,243		48,769		(3,812		)	(4,153		)	3,948		(19,194		)	(1,084		)	26,717
	Three Months Ended February 29, 2012
	Americas							International
(in thousands)	Recycling		Mills		Fabrication			Mill			Marketing and Distribution		Corporate			Eliminations			Continuing Operations
Net sales-unaffiliated customers	$	376,597	$	344,625	$	298,226		$	216,177		$	715,828	$	5,291		$	—		$	1,956,744
Intersegment sales	43,047		181,260		3,367			913			7,527		—			(236,114		)	—
Net sales	419,644		525,885		301,593			217,090			723,355		5,291			(236,114		)	1,956,744
Adjusted operating profit (loss)	6,389		54,401		(9,969		)	6,592			26,554		(20,936		)	(2,346		)	60,685
	Six Months Ended February 28, 2013
	Americas							International
(in thousands)	Recycling		Mills		Fabrication			Mill			Marketing and Distribution		Corporate			Eliminations			Continuing Operations
Net sales-unaffiliated customers	$	608,506	$	592,118	$	667,136		$	395,700		$	1,248,980	$	6,460		$	—		$	3,518,900
Intersegment sales	94,829		380,925		7,422			6,132			9,544		—			(498,852		)	—
Net sales	703,335		973,043		674,558			401,832			1,258,524		6,460			(498,852		)	3,518,900
Adjusted operating profit (loss)	6,737		101,291		6,380			(3,277		)	44,109		(36,564		)	(1,744		)	116,932
Total assets*	297,604		664,628		631,393			513,525			913,921		916,921			(532,385		)	3,405,607
	Six Months Ended February 29, 2012
	Americas							International
(in thousands)	Recycling		Mills		Fabrication			Mill			Marketing and Distribution		Corporate			Eliminations			Continuing Operations
Net sales-unaffiliated customers	$	749,990	$	689,191	$	613,743		$	469,098		$	1,416,191	$	5,351		$	—		$	3,943,564
Intersegment sales	84,459		362,190		7,618			44,173			17,235		—			(515,675		)	—
Net sales	834,449		1,051,381		621,361			513,271			1,433,426		5,351			(515,675		)	3,943,564
Adjusted operating profit (loss)	27,205		112,332		(17,349		)	16,414			22,453		(44,204		)	(8,491		)	108,360
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 $3.9 million at February 28, 2013 and $6.6 million at August 31, 2012.

Reconciliation of consolidated adjusted operating profit to net earnings from continuing operations

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

	Three Months Ended					Six Months Ended
(in thousands)	February 28, 2013			February 29, 2012		February 28, 2013		February 29, 2012
Earnings from continuing operations	$	4,607		$	27,829	$	54,074	$	152,874
Income taxes (benefit)	4,717			15,015		27,232		(80,312		)
Interest expense	16,490			16,043		33,514		32,340
Discounts on sales of accounts receivable	903			1,798		2,112		3,458
Adjusted operating profit from continuing operations	26,717			60,685		116,932		108,360
Adjusted operating profit (loss) from discontinued operations	(46		)	2,387		342		(24,165		)
Adjusted operating profit	$	26,671		$	63,072	$	117,274	$	84,195

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Discontinued Operations (Financial Information For Discontinued Operations) (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended		6 Months Ended
	Feb. 28, 2013	Feb. 29, 2012	Feb. 28, 2013	Feb. 29, 2012	Aug. 31, 2012
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Earnings (loss) before taxes	$ (46)	$ 1,794	$ 342	$ (25,209)
Segment, Discontinued Operations [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Current assets	3,858		3,858		6,601
Revenue	0	9,858	0	24,002
Earnings (loss) before taxes	$ (46)	$ 1,794	$ 342	$ (25,209)

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Fair Value (Financial Assets and Financial Liabilities Measured at Fair Value on Recurring Basis) (Details) (USD $) In Thousands, unless otherwise specified	Feb. 28, 2013		Aug. 31, 2012
Money market investments [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, Fair Value Disclosure, Recurring	$ 82,885	[1]	$ 172,462	[1]
Commodity derivatives [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, Fair Value Disclosure, Recurring	1,923	[2]	407	[2]
Liabilities, Fair Value Disclosure, Recurring	1,060	[2]	995	[2]
Foreign exchange derivatives [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, Fair Value Disclosure, Recurring	1,104	[2]	1,468	[2]
Liabilities, Fair Value Disclosure, Recurring	429	[2]	2,520	[2]
Other derivatives [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Liabilities, Fair Value Disclosure, Recurring	4	[2]	32	[2]
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Money market investments [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, Fair Value Disclosure, Recurring	82,885	[1]	172,462	[1]
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Commodity derivatives [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, Fair Value Disclosure, Recurring	1,923	[2]	407	[2]
Liabilities, Fair Value Disclosure, Recurring	1,052	[2]	993	[2]
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Foreign exchange derivatives [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, Fair Value Disclosure, Recurring	0	[2]	0	[2]
Liabilities, Fair Value Disclosure, Recurring	0	[2]	0	[2]
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Other derivatives [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Liabilities, Fair Value Disclosure, Recurring	0	[2]	0	[2]
Significant Other Observable Inputs (Level 2) [Member] | Money market investments [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, Fair Value Disclosure, Recurring	0	[1]	0	[1]
Significant Other Observable Inputs (Level 2) [Member] | Commodity derivatives [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, Fair Value Disclosure, Recurring	0	[2]	0	[2]
Liabilities, Fair Value Disclosure, Recurring	8	[2]	2	[2]
Significant Other Observable Inputs (Level 2) [Member] | Foreign exchange derivatives [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, Fair Value Disclosure, Recurring	1,104	[2]	1,468	[2]
Liabilities, Fair Value Disclosure, Recurring	429	[2]	2,520	[2]
Significant Other Observable Inputs (Level 2) [Member] | Other derivatives [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Liabilities, Fair Value Disclosure, Recurring	4	[2]	32	[2]
Significant Unobservable Inputs (Level 3) [Member] | Money market investments [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, Fair Value Disclosure, Recurring	0	[1]	0	[1]
Significant Unobservable Inputs (Level 3) [Member] | Commodity derivatives [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, Fair Value Disclosure, Recurring	0	[2]	0	[2]
Liabilities, Fair Value Disclosure, Recurring	0	[2]	0	[2]
Significant Unobservable Inputs (Level 3) [Member] | Foreign exchange derivatives [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, Fair Value Disclosure, Recurring		[2]	0	[2]
Liabilities, Fair Value Disclosure, Recurring	0	[2]	0	[2]
Significant Unobservable Inputs (Level 3) [Member] | Other derivatives [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Liabilities, Fair Value Disclosure, Recurring	$ 0	[2]	$ 0	[2]

[1] Money market investments are short-term in nature, and the value is determined by broker quoted prices in active markets. The investment portfolio mix can change each period based on the Company's assessment of investment options.

[2] Derivative assets and liabilities classified as Level 1 are commodity futures contracts valued based on quoted market prices in the London Metal Exchange or the New York Mercantile Exchange. Amounts in Level 2 are based on broker quotes in the over-the-counter market. Further discussion regarding the Company's use of derivatives and the classification of the assets and liabilities is included in Note 9. Derivatives and Risk Management.

