BUZZ-U.S. Steel falls on report that Ancora pushes to end Nippon merger

United States Steel's X.N shares fall 2.4% to $36.5 premarket after a report said activist investor Ancora Holdings is pushing to end its merger with Nippon Steel 5401.T

Wall Street Journal reports that Ancora has built a stake in the steelmaker and wants it to drop its merger agreement with Nippon Steel

The activist investor also intends to rally shareholders to oust U.S. Steel's top boss David Burritt, the report said

It also nominated nine director candidates to the company's 12-person board, the report said

Eight of 12 brokerages rate the stock "buy" or higher, 4 "hold"; their median PT is $39.50 - data compiled by LSEG

Shares of U.S. Steel are up 10.6% YTD after falling 30.1% in 2024