New York, NY, United States (4E) – Martin Marietta Materials is replacing U.S. Steel in the Standard & Poor’s 500 index benchmark.
U.S. Steel will take Martin Marietta’s former spot in the S&P MidCap 400.
The changes will be effective after the close of trading on Tuesday, July 1, according to a statement of S&P 500 released Friday.
Martin Marietta’s higher market capitalization is larger than U.S. Steel, prompting the index committee to make the changes, the statement said.
The Raleigh, N.C. construction giant makes products for the construction industry. Martin Marietta Materials is also acquiring Texas Industries in a deal expected to be finalized soon pending approvals.