Among the proposed nine-member board slate are notable industry figures, including Ancora CEO Fredrick D. DiSanto and Roger K. Newport, former CEO of AK Steel Holding Corp.
The Controversial Nippon Deal
The blocked merger with Nippon Steel, valued at $14.9 billion, was halted by Biden on national security grounds. Ancora emphasized its alignment with the United Steelworkers union and suggested President Donald Trump’s administration, which takes over in 2025, is unlikely to reverse Biden’s decision given its “America First” agenda.
The Nippon lawsuit seeks a new review process, alleging that Biden’s initial decision was flawed. However, Ancora stated its confidence that any attempt to revive the deal under Trump’s administration would also fail.
U.S. Steel’s Response
In a statement acknowledging Ancora’s letter, U.S. Steel defended its board and its commitment to completing the Nippon merger. The company described Ancora’s demands as unaligned with the interests of all shareholders, pointing out Ancora’s relatively small 0.18% stake in the company.
