The document provides an overview of CMC's business model which focuses on vertical integration, product diversification, and global geographic dispersion. It then discusses CMC's current market conditions and outlook across different geographic regions and product lines, including details on earnings expectations, capital investment projects, and quarterly financial statistics. The document also reviews factors influencing costs and selling prices for CMC's various steel manufacturing operations in North America.

1. CMC – Business Model
Vertical Integration
Product Diversification
Global Geographic Dispersion
2nd Quarter 2008 2
2nd Quarter 2008
Current Market Conditions & Outlook North America
Across the Board, Geographies and Product Lines Backlogs Overall Strong, But Signs of Weakness
are Exhibiting Unprecedented Upward Price Strength in Light Commercial Construction (Joist)
There Will be a Correction, but When? Strongest Markets are Highway, Some Heavy
Commercial
Fallback Will Still be to Higher Benchmark Levels
Rebar Imports Will Not be a Factor Until Earliest
Expected 3rd Qtr. Earnings Range – $0.70 to $0.80
Late Summer
with $0.11 LIFO Expense
Weak Dollar, Better International Pricing, Strong
Poland Likely to Have the Largest Change 2nd Qtr. to
Freight (But Pullback from Previous Quarter)
3rd Qtr.
– China to U.S. Gulf $69/MT
CMCS (Croatia) – 2nd Qtr. Operating Loss of $6.4
– S.E. Asia to U.S. Gulf $75/MT
Million; Now Expect Continuing but Smaller Losses
in 3rd and 4th Quarter – Black Sea (Turkey) to U.S. Gulf $70/MT
Ferrous Scrap Prices Continue Climb to Record
High (Current Shredded Over $400/LT
3 4
2nd Quarter 2008 2nd Quarter 2008
1

2. North America Europe
Service Center Inventory 10-Year Low, But No Chinese Exit from Semis and Rebar Spur
Gorge Buying Yet Markets
Nonferrous Scrap Results Should be Steady in a Poland Not Troubled by Turkish Imports;
Volatile Pricing Environment Rebar Pricing $940+MT FOB Stowed
Copper Tube Strong on Commercial Market and Billets $900/MT C&F
Loss of Competitor Middle East Rebar $1,100/MT CFR
Raw Material Markets Extremely Favorable Croatia – Bidding Activity Picking Up, But
Losses Likely Until End of FY 2008
5 6
2nd Quarter 2008 2nd Quarter 2008
Asia Project Review
Arizona Micro Mill
All Evidence Points to 12-15 Million Cutback in – $155 Million
Net Exports from China in 2008 – 281,000 Tons of Rebar
– Expected Commissioning August 2009
No Steel Semis Exported in February Polish Wire Rod Block
– $40 Million
Result is Higher Asian Steel Prices
– Additional 100,000 Tons of Rod/Rebar/Coils
Iron Ore Settlements at 65% to 87% Increases – Expected Commissioning End of 2008
Polish Flexible Section Mill
Depending on Product Grade
– $170 Million
Increase Will Support Scrap and, in Turn, – 650,000 MT
– Increased Product Range; Higher Quality Wire Rod / Larger Sizes
Higher Finished Good Prices
– Expected Commissioning Early 2010
SAP Implementation
– $119.4 Million Invested Through February 29, 2008
– Expect Two More Quarters at $14 Million Expense then Some Tail Off
– Corporate, CMC Texas, U.S. Payroll Live 1/1/2008; CMCZ (Poland)
Go Live 4/1/2008
7 8
2nd Quarter 2008 2nd Quarter 2008
2

