Activist investor Ancora has nominated nine candidates to U.S. Steel's board of directors, as it looks to oust company CEO David Burritt and push the American steelmaker to back out of a $14.9 billion merger deal with Japan's Nippon Steel.

Activist investor Ancora Holdings is waging a proxy battle at U.S. Steel and wants the company to turn the page from its failed marriage with Nippon Steel. Ancora unveiled a plan that would rally shareholders around a plan to oust U.

Cleveland-Cliffs Inc. was among several steelmakers that participated in an auction for U.S. Steel in 2023 before being outbid by Nippon Steel. Cleveland-Cliffs is now partnering with Nucor Corp. to weigh a potential joint bid for US Steel, Bloomberg News has reported.

The move by Cleveland-Cliffs comes after the Biden administration blocked the U.S. Steel-Nippon tie-up on national security grounds.

An activist shareholder is planning a proxy battle at United States Steel Corp. to force the end of the controversial $14.9 billion acquisition by Nippon Steel, The Wall Street Journal reported late Sunday.

U.S. Steel shares jumped Monday on a report that Cleveland-Cliffs is teaming up with rival Nucor for a potential bid for the company, whose $14.1 billion buyout by Nippon Steel was recently blocked by President Joe Biden.

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,

Activist investor Ancora Holdings is preparing a proxy battle against U.S. Steel to replace its leadership and shift its strategy following the failed $14 billion merger with Nippon Steel Corp (TYO:5401),

The company’s renewed interest comes after the Biden administration blocked Nippon Steel from acquiring the onetime American powerhouse.

After Nippon Steel's bid was thwarted by the Biden administration, other American competitors are looking for an acquisition.

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.

Mr. DiSanto is a shareholder and experienced public company director with expertise in capital allocation, corporate finance, and the debt and equity markets. Currently serves as Chairman and Chief Executive Officer at Ancora Holdings, the parent company of Ancora Alternatives, a U.S. Steel shareholder.