Steel Mills
May 11, 2017
Mario Longhi Concludes a 5-Year Tenure at US Steel
Written by Sandy Williams
The retirement of Mario Longhi from US Steel follows the company’s devastating first quarter loss of $180 million. Despite efforts to rein in costs at US Steel through the much touted Carnegie Way, US Steel managed only one profitable year, 2014, under Longhi’s tenure. The Q1 2017 results caused a 27 percent crash of US Steel’s stock in just one day.
Despite the poor results, the retirement announcement caught many in the industry by surprise. The company had just announced a multi-year $1 billion-plus revitalization program to bring its facilities back up to operational efficiency. Longhi and US Steel had also caught the favor of the Trump Administration which has renewed efforts to protect America’s steel industry.
