After the United States blocked Japanese steel Japanese steel bidding, Pittsberg companies are facing new pressure from active investors who are trying to prevent companies' efforts to revive US leadership and revive transactions.
Ancora, an activist investor, stated in a published letter to the US Steel Board of Directors on Monday, nominated nine directors, including Alan Kestenbaum, former chairman and highest executive officer of Stelco Holdings.
STELCO was acquired last year by Cleveland Cliffs. Cliffs is considering a unique bidding on steel in the United States. Ancora wants Kestenbaum to end a formal consultation with Nippon, taking the David Burritt, the STEEL's highest executive officer.
US Steel shares, which have decreased by about 22 % in the past year, have decreased by more than 1 % in Monday morning trading.
Both US Steel and Nippon Steel repeatedly intended to complete their transactions on Monday.
“I am convinced that the partnership with Nippon Steel, the US Steel Spokesman, is the best transaction for American steel, American community, and American supply chains.”
According to NIPPON's spokesman TUCKER ELCOCK, the company is “the only partner with at least $ 1 billion in Mon Valley Works and about $ 300 million in Gary Works.” Ta. Investment already committed -To protect and grow US steel. “
The US Steel agreed to the bidding proposed by NIPPON $ 14 billion in late 2023, and later approved. However, the contract faced a serious pushback from the Steel Worker Association, and former President Joseph Biden quoted the national security concern and blocked it just before taking over.
Both US Steel and Nippon complained of the Biden administration and Cleveland-Cliffs, claiming that the transaction national security examination process had been damaged. Lourenco Goncalves, the highest executive officer of Cleveland Cliffs, may have a fierce relationship between him and Barit, but he is preparing a bidding enhanced by our steel. It shows that.
Ancora said on Monday that legal efforts to revive Japanese transactions would be wasted.
“It seems that there is no legal basis for a litigation that is expensive to steel,” the company wrote that President Trump was the opposition of the contract.
If he was elected to the Board of Directors, Kestenbaum would pursue many Initiative, reduced his spending on a walnut streets for contract consultation estimated that the company was in the nine numbers. Includes to do. Ancora also stated that Kestenbaum would also show a “clear standalone strategy” and restore his relationship with Steelworkers' Union.
