Union says Ancora aims to fund US Steel revival

Key assets: Workers exit US Steel’s Edgar Thomson Plant in Braddock, Pennsylvania. Ancora, which holds just 1% of the company’s shares, is pushing its case to replace the company’s board and install a new chief executive officer to lead a turnaround. — AP

NEW YORK: The United Steelworkers (USW) says an activist investor wants to sell United States Steel Corp’s (US Steel) state-of-the-art mills to fund sweeping upgrades of union-run facilities that date back to the days of Andrew Carnegie. 

US Steel, meanwhile, ratcheted up its criticism of the investor, Ancora Holdings Group, as the American steelmaker pursues completing its US$14.1bil deal with Nippon Steel Corp before the agreement expires in mid-June.