Ancora reiterates call for U.S. Steel to delay annual stockholder meeting

Ancora, a shareholder of United States Steel (X) is reiterating its view that the company’s board can and should delay the 2025 annual meeting of stockholders in light of the “tremendous uncertainty” related to the blocked sale to Nippon Steel (NPSCY). Ancora is also encouraging all of its fellow stakeholders to share their independent views about the impact of U.S. Steel holding its annual meeting, when CEO David Burritt and other incumbent directors will stand for reelection, prior to more information coming to light about the blocked transaction and leadership’s plans. Fredrick D. DiSanto, chairman and CEO of Ancora, and James Chadwick, President of Ancora Alternatives, commented: “Although the Board ignored our February 27th letter, we are once again calling on U.S. Steel to delay its Annual Meeting until there is much-needed clarity pertaining to the blocked sale to Nippon. U.S. Steel’s sparse proxy statement – which failed to include any key detail regarding the unprecedented, ‘Hail Mary’ merger litigation or the Company’s contingency plans – and nebulous Form 8-K on March 17th about engagement with the federal government have only served to raise more questions about the blocked transaction. Indeed, we continue to hear from stockholders, labor representatives and other stakeholders who feel completely in the dark. While complete and accurate disclosure is of critical importance in any stockholder vote, we believe it is of even greater importance in connection with the election of directors in the midst of transformational M&A activity. We believe the Board will be breaching its fiduciary duties if it holds the Annual Meeting on an unnecessarily rushed timeline that deprives stockholders of information that will come out over the course of May and June.”