BUSINESS WIRE<\/a>)–
\nUnited States Steel Corporation (“U. S. Steel” or the \u201cCompany\u201d) (NYSE: X) today issued a revised letter to stockholders, updating and correcting an error inadvertently included in the letter previously issued by the Company on March 24, 2025 (the \u201cInitial Letter\u201d).\n<\/p>\n\nThe Initial Letter included a sentence making allegations regarding a proxy contest previously run by Fred DiSanto, including incorrectly stating that this conduct resulted in a claim by the Securities and Exchange Commission. These allegations in fact relate to claims made by a private plaintiff under an Ohio state law with respect to a campaign conducted by Ancora at another issuer, with respect to which defendants were granted summary judgment in their favor. The matter is on appeal. In addition, the Initial Letter stated that Jamie Boychuk was a board member at CSX during the deterioration of quarterly mainline accident rate at CSX. During the relevant time period, Mr. Boychuk was an executive officer of CSX rather than a board member. The letter has been revised to remove the relevant sentence relating to Mr. DiSanto and to update for Mr. Boychuk\u2019s role at CSX. U. S. Steel regrets and apologizes for the errors.\n<\/p>\n
\nThe U. S. Steel Board of Directors (the \u201cBoard\u201d) has a proven track record of taking all action to deliver maximum value. This includes transforming the business into the modern, innovative steelmaker it is today, conducting a robust and competitive strategic alternatives review process that resulted in the value-maximizing transaction with Nippon Steel Corp. (\u201cNippon Steel\u201d) and taking a thoughtful and diligent approach to Board refreshment. In contrast, Ancora Holdings Group (\u201cAncora\u201d) is running a proxy contest attempting to take control of U. S. Steel by replacing the Company\u2019s CEO and Board with a slate of unqualified, subpar nominees.\n<\/p>\n
Highlights from the letter include:<\/b><\/p>\n\n- The U. S. Steel Board and management team have transformed U. S. Steel<\/b> into a modern, innovative producer through the strategic shift to investment in electric arc furnaces partnered with a streamlining of the legacy footprint and divestiture of non-core assets, resulting in superior financial performance and returns to stockholders compared to our peers<\/b>, and catalyzing the value-maximizing transaction with Nippon Steel.\n<\/li>\n
- The Board conducted a robust strategic alternatives review process<\/b>, evaluating all viableoptions to deliver significant value to stockholders \u2013 driving a 142% premium transaction with Nippon Steel \u2013 and the most promising future for U. S. Steel and the American steel industry.<\/b><\/li>\n
- \nAncorahas presented a questionable \u201cplan\u201d for U. S. Steel<\/b>and a slate of unqualified director nominees that limits options for value maximization<\/b>. Ancora is not<\/span> working in the best interests of all<\/i> U. S. Steel stockholders or other stakeholders.<\/b><\/li>\n
- \nIt is critical that U. S. Steel stockholders vote \u201cFOR<\/b>\u201d all 10 of U. S. Steel\u2019s highly qualified director nominees on the WHITE<\/span><\/b> proxy card to let the U. S. Steel Board of Directors continue to deliver extraordinary value for stockholders and act in their best interests.<\/b><\/li>\n<\/ul>\n
\nThe Board unanimously recommended that U. S. Steel stockholders vote on the WHITE<\/span><\/b> proxy card \u201cFOR<\/b>\u201d U. S. Steel\u2019s 10 highly qualified director nominees, and DISCARD<\/b> any gold proxy cards you may receive from Ancora.\n<\/p>\n\nU. S. Steel\u2019s 2025 Annual Meeting of Stockholders (the \u201c2025 Annual Meeting\u201d) will be held on May 6, 2025. Stockholders of record as of the close of business on March 10, 2025 will be entitled to vote at the meeting.\n<\/p>\n
\nThe Company also launched VoteforUSSFuture.comto provide stockholders with additional information and resources about U. S. Steel\u2019s history of and commitment to driving stockholder value, as well as instructions for how to vote at the 2025 Annual Meeting.\n<\/p>\n
\nThe full text of the updated letter follows:\n<\/p>\n
\nMarch 26, 2025\n<\/p>\n
\nDear Fellow U. S. Steel Stockholders,\n<\/p>\n
