U.S. Steel names Kevin Lewis as CFO
Graziano, who has spent nearly three years at the company, would stay on as a special advisor until July 18 to aid with the transition, U.S. Steel said.
Lewis who joined the Pittsburgh-based steelmaker 17 years ago, has held key positions across finance, strategy and investor relations.
The company also appointed Scot Duncan as senior vice president, general counsel and secretary, effective immediately.
The move comes after Nippon Steel completed its $14.9-billion acquisition of U.S. Steel last week, marking the end to an 18-month regulatory battle.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Reuters
27 minutes ago
- Reuters
Tesla says it started building initial versions of an affordable car; posts a steep sales decline
July 23 (Reuters) - Tesla(TSLA.O), opens new tab said on Wednesday it has built initial versions of an affordable car, a move likely meant to stem the steep decline in sales the company has experienced in markets across the world. Elon Musk's electric vehicle maker posted the worst quarterly sales decline in more than a decade and profit that missed Wall Street targets, but its profit margin on making cars was better than many feared. Tesla shares were down 2.6% in after-hours trading. Tesla said it expects volume production of the long-promised cheaper vehicle in the second half of this year, raising hopes it will rekindle demand as it battles rising competition from cheaper EVs, especially in China, and a persistent backlash against Musk's far-right political views. Tesla Chief Financial Officer Vaibhav Taneja said on a call with investors that production of the cheaper car would ramp up next quarter, slower than initially expected, and the company did not provide an update on its full-year deliveries forecast. "Tesla's disappointing results aren't surprising given the rocky road it's traveled recently," said Emarketer analyst Jacob Bourne. "A truly affordable model will hit the bullseye in terms of boosting sales if Tesla can effectively position it right without detracting from its higher-priced models." The second straight quarterly revenue drop, with a 12% fall, comes despite rolling out a refreshed version of its best-selling Model Y SUV that investors had hoped would help revive demand. A 51% dive in sales of automotive regulatory credits, which other automakers who have difficulty complying with government emissions rules buy from Tesla, also hurt revenue and profit. Revenue fell to $22.5 billion for the April-June quarter from $25.50 billion a year earlier. Analysts on average were expecting revenue of $22.74 billion, according to data compiled by LSEG. Adjusted profit per share of 40 cents lagged the consensus of 43 cents per share. The automotive gross margin, which excludes regulatory credits, was 14.96%, above Wall Street estimates, helped in part by lower cost per vehicle. Tesla global deliveries dropped 13.5% in the second quarter, which was below Wall Street targets. Tesla had said in April it would start producing the more affordable model by the end of the first half and sources had told Reuters the vehicle, a stripped-down version of its Model Y SUV, would be delayed by at least months. Tesla on Wednesday did not disclose any details on the model, how many units it had made, or how it would be priced. The company said it continued to expect volume production of its custom-built robotaxi - called the Cybercab - and Semi truck in 2026. Much of the company's trillion-dollar valuation hangs on its bet on its robotaxi service - a small trial of which was started in Austin, Texas, last month with about a dozen Model Y SUVs - and on its development of humanoid robots. Investors are concerned about whether Musk will be able to devote enough time and attention to Tesla after he locked horns with President Donald Trump by forming a new political party this month. He had promised weeks earlier that he would cut back on government work and focus on his companies. A series of high-profile executive exits, including a longtime Musk confidant who oversaw sales and manufacturing in North America and Europe, is also adding to the concerns.
The Independent
27 minutes ago
- The Independent
Philly cheesesteak maker challenged by the ever-rising cost of beef
Ken Silver knows beef because he knows Philly cheesesteak. He hopes that a summer spike in how much he pays for his restaurant's main product doesn't cause heartburn for him or his customers. Silver, president of Jim's South St. in Philadelphia, said the price of beef from his supplier now is about $1 more per pound than it was a year ago. And that is on top of a roughly 50% increase when he reopened in 2024 after a fire — 'crazy,' as he put it. U.S. beef prices have been steadily rising over the past 20 years because the supply of cattle remains tight while beef remains popular. 'Our strategy right now is just absorbing the price and hoping that we see a reduction after the summer months are over, the grilling season and all the rest,' Silver said Wednesday. He said a cheesesteak sandwich at Jim's South St. costs $13.49, up from $11.49 in 2022, when the popular eatery was forced to close for nearly two years because of a fire. Cheesesteaks typically are made with thinly sliced beef, cheese and onions, though other toppings are possible, too. For consumers, the average price of a pound of ground beef rose to $6.12 in June, up nearly 12% from a year ago, according to U.S. government data. The average price of all uncooked beef steaks rose 8% to $11.49 per pound. 'We've taken a hit, profitability-wise, just to maintain what our customers would expect to get when they come to us: a reasonably priced cheesesteak of the best quality they can find," Silver said. If supply costs don't ease, Silver said he might have to raise menu prices or declare a market price, which fluctuates and is commonly associated with seafood. 'I really hate to do that,' said Silver, whose father started the business in 1976. A customer, Bryan Williams, suggested a price hike wouldn't discourage him from placing an order. 'That's just how things are going lately,' he said. 'There's really nothing that they can do about it.' ___ White reported from Detroit.
The Independent
27 minutes ago
- The Independent
US government is building a 5,000-person immigrant detention camp in west Texas
The U.S. government is building an immense 5,000-person detention camp in west Texas, government contract announcements said, sharply increasing the Trump administration's ability to hold detained immigrants amid its ever-growing mass deportation efforts. A Defense Department contract announcement on Monday said Acquisition Logistics, a Virginia-based firm, had been awarded $232 million in Army funds to build the facility, which would be used for single immigrant adults. Procurement documents called it a 'soft sided facility,' a phrase often used for tent camps. The announcement came just weeks after Florida authorities rushed to construct a new immigration detention center dubbed 'Alligator Alcatraz,' which was built on an isolated airstrip surrounded by swampland in the Florida Everglades. The announcement said the new facility would be built in El Paso, which is home to Ft. Bliss, an Army base that stretches across parts of Texas and New Mexico. President Donald Trump recently signed a law setting aside $170 billion on border and immigration enforcement, including $45 billion for detention, even as the number of illegal border crossings has plunged. ICE will see its funding grow by $76.5 billion over five years, nearly 10 times its current annual budget. Trump has vowed to deport millions of immigrants living illegally in the U.S.