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Consolidated Statements Of Operations (USD $) In Thousands, except Share data, unless otherwise specified	3 Months Ended		6 Months Ended
	Feb. 28, 2013	Feb. 29, 2012	Feb. 28, 2013	Feb. 29, 2012
Net sales	$ 1,729,674	$ 1,956,744	$ 3,518,900	$ 3,943,564
Costs and expenses:
Cost of goods sold	1,588,016	1,773,966	3,188,343	3,588,250
Selling, general and administrative expenses	115,844	123,891	241,825	250,412
Gain on sale of cost method investment	0	0	(26,088)	0
Interest expense	16,490	16,043	33,514	32,340
Total costs and expenses	1,720,350	1,913,900	3,437,594	3,871,002
Earnings from continuing operations before taxes	9,324	42,844	81,306	72,562
Income taxes (benefit)	4,717	15,015	27,232	(80,312)
Earnings from continuing operations	4,607	27,829	54,074	152,874
Earnings (loss) from discontinued operations before taxes	(46)	1,794	342	(25,209)
Income taxes (benefit)	(16)	770	120	(8,924)
Earnings (loss) from discontinued operations	(30)	1,024	222	(16,285)
Net earnings	4,577	28,853	54,296	136,589
Less net earnings (loss) attributable to noncontrolling interests	0	0	2	2
Net earnings attributable to CMC	$ 4,577	$ 28,853	$ 54,294	$ 136,587
Basic earnings (loss) per share attributable to CMC:
Earnings from continuing operations	$ 0.04	$ 0.24	$ 0.47	$ 1.32
Earnings (loss) from discontinued operations	$ 0.00	$ 0.01	$ 0.00	$ (0.14)
Net earnings	$ 0.04	$ 0.25	$ 0.47	$ 1.18
Diluted earnings (loss) per share attributable to CMC:
Earnings from continuing operations	$ 0.04	$ 0.24	$ 0.46	$ 1.31
Earnings (loss) from discontinued operations	$ 0.00	$ 0.01	$ 0.00	$ (0.14)
Net earnings	$ 0.04	$ 0.25	$ 0.46	$ 1.17
Cash dividends per share	$ 0.12	$ 0.12	$ 0.24	$ 0.24
Average basic shares outstanding	116,586,100	115,703,142	116,461,302	115,616,844
Average diluted shares outstanding	117,573,052	116,843,456	117,333,339	116,646,469

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Derivatives And Risk Management (Derivatives Not Designated As Hedging Instruments) (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended		6 Months Ended
	Feb. 28, 2013	Feb. 29, 2012	Feb. 28, 2013	Feb. 29, 2012
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) before taxes for derivatives not designated as hedges	$ 4,211	$ 2,752	$ 3,180	$ (1,171)
Commodity [Member] | Cost of goods sold [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) before taxes for derivatives not designated as hedges	717	(3,336)	306	241
Commodity [Member] | SG&A expenses [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) before taxes for derivatives not designated as hedges	588	0	0	0
Foreign exchange [Member] | Net sales [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) before taxes for derivatives not designated as hedges	0	(73)	(11)	(181)
Foreign exchange [Member] | Cost of goods sold [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) before taxes for derivatives not designated as hedges	0	(304)	0	(537)
Foreign exchange [Member] | SG&A expenses [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) before taxes for derivatives not designated as hedges	2,916	6,465	2,880	(694)
Other [Member] | Cost of goods sold [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) before taxes for derivatives not designated as hedges	$ (10)	$ 0	$ 5	$ 0

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Consolidated Balance Sheets (Parenthetical) (USD $) In Thousands, except Share data, unless otherwise specified	Feb. 28, 2013	Aug. 31, 2012
Allowance for doubtful accounts	$ 10,650	$ 9,480
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	200,000,000	200,000,000
Common stock, shares issued	129,060,664	129,060,664
Common stock, shares outstanding	116,878,209	116,351,424
Treasury stock, shares	12,182,455	12,709,240

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Commitments And Contingencies (Narrative) (Details) (USD $) In Millions, unless otherwise specified	Feb. 28, 2013 states	Sep. 18, 2008 entities
Guarantee of Indebtedness of Others [Member]
Loss Contingencies [Line Items]
Maximum credit facility	4.0
Guarantor obligations, maximum exposure	4.0
Class Action Antitrust Lawsuit [Member]
Loss Contingencies [Line Items]
Number of steel manufacturing companies		9
Number of states	28

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Goodwill And Other Intangible Assets (Narrative) (Details) (USD $) In Millions, unless otherwise specified	3 Months Ended		6 Months Ended
	Feb. 28, 2013	Feb. 29, 2012	Feb. 28, 2013	Feb. 29, 2012	Aug. 31, 2012
Goodwill and Intangible Assets Disclosure [Abstract]
Gross carrying amounts of the Company's intangible assets	$ 43.9		$ 43.9		$ 44.3
Amortization expense for intangible assets	$ 1.2	$ 1.5	$ 2.5	$ 3.0

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Earnings Per Share Attributable To CMC

6 Months Ended

Feb. 28, 2013

Earnings Per Share [Abstract]

Stockholders' equity and earnings per share attributable to CMC

NOTE 14. EARNINGS PER SHARE ATTRIBUTABLE TO CMC

In calculating earnings per share, there were no adjustments to net earnings to arrive at earnings for any periods presented. The reconciliation of the denominators of the earnings per share calculations is as follows:

	Three Months Ended		Six Months Ended
	February 28, 2013	February 29, 2012	February 28, 2013	February 29, 2012
Shares outstanding for basic earnings per share	116,586,100	115,703,142	116,461,302	115,616,844
Effect of dilutive securities:
Stock-based incentive/purchase plans	986,952	1,140,314	872,037	1,029,625
Shares outstanding for diluted earnings per share	117,573,052	116,843,456	117,333,339	116,646,469

At February 28, 2013 and February 29, 2012, SARs with total share commitments of 2.0 million and 2.2 million, respectively, were antidilutive and therefore were excluded from the calculation of diluted earnings per share. All stock options and SARs expire by 2022.

CMC's restricted stock is included in the number of shares of common stock issued and outstanding, but is omitted from the basic earnings per share calculation until the shares vest.

The Company did not purchase any shares during the first six months of 2013 and had remaining authorization to purchase 8,259,647 shares of its common stock at February 28, 2013.

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Goodwill And Other Intangible Assets (Changes in the Carrying Amount of Goodwill) (Details) (USD $) In Thousands, unless otherwise specified	6 Months Ended
	Feb. 28, 2013
Goodwill [Roll Forward]
Balance at August 31, 2012	$ 76,897
Foreign currency translation	62
Balance at February 28, 2013	76,959
Americas Recycling [Member]
Goodwill [Roll Forward]
Balance at August 31, 2012	7,267
Foreign currency translation	0
Balance at February 28, 2013	7,267
Americas Mills [Member]
Goodwill [Roll Forward]
Balance at August 31, 2012	295
Foreign currency translation	0
Balance at February 28, 2013	295
Americas Fabrication [Member]
Goodwill [Roll Forward]
Balance at August 31, 2012	57,144
Foreign currency translation	0
Balance at February 28, 2013	57,144
International Mill [Member]
Goodwill [Roll Forward]
Balance at August 31, 2012	2,685
Foreign currency translation	116
Balance at February 28, 2013	2,801
International Marketing and Distribution [Member]
Goodwill [Roll Forward]
Balance at August 31, 2012	9,506
Foreign currency translation	(54)
Balance at February 28, 2013	$ 9,452

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Business Segments

6 Months Ended

Feb. 28, 2013

Segment Reporting [Abstract]

