David Burritt
David Burritt | |
|---|---|
 Burritt in 2024 | |
| Born | David Boyd Burritt 1954 or 1955 (age 69–70)[1] |
| Alma mater | Bradley University University of Illinois at Urbana–Champaign |
| Occupation | Businessman |
| Title | CEO, U.S. Steel |
| Term | May 2017- |
| Predecessor | Mario Longhi |
| Board member of | Lockheed Martin (since 2008) |
| Spouse | Lynn Burritt |
David Boyd Burritt (born c. 1955) is an American businessman and the CEO of U.S. Steel since May 2017.[2]
Early life
[edit]Born in St. Louis, Missouri,[3] Burritt earned a bachelor’s degree in accounting from Bradley University in 1977 and an MBA from the University of Illinois in 1990.[3]
Career
[edit]Burritt worked for Caterpillar for 32 years, before joining U. S. Steel in 2013 as CFO.[4]
In February 2017, he became president and chief operating officer.[3] In May 2017, it was announced that Burritt would succeed Mario Longhi as CEO.[4][3]
In March 2018, Burritt announced the reopening of U.S. Steel’s Granite City plant in Illinois, bringing workers back.[5][6]
In November 2018, Burritt led the ratification of a new four-year contract with United Steelworkers.[7]
Burritt announced in January 2021 that U.S. Steel had completed its acquisition to acquire full ownership of Big River Steel for $774 million as part of a plan to create “the first ‘Best of Both’ integrated and mini-mill steel company.” This came following an initial investment announced by Burritt of $700 million in October 2019 which at that time gave the Company a 49.9 percent ownership stake in the company.[8][9]
In April 2021, Burritt set a goal for U.S. Steel to achieve carbon neutrality by 2050 in support of the Paris Agreement and said “U.S. Steel intends to be a part of the climate solution.” This built on the previous target to reduce greenhouse gas emissions intensity by 20% by 2030.[10]
In April 2022, Burritt announced that Big River Steel Mill was the first ResponsibleSteel site certified in North America and said, “This marks an important milestone on our journey to build a more sustainable future for our customers, company, colleagues, communities and the planet.”[11]
Burritt announced in early 2022 a $60 million investment at its Gary Works, Indiana, facility to install a pig iron caster that will grow production of pig iron.[12]
Burritt announced in September 2022 that U.S. Steel had sold green bonds and would be using revenue from the bonds to put toward the construction of its Big River 2 facility in Osceola, Arkansas, with an expected completion in 2024.[13]
In October of 2022, Burritt led an investment of $150 million to build a direct-reduced-grade pellet plant at its Keetac iron ore mining and pellet processing facility in Keewatin, Minnesota.[14]
In December 2022, Burritt worked with members of the United Steelworkers union to ratify a four-year contract that would cover 11,000 workers at 13 U.S. Steel locations and included a $4,000 bonus.[15] However, one year later, Burritt made a deal to sell the company to Japan-based Nippon Steel after rejecting a competing bid from U.S.-based Cleveland Cliffs.[16] In an article titled “How to Respond to a Blackmailing CEO”, the American Prospect described the rejection as “emblematic of U.S. Steel CEO David Burritt’s unabashed union-loathing, making his effort to unload the company to Nippon a deliberate affront to USS’s employees.”[17] The United Steelworkers criticized the deal with Nippon, stating it could turn the "iconic American steelmaker" into a foreign-controlled subsidiary, and was upset about Burritt keeping the Nippon deal secret until its public announcement, despite the labor contract requiring the company to notify the union about negotiations with potential buyers. Burritt stands to receive a $70 million bonus if the sale goes through and has threatened the company's future if the sale is blocked, according to the Steelworkers.[18]
Affiliations
[edit]Burritt has been on the Lockheed Martin board of directors since 2008,[19] and sits on the audit and compensation committees.[20] In October 2018, he joined the board of directors of the National Safety Council.[21] As of October 2021 he is on the executive committee of the World Steel Association board of directors, and is a member on The Business Council.[22][23]
Personal life
[edit]Burritt has a wife, Lynn.[24]
References
[edit]- ^ SEC. "United States Steel Corp 2013 Current Report 8-K". SEC.report. Retrieved 2021-03-02.
