Ancora Pushes to Block Nippon Steel Deal and Overhaul U.S. Steel Leadership

The activist investor nominates nine board candidates and seeks to replace CEO David Burritt while opposing the $14.9 billion merger with Japan's Nippon Steel.

Ancora, holding a 0.18% stake in U.S. Steel, is campaigning to stop the company's merger with Japan's Nippon Steel, citing national security concerns and potential conflicts of interest.
The investment firm has nominated nine candidates for U.S. Steel's 12-member board and proposed Alan Kestenbaum, former Stelco CEO, as a replacement for current CEO David Burritt.
Ancora accuses U.S. Steel's leadership of prioritizing the Nippon deal for personal financial gain, with board members and Burritt potentially receiving over $100 million if the merger proceeds.
The Biden administration previously blocked the Nippon Steel acquisition on national security grounds, prompting a legal challenge from Nippon and U.S. Steel to overturn the decision.
Ancora's proposed leadership changes aim to refocus U.S. Steel on financial recovery, avoid further sales, and pursue a $565 million breakup fee from Nippon Steel.