\nOn May 6, 2025, U. S. Steel is scheduled to hold our Annual Meeting of Stockholders (the \u201cAnnual Meeting\u201d), where you, our U. S. Steel stockholders, will have an important choice regarding the future of U. S. Steel.\n<\/p>\n
The U. S. Steel Board of Directors (the \u201cBoard\u201d) has consistently delivered for our stockholders<\/b>:\n<\/p>\n\n- Transformed the Company\u2019s legacy business into a must-own asset of significant value.<\/b> In the past five years, we have expanded from exclusively blast furnace capabilities into a diversified steel producer with 38% of our active domestic flat-rolled capability coming from electric arc furnace (\u201cEAF\u201d) operations, resulting in significantly reduced leverage and sell-side analysts increasing the Company\u2019s standalone average price targets from $11 in 20191<\/sup> to $42 in 2025.2<\/sup><\/li>\n
- \nThrough a balanced capital allocation strategy and focus on maximum value creation, delivered 1-, 3- and 5-year total shareholder returns (\u201cTSR\u201d) above peers following the 2019 launch of our technology transformation led by Dave Burritt.<\/b> Since Mr. Burritt became President and CEO in May 2017, we have returned $1.6 billion to stockholders via dividends and share repurchases.\n<\/li>\n
- Conducted a transparent, robust and competitive strategic alternatives review process<\/b> with 54 potential participants contacted, confidentiality agreements with 19 parties, eight bids of at least $40 per share and a final all-cash bid from Nippon Steel Corp. (\u201cNippon Steel\u201d) at $55 per share, representing a 142% premium3<\/sup> and demonstrating the value of the transformed Company.\n<\/li>\n
- Continued a thoughtful and deliberate approach to Board refreshment <\/b>with high quality candidates who act in the best interests of stockholders, including five of our nominees added in the last six years.\n<\/li>\n<\/ul>\n
\nThe U. S. Steel Board is still fighting to deliver for you by seeking to secure the $55 per share all-cash merger consideration that U. S. Steel stockholders will receive upon the consummation of our transaction with Nippon Steel (the “Transaction”).\n<\/p>\n
\nRecently, Ancora Holdings Group (\u201cAncora\u201d), an activist hedge fund, launched a proxy fight to take control of our Company by replacing our CEO and the Board of Directors with a slate of unqualified, subpar nominees<\/b> with connections to a U. S. Steel competitor who previously submitted an inadequate offer to take over the Company and has made it their mission to undermine the Transaction. Ancora is not working in the best interests of all<\/i> U. S. Steel stockholders.<\/span><\/b><\/p>\n\nThe U. S. Steel Board of Directors unanimously recommends that U. S. Steel stockholders vote “FOR<\/b>” all 10 highly qualified U. S. Steel director nominees standing for election at the Annual Meeting on the WHITE<\/span><\/b> proxy card and DISCARD<\/b> any GOLD proxy cards you may receive from Ancora.\n<\/p>\nTHE CURRENT U. S. STEEL BOARD AND MANAGEMENT TEAM HAVE TRANSFORMED THE BUSINESS INTO A MODERN, INNOVATIVE STEELMAKER OF SIGNIFICANT VALUE<\/b><\/p>\n
\nAs the CEO of U. S. Steel and with the oversight of the Board of Directors, Dave Burritt has led a bold, strategic transformation that has grown U. S. Steel into the modern, innovative steel producer we are today.\n<\/p>\n
\nThroughout the Company\u2019s transformation, U. S. Steel strategically:\n<\/p>\n
\n- Acted decisively to enhance the Company\u2019s valuation by investing in EAF capabilities<\/b>, beginning with the acquisition of Big River Steel.<\/b> In 2019, we recognized that the path to enhanced stockholder value was to create a diversified steelmaker with both blast furnace and EAF capabilities. EAF steelmaking is more profitable and can better and more cost effectively adjust and respond to market demand. The Big River Steel operations allow us to deliver high performance, innovative steel products to customers in high-margin end markets. Today, Big River Steel and Big River Steel 2 feature four EAFs with over six million tons per year of advanced steelmaking capability.As of year-end 2024, 38% of U. S. Steel\u2019s steel production comes from EAF operations and 62% from blast furnace operations, compared to no EAF operations in 2019.\n<\/li>\n
