A highly competitive industry with cyclical end markets and sensitivity to economic conditions Vertically integrated and geographically diversified operations We expect funds from operations (FFO) to net debt (20% to 30%) and EBITDA interest coverage (3x to 6x) to be consistent with a significant financial risk profile Strong liquidity due to the availability of the revolving credit facility to support spikes in working capital needs related to metals and scrap price volatility The stable outlook reflects Standard&Poor's Ratings Services' expectation that Irving, Texas-based Commercial Metals Co.'s operating performance will remain relatively flat in fiscal 2016; however, margin could be under some pressure due to the challenging price environment that stems from steel imports. We also expect that performance
