United States Steel Corporation Announces Executive Management Changes
October 08 2019 - 4:30PM
United States Steel Corporation (NYSE: X) (“U. S. Steel”) announced
today that Kevin Bradley has informed the company of his
intention to resign from his position as Chief Financial Officer of
U. S. Steel effective Nov. 4. Bradley will remain with the
company as Executive Vice President and Adviser to the CEO through
year-end to focus on financing activities, including the Big River
Steel investment announced on Oct. 1, and supporting
the transition to his internal successor, Christine (Christie)
Breves, currently Senior Vice President, Manufacturing Support and
Chief Supply Chain Officer.
“Kevin has served U. S. Steel well as CFO,
contributing to the transformation of the company, including last
week’s announcement of our investment in Big River Steel.
Kevin’s leadership improved the company’s balance sheet and
enabled the company’s transformation to a world competitive ‘best
of both’ integrated and mini mill technology company. Kevin
has also enhanced several other key components of our
financial capabilities with an emphasis on Financial Planning
& Analysis. Kevin has demonstrated unwavering support of
the company and an absolute commitment to the highest financial and
professional integrity. I have appreciated Kevin’s
dedication to the company and thank him for his key contributions
to help create a stronger, more successful future for U. S. Steel,”
said David B. Burritt, President and Chief Executive Officer.
Bradley commented, "I am grateful for the
opportunity to have served as CFO of U. S. Steel during this time
of unprecedented change. It has been a pleasure to be a
leader in this historic company and work with an incredible
leadership team. I look forward to supporting the successful
transition of the CFO role to Christie.”
Effective Nov. 4, Breves, will lead all aspects
of the company's financial responsibilities, including internal and
external reporting, credit, tax, treasury services, investor
relations, pension responsibilities, internal controls and internal
audit administrative oversight.
Breves joined U. S. Steel in 2013 to oversee the
enhancement and execution of the company’s global procurement and
sourcing strategy. Since then, Breves has assumed
responsibility for the company’s logistics services organization;
Transtar, U. S. Steel’s short-line railroad subsidiary; sales and
operations planning (S&OP); information technology; commercial
support; engineering; corporate quality; and leadership of U.
S. Steel’s asset revitalization and reliability centered
maintenance programs. Prior to joining U. S. Steel, Breves
spent fourteen years at Alcoa, culminating with her role as Chief
Procurement Officer from 2004 through 2012. In this role,
Breves led a global transformation of Alcoa’s procurement
organization. Prior to Alcoa, Breves held positions in accounting,
maintenance, and procurement at Alumax, Inc., an integrated
aluminum manufacturer that was acquired by Alcoa in 1998.
Burritt continued, “Christie has been a ‘go to’
leader for U. S. Steel in driving transformation throughout the
company. Her accomplishments include developing a world class
supply chain function and establishing U. S. Steel as a steel
leader in cash conversion cycle. Her depth of operational
knowledge, as well as her financial acumen and leadership during
times of transition, make her an excellent choice for the CFO
role. As we continue to execute our strategy to position U.
S. Steel as an industry leader in delivering high-quality,
value-added products, we are confident that appointing Breves to
this key position will accelerate our progress and ability to
deliver long-term value for all of our stakeholders.”
ABOUT U. S. STEEL
U. S. Steel Corporation, headquartered in
Pittsburgh, Pa., is a leading integrated steel producer and Fortune
250 company with major operations in the United States and Central
Europe. For more information about U. S. Steel, please visit
www.ussteel.com.
FORWARD-LOOKING STATEMENTS
This press release contains "forward-looking
statements" within the meaning of Section 27A of the Securities Act
of 1933 and Section 21E of the Securities Exchange Act of 1934.
Words such as, but not limited to, "believes," "expects,"
"anticipates," "estimates," "intends," "plans," "could," "may,"
"will," "should," and similar expressions are intended to identify
forward-looking statements. Forward-looking statements in this
release include, among other things, statements about potential
benefits of the proposed investment and transaction with Big River
Steel announced on Oct. 1, 2019 (the “Transaction”), organizational
changes and other strategic transactions; anticipated cost savings;
potential capital and operational cash improvements; U. S. Steel’s
plans, objectives, expectations and intentions; the financial
condition, results of operations and business of the proposed joint
venture with Big River Steel; the joint venture’s products and
potential; U. S. Steel’s future ability or plans to take ownership
of the joint venture with Big River Steel as wholly owned
subsidiary; U. S. Steel’s ability to obtain financing for the
Transaction or other strategic projects at anticipated interest
rates or at all; and the anticipated timing of closing of the
Transaction. Risks and uncertainties include, among other things,
risks related to the satisfaction of the conditions to closing the
Transaction in the anticipated timeframe or at all and the
possibility that the Transaction does not close; risks related to
the ability to realize the anticipated benefits of the Transaction,
including the possibility that the expected benefits and cost
savings from the proposed Transaction or the capital and
operational cash improvements will not be realized or will not be
realized within the expected time period; risks related to the
satisfaction of the conditions to closing a future call option
transaction for the joint venture (including the failure to obtain
necessary regulatory approvals); and the risk that the businesses
will not be integrated successfully following exercise of the call
option; disruption from the transaction making it more difficult to
maintain business and operational relationships; negative effects
of the announcement or the consummation of the proposed Transaction
on the market price of U. S. Steel’s common stock; significant
transaction costs; unknown liabilities; the risk of litigation
and/or regulatory actions related to the proposed Transaction;
other business effects, including the effects of industry, market,
economic, political or regulatory conditions; future exchange and
interest rates; changes in tax and other laws, regulations, rates
and policies; future business combinations or disposals; and
competitive developments. All forward-looking statements rely
on a number of assumptions, estimates and data concerning future
results and events and are subject to a number of uncertainties and
other factors, that could cause actual results to differ materially
from those reflected in such statements. Accordingly, U. S. Steel
cautions that the forward-looking statements contained herein are
qualified by these and other important factors and uncertainties
that could cause results to differ materially from those reflected
by such statements. For more information on additional potential
risk factors, please review U. S. Steel’s filings with the SEC,
including, but not limited to, U. S. Steel’s Annual Report on Form
10-K, Quarterly Reports on Form 10-Q and its Current Reports on
Form 8-K.
CONTACTS: |
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MediaMeghan CoxManagerCorporate CommunicationsT - (412)
433-6777E - mmcox@uss.com |
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Investors/AnalystsKevin LewisGeneral ManagerInvestor RelationsT
- (412) 433-6935E - klewis@uss.com |
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