This report does not constitute a rating action. Recent acquisitions and growth investments will strengthen leverage to the high-1x area over the next 24 months. Commercial Metals Co. (CMC) completed its acquisitions of Concrete Pipe&Precast LLC and Foley Products Co. LLC for approximately $675 million and $1.84 billion, respectively, in fiscal 2026 (year-ended Aug. 31, 2026). These debt-financed acquisitions increased the company's leverage to 2.5x in fiscal 2026 from 1.1x in fiscal 2025. Despite the increase in its leverage, S&P Global Ratings believes the acquired businesses--together with CMC's capacity expansion projects such as Arizona 2, Steel West Virginia, and the second GalvaBar line in Knoxville, as well sustained operating improvements under management's TAG initiatives--will likely support increased EBITDA,
