Overview Key strengths Key risks Well-positioned footprint in the U.S. and Poland; the largest producer of rebar in the U.S. The company's main product, rebar steel, is low value-added and subject to competition from cheap imports. Competitive cost position due to micro- and mini-mill electric arc furnace (EAF) capacity and backward integration into scrap. Potential for shifts in profitability due to volatile rebar steel and scrap prices. Strong credit metrics with expected debt to EBITDA of less than 1x in fiscal 2023. Significant exposure to highly cyclical end markets, such as nonresidential construction and infrastructure. Acquisition of Tensar Corp. solidifies market position in construction products and supports margin expansion. Limited geographic and asset diversity with most operations and mills (about
