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US Steel seeks US$200M in fixed cost savings by 2022, replaces CFO

U.S. Steel Corp. said Oct. 8 that it will implement an enhanced operating model and organizational structure, effective Jan. 1, 2020, which is expected to save about US$200 million of annual fixed costs by 2022.

The initiatives will more closely align the company's corporate structure with its previously announced investments in technology and manufacturing, including the joint venture agreement to acquire a 49.9% interest in Big River Steel LLC, which has an advanced flat-rolled steel mill in Arkansas, for about US$700 million cash.

U.S. Steel also said that CFO Kevin Bradley is resigning from his position, effective Nov. 4, but will remain with the company as executive vice president and adviser to the CEO through year-end to focus on financing activities.

Bradley will be succeeded by Christine Breves, who is currently the senior vice president of manufacturing support and the chief supply chain officer at the company.