U.S. Steel President Mario Longhi Named CEO - Update

(RTTNews) - U.S. Steel Corp. (X) Friday named Mario Longhi as chief executive officer, effective September 1. Longhi, who is currently the company's president and chief operating officer, replaces John Surma. He was also was elected to the company's board, the Pittsburgh, Pennsylvania-based U.S. Steel said in a statement.

Surma will retain the position of executive chairman through December 31, at which he will retire from the company and its board.

"Mario is an experienced CEO, and we have benefited from his strong leadership as we position our company for the future," Surma stated.

U.S. Steel also named former Caterpillar finance-head David Burritt as executive vice president and chief financial officer in place of Gretchen Haggerty, who retires this month after a career spanning over 37 years with the company.

Burritt served as CFO and vice president of global finance and strategic services for Caterpillar Inc. (CAT) from 2004 to 2010, and his overall employment at the manufacturing giant spanned over three decades. Burritt currently serves on the board of Lockheed Martin (LMT) and Global Brass and Copper (BRSS).

The executive changes come as U.S. Steel, like others in the industry, faces the twin problems of over capacity and weak prices. Last month, the company posted a quarterly loss, hurt by lower prices for steel and reduced shipments. The company has forecast improved sequential results for the third quarter at its flat-rolled steel and the tubular segment.

U.S. Steel stock closed Friday at $18.82, down $0.07 or 0.37%, on a volume of 10.3 million shares on the NYSE. In after hours, the stock dropped $0.04 or 0.21%.