Sep 18, 2018

Steel tube maker Zekelman cancels IPO plans

Illustration: Lazaro Gamio/Axios

Zekelman Industries, a Chicago-based maker of steels pipes and tubes, on Tuesday canceled what was expected to have been one of the largest industrial IPOs in years.

Why it matters: Zekelman says the move came after it became clear that it would be unable to secure its hoped-for valuation, raising questions about the role that U.S. steel and aluminum tariffs played on investor sentiment.

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Scoop: Amazon's local podcast play

Illustration: Sarah Grillo/Axios

Amazon is looking to invest in localized podcast content, like news and sports, sources tell Axios. Sports content is top of mind as the company plans to buy up more TV rights and have adjacent audio content for users.

Why it matters: Amazon sees a strategic advantage in podcasts by leveraging Alexa voice tech to help users discover personalized content.

The oil stakes of Trump vs. Biden

Reproduced from Rapidan Energy Group; Chart: Axios Visuals

U.S. oil production is in a steep decline, but one question is how much November's elections will affect how much it does — or doesn't — bounce back.

Why it matters: The powerful price and demand headwinds from the coronavirus pandemic are creating a financial crisis in the oil patch.

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