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Activist investor Ancora Holdings has acquired a stake in US Steel and is urging the steelmaker to abandon its merger agreement with Japan’s Nippon Steel, according to a Wall Street Journal report. Ancora intends to encourage shareholders to remove US Steel’s CEO David Burritt,

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.

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

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,

Ancora Holdings has acquired a stake in U.S. Steel, urging the company to abandon its merger with Nippon Steel. Ancora also seeks to replace U.S. Steel's CEO with its own board nominees. Former President Biden and Donald Trump oppose the Nippon deal,

Nippon's offer to buy USS was $14 billion while, according to Cliff CEO Lourenco Goncalves, Cliffs' final bid was $13.8 billion. Before Biden killed the Nippon deal, a bipartisan group, including incoming President Donald Trump, also opposed the deal.

The activist investor also intends to rally shareholders around a plan to oust US Steel’s top boss David Burritt, says a Wall Street Journal report.

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 Group has nominated nine candidates for United States Steel Corp.’s board and is pushing for the company to abandon a takeover by Nippon Steel Corp., according to people familiar with the matter.

Ancora is not interested in pursuing a sale of the American steelmaker to another party, the WSJ reported, adding that it has nominated nine director candidates to the company's 12-person board, inclu