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

Cliffs idles Steelton, Riverdale, and Conshohocken operations
Cliffs has idled facilities in Riverdale, Ill., and Conshohocken and Steelton, Pa.

Radius loss narrows, volumes climb in ‘healthy’ West Coast market
Stronger steel demand in the Western US, rising scrap flows, and improved rolling mill utilization drove sequential gains for Portland, Ore.-based Radius Recycling.

AISI: Raw steel production backs off multi-year high
US raw steel output edged lower last week after hitting a multi-year high in mid-June, according to the American Iron and Steel Institute (AISI).

Private equity firm Atlas Holdings to acquire Evraz North America
Atlas Holdings said it has signed a definitive agreement to acquire Evraz North America (Evraz NA). The Greenwich, Conn.-based private equity firm said it expects the deal for the Chicago-based steelmaker to close in the second quarter of 2025 subject to various closing condition.

Granite City Works must remain open and other terms of the Nippon-USS deal
SEC documents also name Trump specifically as having veto power certain decisions are part of the “Golden Share” provision.