An asset manager is seeking to quash Nippon Steel’s takeover of U.S. Steel and oust the leadership of the U.S. steelmaker after taking a stake in the company
ByMICHELLE CHAPMAN AP business writer
January 27, 2025, 7: 46 AM
An asset manager is seeking to quash Nippon Steel’s takeover of U.S. Steel and oust the leadership of the U.S. steelmaker after taking a stake in the company.
Ancora reported acquiring a 0.18% stake in the Pittsburgh company and said Monday that the board of U.S. Steel and its CEO David Burritt have prioritized the sale to Nippon because they stand to receive more than $100 million if it goes forward.
Earlier this month Nippon Steel and U.S. Steel filed a federal lawsuit challenging a Biden administration decision to block Nippon’s proposed $15 billion acquisition citing national security.
Ancora is seeking an independent slate of directors at U.S. Steel and new CEO that are committed to walking away from the Nippon deal. In an open letter on Monday, the firm said it has nominated nine independent directors for election at U.S. Steel’s annual shareholders meeting this year. Those directors have a plan that includes making Alan Kestenbaum, former Chairman and CEO of Stelco, the