Nippon Steel's $14.1 Billion U.S. Steel Bid Faces $7 Billion Ancora Rival, Trump Opposition

Nippon Steel Corp. is pursuing a $14.1 billion acquisition of U.S. Steel Corp., with plans to invest an additional $7 billion in U.S. steelmaking facilities if the deal is approved. Takahiro Mori, Nippon Steel's vice chairman, has held discussions with U.S. Commerce Secretary Howard Lutnick to secure the administration's support for the acquisition. Activist investor Ancora Holdings Group, which holds a 1% stake in U.S. Steel, is opposing the Nippon Steel bid. Ancora has proposed an alternative plan to invest $6 billion to $7 billion in U.S. Steel, focusing on union-run mills in Pennsylvania, Illinois, and Indiana, and promising to build an electric-arc furnace in Gary, Indiana. Ancora's plan includes installing a new CEO, Alan Kestenbaum, and replacing the company's board. The acquisition has drawn opposition from union leadership, which has raised concerns about foreign ownership of U.S. Steel. President Donald Trump has also expressed opposition to the Nippon Steel bid, emphasizing the importance of keeping U.S. Steel under American ownership. The outcome of the competing proposals remains uncertain.