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

August US mill shipments slip but still higher than last year
The American Iron and Steel Institute reported a decline in the monthly shipments of US mills from July to August.

TransPod, Algoma, Supreme Steel linkup anchors Canadian steel in high-speed transit build
The three Canadian companies have announced a strategic partnership to support the development of an ultra-high-speed transit line from Edmonton to Calgary.

Metallus, USW agree to tentative four-year labor deal
Metallus and the United Steelworkers (USW) have agreed to a tentative four-year labor contract.

ArcelorMittal Dofasco resumes cokemaking after emergency maintenance
The Canadian steelmaker reported on Sept. 30 that “urgent maintenance” was needed in its coke plant off-gas systems. The work required coke oven gas from the No. 2 coke plant to be flared for most of that week.

AISI: Raw steel production ticks back down
US raw steel output declined last week after increasing the week prior, according to the latest data from the American Iron and Steel Institute (AISI). Output has see-sawed from week to week since mid-August. Still, it has remained historically strong over the past four months and has held near multi-year highs since June. Domestic mills […]