Group 1 - Cielo Waste Solutions Corp. has announced the extension of its non-brokered private placement offering of up to 60,000,000 units at a price of $0.05 per unit, with the closing date extended to August 15, 2025 [1] - The first tranche of the offering was previously announced on July 28, 2025, indicating ongoing investor interest and capital raising efforts [1] - Cielo is focused on transforming waste materials into high-value products, contributing to the circular economy and reducing carbon emissions [3] Group 2 - The company aims to be a leader in the wood by-product-to-fuels industry by utilizing environmentally friendly and economically sustainable technologies [3] - Cielo's shares are publicly traded on the TSX Venture Exchange under the symbol "CMC" and on the OTC Pink Market under "CWSFF" [3] - The company is committed to providing environmental waste solutions that are expected to generate positive returns for shareholders [3]

The Company is also pleased to announce the closing of its previously announced settlement of an aggregate $1,967,766 in outstanding indebtedness (the "Debt") through the issuance of securities of the Company (the 'Shares for Debt Transactions"). Under the terms of the settlement agreements executed by the Company with multiple creditors (the "Creditors"), respectively (the "Settlement Agreements"), the Company issued: THIS NEWS RELEASE IS NOT FOR DISTRIBUTION TO THE UNITED STATES NEWSWIRE SERVICES OR FOR D ...

Group 1: Industrial Sector Overview - The industrial sector is currently experiencing neglect as investor focus and capital have shifted towards the artificial intelligence sector, indicating a potential future rotation back to industrials [1] - Implementing dollar-cost averaging (DCA) can help investors gradually expose their portfolios to the industrial sector, which shows significant upside potential [2] Group 2: Cleveland-Cliffs Inc. - Cleveland-Cliffs Inc. is highlighted as a potential catch-up play in the steel industry, currently trading at only 68% of its 52-week high, while peers are trading at an average of 90% [5] - Analyst Phillip Gibbs from KeyCorp upgraded Cleveland-Cliffs' rating from Sector Weight to Overweight, setting a price target of $14 per share, suggesting approximately 40% upside potential [6][7] - Institutional buyers, such as JB Capital, increased their holdings in Cleveland-Cliffs by 14.6%, indicating growing interest in building positions through DCA [8] Group 3: Commercial Metals Co. - Commercial Metals Co. is noted for its exposure to both aluminum and steel production in the U.S. and China, providing a valuable business opportunity amid trade tariff uncertainties [10] - Analysts project a significant increase in earnings per share (EPS) for Commercial Metals, estimating $1.25 for Q4 2025, a 70% increase from the current $0.74 EPS [11] - The stock is currently trading at a price-to-earnings (P/E) ratio of 167.3, reflecting market willingness to pay a premium for expected outperformance [12][13] Group 4: Steel Dynamics Inc. - Steel Dynamics is recognized as a strong performer in the steel industry, with analysts boosting its valuation target from $138 to $150 per share, indicating a potential 20% upside [14] - Expected EPS growth for Steel Dynamics is projected at $2.88 for Q4 2025, suggesting a 43% growth rate from the current $2.01 EPS [15][16] - Institutional investors, such as Robeco Institutional Asset Management, increased their holdings in Steel Dynamics by 40.6%, reflecting confidence in the stock's performance [18]

Group 1 - The company has a strong academic foundation with an MBA in Finance and an MD, enhancing its expertise in the financial sector [1] - The firm specializes in income investing and biotech/pharma investing, with nearly a decade of experience in these areas [2] - The organization focuses on identifying both short-term catalyst-driven opportunities and long-term investment strategies in the biotech sector [3] Group 2 - Subscribers receive regular portfolio trade alerts and have access to an interactive chat feature, promoting engagement and support [4] - The company has published a best-selling book on biotech investing and offers an online course, showcasing its commitment to educating investors [4] - The firm provides custom biotech analysis upon request, ensuring tailored insights for its audience [4]

