U. S. Steel Announces Executive Appointments in Corporate Risk Management and Finance Organizations

PITTSBURGH, Aug. 1, 2011 /PRNewswire via COMTEX/ -- United States Steel Corporation X +1.20% today announced two executive appointments in its corporate risk management and finance organizations that are effective today.

Larry T. Brockway, who currently serves as vice president and treasurer, has been appointed senior vice president and chief risk officer. Brockway will report to U. S. Steel Chairman and Chief Executive Officer John P. Surma. John J. Quaid, who serves as controller - North American flat-rolled operations, has been elected to succeed Brockway as vice president and treasurer. Quaid will report to U. S. Steel Executive Vice President and Chief Financial Officer Gretchen R. Haggerty. Both Brockway and Quaid will continue to be based at the company's Pittsburgh headquarters.

In the newly created role of senior vice president and chief risk officer, Brockway will be responsible for expanding the company's already comprehensive financial and business risk management practices to establish a more integrated, systematic and enterprise-wide approach to the assessment, analysis and monitoring of business risks and opportunities and the identification of strategies for managing risk. Quaid will assume executive responsibility for all of the company's treasury functions, which include cash and banking, credit and collections, corporate finance and corporate insurance.

Commenting on the appointments, Surma said, "Larry is uniquely qualified for the new role of chief risk officer and brings a deep understanding of the financial, commercial and operational facets of our business and the complex dynamics of the markets in which we operate. Larry is one of our company's most highly regarded executives, and the combination of his business acumen and strong intellectual and interpersonal skills make him a natural choice for this important new role.

"John's diverse financial and business background, international experience and proven leadership skills make him an outstanding addition to our team of highly talented accounting and finance executives," continued Surma. "John will be assuming leadership of an excellent treasury organization, and he brings a wealth of knowledge about our business and great credibility in the financial community to this critical function."

Brockway, 51, began his career with Marathon Oil Corporation in 1981 as an accounting intern in the Findlay, Ohio, office and advanced through various accounting posts there and in Marathon's Houston, Texas, office. In 1997, he transferred to Pittsburgh to serve as manager - structured finance for USX Corporation. Brockway was named director of corporate finance in 2000 and director of strategic planning in 2001. He was named assistant treasurer of corporate finance for U. S. Steel following the company's December 31, 2001, spin-off from USX Corporation. Brockway was elected to his most recent post, vice president and treasurer, in 2004.

Brockway, a native of Ashtabula, Ohio, graduated from Bowling Green State University in Bowling Green, Ohio, in 1982 with a bachelor's degree in accounting. He serves on the board of directors of the United States Steel and Carnegie Pension Fund and is a member of the Fund's Investment Committee. He is also a member of the Pittsburgh Symphony Orchestra's board of trustees.

Quaid, 39, joined U. S. Steel in 2002 as manager of investor relations after working at PricewaterhouseCoopers' audit and assurance practice from 1994 through 1999 and at FastForward, Inc., a high-tech start-up company, from 1999 through 2002. In 2004, Quaid advanced to director - facility marketing and business planning. One year later, he relocated to Serbia after being named director - finance for U. S. Steel Serbia with responsibility for accounting and analysis, tax, cash and banking, and credit and collections in Serbia. He returned to the United States in 2007 to serve as a lead project manager for the company's Enterprise Resource Planning project. He advanced to assistant corporate controller in the company's accounting and finance organization in 2008 and assumed his most recent position, controller - North American flat-rolled operations, in July 2010.

Originally from St. Paul, Minn., Quaid earned a Bachelor of Science degree in accounting from Lehigh University in Bethlehem, Pa., in 1994. He is a member of the board of directors of the United States Steel and Carnegie Pension Fund and serves on the Fund's Investment Committee. Quaid is also a member of the United Way of Allegheny County's board of directors.

CONSUMER FINANCE: Go Beyond Referrals To Find Real-Estate Agent

J.D. Power survey shows drop in buyer satisfaction with real-estate agents.

--There remain steep barriers to buying a house, including higher down-payment requirements for the best mortgage rates and tighter loan standards.

--Both buyer and sellers were most satisfied with the Re/Max brand.

By Amy Hoak

A DOW JONES COLUMN

We're in a buyer's market, yet Americans who recently purchased a home are even less satisfied with their real-estate companies than last year.

That's according to an annual survey by J.D. Power and Associates, which reported that a big reason for the decrease was buyers' drop in satisfaction with their ...

Syria’s security forces

DAMASCUS — Here is a breakdown of Syria’s armed forces, after President Bashar al-Assad praised troops for “foiling the enemies”, a day after security forces reportedly killed nearly 140 in a crackdown on protests.

According to the latest edition of the Military Balance, published by the International Institute for Strategic Studies in London, the country’s defence budget in 2009 was at $1.87 billion/1.29 billion euros for a gross domestic product of $53.3 billion.

·         Troops: The Syrian army consists of 325,000 troops, of which 220,000 are in the army, 5,000 in the navy, 40,000 in the air force and 60,000 in air defences.

