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U.S. Steel and TimkenSteel Have Been Big Losers. Executives Are Leaving With Millions.

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There has been upheaval in the steel sector for months. Now weak pricing for the metal and lackluster profits for the companies are shaking up management teams.

Both United States Steel (ticker: X) and TimkenSteel (TMST) announced big management changes Wednesday. The winners so far look like the exiting executives.

At U.S. Steel—one of...