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Ancora Holdings, a Mayfield Heights-based institutional asset management company and private wealth advisor, is calling on U.S. Steel to drop its merger agreement with Japanese-owned Nippon Steel, end its litigation against the federal government seeking to keep the deal alive and oust its Chief Executive.
U.S. Steel and Nippon Steel filed a separate lawsuit in the U.S. Court of Appeals in Washington, D.C., against the Biden administration to overturn the order and force a new review that could potentially lead to the deal. The Pittsburgh suit against Cliffs and McCall doesn't have any bearing on that decision.
Ancora Holdings Group, with $10 billion in assets, reported acquiring a 0.18% stake in the Pittsburgh company. It said Monday that U.S. Steel CEO David Burritt and the company's board have prioritized a sale to Nippon because they stand to receive more than $100 million if it goes forward.
Ancora Holdings Group said the board of U.S. Steel and its CEO have prioritized the sale to Nippon because they stand to profit if it goes forward.
An asset manager, Ancora, is challenging Nippon Steel's proposed takeover of U.S. Steel, calling for new leadership at the steelmaker after acquiring a small stake in the company. U.S. Steel is one of the major producers of steel in the U.S., employing more than 20,000 people in this a strategically important industry.
Nucor may be interested in acquiring parts of U.S. Steel if the $14.9 billion deal for Nippon Steel to purchase U.S. Steel falls through.
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Investment firm Ancora has nominated nine candidates to US Steel’s board of directors, as it looks to unseat company CEO David Burritt and pressure
Ancora Holdings Group wants new board members to focus on U.S. Steel's turnaround, not selling the company. Cleveland-Cliffs is also trying to purchase U.S. Steel.
An asset manager is seeking to quash Nippon Steel’s takeover of U.S. Steel and oust the leadership of the U.S. steelmaker after taking a stake in the company.
U.S. Steel yesterday disavowed a push from activist investor Ancora Holdings to drop its proposed sale to Japan's Nippon Steel Co. Why it matters: The future of the Pittsburgh icon is in limbo after a proposal to sell the company to Nippon was blocked by then-President Biden four weeks ago,