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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 4 hours ago - Politics & Policy

Supreme Court backs religious groups on New York coronavirus restrictions

Photo: Saul Loeb/AFP via Getty Images

The U.S. Supreme Court ruled late Wednesday that restrictions previously imposed on New York places of worship by Gov. Andrew Cuomo (D) during the coronavirus pandemic violated the First Amendment.

Why it matters: The decision in a 5-4 vote heralds the first significant action by the new President Trump-appointed conservative Justice Amy Coney Barrett, who cast the deciding vote in favor of the Catholic Church and Orthodox Jewish synagogues.

USAID chief tests positive for coronavirus

An Air Force cargo jet delivers USAID supplies to Russia earlier this year. Photo: Mikhail Metzel/TASS via Getty Images

The acting administrator of the United States Agency for International Development informed senior staff Wednesday he has tested positive for coronavirus, two sources familiar with the call tell Axios.

Why it matters: John Barsa, who staffers say rarely wears a mask in their office, is the latest in a series of senior administration officials to contract the virus. His positive diagnosis comes amid broader turmoil at the agency following the election.

Bryan Walsh, author of Future
11 hours ago - Health

COVID-19 shows a bright future for vaccines

Illustration: Annelise Capossela/Axios

Promising results from COVID-19 vaccine trials offer hope not just that the pandemic could be ended sooner than expected, but that medicine itself may have a powerful new weapon.

Why it matters: Vaccines are, in the words of one expert, "the single most life-saving innovation ever," but progress had slowed in recent years. New gene-based technology that sped the arrival of the COVID vaccine will boost the overall field, and could even extend to mass killers like cancer.