United States Steel Corporation · NYSE:X
United States Steel — Proxy Contest (April 2025)
155 slides from United States Steel's proxy contest presentation, Apr 7, 2025
Slide 1: ITEM: /(77(572672&.+2/'(56 $SULO
ITEM: /(77(572672&.+2/'(56 $SULO
Slide 2: Vote on the GOLD Universal Proxy Card to Elect the Full Ancora Slate
VOTE ON THE GOLD UNIVERSAL PROXY CARD TO ELECT THE FULL ANCORA SLATE AND PURSUE $75+ PER SHARE April 7, 2025 Fellow Stockholder, Ancora has a $100+ million equity stake in U.S. Steel, demonstrating that our interests are squarely aligned with yours. As an investment firm with deep roots in the Midwe
Slide 3: Vote on the GOLD Universal Proxy Card to Elect the Full Ancora Slate
VOTE ON THE GOLD UNIVERSAL PROXY CARD TO ELECT THE FULL ANCORA SLATE AND PURSUE $75+ PER SHARE Our slate, which includes individuals who have vast experience getting transactions over the finish line, can bring continuity to the Company’s ongoing sale process, including any necessary engagement with
Slide 4: Vote on the GOLD Universal Proxy Card to Elect the Full Ancora Slate
VOTE ON THE GOLD UNIVERSAL PROXY CARD TO ELECT THE FULL ANCORA SLATE AND PURSUE $75+ PER SHARE We struggle to identify a company with a worse relationship with its unionized employees than U.S. Steel, as demonstrated by the following quotes from the USW: “ U.S. Steel under CEO David Burritt has a lo
Slide 5: Vote on the GOLD Universal Proxy Card to Elect the Full Ancora Slate
VOTE ON THE GOLD UNIVERSAL PROXY CARD TO ELECT THE FULL ANCORA SLATE AND PURSUE $75+ PER SHARE Mr. Burritt has promised to close plants and mills, which will imperil the mines and incur massive costs that will depress stockholder returns for years to come.13 In addition to paying severance for laid-
Slide 6: Improve Union Relations in the Pursuit of a New Labor Agreement
VOTE ON THE GOLD UNIVERSAL PROXY CARD TO ELECT THE FULL ANCORA SLATE AND PURSUE $75+ PER SHARE 3. Improve Union Relations in the Pursuit of a New Labor Agreement. Repairing the Company’s relationship with the USW is paramount and will have the direct involvement of Mr. Kestenbaum. U.S. Steel’s new e
Slide 7: Vote on the GOLD Universal Proxy Card to Elect the Full Ancora Slate
VOTE ON THE GOLD UNIVERSAL PROXY CARD TO ELECT THE FULL ANCORA SLATE AND PURSUE $75+ PER SHARE • Great Lakes: Invest an estimated $400 million to revitalize the idled facility. This will return union jobs after 1,545 employees were laid off.15 We’ll also bring on new production. • Gary Works: Invest
Slide 8: Vote on the GOLD Universal Proxy Card to Elect the Full Ancora Slate
VOTE ON THE GOLD UNIVERSAL PROXY CARD TO ELECT THE FULL ANCORA SLATE AND PURSUE $75+ PER SHARE Although our slate is open to exploring all avenues for maximizing stockholder value, it has no plans to entertain acquisition offers that undervalue the Company or provide preferential consideration to an
Slide 9: April 2025 Investor Presentation
,7(0,19(672535(6(17$7,21 $SULO, 2025
Slide 10: Make U.S. Steel Great Again: The Case for New Leadership with a Proven Strategy
Make U.S. Steel Great Again: The Case for New Leadership with a Proven Strategy April 2025
Slide 11: Disclaimer
Disclaimer The materials contained herein (the “Materials”) represent the opinions of Ancora Catalyst Institutional, LP and the other participants named in its proxy solicitation (collectively, “Ancora” or “we”) and are based on publicly available information with respect to United States Steel Corp
Slide 12: Table of Contents
Table of Contents Executive Summary Page 4 The Case for Replacing U.S. Steel’s Leadership Page 33 Flawed Strategy Page 33 Financial Underperformance Page 45 Governance Failures Page 53 Our Solution: A CEO and Fit-for-Purpose Slate that Can Make U.S. Steel Great Again Page 66 Our Plan for Turning Aro
Slide 13: Executive Summary
MAKE U.S. STEELS GREAT AGAIN Executive Summary
Slide 14: About Ancora
