U. S. Steel Reiterates Commitment to Maximizing Value for Stockholders
U.S. Steel (NYSE: X) has responded to Ancora Catalyst Institutional's submission of nine nominees for the company's Board of Directors at the 2025 Annual Meeting. The company defends its current Board's decision to pursue the Nippon Steel transaction, which offers $55.00 per share, representing a 142% premium to the August 11, 2023 closing price of $22.72.
The company emphasizes that the Nippon Steel partnership maintains U.S. Steel as an American company, keeping its Pittsburgh headquarters and domestic production. The deal includes $2.7 billion in committed investments, with $1 billion allocated to Mon Valley Works and $300 million to Gary Works. U.S. Steel criticizes Ancora's nominations, noting their 0.18% stake and questioning their alignment with Cleveland-Cliffs, a failed bidder.
U.S. Steel (NYSE: X) ha risposto alla presentazione da parte di Ancora Catalyst Institutional di nove candidati per il Consiglio di Amministrazione dell'azienda in occasione dell'Annual Meeting del 2025. L'azienda difende la decisione del suo attuale Consiglio di perseguire la transazione con Nippon Steel, che offre $55,00 per azione, rappresentando un premio del 142% rispetto al prezzo di chiusura dell'11 agosto 2023 di $22,72.
L'azienda sottolinea che la partnership con Nippon Steel mantiene U.S. Steel come azienda americana, preservando la sua sede a Pittsburgh e la produzione domestica. L'accordo prevede $2,7 miliardi in investimenti impegnati, con $1 miliardo destinato al Mon Valley Works e $300 milioni al Gary Works. U.S. Steel critica le candidature di Ancora, evidenziando la loro partecipazione dello 0,18% e mettendo in discussione la loro alleanza con Cleveland-Cliffs, un offerente non riuscito.
U.S. Steel (NYSE: X) ha respondido a la presentación de Ancora Catalyst Institutional de nueve nominados para la Junta Directiva de la empresa en la reunión anual de 2025. La compañía defiende la decisión de su actual Junta de perseguir la transacción con Nippon Steel, que ofrece $55.00 por acción, representando una prima del 142% con respecto al precio de cierre del 11 de agosto de 2023 de $22.72.
La empresa enfatiza que la asociación con Nippon Steel mantiene a U.S. Steel como una compañía estadounidense, conservando su sede en Pittsburgh y la producción nacional. El acuerdo incluye $2.7 mil millones en inversiones comprometidas, con $1 mil millones asignados a Mon Valley Works y $300 millones a Gary Works. U.S. Steel critica las nominaciones de Ancora, señalando su participación del 0.18% y cuestionando su alineación con Cleveland-Cliffs, un postor fallido.
U.S. Steel (NYSE: X)는 Ancora Catalyst Institutional이 2025년 정기 총회에서 회사 이사회에 제출한 아홉 후보자에 대해 응답했습니다. 이 회사는 니폰 스틸 거래를 추진하기로 한 기존 이사회의 결정을 방어하며, 이 거래는 주당 $55.00를 제공하고 있으며, 이는 2023년 8월 11일 마감 가격인 $22.72에 비해 142%의 프리미엄을 나타냅니다.
회사는 니폰 스틸 파트너십이 U.S. Steel을 미국 회사로 유지하며, 피츠버그 본사를 유지하고 국내 생산을 지속한다고 강조합니다. 이 거래는 27억 달러의 투자 약정을 포함하며, 10억 달러는 Mon Valley Works에 및 3억 달러는 Gary Works에 할당됩니다. U.S. Steel은 Ancora의 후보 지명을 비판하며, 그들의 0.18% 지분을 언급하고 실패한 입찰자 Cleveland-Cliffs와의 일치 여부를 질문합니다.
U.S. Steel (NYSE: X) a répondu à la soumission par Ancora Catalyst Institutional de neuf candidats pour le conseil d'administration de l'entreprise lors de l'assemblée générale annuelle de 2025. L'entreprise défend la décision de son conseil actuel de poursuivre la transaction avec Nippon Steel, qui offre 55,00 $ par action, représentant une prime de 142 % par rapport au prix de clôture du 11 août 2023 de 22,72 $.
La société souligne que le partenariat avec Nippon Steel permet à U.S. Steel de rester une entreprise américaine, en conservant son siège à Pittsburgh et sa production nationale. L'accord prévoit 2,7 milliards de dollars d'investissements engagés, dont 1 milliard de dollars affectés à Mon Valley Works et 300 millions de dollars à Gary Works. U.S. Steel critique les nominations d'Ancora, notant leur participation de 0,18 % et remettant en question leur alignement avec Cleveland-Cliffs, un soumissionnaire ayant échoué.