Paramilitary forces are estimated at 108,000, of which 8,000 are in the gendarmerie, under the authority of the interior ministry, and 100,000 in the popular militia of the Baath party, which has been in power since 1963.

As regards reservists Syria’s army has 314,000 troops, while there are 4,000 in the navy, 10,000 in the air force and 20,000 in the air defences.

·         Structure: The ground army has seven armoured divisions, three mechanised infantry divisions, a special forces division and a Republican Guard, created in 1976 and charged with state security.

The efficiency of the special forces and the Republican Guard is considered to be superior to that of the army in general.

·         Equipment: the army is equipped with mainly Russian-made material, and includes 4,950 tanks. It has a large arsenal of missiles, whose command is based in the northern city of Aleppo.

The navy has two frigates. The air force has 555, mainly Soviet-built, fighter planes.

Even if its material is globally considered obsolete since the disappearance of the Soviet Union, its main ally and supplier, Syria’s military is one of the biggest in the Arab world

Stocks on the Fence as Traders Weigh Jobs, Earnings

Stocks were in search of direction on Thursday as traders weighed disappointing earnings from ExxonMobil, better-than-expected jobs data and the ongoing U.S. debt debate. 

Today's Markets

As of 9:32 a.m. ET, the Dow Jones Industrial Average climbed 14 points, or 0.14%, to 12,319, the S&P 500 rose 1.6 points, or 0.12%, to 1,306 and the Nasdaq Composite gained 1.8 points, or 0.04%, to 2,766. 

The number of individuals applying for first-time jobless claims fell to 398,000 last week from 422,000, better than the 415,000 economists forecast. Jobless claims had been stuck above the 400,000-mark for weeks, which coupled with a dismal June jobs report, has many economists concerned that job growth is moderating. 

Later in the morning, markets are expected to get a report on pending home sales, which are expected to have fallen 2% in June after soaring 8.2% the prior month.  

Headlines from Washington, D.C. have captivated Wall Street in recent days as lawmakers have struggled to come to an agreement on how to begin cutting the deficit while also raising the debt ceiling.  

The Republican-controlled House of Representatives is expected to vote on Speaker John Boehner's bill late on Thursday.  The plan was revised on Wednesday after a score by the Congressional Budget Office found it would provide less spending cuts than expected.  The vote is expected to be tight, with most Democrats likely to vote against and divisions within the GOP.  

Even if the measure passes the House, it is likely to face strong opposition in the Senate, where theDemocratic Party has control. 

Economists and government officials have warned repeatedly that if the debt ceiling isn't raised, there could be severe consequences for the already fragile global recovery. Indeed, ratings companies have warned that they may downgrade the country's debt rating if lawmakers fail to craft a credible deficit-reduction bill. 

While this week's focus has been on the debt debate on Capitol Hill, several companies are posting earnings this week. 

ExxonMobil (XOM) unveiled profits of $2.18 per share, missing the Wall Street's view of $2.33.  The largest U.S. company by market capitalization posted revenue of $125 billion, beating estimates of $121 billion. 

DuPont (DD) posted earnings excluding one-time costs of $1.37 a share, topping analysts' forecast of $1.34 a share on strong growth across several of its product lines.  The chemical giant also boosted its full-year 2011 profit forecast to a range of $3.90 to $4.05 per share, from $3.65 to $3.85. 

Energy markets drifted higher after falling in the prior session. 

Light, sweet crude climbed 9 cents, or 0.09%, to $97.49 a barrel.  Wholesale RBOB gasoline jumped 3 cents, or 0.88%, to $3.17 a gallon. 

Prices at the pump continue heading higher.  A gallon of regular costs $3.71 on average nationwide, up from $3.55 last month, and well higher than the $2.75 drivers paid last year, according to the AAA Fuel Gauge report. 

In currencies, the euro fell 0.6% against the U.S. dollar, while the greenback gained 0.26% against a basket of world currencies. 

Gold has gotten a boost from the uncertain economic and political picture, hitting record highs several times in the last two weeks.  The precious metal recently gained $1.80, or 0.11%, to $1,619 a troy ounce.  Silver fell 31 cents, or 0.77%, to $40.26 a troy ounce. 

Corporate News

Cisco Systems (CSCO) shares got a boost after Goldman Sachs raised its view to "buy" from "neutral." 

Bristol-Myers Squibb (BMY) posted profits excluding one-time items of 56 cents a share, which topped estimates by a penny.  The company also reported better-than-expected sales of $5.4 billion, compared with the $5 billion estimate, and raised its full-year profit view. 

Foreign Markets

The English FTSE 100 fell 0.74% to 5,813, the French CAC 40 slid 1.3% to 3,685 and the German DAXslumped 1.6% to 7,139. 

In Asia, the Japanese Nikkei 225 dropped 1.5% to 9,901 and the Chinese Hang Seng rose 0.13% to 22,570.