- Streamlined our <\/b>legacy integrated steelmaking footprint and advanced our lower cost technological capabilities. <\/b>This work included a ~$2 billion revitalization program, notably at Gary Works and Mon Valley Works, and investments that were focused on delivering improvements in safety, quality, delivery and cost for critical assets in our flat-rolled business.\n<\/li>\n
- Divested non-core assets. <\/b>By exiting ancillary businesses (including the $640 million divestiture of Transtar), we sharpened our focus on creating the most technologically-advanced integrated and EAF operations.\n<\/li>\n<\/ul>\n
This improved portfolio has resulted in superior financial performance, including:<\/b><\/p>\n\n- ~20% increase in revenue<\/b> from 2019 to 2024, or ~28% increase in revenue per ton of shipments from 2019 to 2024, against the backdrop of a difficult macro steel market in 2024;\n<\/li>\n
- Over $7 billion in investible free cash flow <\/b>generation since 2019 to 2024; free cash flow from Big River has already paid for the acquisition;\n<\/li>\n
- More than $6.8 billion in debt reduction<\/b> since 2019 through record margins; and\n<\/li>\n
- Increased capital returns to stockholders<\/b>, totaling $1.6 billion returned to stockholders from 2017 to 2024.\n<\/li>\n<\/ul>\n
\nThis strategic and value-enhancing transformation has been validated by investors and research analysts (with average price targets increasing from $11 at the end of 2019 to $42 in 2025, based on sell-side analyst standalone valuation of U. S. Steel), has driven strong financial returns that are superior to those of our peers and attracted interest from potential buyers which catalyzed the value-maximizing deal with Nippon Steel.\n<\/p>\n
U. S. STEEL\u2019S BOARD HAS DELIVERED VALUE FOR STOCKHOLDERS \u2013 TRANSFORMING THE BUSINESS AND CONDUCTING A ROBUST STRATEGIC ALTERNATIVES REVIEW PROCESS<\/b><\/p>\n
\nU. S. Steel\u2019s Board is composed of directors with strong track records of value creation at other public companies. U. S. Steel\u2019s directors are proven leaders with relevant and valuable experience: seven have been CEOs of high performing, large public companies, nine have additional public company board experience, five have been CEOs in the sector and one has institutional investor experience. And, as our strategic opportunities have evolved, the directors have also proactively refreshed the Board, including five of our directors having joined in the past six years.\n<\/p>\n
\nOur Board, alongside the management team, has executed a strategic transformation that has grown U. S. Steel into the modern, innovative steel producer we are today. To oversee management\u2019s performance in executing our strategy, the Board actively engaged in dialogue and provided significant guidance and feedback to the executive management team. This resulted in a transformed U. S. Steel \u2013 now a must-own asset of significant strategic value.\n<\/p>\n
\nThis transformation did not go unnoticed, and as a result, in 2023 the Company attracted interest from multiple potential buyers who recognized that our stock price was far below the value of the Company. The Board aggressively and thoroughly reviewed all of its options, engaged leading advisors and designed a strategic alternatives review process that drove the 142% premium all cash transaction with Nippon Steel.\n<\/p>\n
\nThe Board\u2019s thorough strategic alternatives review process involved:\n<\/p>\n
\n- \nContacting 54 separate potential counterparties, including 31 strategic parties and 23 financial sponsors;\n<\/li>\n
- \nConstructive engagement with all parties, providing each company with ample opportunities to participate in the process;\n<\/li>\n
- \nEntering into confidentiality agreements with 19 counterparties;\n<\/li>\n
- \nReceiving nine non-binding indications of interest;\n<\/li>\n
- \nReceiving eight bids of at least $40 per share;\n<\/li>\n
- \nEngaging with five final round counterparties; and\n<\/li>\n
- \nExtensive negotiations, thorough due diligence and the receipt of fairness opinions.\n<\/li>\n<\/ul>\n
The Board transparently evaluated all viable options \u2013 and unlike Ancora and its nominees is not beholden to parties with conflicting interests \u2013 to deliver the optimal value for YOU, our stockholders<\/b>. The process culminated in the transaction with Nippon Steel,which maximizes value for stockholders, while also promising the brightest future for U. S. Steel and the American steel industry.\n<\/p>\n