U.S. Steel (NYSE: X) hat auf die Einreichung von Ancora Catalyst Institutional mit neun Nominierten für den Vorstand des Unternehmens bei der Hauptversammlung 2025 reagiert. Das Unternehmen verteidigt die Entscheidung des aktuellen Vorstands, die Nippon Steel-Transaktion zu verfolgen, die 55,00 $ pro Aktie anbietet, was eine Prämie von 142 % gegenüber dem Schlusskurs vom 11. August 2023 von 22,72 $ darstellt.
Das Unternehmen betont, dass die Partnerschaft mit Nippon Steel U.S. Steel als amerikanisches Unternehmen erhält, indem es seinen Hauptsitz in Pittsburgh und die Produktion im Inland beibehält. Der Deal umfasst 2,7 Milliarden $ an zugesagten Investitionen, wobei 1 Milliarde $ für Mon Valley Works und 300 Millionen $ für Gary Works vorgesehen sind. U.S. Steel kritisiert die Nominierungen von Ancora und weist auf deren 0,18% -Beteiligung hin und hinterfragt deren Verbindung zu Cleveland-Cliffs, einem gescheiterten Bieter.
- Secured $55.00 per share deal with Nippon Steel (142% premium)
- Secured $2.7 billion commitment for facility investments
- Received support from stockholders, communities, and local union leadership
- None.
Insights
The latest development in U.S. Steel's corporate saga presents a complex challenge to the
Three critical aspects deserve attention: First, the timing of Ancora's move appears strategic, coming after the announced Nippon Steel deal that offers
Second, the committed investments are strategically crucial:
Third, U.S. Steel's pointed reference to Ancora's connections with Cleveland-Cliffs raises important governance questions. This suggests potential conflicts of interest that could impact shareholder value, especially given Cleveland-Cliffs' previous failed bid.
The strong support from local union leadership and communities for the Nippon Steel deal creates a formidable barrier to Ancora's efforts. The preservation of the Pittsburgh headquarters, company name and domestic production commitments have effectively aligned key stakeholders behind the current transaction.
Issues Statement in Response to Ancora
U. S. Steel has an experienced and independent Board of Directors (the “Board”) with a proven track record of acting in the best interests of the Company and creating value for stockholders – as evidenced by their tireless efforts over the past year to complete the Company’s value-maximizing transaction with Nippon Steel and deliver
We remain confident that our partnership with Nippon Steel is the best deal for American steel, American jobs, American communities and American supply chains. With Nippon Steel, U. S. Steel remains an American company and its headquarters will stay in
Ancora’s interests are not aligned with all U. S. Steel stockholders. Our stockholders will not be well served by turning over control of the Company to Ancora. We are also concerned about the motivations behind these nominations, given Ancora’s and Alan Kestenbaum’s recent dealings with failed bidder Cleveland-Cliffs.
The Board will present its recommendation regarding director nominees in the Company’s proxy statement and other materials, to be filed with the Securities and Exchange Commission and mailed to all stockholders eligible to vote at the 2025 Annual Meeting. The 2025 Annual Meeting has not yet been scheduled and no stockholder action is required at this time.
About U. S. Steel
Founded in 1901, U. S. Steel is a leading steel manufacturer. With an unwavering focus on safety, the Company’s customer-centric Best for All® strategy is advancing a more secure, sustainable future for U. S. Steel and its stakeholders. With a renewed emphasis on innovation, U. S. Steel serves the automotive, construction, appliance, energy, containers, and packaging industries with high value-added steel products. The Company also maintains advanced iron ore production and has an annual raw steelmaking capability of 25.4 million net tons. U. S. Steel is headquartered in
IMPORTANT ADDITIONAL INFORMATION REGARDING PROXY SOLICITATION
United States Steel Corporation (the “Company”) intends to file a proxy statement and WHITE proxy card with the Securities and Exchange Commission (“SEC”) in connection with the solicitation of proxies for the Company’s 2025 Annual Meeting of Stockholders (the “Proxy Statement” and such meeting the “2025 Annual Meeting”). The Company, its directors and certain of its executive officers and employees may be deemed to be participants in the solicitation of proxies from the Company’s stockholders in respect of the 2025 Annual Meeting. Information regarding the directors and executive officers of the Company who may, under the rules of the SEC, be deemed participants in the solicitation of the Company’s stockholders in connection with the proposed transaction, including a description of their direct or indirect interests, by security holdings or otherwise, in the Company, is set forth in the Company’s proxy statement for the 2024 Annual Meeting of Stockholders, a definitive version of which was filed with the SEC on March 15, 2024 and available at https://www.sec.gov/ix?doc=/Archives/edgar/data/1163302/000110465924035006/tm2332710d3_def14a.htm. Please refer to the sections captioned “Stock Ownership of Directors and Executive Officers”, “Corporation Governance – Director Compensation”, and “Executive Compensation Tables” in the 2024 proxy statement. To the extent holdings of such participants in the Company’s securities have changed since the amounts described in the 2024 proxy statement, such changes have been reflected on Initial Statements of Beneficial Ownership on Form 3 or Statements of Change in Ownership on Form 4 filed with the SEC. Additional information can also be found in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023, filed with the SEC on February 2, 2024 and available at