BizBuzz

BizBuzz

Longview News-Journal business editor Mike Elswick, fickle fleeting fingers racing across his keyboard, updates East Texans on business and consumer issues affecting them and the region in his blog -- BizBuzz. Mike, a self-professed business news junkie, joined the News-Journal staff in March 1984 and has covered a variety of issues, events and personalities in that time. His newspaper career has also included time as circulation director and a community newspaper publisher. He and his wife Nancy raised their three children in Longview and they have two grandchildren.

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Mike Elswick's business coverage

Home > BizBuzz > Archives > 2008 > May > 08 > Entry

Profiting from perks in steel

By Mike Elswick | Thursday, May 8, 2008, 10:07 AM

The chairman and chief executive of steel producer United States Steel Corp., the parent company of the former Lone Star Steel and Lone Star Technologies, this week exercised options for 25,000 shares of common stock, according to a Securities and Exchange Commission filing.

In a Form 4 filed with the SEC, John Surma reported he exercised options for the shares Monday for $29.54 apiece. He then sold 18,900 of them for $160.64 to $160.95 apiece reaping a quick profit of at least $3 million and some change. Plus, he retained 6,100 shares from the options exercised. Assuming he sells those for at least $160.64 a share, they’re worth another $900,000. Not a bad perk!

Insiders file Form 4s with the SEC to report transactions in their companies’ shares. Open market purchases and sales must be reported within two business days of the transaction.

U.S. Steel is based in Pittsburgh. Its shares, traded on the New York Stock Exchange, were trading slightly above $170 each Thursday morning.

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