U.S. Steel activist investor boosts holding in turnaround push
Ancora's position in the Pittsburgh-based steelmaker is now worth more than $100 million, Jim Chadwick, portfolio manager and head of the firm's Alternatives subsidiary, said in an interview. Chadwick said he continues to buy as it becomes more likely that Nippon Steel's offer to buy U.S. Steel will fall through.
Ancora and Alan Kestenbaum — its nominee to replace David Burritt as CEO of U.S. Steel — haven't yet spelled out a detailed plan to investors on how they intend to turn around the once-iconic steelmaker. Chadwick said they'll be investing "significant' capital and resources to grow the North American flat-rolled steel business.
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