\nAncora Holdings Group, LLC (collectively with its affiliates, \u201cAncora\u201d or \u201cwe\u201d), a shareholder of United States Steel Corporation (NYSE: X) (\u201cU.S. Steel\u201d or the \u201cCompany\u201d), is reiterating its view that the Company\u2019s Board of Directors (the \u201cBoard\u201d) can and should delay the 2025 Annual Meeting of Stockholders (the \u201cAnnual Meeting\u201d) in light of the tremendous uncertainty related to the blocked sale to Nippon Steel Corporation (\u201cNippon\u201d). Ancora is also encouraging all of its fellow stakeholders to share their independent views about the impact of U.S. Steel holding its Annual Meeting, when CEO David Burritt and other incumbent directors will stand for reelection, prior to more information coming to light about the blocked transaction and leadership\u2019s plans.<\/span><\/b><\/p>\n
\nFredrick D. DiSanto, Chairman and Chief Executive Officer of Ancora, and James Chadwick, President of Ancora Alternatives LLC, commented:\n<\/p>\n
\n\u201cAlthough the Board ignored our February 27th<\/sup> letter, we are once again calling on U.S. Steel to delay its Annual Meeting until there is much-needed clarity pertaining to the blocked sale to Nippon. U.S. Steel\u2019s sparse proxy statement \u2013 which failed to include any key detail regarding the unprecedented, \u2018Hail Mary\u2019 merger litigation or the Company\u2019s contingency plans \u2013 and nebulous Form 8-K on March 17th<\/sup> about engagement with the federal government have only served to raise more questions about the blocked transaction. Indeed, we continue to hear from stockholders, labor representatives and other stakeholders who feel completely in the dark. While complete and accurate disclosure is of critical importance in any stockholder vote, we believe it is of even greater importance in connection with the election of directors in the midst of transformational M&A activity. We believe the Board will be breaching its fiduciary duties if it holds the Annual Meeting on an unnecessarily rushed timeline that deprives stockholders of information that will come out over the course of May and June.\u201d\n<\/p>\n \nBased on extensive analysis conducted by Ancora\u2019s expert legal advisors, we contend the Board can and should delay the Annual Meeting until after the June 18th<\/sup> outside date within the merger agreement with Nippon so that U.S. Steel\u2019s stockholders can vote on an informed basis about the direction of the Company. Ancora challenges the Board to publicly disclose any legitimate reasons for wanting to hold the Annual Meeting any sooner.\n<\/p>\n \nEven if there is a second review of the Nippon transaction by the Committee on Foreign Investment in the United States (\u201cCFIUS\u201d), there is no reason to believe the outcome will be any different. The Trump administration has not wavered in its opposition to the merger, CFIUS is now composed of individuals appointed by President Donald Trump and the national security concerns previously articulated by Vice President J.D. Vance and Secretary of State Marco Rubio still exist today. In light of the continued uncertainty, the only reliable solution is the superior future Ancora is offering the Company\u2019s stakeholders: the prospect of a proven steel company CEO, Alan Kestenbaum, and highly qualified directors executing a credible plan to restore the Company\u2019s most iconic assets, improve the financial and operational performance of the business, and provide job security for U.S. Steel\u2019s unionized workforce.\n<\/p>\n About Ancora<\/span><\/b><\/p>\n \nFounded in 2003, Ancora Holdings Group, LLC offers integrated investment advisory, wealth management, retirement plan services and insurance solutions to individuals and institutions across the United States. The firm is a long-term supporter of union labor and has a history of working with union groups and public pension plans to deliver long-term value. Ancora\u2019s comprehensive service offering is complemented by a dedicated team that has the breadth of expertise and operational structure of a global institution, with the responsiveness and flexibility of a boutique firm. Ancora Alternatives is the alternative asset management division of Ancora Holdings Group, investing across three primary strategies: activism, multi-strategy and commodities. For more information about Ancora Alternatives, please visit https:\/\/www.ancoraalts.com\/<\/a>.\n<\/p>\n CERTAIN INFORMATION CONCERNING THE PARTICIPANTS<\/span><\/b><\/p>\n \nAncora Catalyst Institutional, LP (\u201cAncora Catalyst Institutional\u201d), together with the other participants named herein, has filed a preliminary proxy statement and accompanying GOLD universal proxy card with the Securities and Exchange Commission (\u201cSEC\u201d) to be used to solicit votes for the election of Ancora Catalyst Institutional\u2019s slate of highly-qualified director nominees at the 2025 annual meeting of stockholders of United States Steel Corporation, a Delaware corporation (the \u201cCompany\u201d).