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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.

Go deeper

Updated 3 hours ago - Politics & Policy

Report: Pentagon watchdog finds Ronny Jackson drank on duty and harassed staff

Rep. Ronny Jackson walking through the Canon Tunnel to the U.S. Capitol in January. Photo: Stefani Reynolds/Getty Images

Rep. Ronny Jackson (R-Texas) allegedly made "sexual and denigrating" comments about a female staffer, drank alcohol and took sleeping medication while working as White House physician, according to a report obtained by CNN Tuesday night.

Driving the news: The Department of Defense inspector general's report stems from a years-long investigation. Jackson has called the allegations "false and fabricated."

DOJ pressed to enforce Al Jazeera foreign agent ruling

Illustration: Aïda Amer/Axios

The Justice Department is being pressed to enforce its own demand that the U.S. arm of Qatari broadcaster Al Jazeera register as a foreign agent.

Why it matters: The launch of Al Jazeera's new right-of-center U.S. media venture, Rightly, has refocused attention on the media company's alleged links to Doha, and DOJ's efforts to crack down on media outlets viewed as foreign interest mouthpieces.

Poll: Immigration is America's most-polarizing issue

Data: The American Aspirations Index/Populace; Chart: Will Chase/Axios

Immigration was found to be the most polarizing issue in America based on new polling from Populace.

Why it matters: Americans have surprisingly similar priorities for the U.S., but immigration stands out as one of the few issues with clear partisan differences. It underscores the challenge for advocates and lawmakers hoping to pass immigration reform in the coming weeks amid narrow margins in Congress.