Steel Mills

Ancora asks USS to delay shareholder meeting until after Nippon deal wind-down date
Written by Laura Miller
February 28, 2025
The investment firm seeking to oust U.S. Steel’s leadership has asked the steelmaker to schedule its annual shareholder meeting after June 18. That’s the deadline set by the US government for USS and Nippon Steel to unwind their nearly $15-billion merger deal.
Ancora Holdings Group sent a letter dated Feb. 27 to board members of the Pittsburgh-based steelmaker. In it, the USS shareholder urged the board to set a date for the company’s annual meeting at least 45 days after June 18.
U.S. Steel did not respond to a request for comment at the time of this article’s publication.
“Shareholders have an extremely important decision to make regarding the future of the Company at this year’s Annual Meeting,” Ancora wrote. “Prior to casting their vote, shareholders deserve to know the outcome of the Company’s ‘Hail Mary’ litigation in order to make a fully informed decision.”
Ancora is referring to Nippon and U.S. Steel’s lawsuit against the US government. Opening briefs were filed at the beginning of February. The case seeks to repeal the CFIUS review process and President Biden’s order blocking the deal.
Ancora began a proxy fight for control of the steelmaker in January. It believes the current CEO, David Burritt, has mismanaged U.S. Steel throughout its sale process. It has also accused him of insider trading.
The firm has nominated nine board members to take over for the current 12-member board and wants to replace Burritt with Alan Kestenbaum, who was CEO of Stelco until its acquisition by Cleveland-Cliffs last year.
Ancora is an activist investment firm whose stake in USS is less than 0.2%. However, it is “a growing shareholder of U.S. Steel,” it noted in its letter to USS. During a recent investor conference call, an Ancora representative stated that the firm plans to continue adding to its ownership position as the proxy fight goes on.
“Seeking to hold the Annual Meeting during this period of extraordinary uncertainty while pursuing a blocked deal in defiance of a former president’s executive order and a current president’s stated opposition would represent a self-serving entrenchment tactic,” Ancora noted in its letter.
The letter also encouraged other USS shareholders to “make their views known that delaying the Annual Meeting is necessary.”
Last year, U.S. Steel held its annual shareholder meeting at the end of April. It has not yet announced a date for this year’s meeting.
U.S. Steel had no comment regarding Ancora’s request.
In other news: USW continues fight vs. USS
And in other U.S. Steel news: The United Steelworkers (USW) union has filed unfair labor charges against the steelmaker.
In its complaint with the National Labor Relations Board (NLRB), USW charges U.S. Steel with intimidating workers, undermining the union, and discouraging members from engaging in protected activity.
The USW also opposes the USS/Nippon merger. It has alleged labor and trade-related concerns since the deal was first announced in 2023.
“Make no mistake, this activity, both on the part of our union and individual members, is protected. We not only had the right but the responsibility to speak out against this dangerous deal,” USW International President David McCall and USW District 7 Director Mike Millsap said in a Feb. 25 letter to union members.
“Our union remains committed to fighting back against USS’s attempts at intimidation and bullying, and will continue to defend our rights even as USS tries to silence us,” the union leaders stated.
U.S. Steel disputes that it has acted unfairly towards its employees, telling SMU that it has prioritized keeping its employees informed about the transaction since the beginning.
A USS spokesperson said the union’s charges are “just another example of the USW International’s effort to thwart the transaction, despite the opinions of many of its members.
“We engage employees in all business matters, making sure their questions are answered and that they have access to information,” the spokesperson said in an email on March 3. “We have conducted ourselves with integrity and remain confident that the transaction is the best path forward to secure the future of U. S. Steel.”

Laura Miller
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