Segment reporting

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 consists of the scrap metal processing and sales operations primarily in Texas, Florida and the southern United States. The Americas Mills segment includes the Company's domestic steel mills, including the scrap processing facilities that directly support these mills, and the domestic copper tube minimill. The Americas Fabrication segment consists of the Company's rebar fabrication operations, fence post manufacturing plants and construction-related and other products facilities. The International Mill segment includes the minimill, recycling and fabrication operations in Poland. International Marketing and Distribution includes international operations for the sales, distribution and processing of steel products, ferrous and nonferrous metals and other industrial products. Additionally, the International Marketing and Distribution segment includes the Company's U.S.-based trading and distribution divisions, CMC Cometals and CMC Cometals Steel. 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 February 28, 2013
	Americas							International
(in thousands)	Recycling		Mills		Fabrication			Mill			Marketing and Distribution		Corporate			Eliminations			Continuing Operations
Net sales-unaffiliated customers	$	301,035	$	285,302	$	314,389		$	179,842		$	645,445	$	3,661		$	—		$	1,729,674
Intersegment sales	50,339		191,292		3,577			(77		)	4,491		—			(249,622		)	—
Net sales	351,374		476,594		317,966			179,765			649,936		3,661			(249,622		)	1,729,674
Adjusted operating profit (loss)	2,243		48,769		(3,812		)	(4,153		)	3,948		(19,194		)	(1,084		)	26,717
	Three Months Ended February 29, 2012
	Americas							International
(in thousands)	Recycling		Mills		Fabrication			Mill			Marketing and Distribution		Corporate			Eliminations			Continuing Operations
Net sales-unaffiliated customers	$	376,597	$	344,625	$	298,226		$	216,177		$	715,828	$	5,291		$	—		$	1,956,744
Intersegment sales	43,047		181,260		3,367			913			7,527		—			(236,114		)	—
Net sales	419,644		525,885		301,593			217,090			723,355		5,291			(236,114		)	1,956,744
Adjusted operating profit (loss)	6,389		54,401		(9,969		)	6,592			26,554		(20,936		)	(2,346		)	60,685
	Six Months Ended February 28, 2013
	Americas							International
(in thousands)	Recycling		Mills		Fabrication			Mill			Marketing and Distribution		Corporate			Eliminations			Continuing Operations
Net sales-unaffiliated customers	$	608,506	$	592,118	$	667,136		$	395,700		$	1,248,980	$	6,460		$	—		$	3,518,900
Intersegment sales	94,829		380,925		7,422			6,132			9,544		—			(498,852		)	—
Net sales	703,335		973,043		674,558			401,832			1,258,524		6,460			(498,852		)	3,518,900
Adjusted operating profit (loss)	6,737		101,291		6,380			(3,277		)	44,109		(36,564		)	(1,744		)	116,932
Total assets*	297,604		664,628		631,393			513,525			913,921		916,921			(532,385		)	3,405,607
	Six Months Ended February 29, 2012
	Americas							International
(in thousands)	Recycling		Mills		Fabrication			Mill			Marketing and Distribution		Corporate			Eliminations			Continuing Operations
Net sales-unaffiliated customers	$	749,990	$	689,191	$	613,743		$	469,098		$	1,416,191	$	5,351		$	—		$	3,943,564
Intersegment sales	84,459		362,190		7,618			44,173			17,235		—			(515,675		)	—
Net sales	834,449		1,051,381		621,361			513,271			1,433,426		5,351			(515,675		)	3,943,564
Adjusted operating profit (loss)	27,205		112,332		(17,349		)	16,414			22,453		(44,204		)	(8,491		)	108,360
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 $3.9 million at February 28, 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					Six Months Ended
(in thousands)	February 28, 2013			February 29, 2012		February 28, 2013		February 29, 2012
Earnings from continuing operations	$	4,607		$	27,829	$	54,074	$	152,874
Income taxes (benefit)	4,717			15,015		27,232		(80,312		)
Interest expense	16,490			16,043		33,514		32,340
Discounts on sales of accounts receivable	903			1,798		2,112		3,458
Adjusted operating profit from continuing operations	26,717			60,685		116,932		108,360
Adjusted operating profit (loss) from discontinued operations	(46		)	2,387		342		(24,165		)
Adjusted operating profit	$	26,671		$	63,072	$	117,274	$	84,195

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Consolidated Statements Of Cash Flows (USD $) In Thousands, unless otherwise specified	6 Months Ended
	Feb. 28, 2013	Feb. 29, 2012
Cash flows from (used by) operating activities:
Net earnings	$ 54,296	$ 136,589
Adjustments to reconcile net earnings to cash flows from (used by) operating activities:
Depreciation and amortization	68,037	69,064
Provision for losses (recoveries) on receivables, net	2,463	(616)
Share-based compensation	7,185	5,973
Amortization of interest rate swaps termination gain	5,815	0
Deferred income taxes	29,362	(107,818)
Tax benefits from stock plans	(1)	(32)
Net (gain) loss on sale of cost method investment and other	(26,522)	104
Write-down of inventory	1,784	8,460
Asset impairment	3,028	1,028
Changes in operating assets and liabilities:
Accounts receivable	4,785	(25,620)
Accounts receivable sold (repurchased), net	(37,297)	104,495
Inventories	(84,840)	7,939
Other assets	11,461	22,441
Accounts payable, accrued expenses, other payables and income taxes	(99,312)	(184,090)
Other long-term liabilities	(5,326)	1,157
Net cash flows from (used by) operating activities	(76,712)	39,074
Cash flows from (used by) investing activities:
Capital expenditures	(41,849)	(53,373)
Proceeds from the sale of property, plant and equipment and other	6,897	8,097
Proceeds from the sale of cost method investment	28,995	0
Decrease in deposit for letters of credit	0	30,404
Net cash flows from (used by) investing activities	(5,957)	(14,872)
Cash flows from (used by) financing activities:
Increase (decrease) in documentary letters of credit	(5,268)	6,121
Short-term borrowings, net change	21,870	40,270
Repayments on long-term debt	(2,402)	(48,202)
Stock issued under incentive and purchase plans, net of forfeitures	2,353	1,559
Cash dividends	(27,963)	(27,752)
Tax benefits from stock plans	1	32
Contribution from (purchase of) noncontrolling interests	10	(41)
Net cash flows from (used by) financing activities	(11,399)	(28,013)
Effect of exchange rate changes on cash	1,743	(2,397)
Decrease in cash and cash equivalents	(92,325)	(6,208)
Cash and cash equivalents at beginning of year	262,422	222,390
Cash and cash equivalents at end of period	$ 170,097	$ 216,182

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Consolidated Statements Of Comprehensive Income (USD $) In Thousands, unless otherwise specified	3 Months Ended		6 Months Ended
	Feb. 28, 2013	Feb. 29, 2012	Feb. 28, 2013	Feb. 29, 2012
Net earnings	$ 4,577	$ 28,853	$ 54,296	$ 136,589
Other comprehensive income (loss), net of taxes:
Foreign currency translation adjustment and other, net of taxes (benefit) of $(3,396) and $22,654, $8,396 and $(18,013)	(6,308)	42,073	15,592	(33,452)
Net unrealized gain (loss) on derivatives:
Unrealized holding gain (loss), net of taxes (benefit) of $1 and $(989), $89 and $(665)	57	(423)	374	(1,609)
Less: Reclassification for gain (loss) included in net earnings, net of taxes (benefit) of $125 and $(532), $174 and $(368)	274	(3)	396	(1,136)
Net unrealized gain (loss) on derivatives, net of taxes (benefit) of $(124) and $(457), $(85) and $(297)	(217)	(420)	(22)	(473)
Defined benefit obligation:
Amortization of prior service cost, net of taxes (benefit) of $1 and $0, $1 and $0	2	0	4	0
Adjustment from plan changes, net of taxes (benefit) of $0 and $0, $308 and $0	0	0	1,315	0
Defined benefit obligation, net of taxes (benefit) of $1 and $0, $309 and $0	2	0	1,319	0
Other comprehensive income (loss)	(6,523)	41,653	16,889	(33,925)
Comprehensive income (loss)	$ (1,946)	$ 70,506	$ 71,185	$ 102,664

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Derivatives And Risk Management

6 Months Ended

Feb. 28, 2013

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivatives and risk management

NOTE 9. DERIVATIVES AND RISK MANAGEMENT

The Company's worldwide operations and product lines expose it to risks from fluctuations in metal commodity prices, foreign currency exchange rates, natural gas prices and interest rates. One objective of the Company's risk management program is to mitigate these risks using derivative instruments. The Company enters into metal commodity futures and forward contracts to mitigate the risk of unanticipated changes in gross margin due to the volatility of the commodities' prices, enters into foreign currency forward contracts that match the expected settlements for purchases and sales denominated in foreign currencies and enters into natural gas forward contracts to mitigate the risk of unanticipated changes in operating cost due to the volatility of natural gas prices. When sales commitments to customers include a fixed price freight component, the Company occasionally enters into freight forward contracts to reduce the effects of the volatility of ocean freight rates.

