U.S. Steel's Mario Longhi to Retire on June 30 -- Update
May 10 2017 - 5:50PM
Dow Jones News
By Maria Armental
United States Steel Corp.'s chief executive, who drove an
aggressive cost-cutting push as the firm sought to stem years of
losses, is retiring next month.
Mr. Longhi will remain on the board and help with the transition
through June 30, the company said Wednesday. Mr. Longhi has been
CEO since 2013.
The 62-year-old, a leading advocate for tough U.S. trade
policies, was appointed in January to President Donald Trump's
Manufacturing Jobs Initiative, an advisory group of business and
labor leaders.
David B. Burritt, 61 years old, has been promoted to CEO,
joining the company's board. Mr. Burritt, a Caterpillar Inc.
veteran, joined U.S. Steel in 2013 and most recently served as
president and chief operating officer.
In April, the company reported a surprise quarterly loss and
said an overhaul of old mills would shave off more than half of its
profit target this year. The plan would take about three years and
cost about $1 billion, company officials estimated.
The Pittsburgh-based company has reported losses in seven of the
last eight years, including the most recent year.
"We needed to get our assets up to a better condition," Mr.
Longhi said at the time, adding that this would be a year of
investment.
Mr. Longhi joined U.S. Steel in 2012 as executive vice president
and chief operating officer and was promoted to president and CEO
the following year. In his tenure at U.S. Steel, Mr. Longhi was
among U.S. steelmakers calling for intervention to assess duties on
foreign-made products they say benefited from unfair government
subsidies or were sold below cost in the domestic market.
"When I came to the company, I envisioned a five-year tenure,
which I have completed," Mr. Longhi said in a prepared
statement.
Shares, which had set a 52-week high in February but are down
more than one-third this year following the disappointing
first-quarter performance, gained 1% to $21.17 in after-hours
trading.
Bob Tita contributed to this article
Write to Maria Armental at maria.armental@wsj.com
(END) Dow Jones Newswires
May 10, 2017 17:35 ET (21:35 GMT)
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