NEW YORK Andrea Marco Costi has been named president of stainless welded pipe and tube maker Marcegaglia USA Inc. effective March 8, replacing David Cornelius, who remains chief financial officer.
Costi is responsible for international activities at Marcegaglia USAs parent company, Marcegaglia SpA of Mantua, Italy.
Please give Mr. Costi your full support in the transition period, and cooperate fully with the understanding of the need to improve the performance of the company in a most urgent manner, chief executive officer Antonio Marcegaglia said in a message to employees.
The company did not respond to requests for further comment.
Cornelius was appointed president of Marcegaglia USA in 2007 after having been with the company for more than a decade (amm.com, May 7, 2007
Marcegaglia USA operates a 300,000-square-foot production facility with more than 130 workers and an annual capacity of more than 60,000 tons, according to the Munhall, Pa.-based companys website.
Market sources suggested that the Italian parent company, a family-owned industrial conglomerate with multiple business units and interests in a variety of steel products, may be looking to tighten its control of the subsidiary.