U.S. Steel is realigning its executive team, looking to cut costs amid falling prices for steel and reduced demand from manufacturing customers
By Bob Tita Oct. 8, 2019 6:14 pm ET United States Steel Corp. said it would impose a round of cost cuts and organizational changes days after committing $700 million to buy a stake in a lower-cost rival.
U.S. Steel X 1.01% said the change is part of a realignment to its executive team, as the company looks to cut costs amid falling prices for steel and reduced demand from manufacturing customers. U.S. Steel is one of the highest-cost producers of steel in the U.S. and has already signaled that it lost money in the third quarter.
The company last week purchased a 49.9% stake in low-cost steel producer Big River Steel in Arkansas, with an option to acquire the remaining portion by 2022. This spring, U.S. Steel said it would spend at least $1 billion to replace the aging rolling line and steel caster at its mill near Pittsburgh.
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