Providing steel pipe to the oil and gas industry
U.S. Steel Corp. is reorganizing its three operating units by the industries they serve, the latest move in the Downtown-based company's strategy 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. The units are: Automotive Solutions, Consumer Solutions, Industrial Solutions, Service Centers Solutions and Mining Solutions.
“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 also is renaming its Tubular Products unit as Energy Solutions, reflecting its focus on providing steel pipe to the oil and gas industry.
And its operations in Europe were renamed U.S. Steel European Solutions.
The moves were made as part of U.S. Steel's “Carnegie Way” strategy, which the company said last month has yielded $495 million in savings so far this year.
The company is cutting debt and expenses, some through layoffs and plant closings, while exploring the use of new steelmaking technologies that are seen as cheaper and more efficient.