Ancora Pressures U.S. Steel (X) Board, Criticizes CEO Burritt and Calls for Alan Kestenbaum as New CEO

Ancora, a major U.S. Steel shareholder, urges investors to vote for its full slate of nine board nominees via the “GOLD Universal Proxy Card.” The firm contends that current leadership under CEO David Burritt has mishandled strategy—abandoning union-led legacy (“NAFR”) assets in favor of non-union mini-mill expansion—damaging operations, labor relations, and shareholder value. Ancora proposes installing Alan Kestenbaum as CEO along with a lean, performance-driven management team, rebuilding ties with the United Steelworkers, and executing a $6.5 billion revitalization program across key Rust Belt facilities. This includes modernization of Mon Valley, Gary Works, Granite City, and other sites, funded solely from existing liquidity and strategic asset sales. If successful, Ancora estimates the plan could generate near-doubling of shareholder returns (a target TSR of approximately $75 per share). Should the Nippon sale collapse, this slate would offer a robust contingency strategy to prevent freefall and restore U.S. Steel’s competitiveness and value.