About Ancora Ancora Holdings Group, LLC (“Ancora”) has a record of helping companies unlock long-term value. Firm Overview: • Founded in 2003, Ancora is an Ohio-based diversified investment firm of 115+ employees that oversees approximately $10 billion in assets. • As an investor with deep roots in
Slide 15: About U.S. Steel
About U.S. Steel History: An American Icon Company Snapshot3 Business Segments4 • U.S. Steel was formed in 1901 with the • U.S. Steel engages in the manufacturing and North American Flat-Rolled (“NAFR”): joining of American business icons Andrew selling of steel products. U.S. Steel’s unionized inte
Slide 16: U.S. Steel Stockholders Face the Threat of Irreversible Value Destruction
U.S. Steel Stockholders Face the Threat of Irreversible Value Destruction Prior to entering into a merger agreement with Nippon Steel Corporation (“Nippon”), we believe U.S. Steel had deteriorated due to years of dismal capital allocation, frayed labor relations, neglect of union plants and poor ope
Slide 17: Major Changes Are Needed at U.S. Steel's 2025 Annual Meeting
Major Changes Are Needed at U.S. Steel’s 2025 Annual Meeting ∂ Stockholders have one chance to decide who controls the future of U.S. Steel. If the Nippon deal falls apart after this year’s Annual Meeting, there will be no savior ∂ to step in and operate the business. The next Annual Meeting will li
Slide 18: Under Mr. Burritt's Leadership, the Company Pivoted to a Flawed Strategy
Under Mr. Burritt’s Leadership, the Company Pivoted to a Flawed Strategy This abrupt change in strategy spotlights Mr. Burritt’s poor decision making and inability to operate the Company’s assets. 2016-2019: Asset Revitalization Strategy 2019-2023: “Best of Both” Strategy • Just six months before Mr
Slide 19: Mr. Burritt's Strategy Pivot Failed to Create Value
Mr. Burritt’s Strategy Pivot Failed to Create Value The results speak for themselves: Mr. Burritt and the senior leadership team have failed at running the business. Mismanaged Big River expansion, resulting in cost overruns U.S. Steel vs. Peers: Key Performance Metrics1 upwards of $600 million. Q1
Slide 20: The Board's Poor Judgment Resulted in a Failed Transaction
The Board’s Poor Judgment Resulted in a Failed Transaction The Board’s decision to pursue a risky sale to Nippon – that was just $1 per share higher than a domestic bidder – has led the Company to a dead end. • During the Board’s strategic review, then-Senator J.D. Vance sent a letter to Mr. Burritt
Slide 21: Leadership Has Damaged the Relationship with U.S. Steel's Unionized Workforce
Leadership Has Damaged the Relationship with U.S. Steel's Unionized Workforce Years of broken promises related to Mr. Burritt's strategy shift away from U.S. Steel’s unionized NAFR assets have irreparably hurt the current Board and management’s relationship with the USW. Mr. Burritt’s threats to clo
Slide 22: U.S. Steel Has a Bleak Future Under Current Leadership
U.S. Steel Has a Bleak Future Under Current Leadership Mr. Burritt and the Board’s contingency plan for the dead deal includes cutting thousands of jobs and shutting down valuable mills, which will imperil the Company’s mines. “ CEO David Burritt said the nearly $3 billion that Japan-based Nippon St
Slide 23: In the Decade Before Strategic Alternatives, the Company Failed to Create Value
In the Decade Before Strategic Alternatives, the Company Failed to Create Value $50 Feb. 2017: Sep. 2021: Mr. Burritt appointed Company doubles down $45 COO on Mini Mill with Big River 2 construction. Nov. 2016: $40 Company announces “Asset Revitalization” Apr. 2021: strategy to invest in and Compan
Slide 24: Our Solution: A Fit-for-Purpose Slate That Can Make U.S. Steel Great Again
Our Solution: A Fit-for-Purpose Slate That Can Make U.S. Steel Great Again Alan Kestenbaum Jamie Boychuk Fredrick D. DiSanto 9 Seasoned steel industry 9 Operations expert with 9 Represents stockholder leader significant experience in of U.S. Steel the transportation 9 Expertise in capital 9 Led Stel
Slide 25: Our Solution: A Fit-for-Purpose Slate (Cont.)
