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  "documentTitle": "Commercial Metals Company | Investor Presentation Deck | 25 slides",
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      "text": "Rebar Consumption Intensities⁵\n(5-year average: tons of rebar consumed per $ million of value put-in-place)\n30\n20\n10\n0\nResidential\n3.6\nNon-Res\n5.2\nInfrastructure\n26.4",
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      "text": "2021 Infrastructure Investment and Jobs Act (IIJA) significantly increases federal support for infrastructure investment\nEstimated to increase annual rebar demand by 1.5 million tons at full run-rate\nSeveral states have meaningfully increased long-term highway funding, driven by the need for investment and strong tax revenues",
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      "text": "Supply chain failures and direct government support have stimulated a massive amount of investment across multiple industries\nA recent survey¹ of manufacturing executives indicated that 68% intend to invest in reshoring projects, and shift 36% of Asia-originating shipments to other regions (e.g. Western hemisphere)",
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      "text": "The war in Ukraine and the resulting European energy crisis has led Europe to seek reliable sources of natural gas\nProjects in planning or under construction have reached commercial deals on long-term arrangements\nLegislation to promote investment in renewable energy",
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      "text": "12 projects\n$287 billion",
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      "text": "~20 projects\n>$61 billion",
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      "text": "Successive crises of pandemic, supply chain failures, and geopolitical shocks have launched significant structural adjustments. Construction activity is at the heart of economic realignment.",
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      "text": "The trends highlighted above have the potential to support rebar demand for multiple years. Investments are being driven by necessity and the availability of government funding, making them less interest rate sensitive than traditional non-residential markets like office, retail, and lodging. These investments are also more rebar intensive. Infrastructure, for example, consumes 6x as much rebar per dollar invested compared to single-family housing and 5x a standard non-residential structure.",
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      "text": "[1] Survey conducted by Deloitte and reported in November 2022 [2] Data from CNBC [3] Data from Atlas Public Policy report [4] Data from S&P [5] Rebar intensities equal to consumption by market segment per Concrete Reinforcing Steel Institute divided by total construction spending by market segment per the U.S. Census Bureau [5] Source: McKinsey [6] CMC estimates based on government filings and reports",
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