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U.S. Steel (X.US) strongly supports Nippon Steel's acquisition bid, firmly resisting Ancora's potential involvement.

Market IntelMonday, Jan 27, 2025 9:00 am ET
1min read

U.S. Steel (X.US) stated on Monday that it remains committed to selling the company to Nippon Steel, and expressed concern about the motivations behind the nomination of 9 directors, including former Stelco CEO Alan Kestenbaum, by Ancora Holdings, an activist investor, who has launched a proxy battle for the steel producer's 12-member board.U.S. Steel said, "Given Ancora and Alan Kestenbaum's recent dealings with Cleveland-Cliffs (CLF.US), one of the bidders for U.S. Steel, the company is concerned about the motivations behind these nominations."U.S. Steel stated that Ancora only holds 0.18% of the company's shares, though Ancora has indicated it is accumulating "significant" shares and plans to disclose them in the future.Ancora is seeking shareholder support for a plan to remove U.S. Steel's CEO David Burritt and to abandon litigation to save the merger with Nippon Steel, while expressing no interest in selling the company to any other party.

Comments

Post
sesriously
01/27
$CLF Alright everyone, and @sunnerside, ;)...... The Zuck's 80B AI center, as big as Manhattan, and the Deep Seek stuff is like the wild west.... and there's only one player in town for electrical steel in North America. Things are about to get real fast in this race.
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Smart-Material-4832
01/27
$CLF Alright everyone, and @sunnerside, ;)...... The Zuck's 80B AI center, as big as Manhattan, and the Deep Seek stuff is the wild west.... and there's only one player in town for electrical steel in North America. Things are about to get real fast in this race.
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istockusername
01/27
@Smart-Material-4832 What’s your take on Nippon Steel’s chances?
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greenpride32
01/27
@Smart-Material-4832 Agreed, things are heating up.
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Excellent_Chest_5896
01/27
$CLF @RagusDogMack Can you explain to young traders why the former Stelco CEO is being considered as the new US Steel CEO and board member by the activist
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NinjaImaginary2775
01/27
$CLF great day to have investments outside tech, this only happens about 3 times a year
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Conscious_Shine_5100
01/27
@NinjaImaginary2775 True, steel's having a moment.
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cuzimrave
01/27
@NinjaImaginary2775 What other sectors are you into?
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sesriously
01/27
$CLF Is this $CLF actually LG in disguise? https://finance.yahoo.com/news/asset-manager-seeks-quash-us-124604209.html
0
LackToesToddlerAnts
01/27
$CLF what'd clf do to deepseek
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