(Reuters) -Activist investor Ancora Holdings has built a stake in U.S. Steel and wants the steelmaker to drop its merger agreement with Japan’s Nippon Steel, the Wall Street Journal reported on Sunday, citing sources.
The exact size of Ancora’s stake in U.S. Steel could not be determined. The activist investor also intends to rally shareholders around a plan to oust U.S. Steel’s top boss David Burritt, the report said.
Ancora is not interested in pursuing a sale of the American steelmaker to another party, the WSJ reported, adding that it has nominated nine director candidates to the company’s 12-person board, including Stelco (TSX:)’s former chief Alan Kestenbaum.
Ancora, U.S. Steel and Nippon Steel did not immediately respond to Reuters’ request for a comment outside regular business hours.
Earlier this month, former U.S. President Joe Biden blocked Nippon Steel’s $14.9 billion deal for U.S Steel on national security grounds…