Key highlights of the Nippon Steel transaction include:<\/b><\/p>\n\n\n| \n Delivers Superior Stockholder Value
\n<\/b><\/p>\n<\/td>\n | \n\n- $55 in cash per share <\/b>or $14.9 billion enterprise value
\n<\/li>\n<\/ul>\n\n- 142% premium<\/b> to U. S. Steel\u2019s unaffected closing stock price on August 11, 2023 and a premium of ~74% to the initial price of $31.50 at which the initial bidder tried to acquire U. S. Steel
\n<\/li>\n<\/ul>\n\n- $565 million <\/b>termination fee protection from Nippon Steel and significant commitments to achieve regulatory approvals (i.e., the Committee on Foreign Investment in the United States (\u201cCFIUS\u201d))\n<\/li>\n<\/ul>\n<\/td>\n<\/tr>\n
\n| \n Provides Critical Investments to Protect and Grow U. S. Steel<\/b><\/p>\n<\/td>\n | \n\n- Significant capital investments<\/b> in the union-represented facilities in the Mon Valley and elsewhere to enhance U. S. Steel\u2019s domestic production capabilities, totaling at least $2.7 billion
\n
<\/b><\/li>\n<\/ul>\n\n- \nNippon Steel\u2019s manufacturing capabilities and world-leading technologies make it the premier partner to reinvigorate and grow U. S. Steel<\/b>,delivering our customers superior products now and for generations to come\n<\/li>\n<\/ul>\n<\/td>\n<\/tr>\n
\n| \n Committed to Partnering with the United Steelworkers (\u201cUSW\u201d) and Investing in Our People<\/b><\/p>\n<\/td>\n | \n\n- \nNippon Steel will assume all USW agreements<\/b>, including collective bargaining agreements
\n<\/li>\n<\/ul>\n\n- \nRepresented members will continue receiving their paychecks, profit sharing and benefits<\/b> from U. S. Steel\u00a0
\n<\/li>\n<\/ul>\n\n- \nCommitted to zero layoffs<\/b>, idled plants or permanent closures as a result of the transaction
\n<\/li>\n<\/ul>\n\n- \nCreating up to ~5,000 temporary construction jobs<\/b>by the $1 billion investment committed by Nippon Steel to modernize Mon Valley Works4<\/sup><\/b>\u00a0
\n<\/li>\n<\/ul>\n\n- $5,000 closing bonus<\/b> for every represented U. S. Steel employee and every eligible non-represented employee\n<\/li>\n<\/ul>\n<\/td>\n<\/tr>\n
\n| \n Reinvigorates the American Steel Industry<\/b><\/p>\n<\/td>\n | \n\n- Production and jobs will remain in America<\/b> as part of Nippon Steel\u2019s efforts to support a stronger American steel industry with enhanced competition and resilience against China<\/b>, and to protect and create generations of good-paying, family-sustaining jobs in the United States
\n<\/li>\n<\/ul>\n\n- \nRevitalizes communities that rely on American steel, bolsters the American steel supply chain and supports American manufacturing and innovation, enhancing U.S. national security<\/b><\/li>\n<\/ul>\n<\/td>\n<\/tr>\n<\/table>\n
U. S. Steel stockholders have overwhelmingly supported the Nippon Steel Transaction, with more than 98% of the shares voted at the special meeting of stockholders approving the merger agreement.<\/b>Your vote is even more important now to ensure our Board can continue to deliver for stockholders and pursue all avenues so that YOU can realize this value maximizing transaction.<\/i><\/b><\/p>\n \nAs part of this Board\u2019s commitment to delivering $55 in cash per share to U. S. Steel\u2019s stockholders, we are pursuing all available options, including our joint legal action with Nippon Steel to obtain a fair, objective government national security review. Contrary to Ancora\u2019s baseless criticisms, our litigation is essential to enabling our Board to finish the job of delivering maximum value for you, as these legal actions extend the process to allow for an agreement or unbiased review under the new administration. Given the Board\u2019s proven track record of taking all action to maximize value for stockholders \u2013 including through the Company\u2019s strategic transformation and robust strategic alternatives review process \u2013 this Board can be counted on to best navigate the alternative future if the merger fails to close and to act in the best interests of all stockholders.\n<\/p>\n U. S. Steel\u2019s current Board has overseen and continues to oversee the transformation of U. S. Steel into a stronger, multifaceted business that commands a $55 per share all-cash offer. This is the Board you want to finish the job.<\/span><\/b><\/p>\nVote on the WHITE<\/span> proxy card \u201cFOR\u201d U. S. Steel\u2019s director nominees to have a Board that has and will take all action to deliver maximum value for stockholders.