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CLEVELAND - Ancora Holdings Group, LLC, a shareholder of United States Steel Corporation (NYSE:X), is set to host an investor conference call titled "A U.S. Solution for U.S. Steel" on Wednesday. The company’s stock has shown significant volatility, with a 76.6% return over the past year and trading near its 52-week high of $48.50. According to InvestingPro data, the company maintains a moderate debt level and has remained profitable over the last twelve months. The call, led by Ancora Alternatives LLC President James Chadwick and CEO candidate Alan Kestenbaum, aims to provide analysis and address questions regarding U.S. Steel’s direction and management decisions.
The investor call follows Ancora’s recent nomination of nine independent candidates for election to U.S. Steel’s Board of Directors at the upcoming 2025 Annual Meeting of Stockholders. With the company generating $2.08 billion in revenue and maintaining a healthy current ratio of 1.85, stakeholders are closely monitoring these developments. InvestingPro subscribers can access detailed governance metrics and additional insights about U.S. Steel’s financial health. Ancora has also made a books and records request to U.S. Steel’s Board under Section 220 of the Delaware General Corporation Law. This request seeks to investigate several concerns, including potential breaches of fiduciary duty by the Board and management, insider trading by executives, and actions that may improperly entrench the Board before the Annual Meeting.
Ancora’s inquiry specifically targets U.S. Steel’s efforts to pursue a transaction with Nippon Steel Corporation, which Ancora deems futile and wasteful. Additionally, the shareholder group aims to examine the timing of a 10b5-1 plan established by U.S. Steel’s CEO, David Burritt, during the company’s review of strategic options in 2023.
The upcoming call and Ancora’s actions underscore the shareholder’s intent to address and potentially rectify what it perceives as mismanagement and improper conduct at U.S. Steel. Ancora’s comprehensive service offering includes investment advisory, wealth management, retirement plan services, and insurance solutions, and it has a history of collaborating with union groups and public pension plans.
Ancora Catalyst Institutional, alongside other participants, plans to file a preliminary proxy statement to solicit votes for its slate of director nominees at U.S. Steel’s annual meeting. Ancora’s holdings in U.S. Steel, along with those of its affiliates, total a significant number of shares, positioning the firm to potentially influence the outcome of the Board elections.
The information for this article is based on a press release statement from Ancora Holdings Group, LLC. Analysts maintain a consensus recommendation on U.S. Steel, with earnings forecasts suggesting continued profitability in the coming year. For comprehensive analysis and additional ProTips about U.S. Steel, visit InvestingPro.
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