US Steel names new CEO after executive announces retirement

The CEO of United States Steel Corp. is retiring and the company's president has been promoted to lead the big steelmaker.

U.S. Steel said Wednesday that Mario Longhi stepped down as CEO this week and will retire at the end of June. David Burritt has been elevated to the role of president and CEO.

Longhi had led the company since 2013. He said in a statement that he believes U.S. Steel made significant improvement under his leadership.

Burritt is a former Caterpillar executive who joined U.S. Steel in 2013 as its chief financial officer.

Shares of Pittsburgh-based U.S. Steel rose 8 cents to $21.05 in after-hours trading Wednesday.