United States Steel Corp. (X) declared that it will relocate its corporate headquarters to the former Civic Arena site in Pittsburgh's lower Hill District. The new location will prove helpful toward new developments in the region while supporting more than 800 jobs in the city.
The new location has an area of 250,000 square feet and is expected to be completed by 2017. The headquarters will also provide housing facility to its employees, thus significantly reducing the company costs. It will also boost collaboration and ensure the best work environment for its employees. This will be another step in the company’s Carnegie Way program.
The building, located beside the CONSOL Energy Center tower, will be operated by a collaboration between Clayco and Pittsburgh Arena Real Estate Redevelopment LP, an affiliate of the Penguins. Moreover, the company will prioritize environmental factors together with sustainable building practices by reducing the carbon footprint of building materials through its inbuilt recyclability.
Recently, U.S. Steel realigned its three business segments – North American Flat-Rolled, Tubular and U.S. Steel Europe – to attain three strategic goals as part of the Carnegie Way program. These are to increase collaboration with customers, focus on the Carnegie Way projects within the operating units with reliable maintenance and quality, and proper safety, and to create more focused and effective accountability.
According to the president and CEO of U.S. Steel, Mario Longhi, this realignment will help the company to create a closer bond with its customers by catering to their market demands, thus strengthening its position globally.
U.S. Steel currently carries a Zacks Rank #2 (Buy).
Some other companies in the steel industry worth considering include Kobe Steel Ltd. (KBSTY) Mechel OAO (MTL) and Nucor Corp. (NUE), all carrying a Zacks Rank #2 (Buy).
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
To read this article on Zacks.com click here.
Get all Zacks Research Reports and be alerted to fast-breaking buy and sell opportunities every trading day.
Be the first to comment