\n<\/p>\n \nANCORA CATALYST INSTITUTIONAL STRONGLY ADVISES ALL STOCKHOLDERS OF THE COMPANY TO READ THE PROXY STATEMENT AND OTHER PROXY MATERIALS, INCLUDING A PROXY CARD, AS THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION. SUCH PROXY MATERIALS WILL BE AVAILABLE AT NO CHARGE ON THE SEC’S WEB SITE AT HTTP:\/\/WWW.SEC.GOV<\/a>. IN ADDITION, THE PARTICIPANTS IN THIS PROXY SOLICITATION WILL PROVIDE COPIES OF THE PROXY STATEMENT WITHOUT CHARGE, WHEN AVAILABLE, UPON REQUEST. REQUESTS FOR COPIES SHOULD BE DIRECTED TO THE PARTICIPANTS’ PROXY SOLICITOR.\n<\/p>\n \nThe participants in the anticipated proxy solicitation are expected to be Ancora Catalyst Institutional, Ancora Bellator Fund, LP (\u201cAncora Bellator\u201d), Ancora Catalyst, LP (\u201cAncora Catalyst\u201d), Ancora Merlin Institutional, LP (\u201cAncora Merlin Institutional\u201d), Ancora Merlin, LP (\u201cAncora Merlin\u201d), Ancora Impact Fund LP Series CC (\u201cAncora Impact CC\u201d), Ancora Impact Fund LP Series DD (\u201cAncora Impact DD\u201d), Ancora Alternatives LLC, (\u201cAncora Alternatives\u201d), Ancora Holdings Group, LLC (\u201cAncora Holdings\u201d), Fredrick D. DiSanto, Jamie Boychuk, Robert P. Fisher, Jr., Dr. James K. Hayes, Alan Kestenbaum, Roger K. Newport, Shelley Y. Simms, Peter T. Thomas, and David J. Urban.\n<\/p>\n \nAs of the date hereof, Ancora Catalyst Institutional directly beneficially owns 440,932 shares of common stock, par value $1.00 per share (the \u201cCommon Stock\u201d), of the Company, 100 shares of which are held in record name. As of the date hereof, Ancora Bellator directly beneficially owns 239,599 shares of Common Stock. As of the date hereof, Ancora Catalyst directly beneficially owns 47,919 shares of Common Stock. As of the date hereof, Ancora Merlin Institutional directly beneficially owns 444,898 shares of Common Stock. As of the date hereof, Ancora Merlin directly beneficially owns 45,415 shares of Common Stock. As of the date hereof, Ancora Impact CC directly beneficially owns 518,909 shares of Common Stock. As of the date hereof, Ancora Impact DD directly beneficially owns 286,169 shares of Common Stock. As of the date hereof, Mr. DiSanto directly beneficially owns 10,000 shares of Common Stock. As of the date hereof, Mr. Kestenbaum directly beneficially owns 500,000 shares of Common Stock. As the investment advisor and general partner to each of Ancora Catalyst Institutional, Ancora Bellator, Ancora Catalyst, Ancora Merlin Institutional, Ancora Merlin, Ancora Impact CC, Ancora Impact DD and certain separately managed accounts (the \u201cAncora Alternatives SMAs\u201d), Ancora Alternatives may be deemed to beneficially own the 440,932 shares of Common Stock beneficially owned directly by Ancora Catalyst Institutional, 47,919 shares of Common Stock beneficially owned directly by Ancora Catalyst, 239,599 shares of Common Stock beneficially owned directly by Ancora Bellator, 444,898 shares of Common Stock beneficially owned directly by Ancora Merlin Institutional, 45,415 shares of Common Stock beneficially owned directly by Ancora Merlin, 518,909 shares of Common Stock beneficially owned directly by Ancora Impact CC, 286,169 shares of Common Stock beneficially owned directly by Ancora Impact DD and 490,030 shares of Common Stock held in the Ancora Alternatives SMAs. As the sole member of Ancora Alternatives, Ancora Holdings may be deemed to beneficially own the 440,932 shares of Common Stock beneficially owned directly by Ancora Catalyst Institutional, 47,919 shares of Common Stock beneficially owned directly by Ancora Catalyst, 239,599 shares of Common Stock beneficially owned directly by Ancora Bellator, 444,898 shares of Common Stock beneficially owned directly by Ancora Merlin Institutional, 45,415 shares of Common Stock beneficially owned directly by Ancora Merlin, 518,909 shares of Common Stock beneficially owned directly by Ancora Impact CC, 286,169 shares of Common Stock beneficially owned directly by Ancora Impact DD and 490,030 shares of Common Stock held in the Ancora Alternatives SMAs. As the Chairman and Chief Executive Officer of Ancora Holdings, Mr. DiSanto may be deemed to beneficially own the 440,932 shares of Common Stock beneficially owned directly by Ancora Catalyst Institutional, 47,919 shares of Common Stock beneficially owned directly by Ancora Catalyst, 239,599 shares of Common Stock beneficially owned directly by Ancora Bellator, 444,898 shares of Common Stock beneficially owned directly by Ancora Merlin Institutional, 45,415 shares of Common Stock beneficially owned directly by Ancora Merlin, 518,909 shares of Common Stock beneficially owned directly by Ancora Impact CC, 286,169 shares of Common Stock beneficially owned directly by Ancora Impact DD and 490,030 shares of Common Stock held in the Ancora Alternatives SMAs. As of the date hereof, Messrs. Boychuk, Fisher, Newport, Thomas, and Urban, Dr. Hayes and Ms. Simms do not beneficially own any shares of Common Stock.\n<\/p>\n View source version on businesswire.com: <\/span>https:\/\/www.businesswire.com\/news\/home\/20250318944059\/en\/<\/a><\/span><\/p>\n \nLongacre Square Partners LLC<\/p>\n
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Greg Marose \/ Ashley Areopagita, 646-386-0091
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gmarose@longacresquare.com<\/a> \/ aareopagita@longacresquare.com<\/a><\/p>\n