Big Steel gives way to Bigger Aggregate on major Wall Street index
- Written by Concrete News
Sources: CP staff; S&P Dow Jones Indices LLC, New York City
Martin Marietta Materials Inc. will gain elevated stature on Wall Street as it absorbs Texas Industries Inc., and switches spots from the Standard & Poors MidCap 400 to S&P 500 Index with one of the 20th century’s corporate icons, United States Steel Corp.—a past cement (Universal Atlas) and aggregate (Presque Isle, Mich., mega-quarry) operator in its own right.
S&P Dow Jones is effecting the change to reflect current market capitalization levels representative of the S&P 500 and MidCap 400, respectively: (post-TXI merger) Martin Marietta, $8.75 billion; U.S. Steel, $3.8 billion. After its shares are exchanged for newly issued Martin Marietta stock, TXI will be removed from the S&P SmallCap 600, and exit the New York Stock Exchange after 50 years.