U.S. Steel yesterday disavowed a push from activist investor Ancora Holdings to drop its proposed sale to Japan's Nippon Steel Co. Why it matters: The future of the Pittsburgh icon is in limbo after a proposal to sell the company to Nippon was blocked by then-President Biden four weeks ago,

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 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.

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.

Nucor may be interested in acquiring parts of U.S. Steel if the $14.9 billion deal for Nippon Steel to purchase U.S. Steel falls through.

NEW YORK -- U.S. Steel on Monday defended its $14.9 billion tie-up with Nippon Steel after American activist investor Ancora called for a board shakeup to abandon the transaction. "Our stockholders will not be well served by turning over control of the Company to Ancora," U.S. Steel in a statement.

The asset management firm Ancora is challenging Nippon Steel's proposed acquisition of US Steel following its purchase of a 0.18% stake in the American company. Ancora has accused the US Steel board and CEO David Burritt of pushing the $15 billion deal with Nippon Steel due to a potential $100 million windfall they'll receive if the deal closes.