U.S. Steel Faces Investor Drama Amid Nippon Steel Merger Plans

U.S. Steel's merger plans with Nippon Steel face turbulence as Ancora Holdings, an activist investor, shifts its stance to support the merger. Ancora, pushing a $75 a share plan, calls for delaying U.S. Steel's shareholder meeting and nominates nine new board members, raising tensions with U.S. Steel's leadership.

Activist investor Ancora Holdings has reversed its position to back U.S. Steel's merger with Japan's Nippon Steel after initially opposing the plan.

While Ancora proposes a higher cash offer of $75 per share, it doesn't intend to impede the $55 per share deal with Nippon Steel. U.S. Steel criticized Ancora for its contradictory approach.

Amidst boardroom tensions, Ancora has nominated nine new directors to replace CEO David Burritt and seeks to delay the company's annual meeting as governmental review progresses.

(With inputs from agencies.)