<\/i><\/b><\/p>\nANCORA HAS MADE NO COMMITMENTS; HAS A QUESTIONABLE, OPTION-LIMITING PLAN; AND HAS INFERIOR NOMINEES WHO ARE UNQUALIFIED TO RUN U. S. STEEL \u2013<\/b><\/p>\n THIS IS NOT<\/span> ALIGNED WITH YOUR BEST INTERESTS<\/b><\/p>\n\nWhile our Board has been working diligently to deliver for U. S. Steel stockholders, Ancora has chosen to run a conflicted, misleading and value-destructive proxy contest with a stated aim of disrupting the process of gaining approval for the Nippon Steel Transaction.\n<\/p>\n \nWe believe this spoiler campaign is evidence of Ancora\u2019s motivations to kill the high-premium Nippon Steel Transaction, take control of the Board and then try to force a low-premium and highly uncertain transaction with Cleveland-Cliffs with critical antitrust risk, or explore a sale of U. S. Steel\u2019s domestic non-integrated assets.5<\/sup><\/b> This risk is highlighted by statements from their proxy statement indicating a plan to dispose of non-integrated assets.\n<\/p>\n\nAncora\u2019s \u201cplan\u201d provides no actionable path forward<\/b> in terms of execution that U. S. Steel\u2019s current CEO and Board haven\u2019t already considered or aren\u2019t already doing. Ancora has made no commitments<\/b> to bringing technological enhancements, increasing manufacturing capacity, investing in the United States or protecting jobs at U. S. Steel. Not to mention, their option-limiting strategy beholds them to one path forward, focused on exploring options for our EAF operations while investing in our legacy footprint, which beholds Ancora to certain U. S. Steel stakeholders. Ancora is more focused on making decisions that are in the best interests of these Ancora allies, and not<\/i> our Company or U. S. Steel stockholders.<\/b><\/p>\n Ancora and several of its nominees are effectively part of the Cleveland-Cliffs organization<\/b>.\n<\/p>\n\n- \nAncora is a long-time stockholder of Cleveland-Cliffs.\n<\/li>\n
- In a quite remarkable turn of events, Cleveland-Cliffs inserted itself into a proxy fight at another company to publicly support Ancora during its campaign against Norfolk Southern in 2024<\/b>, and its CEO Lourenco Goncalves wrote to \u201cexpress [his] support in [Ancora\u2019s] current proxy fight with Norfolk Southern\u201d and that Cleveland-Cliffs did \u201cnot foresee any negative impact to our great relationship with Norfolk Southern in the event of a Board turnover.\u201d<\/i>\n
\n- \nAncora\u2019s CEO and current nominee Fred DiSanto worked closely with Cleveland-Cliffs during this proxy fight.\n<\/li>\n
- \nIn that proxy fight, Ancora pushed for Jamie Boychuk to be the new COO of Norfolk Southern (Boychuk has now been nominated by Ancora to be a director of U. S. Steel).\n<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n
Other Ancora nominees have financially benefited from their Cleveland-Cliffs ties.<\/b><\/p>\n\n- \nAncora nominee Robert Fisher served as a richly rewarded, long-tenured director on the Cleveland-Cliffs Board from 2014 to 2024, including as Chair of the Compensation Committee.\n<\/li>\n
- \nAncora nominee Alan Kestenbaum served as CEO from 2017 to 2019 and then as Executive Chairman of Stelco beginning in 2020 until its acquisition by Cleveland-Cliffs in November 2024. Kestenbaum received 3.9 million shares of Cleveland-Cliffs stock when the Stelco deal closed and stated in a January 2025 interview6<\/sup> that he \u201clikes\u201d Cleveland-Cliffs stock and intends to hold the stock.\n<\/li>\n
- \nAncora nominee Roger Newport served as CEO and a Director of AK Steel from January 2016 to March 2020, when he retired in connection with the fire sale of a rapidly declining AK Steel to Cleveland-Cliffs.\n<\/li>\n<\/ul>\n
The Ancora nominees clearly were not<\/span> selected to provide independent<\/span> oversight of U. S. Steel or independent assessments of its value-creation opportunities.<\/b><\/p>\nNot only are Ancora\u2019s nominees conflicted, they also lack relevant experience, including with the kinds of capital investments Ancora is suggesting it will lead at U. S. Steel<\/b>.\n<\/p>\n\n- Alan Kestenbaum has never run a company of the same caliber, size or complexity. <\/b>U. S. Steel, with its multi-site, U.S.-based blast furnace operations, significant EAF-based steelmaking, iron-ore mines, value-added finishing assets, tubular operations and European footprint, is a significantly more complex business than the single-mill, Canadian blast furnace operation Kestenbaum ran. In 2024, U. S. Steel had $15.6 billion in revenue, 13 operating facilities and more than 22,000 employees. Alan Kestenbaum has never overseen a company with more than $3 billion in revenue, two operating facilities or 4,018 employees.\n<\/li>\n
