United States Steel (X) investor Ancora said Monday that it filed a proxy statement to nominate nine directors to US Steel's board and proposed a plan to support shareholder value ahead of the company's annual meeting on May 6.
The investment management firm said its nominees would support the proposed $55-per-share sale to Nippon Steel, and stop related lawsuits.
If the deal falls through, Ancora's plan includes selling the Big River Steel unit for about $8 billion, returning $5 billion to shareholders through a special dividend, and investing the rest of the proceeds into US Steel's flat-rolled segment, Ancora said.
The proposal also includes improving union relations, reducing debt, and initiating regular dividends and share repurchases, the investor added.
United States Steel did not immediately respond to MT Newswires' request for comment.
Shares of the company were down 1% in recent Monday premarket activity.
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