Activist investor Ancora has nominated nine candidates for U.S. Steel’s board and is pushing for the company to abandon a takeover by Nippon Steel, according to people familiar with the matter.
Ancora’s nominees include former Stelco Chief Executive Officer Alan Kestenbaum, said the people who asked not to be identified because the information was private. Ancora wants Kestenbaum to also replace current U.S. Steel CEO David Burritt, they said.
The Cleveland-based activist investor intends to push U.S. Steel to end litigation aimed at rescuing the Nippon Steel deal and instead collect a $565 million breakup fee, the people said.
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