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NEW YORK - APi Group Corp. (NYSE: APG) will replace United States Steel Corp. (NYSE: X) in the S&P MidCap 400 index, effective before trading begins on Tuesday, June 24, according to a press release statement from S&P Dow Jones Indices.
The index change follows the completion of Nippon Steel Corp.’s (TSE: 5401) acquisition of United States Steel, which closed Wednesday.
APi Group, classified under the Industrials sector, will be added to the S&P MidCap 400 while United States Steel, from the Materials sector, will be removed from the index.
The S&P MidCap 400 is a benchmark index that measures the performance of mid-sized U.S. companies. Index changes typically occur when constituent companies undergo significant corporate actions such as mergers, acquisitions, or substantial changes in market capitalization.
S&P Dow Jones Indices, a division of S&P Global (NYSE: SPGI), manages the index and determines its composition based on specific criteria and market developments.
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