It has been a while, so I am sorry for bringing back a dead thread, but I would like to point out that the %armor shred on his E, as well as the continual damage to stack a Black Cleaver, and the last whisper problem all allow Urgot to essentially ignore the fact that you have armor. Black Cleaver, Last Whisper, and Manamune being your only hard damage items, allows you to build an Iceborn Gauntlet, Banshee's Veil, and whichever boots you please in order to be nearly as tanky as the tanks on the enemy team, while shredding their tankiness, and reducing everyone's damage. If you need sustain, you can swap Manamune for an Essence Reaver, and Last Whisper for a BT. Or you can buy a Gunblade instead of Last Whisper,and keep the rest. Also, since all his damage is physical, it will all proc the Elixer of Wrath's damage return, which helps tremendously.
The only thing I think that really hard-counters him is silences, and hard engage CC comps. You can soft counter him with anything if you play it right, but the hard counters are the only thing I see in my low ELO on a regular basis.