Related Party Transactions

6 Months Ended

Nov. 30, 2025

Related Party Transactions [Abstract]

Related Party Transactions

Note 15 – Related Party Transactions

Subsequent to the Separation, transactions between the Former Parent and the Company are considered related party transactions, including those subject to agreements entered into with the Former Parent. The material related party transactions have been disclosed below.

Transactions with the Former Parent

The majority of the Company’s net sales to the Former Parent are subject to the Steel Supply and Services Agreement and are included within net sales in the consolidated statement of earnings. Net sales to the Former Parent were $18.9 million and $14.9 million for the three months ended November 30, 2025, and November 30, 2024 and $37.1 million and $30.8 million for the six months ended November 30, 2025 and November 30, 2024, respectively.

As of November 30, 2025 and May 31, 2025, the outstanding accounts receivable balance with the Former Parent equaled $6.7 million and $9.2 million, respectively, as a result of the net sales to the Former Parent described above.