You are the owner of this article.
U.S. Steel Corp. stock down following announcements of CFO change, cost-cutting

U.S. Steel Corp. stock down following announcements of CFO change, cost-cutting

Subscribe for $1 a month
Hundreds line up for job fair at U.S. Steel Corp. in Granite City

Applicants wait in line as U.S. Steel Corp. holds a job fair at its general office building at 1951 State Street in Granite City on Friday, March 16, 2018. Hundreds attended the job event. Photo by Cristina M. Fletes, cfletes@post-dispatch.com

U.S. Steel Corp. stock was down more than 9% Wednesday morning, following news of cost-cutting and the CFO's resignation.

On Tuesday the Pittsburgh-based company announced that CFO Kevin Bradley intends to resign effective Nov. 4. He will stay on in a senior advisory role through the end of the year.

The role of CFO will be taken over by Christine Breves, currently the senior vice president of manufacturing support and chief supply chain officer.

The company also announced Tuesday that it will implement a plan to save $200 million in annual fixed costs by 2022.

U.S. Steel Corp. has a plant in Granite City that produces sheet steel products used in the piping and tubing, construction, automotive and container industries.

* I understand and agree that registration on or use of this site constitutes agreement to its user agreement and privacy policy.

Related to this story

Most Popular

Get up-to-the-minute news sent straight to your device.

Topics

News Alerts

Blues News

Breaking News

Cardinals News

Daily 6

National Breaking News

Sports