Our Solution: A Fit-for-Purpose Slate That Can Make U.S. Steel Great Again (Cont.) Roger K. Newport Shelley Y. Simms 9 Former steel company CEO at 9 Regulatory, compliance and AK Steel Holdings Corporation public policy expert 9 Finance and M&A expertise 9 Held leadership roles at multiple 9 Public
Slide 26: Alan Kestenbaum Is the Right Leader for U.S. Steel
Alan Kestenbaum Is the Right Leader for U.S. Steel Mr. Kestenbaum, Ancora’s proposed CEO, is a steel industry legend who has a history of turning U.S. Steel’s failed endeavors into home runs. • Mr. Kestenbaum previously led a turnaround of Canadian steelmaker Stelco Holding Inc. (“Stelco”), which he
Slide 27: We Believe Our Five-Point Plan Will Revitalize U.S. Steel
We Believe Our Five-Point Plan Will Revitalize U.S. Steel Restore and Optimize Key Fund Plants Operational Improvements Explore Options with Existing for Domestic Capital Improve Labor Non-Union Relations Assets and Non-Core Install New Assets Management Team 18
Slide 28: We Intend to Install a Leaner and More Aligned Executive Team
We Intend to Install a Leaner and More Aligned Executive Team Appoint New CEO Overhaul Executive Team Implement New Comp. Scheme • We intend to immediately • Our nominees are committed to • The Ancora slate intends to replace Mr. Burritt with Mr. assembling an excellent team establish a new executiv
Slide 29: We Are Committed to Improving Labor Relations
We Are Committed to Improving Labor Relations The Ancora slate’s priorities include: The USW Is Already More Supportive of Our Strategy Than the Incumbents’ Repairing U.S. Steel’s frayed relations with the USW. Reallocating a portion of corporate expenditures to human capital and plants. “ We have s
Slide 30: We Intend to Explore All Options for Other Assets
We Intend to Explore All Options for Other Assets Our slate and its CEO candidate are committed to exploring asset sales or divestitures with the goal of maximizing value for stockholders, improving the efficiency of the organization and prioritizing U.S. Steel’s NAFR assets. We’ll establish a Trans
Slide 31: Our Plan Does Not Require Any Outside Investment
Our Plan Does Not Require Any Outside Investment The Company’s strong liquidity position mitigates the need for outside investment. Available Capital Executable Capital $565 Million $1.5 Billion - $2 Billion in Merger Termination Fee Non-Core Assets2 $8 Billion - $9 Billion in Value via $1.4 Billion
Slide 32: We Intend to Launch a Multibillion-Dollar Capital Investment Program
We Intend to Launch a Multibillion-Dollar Capital Investment Program If elected, our slate and its CEO candidate are committed to restoring U.S. Steel’s most iconic assets, improving the financial and operational performance of the business and providing job security for the Company’s unionized work
Slide 33: Proposed Capital Investment Timeline
Proposed Capital Investment Timeline H2 2025 2026 2027 2028 2029-2031 CapEx: $100 million CapEx: $1.1 billion CapEx: $1.0 billion CapEx: $550 million CapEx: $3.7 billion Mr. Kestenbaum Mr. Kestenbaum Mr. Kestenbaum Mr. Kestenbaum deploys capital begins the and his executive Mr. Kestenbaum leads Phas
Slide 34: Anticipated Benefits of Streamlined Operations
Anticipated Benefits of Streamlined Operations Logistics improvements are expected to reduce costs. Cost reductions come from: Improved logistical footprint Less material handling Lower conversion costs for hot-rolled (“HR”) Lower yield loss and cold-rolled (“CR”) coils Key optimization activities a
Slide 35: The Value Creation Opportunity at U.S. Steel
The Value Creation Opportunity at U.S. Steel We estimate the execution of our strategy could yield a ~100% increase in stockholder value through the combination of asset sales (including Big River), special dividend and the capital investment program to reinvigorate U.S. Steel’s legacy assets. Profo
