United States Steel Corp.’s board of directors struck back at an activist shareholders’ proxy battle and said that through it all, its pending $14.9 billion deal to be acquired by Nippon Steel Corp. remains the best choice for shareholders.
The board’s letter was published over the weekend in its proxy ahead of the May 6 annual meeting. U.S. Steel (NYSE: X) and Nippon Steel are appealing an executive order Jan. 3 blocking the $55 a share offer on national security grounds and, while President Donald J. Trump has said he isn’t in favor of Nippon Steel’s full ownership, negotiations are continuing before a June deadline to unwind. A recent federal government request in the lawsuit against the Committee on Foreign Investment in the United States lifted the potential for a resolution between now and then.
Ancora, the Cleveland-based hedge fun that owns about 2% of U.S. Steel, had urged the company to delay the annual meeting until things were clearer about the Nippon Steel offer. Ancora has its own slate of directors as well as a CEO candidate that it said would keep U.S. Steel independent and drop the deal and lawsuit with Nippon Steel.
Click here to read more from our partners at the Pittsburgh Business Times.
Download the FREE WPXI News app for breaking news alerts.
Follow Channel 11 News on Facebook and Twitter. | Watch WPXI NOW
©2025 Cox Media Group
