U.S. Steel Reorganizes Operating Units

U.S. Steel Tower in downtown Pittsburgh, Pennsylvania. (Photo credit: Wikipedia)

U.S. Steel Corp. is reorganizing its three operating units to focus on industries the company serves, the latest phase in the Downtown-based company’s Carnegie Way program to cut costs, boost revenue and return to profitability.

As part of the new management structure, U.S. Steel is realigning its North American Flat-Rolled division to focus on five markets: automotive, consumer, industrial, service centers and mining.

“These commercial entities will put our company in a stronger position to be best-in-class in product innovation, customer service and solutions, as well as steel manufacturing,” CEO Mario Longhi said.

The company is renaming its Tubular Products unit Energy Solutions, reflecting its focus on providing steel pipe to the booming oil and gas industry. And its operations in Europe were renamed U.S. Steel European Solutions.

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U.S. Steel Reports 3Q Loss Of $207M On Special Charges

U.S. Steel Tower in downtown Pittsburgh, Pennsylvania. (Photo credit: Wikipedia)

Losses from U.S. Steel Corp.’s restructuring continued despite revenue and operating results that beat analyst’s expectations.

The loss was an improvement from a year ago and was helped by the company’s flat-rolled steel operation and other segments, which did their best since 2008. Operating profit from flat-rolled, tubular, U.S. Steel Europe and other units totaled $479 million, or $94 per ton of steel produced, the company said. That compared to $113 million, or $24 per ton a year ago.

“Steel market conditions in the United States have remained stable, and our operations have performed well, particularly our flat-rolled segment, where we returned to more normal operating levels and income from operations increased by over $300 million from the second quarter,” CEO Mario Longhi said. “Our results reflect the significant improvement in our earnings power from our Carnegie Way transformation efforts.”

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