Monday, February 24, 2025, 11:07AM |  35°
MENU
Advertisement
David B. Burritt, CEO of U.S. Steel.
1
MORE

U.S. Steel CEO denied bonus last year

U.S. Steel

U.S. Steel CEO denied bonus last year

U.S. Steel president and CEO David Burritt did not receive a short-term cash incentive award last year, apparently because the board believed he failed to do enough to create a fair workplace.

The Pittsburgh steelmaker’s proxy statement discloses that Mr. Burritt was not awarded the incentive, citing his “personal responsibility for and commitment to creating a workplace climate meeting the highest standards of accountability, fairness and respect.”

Mr. Burritt, who received compensation valued at $4.7 million last year, was only one of two top-paid executives at the company not to be paid the short-term bonus. The other, former general counsel Suzanne Rich Folsom, was not entitled to one based on her separation agreement with U.S. Steel.

Advertisement

Former president and CEO Mario Longhi, who announced his retirement in May shortly after the company reported a stunning $180 million first quarter loss, was awarded a short-term cash incentive of $1 million.

The awards are based on sales, cash flow, and adjusted earnings. The final award may be increased up to 30 percent — or decreased or eliminated — based on an executive’s performance, according to the proxy statement.

U.S. Steel declined to provide additional information on the board’s reason for withholding the short-term bonus.

In a statement, the company said Mr. Burritt “returned the corporation to profitability and the best balance sheet in recent years.”

Advertisement

Not receiving the bonus reflects Mr. Burritt’s “sense of personal responsibility for further improvements in the corporation’s culture and his commitment to a workplace climate which balances the highest standards of accountability with fairness and respect,” the statement said.

At a shareholder meeting Tuesday at U.S. Steel Tower, Mr. Burritt expressed pride in “Pivot to the People,” a workplace culture initiative he launched after succeeding Mr. Longhi last year.

After citing the financial accomplishments that sparked the troubled company’s turnaround, Mr. Burritt told the sparse crowd, “One of the things we’re most proud of in the past year is Pivot to the People,” adding “We’ve got to do more. There’s much more to do.”

His remarks mirrored comments in the proxy statement sent to shareholders in advance of the meeting.

“The Board and Mr. Burritt determined that further improvement in the corporation’s culture is needed to ensure the exceptional operation and financial progress made in 2017 endures,” the proxy states.

Shareholders approved the election of directors, an auditor and U.S. Steel’s compensation plan.

Len Boselovic: lboselovic@post-gazette.com or 412-263-1941.

First Published: April 25, 2018, 12:45 p.m.

RELATED
SHOW COMMENTS (0)  
Join the Conversation
Commenting policy | How to Report Abuse
If you would like your comment to be considered for a published letter to the editor, please send it to letters@post-gazette.com. Letters must be under 250 words and may be edited for length and clarity.
Partners
Advertisement
Protesters gathered at the corner of Murray and Forbes avenues to speak out against the Trump administration's policies on Sunday, Feb. 23, 2025, in Squirrel Hill.
1
news
'We will fight back': Hundreds rally in Squirrel Hill in opposition of Trump, Musk and president's administration
This undated photo provided by the Denver Police Department shows Andrew Duarte who served as a Denver police officer from 2017 to 2022.
2
news
Officer killed in York hospital shootout was PennWest California graduate
Pirates starting pitcher Mitch Keller warms up in the outfield befiore their first home game of the Grapefruit League season at LECOM Park in Bradenton, Florida, on Sunday, Feb. 23, 2025.
3
sports
3 takeaways from Pirates’ second straight win to start spring training
York County District Attorney Timothy J. Barker reacts during a news conference regarding the shooting at UPMC Memorial Hospital in York, Pa. on Saturday, Feb. 22, 2025.
4
news
Police officer killed, gunman dead in shooting at UPMC Memorial Hospital in York
The University of Pittsburgh's Cathedral of Learning
5
business
Amid funding uncertainty, Pitt pauses doctoral admissions
David B. Burritt, CEO of U.S. Steel.  (U.S. Steel)
U.S. Steel
Advertisement
LATEST business
Advertisement
TOP
Email a Story