Sathish Kasinathan

Katja Jancic

Tristan Gresser

Bill Peterson

Mike Harris

Phil Gibbs

Philip Gibbs

Timna Tanners

Alexander Hacking

Andrew Jones

Michael Harris

- **Commercial Metals Company (CMC)** received an **adverse ruling** on its post-trial motions in the **Pacific Steel Group v. Commercial Metals Co. litigation** on **September 29, 2025**.  **[22444_0001193125-25-225109_d23307dex991.htm:0]** 
- The court **upheld the jury's verdict** from **November 5, 2024**, which was in favor of Pacific Steel Group.  **[22444_0001193125-25-225109_d23307dex991.htm:0]** 
- CMC expressed **disappointment** with the outcome and plans to **appeal** the decision to the U.S. Court of Appeals for the Ninth Circuit.  **[22444_0001193125-25-225109_d23307dex991.htm:0]**

Commercial Metals Co. Receives Adverse Ruling in Pacific Steel Group Litigation

- Commercial Metals Company (CMC) received an **adverse ruling** on its post-trial motions in the Pacific Steel Group v. Commercial Metals Co. litigation on **September 29, 2025**.  **[22444_20250930DA87047:0]** 
- The court upheld the jury's verdict, which was issued on **November 5, 2024**, in favor of Pacific Steel Group.  **[22444_20250930DA87047:0]** 
- CMC is **disappointed** by the outcome and **plans to appeal** the decision to the U.S. Court of Appeals for the Ninth Circuit, stating it will vigorously defend its position.  **[22444_20250930DA87047:0]**

CMC Announces Adverse Ruling in Pacific Steel Group Litigation

- **Commercial Metals Company (CMC)** announced the acquisition of **Concrete Pipe and Precast LLC (CPNP)** for a total consideration of **$675 million**.  **[22444_2147344_1]** **[22444_2147344_4]**  This acquisition is intended to establish a scalable new growth platform in the precast industry, which features higher, more stable margins and lower capital intensity compared to CMC's traditional steel operations.  **[22444_2147344_1]** 
- The transaction is expected to be **immediately accretive** to earnings and cash flow per share, with anticipated annual run-rate synergies of **$5 to $10 million** by the end of year three.  **[22444_2147344_4]** 
- CPNP is projected to generate slightly over **$70 million** in EBITDA for calendar year 2025, with EBITDA margins in the low to mid-20% range.  **[22444_2147344_9]**  The valuation represents a **9.5 times** multiple on CPNP's expected calendar 2025 EBITDA, which reduces to approximately **8.5 times** when considering cash tax savings.  **[22444_2147344_4]** 
- The acquisition is subject to regulatory approval and customary closing conditions, with completion expected by the **end of calendar 2025**.  **[22444_2147344_4]**  Upon closing, CMC's pro forma post-transaction net debt to EBITDA ratio is anticipated to remain modest at approximately **1.1 times**.  **[22444_2147344_4]**

Commercial Metals Company Announces Acquisition of Concrete Pipe and Precast LLC

- Commercial Metals Company (CMC) announced on **September 18, 2025**, its definitive agreement to acquire Concrete Pipe & Precast, LLC (CP&P) for a cash purchase price of **$675 million**.  **[22444_0001193125-25-206788_d875668dex991.htm:1]** **[22444_0001193125-25-206788_d875668d8k.htm:1]** 
- The purchase price represents a multiple of **9.5x CP&P's forecasted 2025 EBITDA**, which is reduced to approximately **8.5x** when anticipated cash tax benefits are included.  **[22444_0001193125-25-206788_d875668dex991.htm:1]** **[22444_0001193125-25-206788_d875668dex992.htm:9]** 
- The transaction is expected to be immediately **accretive to earnings per share and free cash flow per share** in the first year, with annual run-rate synergies of **$5 million to $10 million** anticipated by year three.  **[22444_0001193125-25-206788_d875668dex991.htm:1]** **[22444_0001193125-25-206788_d875668dex992.htm:9]** 
- The closing of the acquisition is expected to occur in **December 2025**, subject to regulatory approval and customary closing conditions.  **[22444_0001193125-25-206788_d875668d8k.htm:1]** **[22444_0001193125-25-206788_d875668dex992.htm:9]**

CMC Announces Acquisition of Concrete Pipe & Precast (CP&P)

- Commercial Metals Company (CMC) announced on **September 18, 2025**, a definitive agreement to acquire Concrete Pipe & Precast, LLC (CP&P) for a **cash purchase price of $675 million**.  **[22444_20250918DA76871:0]** 
- The acquisition is expected to be **immediately accretive to earnings per share and free cash flow per share**, with anticipated annual run-rate synergies of **$5 million to $10 million** by year three.  **[22444_20250918DA76871:0]** 
- The purchase price represents a multiple of **9.5x CP&P's forecasted 2025 EBITDA**, which is reduced to **approximately 8.5x** when including cash tax benefits.  **[22444_20250918DA76871:0]** 
- This strategic move expands CMC's commercial portfolio in early-stage construction solutions, establishing a scalable growth platform in the **$30 billion** domestic precast concrete industry.  **[22444_20250918DA76871:0]** **[22444_20250918DA76871:1]**

CMC to Acquire Concrete Pipe & Precast, LLC

- Comstock Inc. announced on **August 25, 2025**, the purchase of all equipment for its **100,000 ton per year** solar panel recycling facility in Silver Springs, Nevada, with **$5.1 million** in deposits paid towards a total equipment cost of approximately **$10.5 million**.  **[22444_80afb6990d7242719302c7c46b612e8e_0]** 
- An additional **$1.5 million** is planned for expanded storage, utility upgrades, and commissioning of the facility, which is expected to be commissioned in **Q1 2026** and continuously operated in **Q2 2026**.  **[22444_80afb6990d7242719302c7c46b612e8e_0]** 
- Comstock Metals projects its 2025 billable revenues to exceed **$3.5 million**, representing an **eight-fold increase** compared to 2024.  **[22444_80afb6990d7242719302c7c46b612e8e_0]**

COMMERCIAL METALS (CMC)