Longhi weighs in on the ‘Carnegie Way’

Jan 29, 2014 | 05:12 PM | Jo Isenberg-O’Loughlin

Tags  U.S. Steel, Carnegie Project, Carnegie Way, Mario Longhi, David Burritt, Philip Gibbs, KeyBanc Capital Markets, Jo Isenberg-O'Loughlin

NEW YORK — U.S. Steel Corp.’s cost and margin improvements under its sweeping process, productivity and performance improvement drive now total $175 million, with $150 million being realized in 2014, a company executive told analysts Jan. 28.

"Project Carnegie," launched under the leadership of U.S. Steel Corp. president and chief executive officer Mario Longhi, is off and running, with progress advancing at a fast-enough clip that company executives now refer to the do-or-die initiative as the "Carnegie Way."

However, with the initiative still in the early stages of the transformational process, Pittsburgh-based U.S. Steel’s management remains steadfastly reluctant to release a figure targeting the initiative’s overall projected savings or a time line.

"Our leadership team and employees are being inspired by the possibilities of the Carnegie Way. ... Our business transformation is under way and we know we must do better, and our confidence is growing that we will," David B. Burritt, executive vice president and chief financial officer, told analysts during a quarterly earnings conference call. "We have big aspirations, but we’d rather be judged on the numbers we deliver than be distracted by spending a lot of time communicating our aspirations now and then reconciling targets later.....

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