U.S. Steel reaffirms dedication to maximizing shareholder value

U. S. Steel Corporation released a statement in response to Ancora Catalyst Institutional, LP’s submission of nine nominees to stand for election to the U. S. Steel Board of Directors at the 2025 Annual Meeting of Stockholders. U. S. Steel affirmed its commitment to maximizing value for its stockholders and highlighted the accomplishments of its current Board in delivering value. The Board’s efforts led to a $55.00 per share deal with Nippon Steel, representing a significant premium for stockholders.

The company emphasized that its partnership with Nippon Steel is the best option for American steel, jobs, communities, and supply chains. U. S. Steel will continue to operate as an American company with its headquarters in Pittsburgh, retaining its iconic name, and maintaining its operations in the United States. The partnership with Nippon Steel includes investments of over $1 billion to Mon Valley Works and approximately $300 million to Gary Works, ensuring the future of U. S. Steel.

The transaction with Nippon Steel has garnered widespread support from stockholders, communities, employees, and local union leadership. U. S. Steel expressed concerns about Ancora’s nominations, stating that Ancora’s interests may not align with all U. S. Steel stockholders. The Board cautioned that turning over control of the company to Ancora may not serve the best interests of stockholders, citing concerns about previous dealings with failed bidder Cleveland-Cliffs.

The Board will provide its recommendation regarding director nominees in the Company’s proxy statement, which will be filed with the Securities and Exchange Commission and distributed to eligible stockholders prior to the 2025 Annual Meeting. As of now, no stockholder action is required, and the date for the 2025 Annual Meeting has not been set.

U. S. Steel, established in 1901, is a prominent steel manufacturer known for its commitment to safety and its customer-centric Best for All® strategy. The company focuses on innovation and serves various industries with high-value steel products, including automotive, construction, energy, and packaging. U. S. Steel also engages in iron ore production and has an annual production capacity of 25.4 million net tons. Headquartered in Pittsburgh, Pennsylvania, U. S. Steel operates world-class facilities in the United States and Central Europe.

For more information about U. S. Steel and its operations, please visit the company’s official website.