At February 28, 2013, the Company's notional value of its foreign currency contract commitments was $239 million.

The following table provides information regarding the Company's commodity contract commitments as of February 28, 2013:

Commodity	Long/Short	Total
Aluminum	Long	6,338	MT
Aluminum	Short	3,125	MT
Copper	Long	872	MT
Copper	Short	3,810	MT
Natural Gas	Long	10,000	MMBtu
Zinc	Long	22	MT

MT = Metric Ton

MMBtu = One million British thermal units

The Company designates only those contracts which closely match the terms of the underlying transaction as hedges for accounting purposes. These hedges resulted in substantially no ineffectiveness in the Company's consolidated statements of operations, and there were no components excluded from the assessment of hedge effectiveness for the three and six months ended February 28, 2013 and February 29, 2012. Certain foreign currency and commodity contracts were not designated as hedges for accounting purposes, although management believes they are essential economic hedges.

The following tables summarize activities related to the Company's derivative instruments and hedged items recognized in the consolidated statements of operations:

		Three Months Ended						Six Months Ended
Derivatives Not Designated as Hedging Instruments (in thousands)	Location	February 28, 2013			February 29, 2012			February 28, 2013			February 29, 2012
Commodity	Cost of goods sold	$	717		$	(3,336	)	$	306		$	241
Commodity	SG&A expenses	588			—			—			—
Foreign exchange	Net sales	—			(73		)	(11		)	(181		)
Foreign exchange	Cost of goods sold	—			(304		)	—			(537		)
Foreign exchange	SG&A expenses	2,916			6,465			2,880			(694		)
Other	Cost of goods sold	(10		)	—			5			—
Gain (loss) before taxes		$	4,211		$	2,752		$	3,180		$	(1,171	)

The Company's fair value hedges are designated for accounting purposes with gains and losses on the hedged items offsetting the gain or loss on the related derivative transaction. Hedged items relate to firm commitments on commercial sales and purchases and capital expenditures.

Derivatives Designated as Fair Value Hedging Instruments (in thousands)		Three Months Ended						Six Months Ended
	Location	February 28, 2013			February 29, 2012			February 28, 2013			February 29, 2012
Foreign exchange	Net sales	$	(228	)	$	—		$	(228	)	$	—
Foreign exchange	Cost of goods sold	777			—			548			—
Foreign exchange	SG&A expenses	—			(4,120		)	—			(1,550		)
Interest rate	Interest expense	—			15,969			—			17,174
Gain before taxes		$	549		$	11,849		$	320		$	15,624

Hedged Items Designated as Fair Value Hedging Instruments (in thousands)		Three Months Ended						Six Months Ended
	Location	February 28, 2013			February 29, 2012			February 28, 2013			February 29, 2012
Foreign exchange	Net sales	$	274		$	—		$	251		$	—
Foreign exchange	Cost of goods sold	(705		)	—			(548		)	—
Foreign exchange	SG&A expenses	—			4,120			—			1,550
Interest rate	Interest expense	—			(15,969		)	—			(17,174		)
Loss before taxes		$	(431	)	$	(11,849	)	$	(297	)	$	(15,624	)

Effective Portion of Derivatives Designated as Cash Flow Hedging Instruments Recognized in Accumulated Other Comprehensive Income (Loss) (in thousands)	Three Months Ended						Six Months Ended
	February 28, 2013			February 29, 2012			February 28, 2013		February 29, 2012
Commodity	$	(13	)	$	44		$	1	$	19
Foreign exchange	70			(467		)	373		(1,628		)
Gain (loss), net of taxes	$	57		$	(423	)	$	374	$	(1,609	)

Effective Portion of Derivatives Designated as Cash Flow Hedging Instruments Reclassified from Accumulated Other Comprehensive Income (Loss) (in thousands)		Three Months Ended					Six Months Ended
	Location	February 28, 2013		February 29, 2012			February 28, 2013		February 29, 2012
Commodity	Cost of  goods sold	$	6	$	28		$	6	$	15
Foreign exchange	Net sales	10		(36		)	61		(1,193		)
Foreign exchange	Cost of goods sold	91		—			50		—
Foreign exchange	SG&A expenses	66		(97		)	76		(161		)
Interest rate	Interest expense	101		102			203		203
Gain (loss), net of taxes		$	274	$	(3	)	$	396	$	(1,136	)

The Company's derivative instruments were recorded at their respective fair values as follows on the consolidated balance sheets:

Derivative Assets (in thousands)	February 28, 2013		August 31, 2012
Commodity — not designated for hedge accounting	$	1,923	$	407
Foreign exchange — designated for hedge accounting	674		670
Foreign exchange — not designated for hedge accounting	430		798
Derivative assets (other current assets and other assets)*	$	3,027	$	1,875

Derivative Liabilities (in thousands)	February 28, 2013		August 31, 2012
Commodity — designated for hedge accounting	$	8	$	2
Commodity — not designated for hedge accounting	1,052		993
Foreign exchange — designated for hedge accounting	250		1,272
Foreign exchange — not designated for hedge accounting	179		1,248
Other — not designated for hedge accounting	4		32
Derivative liabilities (accrued expenses, other payables and long-term liabilities)*	$	1,493	$	3,547

 _________________ 

* Derivative assets and liabilities do not include the hedged items designated as fair value hedges.

As of February 28, 2013, all of the Company's derivative instruments designated to hedge exposure to the variability in future cash flows of the forecasted transactions will mature within twelve months.

All of the instruments are highly liquid and not entered into for trading purposes.

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Document And Entity Information	6 Months Ended
	Feb. 28, 2013	Mar. 28, 2013
Entity Information [Line Items]
Trading Symbol	CMC
Entity Registrant Name	COMMERCIAL METALS CO
Entity Central Index Key	0000022444
Document Type	10-Q
Document Period End Date	Feb. 28, 2013
Amendment Flag	false
Document Fiscal Year Focus	2013
Document Fiscal Period Focus	Q2
Current Fiscal Year End Date	--08-31
Entity Tax Identification Number	750725338
Entity Filer Category	Large Accelerated Filer
Entity Current Reporting Status	Yes
Entity Common Stock, Shares Outstanding		116,878,209

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Fair Value

6 Months Ended

Feb. 28, 2013

Fair Value Disclosures [Abstract]

Fair value

NOTE 10. FAIR VALUE

The Company has established a fair value hierarchy which prioritizes the inputs to the valuation techniques used to measure fair value into three levels. These levels are determined based on the lowest level input that is significant to the fair value measurement. Levels within the hierarchy are defined as follows:

Level 1 - Unadjusted quoted prices in active markets for identical assets and liabilities;

Level 2 - Quoted prices for similar assets and liabilities in active markets (other than those included in Level 1) which are observable, either directly or indirectly; and

Level 3 - Valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable.

