Steel Mills
Ancora says plan for USS would yield higher value than Nippon deal
Written by Ethan Bernard
April 8, 2025
Investment firm Ancora Holdings Group said it has a strategy that, if implemented, would lead to a higher shareholder value than the current Nippon Steel bid for U.S. Steel.
This is in connection with its “nomination of nine highly qualified director candidates for election to the company’s board of directors at the 2025 annual meeting of stockholders scheduled for May 6,” according to a letter from the firm on Monday.
The firm said it is filing a “definitive proxy statement with the US Securities and Exchange Commission.” Recall that Ancora’s intention to replace USS leadership was first announced in late January.
Ancora said its five-point plan could achieve a target “pro forma total return of $75.67” per share to stockholders if the Nippon deal is “formally terminated” vs. the $55-per-share value of the Nippon play for USS.
However, the investment firm, if it achieves its leadership goals, vowed to continue to pursue the deal with Nippon if it passes through.
President Trump recently ordered a new Committee on Foreign Investment in the United States (CFIUS) review of the Nippon/USS deal. It is to be completed within 45 days.
One plank in Ancora’s plan to improve shareholder value is selling the Big River Steel operation in Osceola, Ark., for “estimated proceeds of $8 billion, netting $7.6 billion after taxes.”
Among the leadership changes sought is to replace current USS CEO David Burritt with former Stelco CEO Alan Kestenbaum.
Nippon declined to comment on the Ancora letter. USS did not return a request for comment.
Ethan Bernard
Read more from Ethan BernardLatest in Steel Mills
USW seeks clarity on plans for Granite City Works
The United Steelworkers union has asked U.S. Steel to elaborate on its Granite City Works plans following reports that the steelmaker is ending processing at the facility.
Nucor maintains plate prices, opens October order book
Nucor aims to keep plate prices flat for a seventh straight month with the opening of its October order book.
ArcelorMittal Mexico to import from sister mills as it works to resume DRI production
ArcelorMittal has partially restarted operations at its direct reduction plant in Lazaro Cardenas, Michoacan. An explosion on Aug. 18 rocked the massive steelworks on Mexico’s Pacific coast, impacting production of direct-reduced iron (DRI).
Fall maintenance outages are coming in hot
Labor Day has passed, the sun is starting to set a little earlier each day, and cooler weather has begun to find its way down to many of us across North America. And you know what that means for the steel industry… Fall maintenance outages!
AISI: Domestic steel production ticks up
US raw steel production ticked up in the week ending on Sept. 6 after a decrease the week before, according to the most recent data from the American Iron and Steel Institute (AISI).