Activist Ancora Ends Campaign After U.S. Steel Merger Progress

Dow Jones

09 Apr

By Katherine Hamilton

Ancora Holdings withdrew its nomination of director candidates at U.S. Steel, ending a campaign to alter the company's leadership amid a merger attempt.

The activist investor said Wednesday it was withdrawing the nomination of nine director candidates that it made in January, when it sought to oust Chief Executive David Burritt. At the time, it was aiming to push the Pittsburgh steelmaker to back out of its merger with Japan's Nippon Steel.

But Ancora said recent momentum on the merger deal motivated it to withdraw its nominations. On Monday, President Trump ordered a new national-security review of the transaction, which was previously blocked by former President Joe Biden.

"Based on language included in Monday's presidential action, we suspect the companies have taken steps to try to mitigate national security considerations," Ancora said.

U.S. Steel and Ancora have gone back and forth on the activist's suggested plan, which it said would boost the value of the company's shares to over $75 apiece. U.S. Steel, whose shares currently trade around $44, said Tuesday Ancora's plan was contradictory and a pipe dream.

Ancora meanwhile criticized U.S. Steel on Wednesday for not delaying its annual shareholders meeting.

Write to Katherine Hamilton at katherine.hamilton@wsj.com

(END) Dow Jones Newswires

April 09, 2025 08:09 ET (12:09 GMT)

Copyright (c) 2025 Dow Jones & Company, Inc.

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At the time, it was aiming to push the Pittsburgh steelmaker to back out of its merger with Japan's Nippon Steel. \n\n\n  But Ancora said recent momentum on the merger deal motivated it to withdraw its nominations. On Monday, President Trump ordered a new national-security review of the transaction, which was previously blocked by former President Joe Biden. \n\n\n  \"Based on language included in Monday's presidential action, we suspect the companies have taken steps to try to mitigate national security considerations,\" Ancora said. \n\n\n  U.S. Steel and Ancora have gone back and forth on the activist's suggested plan, which it said would boost the value of the company's shares to over $75 apiece. 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