Arcosa is a Dallas-based manufacturer and producer of infrastructure-related products, operating across two core segments after a multi-year portfolio transformation. Construction Materials is Arcosa's largest business, where Arcosa mines and processes natural aggregates (crushed stone, sand, gravel), recycled aggregates, specialty materials, and asphalt mix — the basic inputs for roads, bridges, buildings, and utility infrastructure. Arcosa operates primarily in Texas and New Jersey, with the $1.2B acquisition of Stavola in October 2024 adding a vertically integrated aggregates and asphalt platform in the New York-New Jersey metro area. Arcosa claims to be the largest U.S. producer of recycled aggregates. Construction Materials is a volume-and-price business, with margins driven by pricing power in local markets, reserve scarcity, and fixed cost absorption. Engineered Structures manufactures steel and concrete infrastructure, with utility structures (transmission poles and towers sold to electric utilities) and wind towers as the two largest product lines. Utility structures is Arcosa's fastest-growing business, driven by grid modernization and rising power demand. Wind tower revenues are lumpy and tied to episodic large orders, and Arcosa earns Advanced Manufacturing Production tax credits on domestically manufactured wind towers, though these credits expire after 2027. Arcosa is also divesting its inland barge business for $450M, with proceeds earmarked for bolt-on aggregates acquisitions. Arcosa's growth strategy centers on M&A in aggregates and organic capacity expansion in utility structures.