IRON and STEEL
Pennsylvania-based integrated steelmaker US Steel is making a series of changes in preparation for its possible full acquisition of electric arc furnace (EAF) steelmaker Big River Steel.
US Steel said yesterday that it is changing its organizational structure in order to save money and align with its recent minority stake taken in Arkansas flat-rolled producer Big River Steel.
The integrated steelmaker is spending $700mn for a 49.9pc stake in Big River Steel, with the option to purchase the entire company in the next four years.
US Steel's chief executive David Burritt has said that he intends to complete the purchase of Big River Steel.
The new operating model is expected to save US Steel $200mn in annual costs by 2022.
The company's chief financial officer Kevin Bradley is also resigning, effective 4 November. Bradley had been in the role since July 2017.
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Excessive destocking continues to weigh on apparent demand in the European coil markets, with buyers nursing their inventories and postponing procurement for as long as possible.