Slide 36: The Value Creation Opportunity: Big River Sale
The Value Creation Opportunity: Big River Sale Our nominees intend to pursue all avenues to monetize U.S. Steel’s Mini Mill operation and use a portion of the sale proceeds for a significant one-time special dividend. We continue to believe, based on previous expressions of interest, that U.S. Steel
Slide 37: The Value Creation Opportunity: NAFR EBITDA Growth
The Value Creation Opportunity: NAFR EBITDA Growth We estimate our capital investment program will significantly improve the NAFR segment’s proforma EBITDA by year-end 2027. $2,200 $50 $2,059 $100 $2,000 $556 $1,800 $1,600 $1,400 $419 $1,200 $1,000 $934 $800 $600 $400 $200 $0 NAFR 2024 EBITDA Mon Va
Slide 38: The Value Creation Opportunity: Enhanced Performance
The Value Creation Opportunity: Enhanced Performance We believe Ancora and Mr. Kestenbaum’s capital investment program to reinvigorate U.S. Steel’s valuable NAFR assets will significantly improve the segment’s utilization and operational and financial performance. Kestenbaum Strategy CapEx ($ in mil
Slide 39: Timeline of Key Initiatives
Timeline of Key Initiatives Timing Key Initiatives Intended Outputs 9 Assess viability and pathway of collecting merger termination fee 9 Repair damaged labor relations and establish trust with all union Months 1-3 constituencies 9 Establish expectations on timing of collecting the $565 million merg
Slide 40: We Expect Our Plan Would Save Thousands of Jobs
We Expect Our Plan Would Save Thousands of Jobs While the Board and Mr. Burritt’s contingency plan would put jobs at risk, the Ancora-Kestenbaum plan would save thousands of jobs, including a significant portion of the Company’s union labor. Facility Number of Jobs Mon Valley 3,000 (Clairton: 1,200)
Slide 41: We Believe Our Slate and Plan Represent an Upgrade Over U.S. Steel
We Believe Our Slate and Plan Represent an Upgrade Over U.S. Steel Mr. Burritt has blamed a lack of capital as cover for his Contrary to Mr. Burritt’s comments, the Ancora slate’s plan to close U.S. Steel’s iconic, older, unionized mills strategy intends to use existing capital sources for and focus
Slide 42: The Case for Replacing U.S. Steel's Leadership: Flawed Strategy
The Case for Replacing U.S. Steel’s Leadership: Flawed Strategy
Slide 43: U.S. Steel Has Iconic and Advantaged Assets
U.S. Steel Has Iconic and Advantaged Assets U.S. Steel's NAFR assets represent iconic American businesses that were key participants in the development of the nation during the Industrial Revolution. • U.S. Steel's Edgar Thomson Steel Works facility was first established by Andrew Carnegie in 1873 a
Slide 44: Mon Valley Possesses Significant Strategic Benefits
Mon Valley Possesses Significant Strategic Benefits The Mon Valley Works consists of: 1. Clairton Plant, which produces coke and coke by-products. 2. Edgar Thomson Plant, which produces hot iron in blast furnaces, which is then converted into steel at the Basic Oxygen Shop and turned into slabs at t
Slide 45: How We Got Here: U.S. Steel's Flawed "Best of Both" Strategy
How We Got Here: U.S. Steel’s Flawed “Best of Both” Strategy U.S. Steel, under Mr. Burritt’s leadership, made a flawed decision to deprioritize U.S. Steel's NAFR assets and instead focus on a diversification strategy by acquiring the Big River steelmaking operation. Announces Asset Announces more Re
Slide 46: 2017: U.S. Steel's "Asset Revitalization" Plan
2017: U.S. Steel's “Asset Revitalization” Plan When Mr. Burritt assumed the CEO role in May 2017, the Company was focused on revitalizing the NAFR assets. • U.S. Steel's Asset Revitalization plan was initiated just before the start of Mr. Burritt's tenure as CEO of the Company in May 2017. • The pla
Slide 47: 2019: $1.2 Billion Mon Valley Investment
