The Urgent Need for Change and The Superior Path Forward
THE INCUMBENTS' CHERRY-PICKED COMPARABLE
COMPANY UNVIERSE
Company
MRC Global
MRC Global
(NYSE: MRC)
NUCORⓇ
Nucor Corp.
(NYSE: NUE)
STEEL PARTNERS
Steel Partners Holdings
(NYSE: SPLP)
PRIVET
FUND
TIMKENSTEEL
TimkenSteel Corp.
(NYSE: TMST)
UPG
STRONGER TOGETHER
Description
MRC Global Inc. distributes pipe, valves, and fittings.
The company serves the chemical, gas distribution
and transmission, oil exploration and production,
pharmaceutical, refining, steel manufacturing, and
power generation industries
Nucor Corporation manufactures steel products.
The company's products include carbon and alloy
steel, steel joints, steel deck, cold finished steel,
steel grinding balls, steel bearing products, and
metal building systems
Steel Partners Holdings LP is a global diversified
holding company engaged in multiple businesses
including: banking, manufacturing, restaurants,
defense, and financial subsidiaries
TimkenSteel Corporation engineers, manufactures,
and markets mechanical components and steel. The
company produces air-melted alloy steel bars,
bearings, chains, seals, motion control systems,
tubes, and precision components
Rationale for Exclusion
X Distributes pipe, valves and fittings (only 5% from steel)
X Nearly $5 billion in revenue
X Footprint of -260 service locations in 20 countries
X
Steel mills with very little additive manufacturing
One of the largest steel producers in the United States
X Size: $17.0 billion in Market Capitalization
X
X Private equity holding company
Focused on banking, manufacturing, restaurants, defense and
financial subsidiaries with under 20% of revenue in steel pipe/tube
X
Nominee Biographies
and Appendix
X
X
X
Global investment focus
Core focus on engineered bearing products
$1.2 billion in revenue with less than ~15% of revenue coming from
seamless mechanical tubing
X International manufacturing footprint
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