CMC reported a net loss of $175.7 million for the first quarter of fiscal 2025, or $1.54 per diluted share, on sales of $1.901 billion. The quarter included a $264 million after-tax charge related to litigation, and excluding that item adjusted earnings were $88.5 million, or $0.78 per diluted share. Consolidated core EBITDA was $210.7 million with a margin of 11%. North America Steel Group delivered adjusted EBITDA of $188.2 million (12.4% margin), while Europe Steel Group generated $25.8 million of adjusted EBITDA (Europe benefited from an annual CO2 credit but faced pressure from low energy rebates relative to the prior year). Emerging Businesses Group earnings softened due to Tensor-related delays and weaker Impact Metals demand, but Management expects these factors to be temporary and largely recaptured in fiscal 2025. The company emphasized strong underlying operational performance, offset by macro headwinds in construction markets and reconcile through TAG (Transform, Advance, Grow) initiatives, which target a multi-year margin uplift via more than 150 initiatives and a first-wave savings exemplified by $5 million annual alloy-waste reductions and $5–$10 million annual melt-yield improvements. The Arizona 2 micromill ramp and the West Virginia site remain central to 2025 organic growth, with target run-rate near 500,000 tons/year for the former. CMC maintains a prudent, balanced capital allocation framework, including buybacks (~$71 million spent in the quarter) and CapEx of $630–$650 million for 2025, supported by a robust balance sheet (net debt/adjusted EBITDA ~0.6x; liquidity just under $1.7 billion). Near-term guidance suggests Q2 results will likely decline from Q1, with a rebound in the back half of fiscal 2025 supported by ongoing construction demand, infrastructure activity, and improving sentiment indicators. Investors should monitor TAG execution, rebar/infrastructure demand trajectory, scrap price cycles, and European import pressures as key drivers of the year’s flow-through results.