Activist investor Ancora has nominated nine candidates to U.S. Steel's board of directors, as it looks to oust company CEO David Burritt and push the American steelmaker to back out of a $14.9 billion merger deal with Japan's Nippon Steel.

Activist investor Ancora Holdings is preparing to wage a proxy battle at U.S. Steel and wants the company to turn the page from its failed marriage with Nippon Steel, according to people familiar with the matter.

Activist investor Ancora called for a shakeup in U.S. Steel leadership on Monday and adding new members to the board of directors after the company's failed sale to Nippon Steel.

Ancora Holdings Group, with $10 billion in assets, reported acquiring a 0.18% stake in the Pittsburgh company. It said Monday that U.S. Steel CEO David Burritt and the company’s board have prioritized a sale to Nippon because they stand to receive more than $100 million if it goes forward.

The two steel makers are seeking to revive Nippon Steel’s $14 billion takeover of U.S. Steel after it was blocked by the Biden administration.

Activist investor Ancora Holdings has built a stake in US Steel and wants the steelmaker to drop its merger agreement.

U.S. Steel reported fourth-quarter loss and revenue that matched Wall Street estimates on Thursday, dented by price declines and a bumpy demand environment.

Led by Jim Chadwick, Ancora has focused on campaigns at industrial and transportation companies. In recent years, it has secured board seats at Berry Global Group Inc. and Norfolk Southern Corp. In 2024, Ancora won three seats in its proxy battle at Norfolk Southern.

Ancora Holdings Group said the board of U.S. Steel and its CEO have prioritized the sale to Nippon because they stand to profit if it goes forward.

US Steel (X) shares are under pressure as activist investor Ancora Holdings is pushing US Steel to drop its blocked merger with Nippon Steel (NPSCY, 5401.T). Ancora Holdings is also pushing for US Steel to get a new CEO and additional board members.