3. CMC Steel Arizona Groundbreaking
SAP Benefits
Mesa, Arizona
Expected Return on Investment is 25%+
Platform for Future Growth with Ability to Rapidly Integrate
Acquisitions
Entire Corporation Will be on a Single System with Identical
Functionality
Total Visibility Across the Entire Corporation; Real Time
Information for Decisions; Faster, More Accurate
Processings; Better Controls
Largest Benefit Areas
– Reduced Inventory
– Production Scheduling by Optimal Demand Planning and
Location
– Coordinated Transportation and Logistic Admin
– Improved Maintenance Through Preventive Strategies
– Leverage Global Purchasing
9 10
2nd Quarter 2008 2nd Quarter 2008
Quarterly Net Sales
($ in Millions)
$3,000
2,403 2,337
2,346
2,203
$2,500
2,016
$2,000
$1,500
$1,000
$500
Statistics
$0
2Q07 3Q07 4Q07 1Q08 2Q08
Discontinued Operations
12
2nd Quarter 2008
3

4. Return on Beginning Equity Quarterly Earnings Per Share
$1.25
50.0 43.3
0.86
39.6
0.82
$1.00
40.0
29.1 0.57
0.54
$0.75
26.0
30.0
0.34
$0.50
20.0 12.3
10.7 9.4
$0.25
5.7
10.0 3.8
$0.00
0.0
2Q07 3Q07 4Q07 1Q08 2Q08
1999 2000 2001 2002 2003 2004 2005 2006 2007
13 14
2nd Quarter 2008 2nd Quarter 2008
LIFO Expense (Income) Pre-Tax
LIFO Earnings Analysis
(Thousands)
1st Qtr. 2nd Qtr.
4th Qtr.
2nd Qtr. 3rd Qtr.
2007 2008 2008
1.25 2007 2007
1.13
1.04
Americas
0.96
(1,774) 10,276 (9,292) 1,832 4,969
1.00
Recycling
0.86
0.85
0.82 0.81
0.75
Americas
0.71
7,683 15,805 (135) (3,863) 18,193
0.75 0.66
0.65 0.64 Mills
0.63 0.62
0.57
0.55
0.54
Americas
14,139 2,911 (3,124) 4,307 35,160
0.50 Fab & Dist.
0.34
International
(1,149) 1,963 3,743 (6,538) 632
0.25 Fab & Dist.
18,899 30,955 (8,808) (4,262) 58,954
Total
0.00
2Q06 3Q06 4Q06 1Q07 2Q07 3Q07 4Q07 1Q08 2Q08
LIFO Reported Earnings
15 16
Earnings Before LIFO Adjustment
2nd Quarter 2008 2nd Quarter 2008
4

5. Dividend Payout Per Share
Investments
by Fiscal Year ($ in Millions)
0.48 494
$0.50 Sisak & Other Acq.
500 Mills – AZ & Poland
450
$0.40 SAP
0.33 400 CapEx
350
$0.30
300
206
250
0.17
$0.20
200
0.12 131
110
0.09
0.08 150
0.07
$0.10
52
50
100
50
$0.00
0
2002 2003 2004 2005 2006 2007 Annual
2003 2004 2005 2006 2007 Projected
Rate
2008
17 18 Note: Excludes Acquisitions, Except for 2008
2nd Quarter 2008 2nd Quarter 2008
Adjusted Operating Profit
Adjusted Operating Profit
by Segment ($ in Millions)
Americas
2nd Qtr. 2008
2nd Qtr. 2007 Recycling
$50
13% (7)% 9% 20%
19%
$40
26.3
19% 25.6
8% 25% $30
53% $20
41%
$10
$0
2Q07 2Q08
Americas Fab
Americas International Fab
International
Americas
& Distribution
Mills & Distribution
Recycling Mills
19 20
2nd Quarter 2008 2nd Quarter 2008
5

