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Investor seeks to quash US Steel-Nippon deal after taking stake in US steelmaker
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....nvestor seeks to quash US Steel-Nippon deal after taking stake in US steelmaker<BR>PTI News<BR>Dated:- 27-1-2025<BR>PTI<BR>Washington, Jan 27 (AP) An asset manager is seeking to quash Nippon Steel's takeover of US Steel and oust the leadership of the US 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....
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.... of US Steel and its CEO David Burritt have prioritised the sale to Nippon because they stand to receive more than $100 million if it goes forward. Earlier this month Nippon Steel and US 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 US ....
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....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 US Steel's annual shareholders meeting this year. Those directors have a plan that includes making Alan Kestenbaum, former Chairman and CEO of Stelco, the new CEO of US Steel's. Ancora wants new board members to focus on....
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.... US Steel's turnaround, not trying to find alternative bidders or selling the company. It also wants them to pursue the $565 million breakup fee. “US Steel is now in a dire state due its excessive capital spending, high debt, soft earnings and nonexistent contingency plan,” Ancora wrote. “There are consequences associated with having out-of-touch leadership with weak involvement in local....
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.... communities. Absent a miracle, Ancora believes a substantial and urgent reconstitution of the company's leadership is necessary,” it continued. US Steel, based in Pittsburgh, said early Monday that it remains committed to pursuing a deal with Nippon, believing it is the best deal for the US steel industry, supply chains and job market. It expressed concern over Ancora's plans. “Ancora's....
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.... interests are not aligned with all US Steel stockholders,” US Steel said. “Our stockholders will not be well served by turning over control of the company to Ancora. We are also concerned about the motivations behind these nominations, given Ancora's and Alan Kestenbaum's recent dealings with failed bidder Cleveland-Cliffs.” US Steel rejected a bid from rival US steelmaker Cleveland-Cliff....
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....s in favour of the offer from Nippon in 2023. Cleveland-Cliffs CEO Lourenco Goncalves said this month that he wanted to make a new bid for US Steel. Ancora is also based in Cleveland. (AP) SCY SCY<BR> News - Press release - PIB....