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Investing.com -- Pentwater Capital Management LP, the third-largest investor in United States Steel Corp (BVMF:USSX34)., has publicly rejected the efforts of activist investor Ancora Holdings Group to revamp the board of the renowned American steelmaker, according to a Tuesday report by Bloomberg.
The investment management firm expressed its support for US Steel’s existing board and management, including Chief Executive Officer David Burritt, and has no intention of backing Ancora’s proposed changes. The firm is not in favor of Ancora’s campaign to overhaul the steelmaker’s board and to remove CEO David Burritt from his position.
"Pentwater believes US Steel’s board and management team are making the correct strategic decision for the company and Pentwater will not support the dissident slate of directors," stated Matt Halbower, the founder and CEO of Pentwater Capital Management, during a phone interview on Tuesday.
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