Chicago-based Zekelman Industries, a US maker of steel pipes and tubes, has filed for an initial public offering (IPO) in the New York Stock Exchange (NYSE) and TSC platforms. The company reported $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, benefiting from trade sanctions and operating improvements.
According to the Moody’s credit agency, 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.