Illustration: Lazaro Gamio/Axios

Zekelman Industries, a Chicago-based maker of steels pipes and tubes, has filed for an initial public offering.

The bottom line: This could become one of the largest industrial IPOs in recent years, to be followed by a public market performance that could be significantly impacted by tariff fluctuations on steel and aluminum.

Details from the company's filing:

  • It plans to trade on both the NYSE and TSC under ticker ZEK, with Goldman Sachs as lead underwriter.
  • The company reports $100 million of net income on $783 million in revenue for the 13 weeks ending June 30, up from $48 million on $564 million for the year-earlier period.
  • Key risk factor: "There is no assurance that the ongoing implementation of trade sanctions against unfairly traded steel in connection with Section 232 or other duties on imports of certain steel products will be continued in the future or that they will not have unintended consequences."

Moody's also recently wrote the following:

Zekelman Industries operating performance and credit metrics have strengthened considerably over the past few years as the company has benefited from moderately improved end market demand, wider spreads between steel purchases for inventory and final product prices as well as cost cuts and productivity improvements.

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