The following tables summarize information regarding the Company's financial assets and financial liabilities that were measured at fair value on a recurring basis:

			Fair Value Measurements at Reporting Date Using
(in thousands)	February 28, 2013		Quoted Prices in Active Markets  for Identical Assets (Level 1)		Significant  Other Observable Inputs (Level 2)		Significant Unobservable  Inputs (Level 3)
Assets:
Money market investments (1)	$	82,885	$	82,885	$	—	$	—
Commodity derivative assets (2)	1,923		1,923		—		—
Foreign exchange derivative assets (2)	1,104		—		1,104
Liabilities:
Commodity derivative liabilities (2)	1,060		1,052		8		—
Foreign exchange derivative liabilities (2)	429		—		429		—
Other derivative liabilities (2)	4		—		4		—

			Fair Value Measurements at Reporting Date Using
(in thousands)	August 31, 2012		Quoted Prices in Active Markets  for Identical Assets (Level 1)		Significant  Other Observable  Inputs (Level 2)		Significant Unobservable  Inputs (Level 3)
Assets:
Money market investments (1)	$	172,462	$	172,462	$	—	$	—
Commodity derivative assets (2)	407		407		—		—
Foreign exchange derivative assets (2)	1,468		—		1,468		—
Liabilities:
Commodity derivative liabilities (2)	995		993		2		—
Foreign exchange derivative liabilities (2)	2,520		—		2,520		—
Other derivative liabilities (2)	32		—		32		—

 _________________ 

(1) Money market investments are short-term in nature, and the value is determined by broker quoted prices in active markets. The investment portfolio mix can change each period based on the Company's assessment of investment options.

(2) Derivative assets and liabilities classified as Level 1 are commodity futures contracts valued based on quoted market prices in the London Metal Exchange or the New York Mercantile Exchange. Amounts in Level 2 are based on broker quotes in the over-the-counter market. Further discussion regarding the Company's use of derivatives and the classification of the assets and liabilities is included in Note 9. Derivatives and Risk Management.

Fair value of property, plant and equipment held for sale (Level 3) was $3.9 million based on appraised values less costs to sell at February 28, 2013. CMC does not have other assets or intangible assets measured at fair value on a non-recurring basis at February 28, 2013. Impairment charges for property, plant and equipment were $3.0 million for the six months ended February 28, 2013.

The carrying values of the Company's short-term items, including the deferred purchase prices of accounts receivable, documentary letters of credit and notes payable approximate fair value due to their short term nature.

The carrying values and estimated fair values of the Company's financial assets and liabilities that are not required to be measured at fair value are as follows:

		February 28, 2013		August 31, 2012
(in thousands)	Fair Value Hierarchy	Carrying Value	Fair Value	Carrying Value	Fair Value
$200 million notes at 5.625% due November 2013 (1)	Level 2	202,857	208,607	204,873	212,413
$400 million notes at 6.50% due July 2017 (1)	Level 2	413,005	444,341	414,491	434,991
$500 million notes at 7.35% due August 2018 (1)	Level 2	525,241	569,791	527,554	559,894

(1) The fair value of the notes is calculated based on indicated market values.

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Consolidated Statements Of Comprehensive Income (Parenthetical) (USD $) In Thousands, unless otherwise specified	3 Months Ended		6 Months Ended
	Feb. 28, 2013	Feb. 29, 2012	Feb. 28, 2013	Feb. 29, 2012
Taxes(benefit), foreign currency translation adjustment and other	$ (3,396)	$ 22,654	$ 8,396	$ (18,013)
Taxes(benefit), unrealized holding gain (loss) on derivatives	1	(989)	89	(665)
Taxes(benefit), reclassification for gain (loss) on derivatives included in net earnings	125	(532)	174	(368)
Taxes(benefit), net unrealized gain (loss) on derivatives	(124)	(457)	(85)	(297)
Taxes(benefit), amortization of prior service cost of defined benefit obligation	1	0	1	0
Taxes(benefit), adjustment from plan changes of defined benefit obligation	0	0	308	0
Taxes(benefit), defined benefit obligation	$ 1	$ 0	$ 309	$ 0

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Goodwill And Other Intangible Assets

6 Months Ended

Feb. 28, 2013

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and other intangible assets

NOTE 4. GOODWILL AND OTHER INTANGIBLE ASSETS

The following table details the changes in the carrying amount of goodwill by reportable segment:

	Americas						International
(in thousands)	Recycling		Mills		Fabrication		Mill		Marketing and Distribution			Consolidated
Balance at August 31, 2012	$	7,267	$	295	$	57,144	$	2,685	$	9,506		$	76,897
Foreign currency translation	—		—		—		116		(54		)	62
Balance at February 28, 2013	$	7,267	$	295	$	57,144	$	2,801	$	9,452		$	76,959

The total gross carrying amounts of the Company's intangible assets that were subject to amortization were $43.9 million and $44.3 million at February 28, 2013 and August 31, 2012, respectively, and are included in other noncurrent assets on the Company's consolidated balance sheets. Excluding goodwill, there are no other significant intangible assets with indefinite lives. Amortization expense for intangible assets was $1.2 million and $2.5 million for the three and six months ended February 28, 2013, respectively, and $1.5 million and $3.0 million for the three and six months ended February 29, 2012, respectively.

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Inventories

6 Months Ended

Feb. 28, 2013

Inventory Disclosure [Abstract]

Inventories

NOTE 3. INVENTORIES

Inventories are stated at the lower of cost or market. Inventory cost for most domestic inventories is determined by the last-in-first-out ("LIFO") method. LIFO inventory reserves were $238.1 million and $261.8 million at February 28, 2013 and August 31, 2012, respectively. Inventory cost for international inventories and the remaining domestic inventories are determined by the first-in-first-out ("FIFO") method.

At February 28, 2013 and August 31, 2012, 42% and 55%, respectively, of the Company's total inventories were valued at LIFO. The remainder of inventories, valued at FIFO, consisted mainly of material dedicated to CMC Poland Sp. z o.o. ("CMCP") (formerly CMC Zawiercie S.A. or CMCZ) and certain marketing and distribution businesses.

The majority of the Company's inventories are in the form of finished goods with minimal work in process. At February 28, 2013 and August 31, 2012, $97.2 million and $68.0 million, respectively, were in raw materials.

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Commitments And Contingencies

6 Months Ended

Feb. 28, 2013

Commitments and Contingencies Disclosure [Abstract]

Commitments And contingencies

NOTE 15. COMMITMENTS AND CONTINGENCIES

In the ordinary course of conducting its business, the Company becomes involved in litigation, administrative proceedings and government investigations, including environmental matters. See Note 17, Commitments and Contingencies, to the consolidated financial statements in the Annual Report on Form 10-K for the year ended August 31, 2012.

On September 18, 2008, the Company was served with a class action antitrust lawsuit alleging violations of Section 1 of the Sherman Act, brought by Standard Iron Works of Scranton, Pennsylvania, against nine steel manufacturing companies, including CMC. The lawsuit, filed in the United States District Court for the Northern District of Illinois, alleges that the defendants conspired to fix, raise, maintain and stabilize the price at which steel products were sold in the United States by artificially restricting the supply of such steel products. The lawsuit, which purports to be brought on behalf of a class consisting of all purchasers of steel products directly from the defendants between January 1, 2005 and September 2008, seeks treble damages and costs, including reasonable attorney fees and pre- and post-judgment interest. Motions for and against class certification have been filed. Oral arguments related to class certification are pending. Discovery on the case merits remains pending. The Company believes the case is without merit and intends to defend it vigorously.

Since the filing of the direct purchaser lawsuit, a case has been filed in federal court in the Northern District of Illinois on behalf of a class of indirect purchasers in approximately 28 states naming the same defendants and containing allegations substantially identical to those of the Standard Iron Works complaint. That case has in effect been stayed. Another indirect purchaser action was filed in Tennessee state court, again naming the same defendants but contending that the conspiracy continued through 2010. The case has been removed to federal court, and plaintiffs have moved to remand. The motion to remand has not yet been decided, and no motion practice or discovery has taken place. The Company believes that the lawsuits are without merit and plans to defend them vigorously. Due to the uncertainty and the information available at this time, we cannot reasonably estimate a range of loss relating to these cases.

