Revenue Recognition

6 Months Ended

Nov. 30, 2025

Revenue from Contract with Customer [Abstract]

Revenue Recognition

Note 2 – Revenue Recognition

The Company recognizes revenue upon transfer of control of promised goods or services to customers in an amount that reflects the consideration it expects to receive for those goods or services, including any variable consideration.

The Company generates revenue by processing steel to the precise type, thickness, length, width, shape, and surface quality required by customer specification. The Company can also toll process steel for steel mills, large end-users and service centers. Toll processing revenue is recognized over time. All other revenue is recognized at a point in time, generally upon shipment to the customer.

The following table summarizes net sales by product class for the periods presented:

	Three Months Ended				Six Months Ended
	November 30,		November 30,		November 30,		November 30,
(In millions)	2025		2024		2025		2024
Product class
Direct	$	844.1	$	700.9	$	1,683.6	$	1,490.8
Toll		27.8		38.1		61.2		82.2
Total	$	871.9	$	739.0	$	1,744.8	$	1,573.0

The following table summarizes the unbilled receivables and contract assets at the dates indicated:

		November 30,		May 31,
(In millions)	Balance Sheet Classification	2025		2025
Unbilled receivables	Receivables	$	3.2	$	4.0
Contract assets	Prepaid expenses and other current assets	$	9.9	$	7.0

The following table summarizes the changes in contract liabilities for the periods presented:

(In millions)
Balance at May 31, 2025	$	5.2
Unearned revenue from cash received during the period		2.4
Revenue recognized related to contract liability balance		(2.0	)
Balance at November 30, 2025	$	5.6