6. Average Selling Prices Quarterly Scrap Shipments
(Tons 000’s)
Americas Americas
Recycling Recycling
350 3.40
$323
325
300 2.90
275
$2.54 826
1,000
727
250 2.40
CU & AL $ Pound
Ferrous $ Tons
800
225
200 1.90
600
175
400
150 1.40
125
200
100 0.90
$0.77
0
75
2Q07 2Q08
50 0.40
Feb-05 Aug-05 Feb-06 Aug-06 Feb-07 Aug-07 Feb-08
Ferrous Nonferrous
Ferrous Aluminum Copper
21 22
Source: CMC
2nd Quarter 2008 2nd Quarter 2008
Americas Steel Mills
Adjusted Operating Profit
Product Mix
($ in Millions)
Americas Americas (Tons 000’s)
Mills Mills
$120
630
613
800 594
563 548
700
$100
600
$80
500 328 309
311 364
331
56.2 55.3
400
$60
300
$40 200 220 285 266
252 282
100
$20
0
2Q07 3Q07 4Q07 1Q08 2Q08
$0
2Q07 2Q08
Merchant Shapes, Billets & Rebar
23 24
Structurals
2nd Quarter 2008 2nd Quarter 2008
6

7. Americas Steel Mills Americas Steel Mill Margins
Average Selling Prices 2nd Quarter Comparisons
Americas Americas
($ per Ton)
Mills Mills
FY FY
CMC-TX CMC-AL CMC-SC CMC-AR
2008 2007 Change
$700
672 Avg. Selling Price $657 $556 101
658
$650
630
$600 630 Cost of Scrap Utilized $292 $215 77
$550
Metal Margin $324 $326 (2)
$500
$450
Tons Shipped* 630 563 67
$400
Billet Tons Shipped* 113 51 62
$350
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No
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*Tons in thousands
25 26
2nd Quarter 2008 2nd Quarter 2008
Electric Rates by Quarter Natural Gas Rates by Quarter
Americas Americas
Mills Mills CMC-TX CMC-AL CMC-SC CMC-AR
20.00
CMC-TX CMC-AL CMC-SC CMC-AR
6.00 17.00
Cents/KWH
14.00
$/MCF
5.00
11.00
4.00
8.00
3.00 5.00
2.00
2.00
2Q06 3Q06 4Q06 1Q07 2Q07 3Q07 4Q07 1Q08 2Q08
2Q06 3Q06 4Q06 1Q07 2Q07 3Q07 4Q07 1Q08 2Q08
27 28
2nd Quarter 2008 2nd Quarter 2008
7

8. Copper Tube Manufacturing
Percentage of Manufactured Cost Per Ton
Average Prices
Average of Mills in Texas / Alabama / South Carolina
Americas Americas
Mills Mills 6.00
Year Year
Ended Ended
YTD 5.00 LY Avg – 3.50 CY Avg – 3.83
8/31/07 8/31/01
02/29/08
Selling
4.00
Material (Scrap) 54% 51% 35%
P r ic e P e r P o u n d
Supplies
3.00 Cost
12% 11% 15%
(Electrodes/Alloys) CY Avg – 3.08
LY Avg – 2.78
Utilities (Electricity/Gas) 8% 9% 13% 2.00
Maintenance 6% 7% 8%
1.00
Labor 5% 5% 8%
0.00
Depreciation 2% 3% 6%
Other
l
t
t
13% 14% 15%
r
b
n
b
r
p
p
y
g
Ja c
Ja c
v
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Ju
Oc
Oc
07
08
Ap
Ma
De
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Fe
Ju
Fe
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Se
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No
Au
No
n-
n-
29 30
2nd Quarter 2008 2nd Quarter 2008
Copper Tube Manufacturing Adjusted Operating Profit
Pounds Shipped ($ in Millions)
Americas Americas
(in Millions)
Fabrication
Mills
& Distribution $30
24
20.3
21
$20
16.7
18 15.7
11.7
14.5
13.9
13.5
15
11.7
11.5
10.4
12 $10
9
(7.6)
6
$0
3
2Q07 2Q08
0
2Q06 3Q06 4Q06 1Q07 2Q07 3Q07 4Q07 1Q08 2Q08
31 32
2nd Quarter 2008 2nd Quarter 2008
8

