Activist investor Ancora Holdings has built a stake in US Steel and wants the steelmaker to drop its merger agreement.

Activist investor Ancora Holdings is opposing U.S. Steel's merger with Nippon Steel and is pushing for leadership changes. Ancora has nominated candidates for U.S. Steel's board and aims to replace CEO David Burritt,

Lourenco Goncalves, the CEO of Ohio-based steelmaker Cleveland Cliffs, said in a news conference Monday, Jan. 13, 2025, that he wanted to make a new bid for U.S. Steel, which accepted the buyout offer from Nippon in 2023 after it rejected an offer by Cleveland-Cliffs.

Activist investor Ancora Holdings has built a stake in U.S. Steel and wants the steelmaker to drop its merger agreement with Japan's Nippon Steel, the Wall Street Journal reported on Sunday, citing sources.

Led by Jim Chadwick, Ancora has focused on campaigns at industrial and transportation companies. In recent years, it has secured board seats at Berry Global Group Inc. and Norfolk Southern Corp. In 2024, Ancora won three seats in its proxy battle at Norfolk Southern.

The activist investor, which owns a 0.18% stake in the company, on Monday proposed to replace top boss Burritt with Alan Kestenbaum, former CEO of Canada's Stelco that was acquired by Cleveland-Cliffs in a $2.

Ancora unveiled a strategy that would rally shareholders around a plan to oust U.S. Steel’s chief executive and drop litigation to salvage a merger with the Japanese steelmaker. The firm isn’t interested in pursuing a sale of U.S. Steel to another party, Ancora said, confirming an earlier report from The Wall Street Journal.

Activist investor Ancora Holdings wants US Steel (NYSE:X) to scuttle its planned more than $14 billion sale to Nippon Steel (OTCPK:NPSCY) after it was blocked by former President Joe Biden. The activist also wants US Steel (NYSE:X) to oust CEO David Burritt and drop a lawsuit that's trying to salvage its sale to Nippon Steel (OTCPK:NPSCY),

Japan's Nippon Steel remains interested in working with the incoming administration of Donald Trump to try to seal a takeover of U.S. Steel, its vice chairman Takahiro Mori said an opinion piece in the Wall Street Journal.

Gus Carlson is a U.S.-based columnist for The Globe and Mail. After blocking Nippon Steel’s bid for U.S. Steel X-N on national-security grounds, the departing U.S. president and his successor ...

With the Nippon Steel purchase of U. S. Steel scuttled by presidential decree, might Cleveland-Cliffs join forces with Nucor to make an offer? Cleveland-Cliffs could target the integrated mills, and Nucor could take ownership of Big River Steel, an electric arc furnace in Arkansas .Nordroden/iStock/Getty Images Plus