Core Viewpoint - Commercial Metals (CMC) reported a decline in earnings and sales in its most recent earnings report, missing estimates, but the stock has shown a positive trend in the month following the report, outperforming the S&P 500 [1][2][3]. Financial Performance - Adjusted earnings per share (EPS) for Q3 fiscal 2025 were 74 cents, missing the Zacks Consensus Estimate of 85 cents, and down 27.5% year over year [3]. - Net sales for the quarter were $2.02 billion, slightly above the Zacks Consensus Estimate of $2.01 billion, but down from $2.08 billion in the previous year [3]. - Cost of goods sold decreased by 1% year over year to $1.72 billion, while gross profit fell 11.9% to $300 million [4]. - Core EBITDA was reported at $204 million, down 20.3% year over year [4]. Segment Performance - The North America Steel Group generated net sales of $1.56 billion, down from $1.67 billion year over year, with adjusted EBITDA of approximately $186 million compared to $246 million in the prior year [5]. - The Europe Steel Group's revenues increased by 18.6% year over year to $247.6 million, with adjusted EBITDA improving to $3.6 million from a negative $4.2 million [6]. - The Emerging Businesses Group reported net sales of $197 million, up from $188.5 million year over year, with adjusted EBITDA increasing by 7.9% [7]. Cash Flow and Balance Sheet - Cash and cash equivalents at the end of Q3 fiscal 2025 were $893 million, up from $858 million at the end of fiscal 2024 [8]. - Long-term debt increased to $1.30 billion from $1.15 billion at the end of fiscal 2024 [8]. - Cash generated from operating activities for the nine months ended May 31, 2025, was approximately $400 million, down from $548 million in the prior year [8]. Dividend and Outlook - A quarterly dividend of 18 cents per share was declared, payable on July 9 to shareholders of record as of June 30, 2025 [9]. - The company expects consolidated financial results in Q4 fiscal 2025 to improve from Q3 levels, with anticipated increases in adjusted EBITDA margins for the North America Steel Group and the Europe Steel Group [10][11]. Estimate Trends - Fresh estimates for the company have trended upward over the past month, with a consensus estimate shift of 17.21% [12]. - The stock has an average Growth Score of C and a value grade of B, resulting in an aggregate VGM Score of B [13]. - The company holds a Zacks Rank 3 (Hold), indicating expectations for an in-line return in the coming months [14].

Core Viewpoint - Cielo Waste Solutions Corp. has executed an amended and restated settlement agreement with Expander Energy Inc. and related parties, effectively unwinding certain previous transactions, with the unwinding closing on July 16, 2025, pending approval from the TSX Venture Exchange [1][2]. Group 1: Amended Settlement Agreement - The Amended Settlement Agreement replaces a prior settlement agreement executed on April 29, 2025, which was initially expected to close on June 13, 2025 [1]. - The unwinding pertains to transactions completed under an asset purchase agreement dated November 8, 2023, amended on September 16, 2024 [2]. Group 2: Share Cancellation and Legal Proceedings - Approximately 40 million shares have been surrendered by the Settlement Parties for cancellation, with an additional 20 million shares potentially to be surrendered by December 31, 2025 [5]. - All agreements between Cielo and the Settlement Parties, including a license agreement and several service agreements, have been terminated, and Cielo has relinquished its interest in the assets initially acquired [5]. Group 3: Financial Obligations - Cielo has issued a promissory note and general security agreement totaling C$748,208.79 to certain Settlement Parties, which is subject to Exchange approval [5]. - The Settlement Parties have agreed to dismiss all legal proceedings against Cielo [5]. Group 4: Company Overview - Cielo Waste Solutions Corp. focuses on transforming waste materials into renewable fuels, aiming to address global waste challenges and contribute to the circular economy [4]. - The company is committed to using environmentally friendly technologies and seeks to generate positive returns for shareholders [4].