2019: $1.2 Billion Mon Valley Investment The Company’s significant capital commitments to Mon Valley spotlight the underlying value of these assets. • In May 2019, U.S. Steel announced a $1.2 billion investment to construct a new sustainable endless casting and rolling facility at its Edgar Thomson
Slide 48: 2019 & 2020: Big River Represented a Major Strategy Pivot
2019 & 2020: Big River Represented a Major Strategy Pivot Just six months after the Company announced the $1.2 billion Mon Valley investment, the Company pivoted its strategy away from “Asset Revitalization” and toward Mini Mill. • In October 2019, U.S. Steel purchased a 49.9% minority interest in B
Slide 49: April 2021: Cancellation of Mon Valley Investment
April 2021: Cancellation of Mon Valley Investment In April 2021, the Company disclosed it was canceling the Mon Valley investment announced two years prior – the endless casting and rolling facility was instead sent to Big River. 2019 2021 “This investment is truly “Today, we're announcing one of th
Slide 50: September 2021: Doubling Down on Mini Mill With Big River 2
September 2021: Doubling Down on Mini Mill With Big River 2 Less than five months after canceling the Mon Valley investment in favor of more investments in Big River, Mr. Burritt and the Board went all in on shifting U.S. Steel’s business to the Mini Mill segment. • On Sep. 16, 2021, the Company ann
Slide 51: Strategy Pivot Has Led to Underinvestment in NAFR Assets
Mr. Burritt’s Strategy Pivot Has Led to Underinvestment in NAFR Assets Since the acquisition of Big River, U.S. Steel has deprioritized its NAFR assets, which have structural advantages that could make them the lowest cost, highest margin and most productive facilities in North America. • Depreciati
Slide 52: Strategy Pivot Has Prioritized Mini Mill Assets
Mr. Burritt’s Strategy Pivot Has Prioritized Mini Mill Assets Since the acquisition of Big River, U.S. Steel has prioritized its capital commitments toward the Mini Mill assets – at the expense of its higher margin NAFR assets. • Over the last four years, U.S. Steel has spent $6.5 billion on the Min
Slide 53: Strategy Pivot Has Resulted in Lower Shipments from NAFR
Mr. Burritt’s Strategy Pivot Has Resulted in Lower Shipments from NAFR • Since making the strategy pivot in late 2019, U.S. Steel's NAFR shipments have declined ~27% from 2019 levels. • The decline in shipments highlights the destruction of the NAFR segment under Mr. Burritt's leadership since the a
Slide 54: The Case for Replacing U.S. Steel's Leadership: Financial Underperformance
The Case for Replacing U.S. Steel’s Leadership: Financial Underperformance
Slide 55: U.S. Steel's Shares Have Consistently Trailed Peers
U.S. Steel’s Shares Have Consistently Trailed Peers Before leadership agreed to sell the Company to Nippon, U.S. Steel was significantly underperforming peers under the direction of Mr. Burritt. U.S. Steel TSR Over Mr. Burritt’s Tenure vs. Peers 425% 325% 225% 125% 25% -75% 5/10/2017 11/10/2017 5/10
Slide 56: Under the Current Leadership, U.S. Steel's Facilities Are Underproducing
Under the Current Leadership, U.S. Steel’s Facilities Are Underproducing The Company’s plants are producing less steel than their capacity as a result of underinvestment and poor execution. Steel Shipments by Segment Total Steel Shipments 18,000 12,000 -10% Decrease -25% NAFR Decrease 16,000 10,000
Slide 57: Under Current Leadership, Financial Performance Has Deteriorated
Under Current Leadership, Financial Performance Has Deteriorated Indexed CapEx Growth Indexed Revenue Growth 140% X Peer Median X Peer Median 450% 120% 400% 100% 350% 80% 300% 250% 60% 200% 40% 150% 20% 100% 0% 50% -20% 0% -40% FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 FY 2023 FY 2024 FY 2017
Slide 58: Under Current Leadership, Financial Performance Has Deteriorated (cont.)
