PITTSBURGH — United States Steel Corp.’s board of directors has elected John Surma Jr. chairman of the board, effective February 1, 2006. Surma succeeds Thomas Usher, who will retire as chairman and as a director at the end of January. Surma will continue to serve as president and CEO.
Surma, 51, joined U. S. Steel in January 2002 as vice chairman and CFO immediately following the company’s spin-off from USX Corp. He was elected president in March 2003, president and COO in June of the same year, and president and CEO in October 2004. He currently serves as chairman of the American Iron and Steel Institute, vice chairman of the International Iron and Steel Institute and as a member of the board of directors of the National Association of Manufacturers.
Commenting on Surma’s election, Usher said, “U. S. Steel could not be in better hands. Our board of directors has a profound respect for his intelligence, integrity, and leadership ability. He has a dynamic vision for the future of our company and our industry, and the board has decided that the transition has gone smoothly and the time is right for John to assume the additional role as chairman.”
Usher, 63, joined U.S. Steel in 1965. He was elected president of U. S. Steel and to the USX board of directors in 1991, named president and COO of USX in 1994 and elected chairman and CEO of USX in 1995. From 1986 to the end of 2001, USX Corp. was the parent company of U.S. Steel and Marathon Oil Co. Usher will continue in his role as chairman of Marathon Oil Co.
Usher was responsible for guiding U.S. Steel through a very difficult period in the steel industry and engineering a series of significant changes. He was the architect of the separation of Marathon Oil and U. S. Steel at the end of 2001, a move designed to allow the two companies to focus on their core businesses and make the critical acquisitions and investments necessary to grow each business. He was also responsible for the purchase of operations in Slovakia and Serbia, which made U. S. Steel the only domestic-based steelmaker with international steelmaking operations. In 2003, Usher led the successful acquisition and integration of National Steel’s steelmaking assets, which increased U. S. Steel’s domestic annual raw steel production capability by 50 percent. These acquisitions more than doubled the size of the company during Usher’s tenure. Key to the acquisition of the National Steel assets was the successful negotiation of a new, groundbreaking agreement with the United Steelworkers of America.
“As chairman of U.S. Steel, Tom was without peer among steel industry leaders,” said Surma. “His unequalled commitment to U. S. Steel and his passion for the steel business throughout an illustrious 40-year career have benefited our company and our industry. I look forward to working with the men and women of U.S. Steel to build upon Tom’s remarkable achievements.”
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