United Steelworkers International leadership promised Friday to continue the fight against the $14.9 billion deal between United States Steel Corp. and Nippon Steel and in a letter to members highlighted an activist shareholder’s takeover attempt but stopped short of endorsing Ancora’s efforts.
Ancora, whose shares have increased to about 1.9% of U.S. Steel shares in recent months, in January launched a proxy battle that would include replacing nine members of the company’s board, install a new CEO and pull out of the planned acquisition by Nippon Steel. That acquisition was blocked by then-President Biden on Jan. 3 and is the subject of court action in Washington, D.C., and Pittsburgh. There’s also a potential for President Donald J. Trump to broker a deal that would not include full ownership of U.S. Steel (NYSE: X).
“We will continue to carefully scrutinize every aspect of Ancora’s plan,” the letter said.
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