Group 1 - Commercial Metals Company (CMC) has appointed Dawne S. Hickton to its Board of Directors, effective October 14, 2025 [1] - Ms. Hickton has over three decades of leadership experience, including her current role as Chair, CEO, and President of Cumberland Additive, Inc., and previous positions at Jacobs Solutions Inc. and RTI International Metals, Inc. [2][3] - With Ms. Hickton's appointment, the number of directors on the Board increases from nine to ten, with nine being independent directors [3] Group 2 - CMC is an innovative solutions provider focused on building a stronger, safer, and more sustainable world, primarily serving the global construction sector [5] - The company operates an extensive manufacturing network located in the United States and Central Europe, offering products and technologies for various construction applications [5]

Core Points - Cielo Waste Solutions Corp. held its annual general and special meeting of shareholders on June 24, 2025, where all proposed business items were approved [2][3] - The company is continuing a private placement offering of up to 60,000,000 units at a price of $0.05 per unit, aiming for gross proceeds of up to C$3,000,000, with closing anticipated around July 18, 2025 [3] Company Overview - Cielo Waste Solutions Corp. focuses on transforming waste materials into high-value products, addressing global waste challenges and contributing to the circular economy while reducing carbon emissions [5] - The company aims to be a leader in the wood by-product-to-fuels industry by utilizing environmentally friendly and economically sustainable technologies [5]

Core Insights - Commercial Metals Company (CMC) reported adjusted earnings per share (EPS) of 74 cents for Q3 fiscal 2025, missing the Zacks Consensus Estimate of 85 cents and reflecting a 27.5% decline year over year [1][10] Financial Performance - Net sales for the quarter were $2.02 billion, slightly down from $2.08 billion in the previous year but exceeding the Zacks Consensus Estimate of $2.01 billion [2] - Cost of goods sold decreased by 1% year over year to $1.72 billion, while gross profit fell 11.9% to $300 million [2] - Core EBITDA was reported at $204 million, down 20.3% year over year [2] Segment Performance - North America Steel Group generated net sales of $1.56 billion, down from $1.67 billion year over year, with adjusted EBITDA of approximately $186 million compared to $246 million in the prior year [3] - Europe Steel Group's revenues increased by 18.6% year over year to $247.6 million, with adjusted EBITDA turning positive at $3.6 million [4] - Emerging Businesses Group reported net sales of $197 million, up from $188.5 million year over year, with adjusted EBITDA growth of 7.9% [5] Cash Flow and Balance Sheet - Cash and cash equivalents at the end of Q3 fiscal 2025 were $893 million, up from $858 million at the end of fiscal 2024 [6] - Long-term debt increased to $1.30 billion from $1.15 billion at the end of fiscal 2024 [6] - Cash generated from operating activities for the nine months ended May 31, 2025, was around $400 million, down from $548 million in the prior year [6] Dividend Declaration - The company declared a quarterly dividend of 18 cents per share, payable on July 9 to shareholders of record as of June 30, 2025 [7] Future Outlook - CMC anticipates improved consolidated financial results in Q4 fiscal 2025 compared to Q3 [8] - The North America Steel Group's adjusted EBITDA margin is expected to increase sequentially, driven by higher steel product margins [9] - Financial results for the Emerging Businesses Group are projected to improve both sequentially and year over year due to project backlogs [9]