Guarantees During the fourth quarter of 2012, the Company entered into a guarantee agreement with a bank in connection with a credit facility granted by the bank to a supplier of the company. The fair value of the guarantee is negligible. As of February 28, 2013, the maximum credit facility with the bank was $4.0 million, and the Company's maximum exposure was $4.0 million.

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Income Taxes

6 Months Ended

Feb. 28, 2013

Income Tax Disclosure [Abstract]

Income taxes

NOTE 11. INCOME TAX

The Company's effective income tax rate from continuing operations for the three and six months ended February 28, 2013 was 50.6% and 33.5%, respectively, compared with 35.0% and (110.7)% for the three and six months ended February 29, 2012, respectively. The increase in the effective tax rate to 50.6% for the three months ended February 28, 2013 compared to 35.0% for the three months ended February 29, 2012 is due to a change in the mix and amount of pre-tax income in the jurisdictions in which the Company operates. The Company's effective tax rate from discontinued operations for the three and six months ended February 28, 2013 was 34.8% and 35.1%, respectively, compared with 42.9% and 35.4% for the three and six months ended February 29, 2012, respectively.

During the first quarter of fiscal 2012, the Company recognized a tax loss in the amount of $291 million related to its investment in its Croatian subsidiary. As a result of this loss, a tax benefit of $102.1 million was recorded in continuing operations in the first quarter of 2012. The Company will report and disclose the investment loss on its U.S. tax return as ordinary worthless stock and bad debt deductions. This tax benefit was the primary reason for the variance from the statutory tax rate of 35%.

The Company received net refunds of $2.2 million and made net payments of $13.7 million for income taxes during the six months ended February 28, 2013 and February 29, 2012, respectively.

The reserve for unrecognized tax benefits related to the accounting for uncertainty in income taxes was $27.4 million and $12.4 million, exclusive of interest and penalties, as of February 28, 2013 and February 29, 2012, respectively.

The Company's policy classifies interest recognized on an underpayment of income taxes and any statutory penalties recognized on a tax position as tax expense and the balances at the end of a reporting period are recorded as part of the current or noncurrent reserve for uncertain income tax positions. For the three and six months ended February 28, 2013, before any tax benefits, the Company recorded immaterial amounts of accrued interest and penalties on unrecognized tax benefits.

During the next twelve months, it is reasonably possible that the statute of limitations may lapse pertaining to positions taken by the Company in prior year tax returns or that income tax audits in various taxing jurisdictions could be finalized. As a result, the total amount of unrecognized tax benefits may decrease by approximately $17.8 million, which would reduce the provision for taxes on earnings by an immaterial amount.

The Company files income tax returns in the United States and multiple foreign jurisdictions with varying statutes of limitations. In the normal course of business, the Company and its subsidiaries are subject to examination by various taxing authorities. The following is a summary of tax years subject to examination:

US Federal — 2008 and forward

US States — 2008 and forward

Foreign — 2005 and forward

The Company is currently under examination by the Internal Revenue Service and state revenue authorities from 2009 to 2011. Management believes the Company's recorded tax liabilities as of February 28, 2013 sufficiently reflect the anticipated outcome of these examinations.

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Discontinued Operations

6 Months Ended

Feb. 28, 2013

Discontinued Operations and Disposal Groups [Abstract]

Discontinued operations

NOTE 7. DISCONTINUED OPERATIONS

During the first quarter of fiscal 2012, the Company announced its decision to exit the steel pipe manufacturing operations in Croatia ("CMCS") by closure of the facility and sale of the assets. The Company determined that the decision to exit this business met the definition of a discontinued operation. As a result, the Company recorded severance cost of $18.0 million and this business has been presented as a discontinued operation for all periods presented. The Company sold a majority of CMCS' assets during fiscal 2012. The remaining assets were sold during the first quarter of fiscal 2013 for $3.9 million with no impact to the consolidated statements of operations.

As of February 28, 2013, the assets of discontinued operations have been presented as held for sale and are included in other current assets on the Company's consolidated balance sheets. Financial information for discontinued operations was as follows:

(in thousands)	February 28, 2013			August 31, 2012
Current assets	$	3,858		$	6,601
	Three Months Ended					Six Months Ended
(in thousands)	February 28, 2013			February 29, 2012		February 28, 2013		February 29, 2012
Revenue	$	—		$	9,858	$	—	$	24,002
Earnings (loss) before taxes	(46		)	1,794		342		(25,209		)

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Business Segments (Narrative) (Details) (USD $) In Millions, unless otherwise specified	6 Months Ended
	Feb. 28, 2013 segments	Feb. 28, 2013 Segment, Discontinued Operations [Member]	Aug. 31, 2012 Segment, Discontinued Operations [Member]
Number of operating segments	5
Total assets		$ 3.9	$ 6.6

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Severance

6 Months Ended

Feb. 28, 2013

Restructuring and Related Activities [Abstract]

Severance

NOTE 5. SEVERANCE

Severance cost recorded by the Company during the three and six months ended February 28, 2013 was not material. During the three and six months ended February 29, 2012, the Company recorded severance cost of $2.5 million and $22.3 million, respectively. The severance cost recorded during fiscal 2012 primarily related to the Company's discontinued operations. See Note 7, Discontinued Operations, for additional details.

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Dispositions

6 Months Ended

Feb. 28, 2013

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Dispositions

NOTE 6. DISPOSITIONS

During the first quarter of fiscal 2013, the Company completed the sale of its 11% ownership interest in Trinecke Zelezarny, a.s. ("Trinecke"), a Czech Republic joint-stock company, for $29.0 million resulting in a pre-tax gain of $26.1 million. The Trinecke investment was included in the International Marketing and Distribution segment. During the first quarter of fiscal 2012, the Company completed the sale of two properties that were previously joist & deck locations.

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Credit Arrangements

6 Months Ended

Feb. 28, 2013

Debt Disclosure [Abstract]

Credit Arrangements

NOTE 8. CREDIT ARRANGEMENTS

On December 27, 2011, the Company entered into a third amended and restated $300 million revolving credit facility that matures on December 27, 2016. The maximum availability under this facility can be increased to $400 million with the consent of both parties. The program's capacity, with a sublimit of $50 million for letters of credit, is reduced by outstanding stand-by letters of credit which totaled $29.3 million at February 28, 2013. Under the credit facility, the Company was required to maintain a minimum interest coverage ratio (adjusted EBITDA to interest expense, as each is defined in the facility) of not less than 3.00 to 1.00 for the twelve month cumulative period ended November 30, 2012 and for each fiscal quarter on a rolling twelve month cumulative period thereafter. At February 28, 2013, the Company's interest coverage ratio was 5.64 to 1.00. The credit facility also requires the Company to maintain a debt to capitalization ratio that does not exceed 0.60 to 1.00. At February 28, 2013, the Company's debt to capitalization ratio was 0.50 to 1.00. The credit facility provides for interest based on the LIBOR, the Eurodollar rate or Bank of America's prime rate.

During the third quarter of fiscal 2012, the Company terminated its existing interest rate swap transactions and received cash proceeds of approximately $53 million, net of customary finance charges. The resulting gain was deferred and is being amortized as a reduction to interest expense over the remaining term of the respective debt tranches. At February 28, 2013, the unamortized portion was $41.1 million and the amortization of the deferred gain was $2.9 million and $5.8 million for the three and six months ended February 28, 2013, respectively.

The Company has uncommitted credit facilities available from domestic and international banks. In general, these credit facilities are used to support trade letters of credit (including accounts payable settled under bankers' acceptances), foreign exchange transactions and short-term advances which are priced at market rates.