- Alan Kestenbaum repeatedly failed to meet projections<\/b> at far less complex businesses such as Stelco and Ferroglobe (at Stelco, Kestenbaum stated his vision for the company was $8.0 billion in revenue, when the actual revenue was $2.9 billion by time of sale to Cleveland-Cliffs; at Ferroglobe, the company\u2019s full year EBITDA dropped from $295 million to $73 million from the beginning of his tenure to his resignation). With Kestenbaum\u2019s track record of underperformance at smaller businesses, what is his goal for U. S. Steel? He already thinks the Company\u2019s stock is overvalued7<\/sup> \u2013 what price does he want to drive the shares down to and what is his plan if it gets there?<\/i><\/b>Most importantly, why have Kestenbaum and Cleveland-Cliffs led a comprehensive campaign to undermine the Nippon Steel Transaction?<\/i><\/b><\/li>\n
- Two of Ancora\u2019s nominees have never served as directors of public company boards. <\/b>And of those who currently serve on public company boards, several have seen significant declines in TSR at their respective companies.\n<\/li>\n
- NO<\/span> directors on Ancora\u2019s slate have any mini-mill experience, <\/b>which comprises 38% of U. S. Steel\u2019s domestic flat-rolled business and is a key part of the Company\u2019s go-forward strategy.<\/b> Perhaps that is why Ancora fails to appreciate the value of U. S. Steel\u2019s diversified strategy.\n<\/li>\n
- Ancora\u2019s slate includes nominees with questionable and conflicted track records<\/b>. Ancora was issued a censure, cease and desist for improper political campaign contributions. Further, Jamie Boychuk has a problematic safety record, having served as EVP of Operations from 2019 to 2023 during the deterioration of CSX\u2019s FRA train accident frequency rate8<\/sup>, and having been associated with a CN train derailment.\n<\/li>\n<\/ul>\n
Ancora\u2019s questionable, option-limiting plan for U. S. Steel, paired with its slate of unqualified nominees, makes it clear<\/b>that Ancora is not serious about maximizing value for U. S. Steel stockholders.<\/b> On top of that, Ancora\u2019s own statements make clear that they would have preferred that U. S. Steel sell itself to Cleveland-Cliffs, despite the superiority of Nippon Steel\u2019s offer, and completely ignore the significant anti-trust concerns of a transaction with Cleveland-Cliffs that would make any such transaction a lengthy, value-destructive and highly uncertain process.\n<\/p>\n The alarming number of ties between Ancora, Cleveland-Cliffs and Ancora\u2019s director nominees, and the fact that Ancora\u2019s desired CEO and Cleveland-Cliffs are actively trying to drive U. S. Steel\u2019s stock price down, are clear signs that Ancora is working to create value for Cleveland-Cliffs and its management, not<\/span> U. S. Steel stockholders, and that their interests are not<\/span> the same as yours<\/b>.\n<\/p>\n\nThe facts are simple \u2013 Ancora had no interest in selecting an independent slate of nominees to serve as the steward for U. S. Steel stockholders. Ancora\u2019s attempt to replace our highly qualified director nominees, who have proven that they are open to taking all actions to maximize value, with their subpar and closed-minded nominees should be rejected.\n<\/p>\n PROTECT THE VALUE OF YOUR INVESTMENT IN U. S. STEEL \u2013<\/b><\/p>\n VOTE ON THE WHITE<\/span> PROXY CARD TODAY!<\/b><\/p>\nInvestors have a choice:<\/span><\/b>Let the U. S. Steel CEO and Board of Directors continue delivering extraordinary value for stockholders and acting in your best interests OR<\/span> take on risk with Ancora\u2019s unqualified and conflicted nominees who want to forgo the historic deal premium and drive down U. S. Steel\u2019s stock price. The choice is clear: vote <\/b>“FOR” all 10 highly qualified U. S. Steel nominees on the WHITE<\/span> proxy card TODAY.<\/b><\/p>\n\nOn behalf of your Board, we thank you for your continued support.\n<\/p>\n \nSincerely,\n<\/p>\n | | | |