Ancora Holdings Group has added to its holdings of U.S. Steel as the activist investor continues to push its case to replace the board and install a new CEO to lead a turnaround of the American steelmaker.
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 ¡ª its nominee to replace David Burritt as CEO of U.S. Steel ¡ª 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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