Long-term debt, including the deferred gain from the termination of the interest rate swaps, was as follows:

(in thousands)	Weighted Average Interest Rate as of February 28, 2013	February 28, 2013		August 31, 2012
$200 million notes at 5.625% due November 2013	3.5%	$	202,857	$	204,873
$400 million notes at 6.50% due July 2017	5.7%	413,005		414,491
$500 million notes at 7.35% due August 2018	6.4%	525,241		527,554
Other, including equipment notes		13,376		14,407
		1,154,479		1,161,325
Less current maturities		204,072		4,252
		$	950,407	$	1,157,073

Interest on the notes is payable semiannually.

CMCP has uncommitted credit facilities of $77.1 million with several banks with expiration dates ranging from March 31, 2013 to November 30, 2013. At February 28, 2013, $47.4 million was outstanding under these facilities and is included in notes payable on the Company's consolidated balance sheets. The weighted average interest rate on these facilities was 5.4% at February 28, 2013.

Interest of $0.3 million and $0.8 million was capitalized in the cost of property, plant and equipment constructed for the three and six months ended February 28, 2013, respectively, and $0.1 million and $0.5 million for the three and six months ended February 29, 2012, respectively. Interest of $33.7 million and $38.3 million was paid during the three and six months ended February 28, 2013, respectively, and $30.2 million and $34.6 million during the three and six months ended February 29, 2012, respectively.

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Inventories (Narrative) (Details) (USD $) In Millions, unless otherwise specified	Feb. 28, 2013	Aug. 31, 2012
Inventory Disclosure [Abstract]
Inventory, LIFO reserve	$ 238.1	$ 261.8
Percentage of total inventory valued at LIFO	42.00%	55.00%
Raw materials	$ 97.2	$ 68.0

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Derivatives And Risk Management (Derivative Liabilities) (Details) (USD $) In Thousands, unless otherwise specified	Feb. 28, 2013		Aug. 31, 2012
Derivatives, Fair Value [Line Items]
Derivative liabilities (accrued expenses, other payables and long-term liabilities)	$ 1,493	[1]	$ 3,547	[1]
Commodity [Member] | Designated for hedge accounting [Member]
Derivatives, Fair Value [Line Items]
Derivative liabilities (accrued expenses, other payables and long-term liabilities)	8		2
Commodity [Member] | Not designated for hedge accounting [Member]
Derivatives, Fair Value [Line Items]
Derivative liabilities (accrued expenses, other payables and long-term liabilities)	1,052		993
Foreign exchange [Member] | Designated for hedge accounting [Member]
Derivatives, Fair Value [Line Items]
Derivative liabilities (accrued expenses, other payables and long-term liabilities)	250		1,272
Foreign exchange [Member] | Not designated for hedge accounting [Member]
Derivatives, Fair Value [Line Items]
Derivative liabilities (accrued expenses, other payables and long-term liabilities)	179		1,248
Other [Member] | Not designated for hedge accounting [Member]
Derivatives, Fair Value [Line Items]
Derivative liabilities (accrued expenses, other payables and long-term liabilities)	$ 4		$ 32

[1] * Derivative assets and liabilities do not include the hedged items designated as fair value hedges.

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Capital Stock

6 Months Ended

Feb. 28, 2013

Stockholders' Equity Note [Abstract]

Capital stock

NOTE 13. CAPITAL STOCK

On December 6, 2012, the Company amended the stockholder rights plan (the "Rights Agreement") dated as of July 30, 2011. As a result of the amendment, the rights to purchase Series B Junior Participating Preferred Stock of the Company pursuant to the Rights Agreement expired at 5:00 p.m. (Dallas, Texas time) on December 6, 2012 (the "Final Expiration Date"), and the Rights Agreement effectively terminated as of such time.

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Goodwill And Other Intangible Assets (Tables)

6 Months Ended

Feb. 28, 2013

Goodwill and Intangible Assets Disclosure [Abstract]

Changes in the carrying amount of goodwill

The following table details the changes in the carrying amount of goodwill by reportable segment:

	Americas						International
(in thousands)	Recycling		Mills		Fabrication		Mill		Marketing and Distribution			Consolidated
Balance at August 31, 2012	$	7,267	$	295	$	57,144	$	2,685	$	9,506		$	76,897
Foreign currency translation	—		—		—		116		(54		)	62
Balance at February 28, 2013	$	7,267	$	295	$	57,144	$	2,801	$	9,452		$	76,959

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Derivatives And Risk Management (Effective Portion of Derivatives Designated as Cash Flow Hedging Instruments Reclassified from Accumulated Other Comprehensive Income (Loss)) (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended		6 Months Ended
	Feb. 28, 2013	Feb. 29, 2012	Feb. 28, 2013	Feb. 29, 2012
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss), net of taxes, for cash flow hedges reclassified from AOCI	$ 274	$ (3)	$ 396	$ (1,136)
Commodity [Member] | Cost of goods sold [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss), net of taxes, for cash flow hedges reclassified from AOCI	6	28	6	15
Foreign exchange [Member] | Net sales [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss), net of taxes, for cash flow hedges reclassified from AOCI	10	(36)	61	(1,193)
Foreign exchange [Member] | Cost of goods sold [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss), net of taxes, for cash flow hedges reclassified from AOCI	91	0	50	0
Foreign exchange [Member] | SG&A expenses [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss), net of taxes, for cash flow hedges reclassified from AOCI	66	(97)	76	(161)
Interest rate [Member] | Interest expense [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss), net of taxes, for cash flow hedges reclassified from AOCI	$ 101	$ 102	$ 203	$ 203

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Credit Arrangements (Narrative) (Details) (USD $)	3 Months Ended			6 Months Ended
	Feb. 28, 2013	May 31, 2012	Feb. 29, 2012	Feb. 28, 2013	Feb. 29, 2012
Debt Instrument [Line Items]
Net proceeds from termination of interest rate swaps		$ 53,000,000
Deferred gain on termination of interest rate swaps	41,100,000			41,100,000
Amortization of interest rate swaps termination gain	2,900,000			5,815,000	0
Interest costs capitalized	300,000		100,000	800,000	500,000
Interest paid	33,700,000		30,200,000	38,300,000	34,600,000
CMCP [Member]
Debt Instrument [Line Items]
Line of credit facility, current borrowing capacity	77,100,000			77,100,000
Line of credit facility, amount outstanding	47,400,000			47,400,000
Short-term debt weighted average interest rate	5.40%			5.40%
Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Line of credit facility, current borrowing capacity	300,000,000			300,000,000
Revolving credit facility, maturity date				Dec. 27, 2016
Revolving credit facility, maximum borrowing capacity	400,000,000			400,000,000
Minimum interest coverage ratio				300.00%
Actual interest coverage ratio	564.00%			564.00%
Maximum debt to capitalization ratio				60.00%
Actual debt to capitalization ratio	50.00%			50.00%
Letter of Credit [Member]
Debt Instrument [Line Items]
Line of credit facility, current borrowing capacity	50,000,000			50,000,000
Stand by letters of credit outstanding amount	$ 29,300,000			$ 29,300,000

