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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.