US Steel Faces Proxy Fight as Activist Pushes to End Merger (1)

Activist investor Ancora Holdings Group has nominated nine candidates for United States Steel Corp.’s board and is pushing for the company to abandon a takeover by Nippon Steel Corp.

The nominees include former Stelco Holdings Inc. Chief Executive Officer Alan Kestenbaum, who Ancora wants to also replace current US Steel CEO David Burritt.

Ancora intends to force US Steel to end litigation aimed at rescuing the Nippon Steel deal and instead collect a $565 million breakup fee, it said Monday in a statement.

“There is no legal precedent for the litigation brought by US Steel ...