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Consolidated Balance Sheets (USD $) In Thousands, unless otherwise specified	Feb. 28, 2013	Aug. 31, 2012
Current assets:
Cash and cash equivalents	$ 170,097	$ 262,422
Accounts receivable (less allowance for doubtful accounts of $10,650 and $9,480)	988,482	958,364
Inventories, net	892,688	807,923
Other	172,229	211,122
Total current assets	2,223,496	2,239,831
Property, plant and equipment:
Land	78,210	79,123
Buildings and improvements	490,260	483,708
Equipment	1,687,390	1,656,328
Construction in process	54,310	41,036
Property, plant and equipment, Gross	2,310,170	2,260,195
Less accumulated depreciation and amortization	(1,329,704)	(1,265,891)
Property, plant and equipment, Net	980,466	994,304
Goodwill	76,959	76,897
Other assets	128,544	130,214
Total assets	3,409,465	3,441,246
Current liabilities:
Accounts payable-trade	412,592	433,132
Accounts payable-documentary letters of credit	90,038	95,870
Accrued expenses and other payables	269,619	343,337
Notes payable	47,403	24,543
Current maturities of long-term debt	204,072	4,252
Total current liabilities	1,023,724	901,134
Deferred income taxes	27,363	20,271
Other long-term liabilities	111,089	116,261
Long-term debt	950,407	1,157,073
Total liabilities	2,112,583	2,194,739
Commitments and contingencies
Stockholders' equity:
Common stock, par value $0.01 per share; authorized 200,000,000 shares; issued 129,060,664 shares; outstanding 116,878,209 and 116,351,424 shares	1,290	1,290
Additional paid-in capital	362,273	365,778
Accumulated other comprehensive income (loss)	(1,247)	(18,136)
Retained earnings	1,171,776	1,145,445
Less treasury stock, 12,182,455 and 12,709,240 shares at cost	(237,365)	(248,009)
Stockholders' equity attributable to CMC	1,296,727	1,246,368
Stockholders' equity attributable to noncontrolling interests	155	139
Total equity	1,296,882	1,246,507
Total liabilities and stockholders' equity	$ 3,409,465	$ 3,441,246

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Sales Of Accounts Receivable

6 Months Ended

Feb. 28, 2013

Transfers and Servicing [Abstract]

Sales of accounts receivable

NOTE 2. SALES OF ACCOUNTS RECEIVABLE

The Company has a domestic sale of accounts receivable program which expires on December 26, 2014. Under the program, the Company periodically contributes, and several of its subsidiaries periodically sell without recourse, certain eligible trade accounts receivable to CMC Receivables, Inc. ("CMCRV"), a wholly-owned subsidiary of the Company. CMCRV is structured to be a bankruptcy-remote entity and was formed for the sole purpose of buying and selling receivables generated by the Company. Depending on the Company's level of financing needs, CMCRV sells the trade accounts receivable in their entirety to two third-party financial institutions. The third-party financial institutions advance up to a maximum of $200 million for all receivables, and the remaining portion due to the Company is deferred until the ultimate collection of the underlying receivables. The Company accounts for sales to the financial institutions as true sales, and the cash advances for receivables are removed from the consolidated balance sheets and are reflected as cash provided by operating activities. Additionally, the receivables program contains certain cross-default provisions whereby a termination event could occur if the Company defaulted under certain of its credit arrangements. The covenants contained in the receivables purchase agreement are consistent with the credit facility described in Note 8, Credit Arrangements.

At February 28, 2013 and August 31, 2012, the Company sold $407.0 million and $406.9 million of receivables, respectively, to the third-party financial institutions and received $15.0 million and $10.0 million, respectively, as advance payments. The remaining amounts of $392.0 million and $396.9 million, respectively, are the deferred purchase prices and are included in trade receivables on the Company's consolidated balance sheets.

In addition to the domestic sale of accounts receivable program described above, the Company's international subsidiaries in Europe and Australia periodically sell accounts receivable without recourse. These arrangements constitute true sales, and once the accounts are sold, they are no longer available to the Company's creditors in the event of bankruptcy. Uncollected accounts receivable sold under these arrangements and removed from the consolidated balance sheets were $52.8 million and $95.1 million as of February 28, 2013 and August 31, 2012, respectively. The Australian program contains financial covenants in which the subsidiary must meet certain coverage and tangible net worth levels, as defined. At February 28, 2013, the Australian subsidiary was not in compliance with these covenants. The Company provided a guarantee of the Australian subsidiary's performance which resulted in the financial covenants being waived at February 28, 2013.

During the six months ended February 28, 2013 and February 29, 2012, proceeds from the domestic and international sales of receivables were $603.0 million and $988.7 million, respectively, and cash payments to the owners of receivables were $640.3 million and $884.2 million, respectively. The Company is responsible for servicing the receivables for a nominal servicing fee. Discounts on domestic and international sales of accounts receivable were $0.9 million and $2.1 million for the three and six months ended February 28, 2013, respectively, and $1.8 million and $3.5 million for the three and six months ended February 29, 2012, respectively. These discounts primarily represent the cost of funds and are included in selling, general and administrative expenses in the Company's consolidated statements of operations.

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Earnings Per Share Attributable To CMC (Narrative) (Details)	3 Months Ended		6 Months Ended
	Feb. 28, 2013	Feb. 29, 2012	Feb. 28, 2013	Feb. 29, 2012
Earnings Per Share [Abstract]
Number of antidilutive securities excluded from computation of diluted earnings per share	2,000,000	2,200,000	2,000,000	2,200,000
Treasury Stock, Shares, Acquired	0
Stock Repurchase Program, Remaining Number of Shares Authorized to be Repurchased	8,259,647		8,259,647

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Discontinued Operations (Tables)

6 Months Ended

Feb. 28, 2013

Discontinued Operations and Disposal Groups [Abstract]

Financial information for discontinued operations

Financial information for discontinued operations was as follows:

(in thousands)	February 28, 2013			August 31, 2012
Current assets	$	3,858		$	6,601
	Three Months Ended					Six Months Ended
(in thousands)	February 28, 2013			February 29, 2012		February 28, 2013		February 29, 2012
Revenue	$	—		$	9,858	$	—	$	24,002
Earnings (loss) before taxes	(46		)	1,794		342		(25,209		)

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Dispositions (Narrative) (Details) (USD $)	3 Months Ended		6 Months Ended		3 Months Ended
	Feb. 28, 2013	Feb. 29, 2012	Feb. 28, 2013	Feb. 29, 2012	Nov. 30, 2012 Trinecke Zelezarny [Member]	Nov. 30, 2011 Joist And Deck Operations [Member] properties
Percentage of ownership before transaction					11.00%
Business divestiture disposal price					$ 29,000,000
Cost-method investments, pre-tax gains	$ 0	$ 0	$ 26,088,000	$ 0	$ 26,100,000
Number of properties sold						2

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Share-based Compensation

6 Months Ended

Feb. 28, 2013

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Share-based compensation

NOTE 12. SHARE-BASED COMPENSATION PLANS

The interim information below should be read in conjunction with the disclosures included in CMC's Annual Report on Form 10-K for the year ended August 31, 2012. Restricted stock units ("RSUs") and performance stock units ("PSUs") totaling 1.6 million and 0.5 million, respectively, were granted during the six months ended February 28, 2013 and February 29, 2012, respectively, at a weighted-average fair value of $13.44 and $10.64, respectively. The Company granted 0.2 million and 0.8 million in stock appreciation rights ("SARs") at a weighted average exercise price of $14.25 and $11.63 during the six months ended February 28, 2013 and February 29, 2012, respectively. The RSUs, PSUs and SARs granted during fiscal 2013 and 2012 will vest over a period of three years.

Total share-based compensation expense recognized as a component of selling, general and administrative expenses was $3.6 million and $7.2 million for the three and six months ended February 28, 2013, respectively, and $2.1 million and $6.0 million for the three and six months ended February 29, 2012, respectively.

Share-Based Liability Awards The Company granted 234,109 and 1,132,204 equivalent shares of cash-settled RSUs, PSUs and stock appreciation rights ("SARs") during the six months ended February 28, 2013 and February 29, 2012, respectively . The PSUs vest upon the achievement of performance goals and objectives of the Company over the performance period. The RSUs and SARs vest over a three year period. The Company has accounted for these cash-settled awards as a liability and the value is adjusted to the current share price of CMC's common stock at each reporting period. As of February 28, 2013, the Company had 1,475,580 equivalent shares in awards outstanding. The Company expects 1,117,350 equivalent shares to vest.