MRC Global is the largest distributor of pipe, valves, and fittings (PVF) in the world. PVF products — valves, flanges, fittings, line pipe, and specialty metals — are used to control fluid and gas flow in pipelines, refineries, chemical plants, and gas distribution networks. MRC Global buys these products from manufacturers and resells them to end customers at a markup, serving over 8,300 customers across three end-markets: gas utilities, downstream/industrial/energy transition (DIET), and production and transmission infrastructure (PTI). The U.S. accounts for roughly 83% of revenue, with an international segment covering Europe (particularly the North Sea), the Middle East, and Asia. MRC Global sells through a large field sales force supported by regional service centers and a growing digital platform (MRCGO™), through which over half of orders are placed. Gross margins have expanded from the high-teens to consistently above 21%, driven by a deliberate shift toward higher-margin products like valves, valve automation, instrumentation, and specialty alloys. Because MRC Global operates with a largely fixed SG&A cost base, revenue growth converts to EBITDA at a high rate. Large customers value MRC Global's breadth of inventory (200,000+ SKUs), technical expertise, geographic coverage, and deep digital integration — making embedded supplier relationships difficult to displace. MRC Global's growth strategy focuses on winning preferred supplier contracts with large industrials, expanding in chemicals and mining, pursuing energy transition projects, and capitalizing on rising U.S. natural gas demand for gathering, transmission, and distribution infrastructure.