https://www.sec.gov/ix?doc=/Archives/edgar/data/1163302/000116330224000009/x-20231231.htm. Details concerning the nominees of the Company’s Board of Directors for election at the 2025 Annual Meeting will be included in the Proxy Statement. BEFORE MAKING ANY VOTING DECISION, THE COMPANY’S STOCKHOLDERS ARE URGED TO READ ALL RELEVANT DOCUMENTS FILED WITH OR FURNISHED TO OR TO BE FILED WITH OR FURNISHED TO THE SEC, INCLUDING THE PROXY STATEMENT, AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS TO THOSE DOCUMENTS, CAREFULLY AND IN THEIR ENTIRETY IF AND WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION. These documents, including the definitive Proxy Statement when available (and any amendments or supplements thereto) and other documents filed by the Company with the SEC, are available for no charge at the SEC’s website (www.sec.gov). Copies of the definitive Proxy Statement (when available) and the other documents filed with the SEC by the Company can also be obtained, without charge, by directing a request to United States Steel Corporation, 600 Grant Street, Suite 1884,
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
This press release contains information regarding U. S. Steel and Nippon Steel that may constitute “forward-looking statements,” as that term is defined under the Private Securities Litigation Reform Act of 1995 and other securities laws, that are subject to risks and uncertainties. We intend the forward-looking statements to be covered by the safe harbor provisions for forward-looking statements in those sections. Generally, we have identified such forward-looking statements by using the words “believe,” “expect,” “intend,” “estimate,” “anticipate,” “project,” “target,” “forecast,” “aim,” “should,” “plan,” “goal,” “future,” “will,” “may” and similar expressions or by using future dates in connection with any discussion of, among other things, statements expressing general views about trends, events or developments that we expect or anticipate will occur in the future, potential changes in the global economic environment, anticipated capital expenditures, the construction or operation of new or existing facilities or capabilities and the costs associated with such matters, as well as statements regarding the proposed transaction, including the timing of the completion of the transaction. However, the absence of these words or similar expressions does not mean that a statement is not forward-looking. Forward-looking statements include all statements that are not historical facts, but instead represent only U. S. Steel’s beliefs regarding future goals, plans and expectations about our prospects for the future and other events, many of which, by their nature, are inherently uncertain and outside of U. S. Steel’s or Nippon Steel’s control and may differ, possibly materially, from the anticipated events indicated in these forward-looking statements. Management of U. S. Steel or Nippon Steel, as applicable, believes that these forward-looking statements are reasonable as of the time made. However, caution should be taken not to place undue reliance on any such forward-looking statements because such statements speak only as of the date when made. In addition, forward looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from U. S. Steel’s or Nippon Steel’s historical experience and our present expectations or projections. Risks and uncertainties include without limitation: the ability of the parties to consummate the proposed transaction, on a timely basis or at all; the occurrence of any event, change or other circumstances that could give rise to the termination of the definitive agreement and plan of merger relating to the proposed transaction (the “Merger Agreement”); risks arising from transaction-related litigation, either brought by or against the parties; the risk that the parties to the Merger Agreement may not be able to satisfy the conditions to the proposed transaction in a timely manner or at all; risks related to disruption of management time from ongoing business operations due to the proposed transaction and related litigation; certain restrictions during the pendency of the proposed transaction that may impact U. S. Steel’s ability to pursue certain business opportunities or strategic transactions; the risk that any announcements relating to the proposed transaction could have adverse effects on the market price of U. S. Steel’s common stock or Nippon Steel’s common stock or American Depositary Receipts; the risk of any unexpected costs or expenses resulting from the proposed transaction; the risk that the proposed transaction and its announcement could have an adverse effect on the ability of U. S. Steel or Nippon Steel to retain customers and retain and hire key personnel and maintain relationships with customers, suppliers, employees, stockholders and other business relationships and on its operating results and business generally; and the risk the pending proposed transaction could distract management of U. S. Steel. U. S. Steel directs readers to its Form 10-K for the year ended December 31, 2023 and Quarterly Report on Form 10-Q for the quarter ended September 30, 2024, and the other documents it files with the SEC for other risks associated with U. S. Steel’s future performance. These documents contain and identify important factors that could cause actual results to differ materially from those contained in the forward-looking statements.
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U. S. Steel Contacts
Media
Corporate Communications
T- 412-433-1300
E- media@uss.com
Kelly Sullivan / Ed Trissel
Joele Frank, Wilkinson Brimmer Katcher
T- 212-355-4449
Investors
Emily Chieng
Investor Relations Officer
T – 412-618-9554
E – ecchieng@uss.com
Source: United States Steel Corporation
FAQ
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