9. Shipments Average Selling Prices*
(Tons 000’s)
Americas Americas
Fabrication Fabrication
& Distribution & Distribution
600
2nd Quarter
500 429 428 2008 2007
395
366 376
400
Rebar $871 $817
300 Joist $1,310 $1,160
Deck $1,226
200 –
Structural $2,662 $2,459
100
Fence Post $742 $713
0
2Q07 3Q07 4Q07 1Q08 2Q08
*Excludes Stock and Buyout Sales
Posts
Structurals Deck Joist
Rebar
33 34
2nd Quarter 2008 2nd Quarter 2008
CMCS (Croatia)
CMCZ (Poland)
Adjusted Operating Profit Adjusted Operating Profit
International ($ in Millions) International ($ in Millions)
Mills Mills
$20
$50
$45
$15
$40
$35 26.0
$10
$30
$25
16.1
$5
$20
(4.5) (6.4)
$15
$0
$10
$5 (6 .4 )
-$5
$0
2Q07 2Q08
-$10
1Q08 2Q08
35 36
2nd Quarter 2008 2nd Quarter 2008
9

10. CMCZ Mill Margins CMCS Mill Margins
2nd Quarter FY Comparisons 2nd Quarter FY 2008
International International
Mills Mills
2008 2007
Avg. Selling Price (PLN) 1,414 1,486 Tons Melted 2,600
Cost of Scrap Utilized (PLN) 825 826 Tons Rolled 12,100
Metal Margin (PLN) 589 660 Tons Shipped 9,200
Rebar Tons Shipped* 182 176 Welded Tons Shipped 7,000
Wire Rod Tons Shipped* 140 147 Drawn Tons Shipped 800
Billet Tons Shipped* 81 46 Seamless Tons Shipped 1,400
Total Tons Shipped* 403 369 % Domestic 45%
% Domestic 59% 57%
37 38
*Tons in thousands
2nd Quarter 2008 2nd Quarter 2008
Adjusted Operating Profit Investor Information
($ in Millions)
Non-GAAP Financial Measures
International
and Regulation G
Fabrication
& Distribution
This written and verbal presentation may use financial
$40
statement measures considered non-GAAP financial measures
$35
by the Securities and Exchange Commission (SEC).
$30
21.7
In compliance with the SEC’s Regulation G, we have
$25
17.3
$20
provided on our web site at
$15
www.cmc.com
$10
$5
a reconciliation to the most comparable GAAP measure and
$0
2Q07 2Q08
other information that may be of interest to investors.
LIFO
Expense (Income): (1.1) 0.6
39 40
2nd Quarter 2008 2nd Quarter 2008
10

11. Forward-Looking Statements
This written and verbal presentation may contain forward-looking
statements regarding the outlook for the Company's financial results
including net earnings, product pricing and demand, production rates,
inventory levels, impact of acquisitions, credit conditions and general
market conditions. These forward-looking statements generally can be
identified by phrases such as the company or its management “expect,”
“anticipates,” “believe,” “ought,” “should,” “likely,” “appears,” “projected,”
“forecast,” “outlook,” “will” or other words or phrases of similar impact.
There is inherent risk and uncertainty in any forward-looking statements.
Variances will occur and some could be materially different from
management's current opinion. Developments that could impact the
Company's expectations include construction activity, difficulties or delays
in the execution of construction contracts resulting in cost overruns or
contract disputes, metals pricing over which the Company exerts little
influence, interest rate changes, increased capacity and product availability
from competing steel minimills and other steel suppliers including import
quantities and pricing, court decisions, industry consolidation or changes in
production capacity or utilization, the ability to integrate acquisitions into
operations; global factors including political and military uncertainties,
credit availability, currency fluctuations, energy and supply prices and
decisions by governments impacting the level of steel imports and pace of
overall economic activity, particularly China.
41
2nd Quarter 2008
11