Investor seeks to quash US Steel-Nippon deal after taking stake in US steelmaker

An asset manager is seeking to quash Nippon Steel’s takeover of U.S. Steel and oust the leadership of the U.S. steelmaker after taking a stake in the company. Ancora said Monday that it is opposed to U.S. Steel’s agreement with Nippon and believes that the company’s board and CEO David Burritt have prioritized getting the deal done because they stand to receive more than $100 million if it goes forward. Earlier this month Nippon Steel and U.S. Steel filed a federal lawsuit challenging a Biden administration decision to block Nippon’s proposed $15 billion acquisition of the Pittsburgh company citing national security.