- ^ "David Burritt named US Steel president, Mario Longhi remains as ceo | Metal Bulletin.com". www.metalbulletin.com. Retrieved 2020-01-28.
- ^ a b c d "Leadership Detail - www.ussteel.com". www.ussteel.com. Retrieved 2021-02-08.
- ^ a b Team, Trefis. "A New CEO Is Unlikely To Transform U.S. Steel's Fortunes Anytime Soon". forbes.com. Retrieved 27 July 2018.
- ^ Jr, Berkeley Lovelace. "US Steel CEO: We're reopening an idled plant and bringing back 500 jobs due to Trump tariffs". CNBC. Retrieved 2023-03-22.
- ^ Madhani, Aamer (March 8, 2018). "U.S. Steel: Trump tariff means we'll re-open plant". The Argus-Leader. Sioux Falls, South Dakota. p. B5. Retrieved July 30, 2018 – via Newspapers.com.
- ^ "U.S. Steel Ratifies new Four Year Agreements With Steelworkers". Fox21Online. 2018-11-13. Retrieved 2023-03-22.
- ^ Smalley, Megan (December 8, 2020). "US Steel acquires Big River Steel". Recycling Today. Retrieved March 22, 2023.
- ^ Newsdesk, Region 8 (January 18, 2021). "U.S. Steel completes Big River Steel acquisition". KAIT8. Retrieved March 22, 2023.
{{cite web}}: CS1 maint: numeric names: authors list (link) - ^ "U.S. Steel announces goal to achieve carbon neutrality by 2050". WPXI. 2021-04-21. Retrieved 2023-03-22.
- ^ "U.S. Steel facility first steel mill in North America to win certification from ResponsibleSteel". Pittsburgh Post-Gazette. Retrieved 2023-03-22.
- ^ Avila, Larry (2022-06-02). "$60 million investment by U.S. Steel will add 25 new jobs at Gary Works • Northwest Indiana Business Magazine". Northwest Indiana Business Magazine. Retrieved 2023-03-22.
- ^ "US Steel receives green funding toward Big River 2 mill". Fastmarkets. 2022-09-27. Retrieved 2023-03-22.
- ^ "U.S. Steel's $150 million DR-grade pellet plant headed for Keetac". Duluth News Tribune. 2022-07-29. Retrieved 2023-03-22.
- ^ "USW members ratify new contract with U.S. Steel". Pittsburgh Post-Gazette. Retrieved 2023-03-22.
- ^ Lynch, David J.; Stein, Jeff (2024-09-24). "Biden preparing to block Nippon Steel purchase of U.S. Steel". The Washington Post. Retrieved 2024-11-27.
- ^ Meyerson, Harold (2024-09-16). "How to Respond to a Blackmailing CEO". The American Prospect. Retrieved 2024-11-27.
- ^ "Greedy, Reckless USS Leadership Hits New Lows". United Steelworkers. 2024-09-04. Retrieved 2024-11-27.
- ^ MarketScreener. "Lockheed Martin : Lockheed Martin Nominates David B. Burritt to Board of Directors | MarketScreener". www.marketscreener.com. Retrieved 2023-03-22.
- ^ "David B. Burritt". Lockheed Martin. Retrieved 2024-12-10.
- ^ "New Members Appointed to NSC Board of Directors - National Safety Council". www.nsc.org. Retrieved 2023-03-22.
- ^ "worldsteel elects new officers and welcomes new members". worldsteel.org. Retrieved 2023-03-22.
- ^ "The Business Council: Member List". The Business Council. Retrieved March 22, 2023.
- ^ "David B. Burritt Named Chief Financial Officer at United States Steel Corporation". PR Newswire. August 16, 2013. Retrieved July 30, 2018.