Commercial Metals Company (CMC) is a vertically integrated manufacturer and fabricator of long steel products — primarily rebar and merchant bar — for the U.S. construction market. CMC collects scrap metal at its recycling facilities, melts it in electric arc furnace (EAF) mini mills and micro mills, and fabricates the finished steel into custom shapes at downstream facilities for delivery to construction sites. Rebar, used to reinforce concrete in highways, bridges, commercial buildings, and infrastructure, is the dominant product. CMC argues it is the largest manufacturer and fabricator of rebar in the U.S. CMC's profitability is driven by the spread between scrap input costs and steel selling prices, with vertical integration helping to lower scrap costs and downstream fabrication capturing additional margin at the job site. CMC operates in three segments: North America Steel Group (the core business, with 10 mills and 53 fabrication facilities), Europe Steel Group (one mill and five fabrication facilities in Poland), and Emerging Businesses Group (EBG), which includes Tensar geogrids, specialty rebar products, precast concrete, and other higher-margin, differentiated products. EBG generates materially higher margins than the core steel business and is central to CMC's strategy of structurally raising margins. CMC is investing in a new micro mill in West Virginia, ramping its Arizona micro mill, and has announced ~$2.5B in acquisitions to build a precast concrete platform, targeting a business generating several hundred million dollars of EBITDA through further bolt-on deals in what CMC describes as a fragmented $30B market.