PART I — FINANCIAL INFORMATION [Financial Statements](index=3&type=section&id=Item%201.%20Financial%20Statements) Presents unaudited condensed consolidated financial statements and key notes, including a significant litigation expense Condensed Consolidated Statements of Earnings (Loss) Highlights | (in thousands, except per share data) | Three Months Ended May 31, 2025 | Three Months Ended May 31, 2024 | Nine Months Ended May 31, 2025 | Nine Months Ended May 31, 2024 | | :--- | :--- | :--- | :--- | :--- | | **Net sales** | $2,019,984 | $2,078,485 | $5,683,962 | $5,929,823 | | **Net earnings (loss)** | $83,126 | $119,440 | $(67,119) | $381,560 | | **Diluted earnings (loss) per share** | $0.73 | $1.02 | $(0.59) | $3.25 | Condensed Consolidated Balance Sheets Highlights | (in thousands) | May 31, 2025 | August 31, 2024 | | :--- | :--- | :--- | | **Total current assets** | $3,358,709 | $3,292,768 | | **Total assets** | $6,993,823 | $6,817,839 | | **Total current liabilities** | $1,175,416 | $834,850 | | **Total liabilities** | $2,896,061 | $2,517,815 | | **Total stockholders' equity** | $4,097,762 | $4,300,024 | Condensed Consolidated Statements of Cash Flows Highlights | (in thousands) | Nine Months Ended May 31, 2025 | Nine Months Ended May 31, 2024 | | :--- | :--- | :--- | | **Net cash flows from operating activities** | $399,865 | $547,891 | | **Net cash flows used by investing activities** | $(262,621) | $(240,947) | | **Net cash flows used by financing activities** | $(102,978) | $(202,662) | [Notes to Condensed Consolidated Financial Statements (Unaudited)](index=10&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements%20(Unaudited)) Details accounting policies, segment performance, debt, share repurchases, and a $358.5 million litigation expense - The company is an innovative solutions provider for the global construction sector, with a manufacturing network in the U.S. and Central Europe[22](index=22&type=chunk) - A significant litigation expense of **$358.5 million** was recorded in the nine months ended May 31, 2025, related to the Pacific Steel Group (PSG) lawsuit judgment, which the company is appealing[70](index=70&type=chunk) - In May 2025, the company issued **$150.0 million** in tax-exempt Series 2025 Bonds to finance construction costs for facilities in West Virginia[43](index=43&type=chunk) - The company repurchased **2,939,098 shares for $148.9 million** during the nine months ended May 31, 2025, with **$254.9 million** remaining authorized for repurchase[68](index=68&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=25&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Analyzes decreased net sales and earnings driven by margin compression and a major litigation expense - The decrease in net earnings for the nine months ended May 31, 2025, was primarily due to a litigation-related expense of approximately **$271.0 million (net of tax)** and margin compression[99](index=99&type=chunk) - The company is constructing its fourth micro mill in West Virginia with an expected investment of **$550.0 million to $600.0 million**, with production to begin in spring 2026[85](index=85&type=chunk)[86](index=86&type=chunk) - On February 10, 2025, President Trump re-imposed Section 232's **25% tariffs** on steel imports, later increased to **50%** for most countries, creating an uncertain market backdrop[88](index=88&type=chunk)[89](index=89&type=chunk) - The company anticipates 2025 capital spending to range from **$425 million to $475 million**, primarily for the development of its fourth micro mill[120](index=120&type=chunk)[121](index=121&type=chunk) [Results of Operations Summary](index=27&type=section&id=Results%20of%20Operations%20Summary) Reports a 4% decrease in net sales and a net loss of $67.1 million due to litigation costs and lower margins Financial Results Overview (Nine Months Ended May 31) | (in thousands, except per share data) | 2025 | 2024 | | :--- | :--- | :--- | | **Net sales** | $5,683,962 | $5,929,823 | | **Net earnings (loss)** | $(67,119) | $381,560 | | **Diluted earnings (loss) per share** | $(0.59) | $3.25 | - SG&A expenses increased by **$23.2 million** for the nine months ended May 31, 2025, mainly due to a **$21.7 million** rise in employee-related expenses[100](index=100&type=chunk) - A litigation expense of **$358.5 million** related to the PSG litigation was recorded during the nine months ended May 31, 2025[102](index=102&type=chunk) [Segment Operating Data](index=29&type=section&id=SEGMENT%20OPERATING%20DATA) Details varied segment performance, with North America's adjusted EBITDA falling while Europe's saw a slight increase North America Steel Group Performance (Nine Months Ended May 31) | (in thousands, except per ton amounts) | 2025 | 2024 | | :--- | :--- | :--- | | **Net sales to external customers** | $4,467,771 | $4,750,210 | | **Adjusted EBITDA** | $503,007 | $735,418 | | **Steel products metal margin per ton** | $489 | $538 | Europe Steel Group Performance (Nine Months Ended May 31) | (in thousands) | 2025 | 2024 | | :--- | :--- | :--- | | **Net sales to external customers** | $655,026 | $626,481 | | **Adjusted EBITDA** | $30,184 | $26,139 | Emerging Businesses Group Performance (Nine Months Ended May 31) | (in thousands) | 2025 | 2024 | | :--- | :--- | :--- | | **Net sales to external customers** | $525,733 | $521,826 | | **Adjusted EBITDA** | $87,091 | $87,011 | - The Corporate and Other adjusted EBITDA loss increased by **$355.5 million** for the nine-month period, primarily due to the **$358.5 million** contingent litigation-related loss[113](index=113&type=chunk) [Liquidity and Capital Resources](index=31&type=section&id=LIQUIDITY%20AND%20CAPITAL%20RESOURCES) Confirms sufficient liquidity from operations despite potential adverse effects from the PSG litigation Liquidity Sources (as of May 31, 2025) | (in thousands) | Availability | | :--- | :--- | | **Cash and cash equivalents** | $892,998 | | **Revolver** | $599,041 | | **Poland credit facilities** | $157,632 | | **Poland accounts receivable facility** | $76,905 | - Capital expenditures for the nine months ended May 31, 2025, increased by **$51.1 million** year-over-year, mainly for the construction of the fourth micro mill[127](index=127&type=chunk) - The company repurchased **$148.9 million** of its common stock in the nine months ended May 31, 2025, an increase of **$20.7 million** from the prior year period[122](index=122&type=chunk)[129](index=129&type=chunk) - Unless the PSG litigation verdict is overturned, the judgment would have a **material adverse effect** on the company's liquidity and financial condition[125](index=125&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=34&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) Indicates no material changes in market risk exposure except for a 20% increase in foreign currency contract commitments - Total gross foreign currency exchange contract commitments increased by **$44.4 million, or 20%**, to **$269.6 million** as of May 31, 2025, from August 31, 2024[48](index=48&type=chunk)[139](index=139&type=chunk) [Controls and Procedures](index=34&type=section&id=Item%204.%20Controls%20and%20Procedures) Confirms the effectiveness of disclosure controls and procedures with no material changes in internal controls - Management concluded that the company's disclosure controls and procedures were **effective** as of the end of the period covered by the report (May 31, 2025)[141](index=141&type=chunk) - **No changes** occurred during the quarter that materially affected, or are reasonably likely to materially affect, the company's internal control over financial reporting[142](index=142&type=chunk) PART II — OTHER INFORMATION [Legal Proceedings](index=35&type=section&id=Item%201.%20Legal%20Proceedings) Details a significant legal proceeding with PSG resulting in a $358.5 million litigation expense, which is under appeal - A jury returned a verdict in favor of PSG for **$110.0 million**, which was subsequently trebled by law, leading the company to record a **$358.5 million** litigation expense[143](index=143&type=chunk) - The company is **vigorously pursuing all available avenues** to have the verdict and judgment overturned and has a pending motion for a new trial[143](index=143&type=chunk) - A second lawsuit by PSG is ongoing, alleging violations of California state antitrust laws, for which the company has **not recorded a liability** as a loss is not considered probable[144](index=144&type=chunk) [Risk Factors](index=35&type=section&id=Item%201A.%20Risk%20Factors) Highlights risks from uncertain U.S. trade policies and excess global and domestic steelmaking capacity - Enhanced U.S. tariffs and trade barriers create **significant uncertainty**, potentially leading to economic decline and reduced demand for the company's products[147](index=147&type=chunk)[148](index=148&type=chunk) - **Excess global steelmaking capacity**, especially from China, and new domestic projects could lead to lower U.S. steel prices, adversely affecting sales, margins, and profitability[150](index=150&type=chunk)[152](index=152&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=37&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) Reports the repurchase of 1.1 million shares in Q3, with $254.9 million remaining under the buyback program Issuer Purchases of Equity Securities (Quarter Ended May 31, 2025) | Period | Total Number of Shares Purchased | Average Price Paid Per Share | Approximate Dollar Value of Shares that May Yet Be Purchased | | :--- | :--- | :--- | :--- | | **March 2025** | 377,267 | $44.55 | $288,540,680 | | **April 2025** | 393,819 | $42.68 | $271,733,312 | | **May 2025** | 341,928 | $49.15 | $254,926,656 | | **Total** | **1,113,014** | | | [Other Information](index=37&type=section&id=Item%205.%20Other%20Information) States that no directors or executive officers adopted or terminated Rule 10b5-1 trading arrangements during the quarter - **No director or executive officer** adopted or terminated a Rule 10b5-1 trading arrangement during the third quarter of fiscal 2025[158](index=158&type=chunk) [Exhibits](index=38&type=section&id=Item%206.%20Exhibits) Lists filed exhibits, including SOX certifications, agreements, and Inline XBRL data files