Under Current Leadership, Financial Performance Has Deteriorated (cont.) Adj. EBITDA Margin Indexed Free Cash Flow X Peer Median X Peer Median 30% 1000% 25% 800% 600% 20% 400% 15% 200% 10% 0% 5% -200% 0% -400% -5% -600% FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 FY 2023 FY 2024 FY 2017 FY 2018
Slide 59: Strategy Pivot Has Resulted in Significant Cost Overruns
Strategy Pivot Has Resulted in Significant Cost Overruns Current management has failed to properly forecast CapEx, resulting in significant cost overruns in the hundreds of millions. • Mr. Burritt has blown through his original budget for the Big River 2 facility. o In Q2 2022 U.S. Steel announced i
Slide 60: Management Has Continually Missed its Own Projections by Wide Margins
Management Has Continually Missed its Own Projections by Wide Margins Revenue ($ in billions) Adjusted EBITDA ($ in billions) $18.0 $2.5 $17.0 $2.0 -11.6% -51.2% $16.0 $1.5 $15.0 $1.0 $17.7 $15.6 $2.4 $1.2 $14.0 $0.5 X Dec. 2023 Proxy Forecast 2024 Actual X Dec. 2023 Proxy Forecast 2024 Actual EBITD
Slide 61: Conclusion: Stockholders Cannot Wait Until Next Year's Meeting
Conclusion: Stockholders Cannot Wait Until Next Year’s Meeting Mr. Burritt has mismanaged the Company’s assets resulting in overinvestment in ∂ the Mini Mill segment at the expense of the valuable NAFR assets. The Company failed to create any value during Mr. Burritt’s tenure as CEO before ∂ the tra
Slide 62: The Case for Replacing U.S. Steel's Leadership: Governance Failures
The Case for Replacing U.S. Steel’s Leadership: Governance Failures
Slide 63: The Board Failed to Plan for National Security Regulatory Risk
The Board Failed to Plan for National Security Regulatory Risk • The Board knew that the sale of U.S. Steel to Nippon faced steep opposition from Vice President Vance, Secretary of State Rubio and a bipartisan contingent of high-profile lawmakers over national security concerns. • During the Board’s
Slide 64: Mr. Burritt Failed to Plan for National Security Regulatory Risk
Mr. Burritt Failed to Plan for National Security Regulatory Risk Mr. Burritt demonstrated a false sense of confidence with stockholders, apparently believing there was minimal risk of the Nippon sale being opposed on national security grounds. Analyst “ So, could you share a little bit, so how you v
Slide 65: U.S. Steel Failed to Negotiate Effectively Given the Known Risks
U.S. Steel Failed to Negotiate Effectively Given the Known Risks The Board apparently overestimated the probability of successfully navigating a national security review and underestimated the probability that it would need to collect a reverse termination fee – this represents a catastrophic error
Slide 66: The Board Has Failed to Rein in Mr. Burritt's Inappropriate Behavior
The Board Has Failed to Rein in Mr. Burritt’s Inappropriate Behavior Regardless of political leanings, this is not how standard public company executives act – and the Board should have put an end to this kind of disqualifying behavior. “ President Biden’s action today is shameful and corrupt. “ “ H
Slide 67: Leadership's Contingency Plan for the Deal Termination is Plant Closures
Leadership’s Contingency Plan for the Deal Termination is Plant Closures Mr. Burritt and the Board’s contingency plan for the dead deal includes cutting thousands of jobs and shutting down valuable mills, which will imperil the Company’s mines. “ CEO David Burritt said the nearly $3 billion that Jap
Slide 68: The Board and Mr. Burritt Have Not Disclosed the Cost of Their Contingency Plan
The Board and Mr. Burritt Have Not Disclosed the Cost of Their Contingency Plan We estimate closing facilities could cost stockholders more than $3.5 billion. $4,000 $350 $3,565 $3,500 $500 $3,000 $1,075 $2,500 $2,000 $460 $1,500 $1,180 $1,000 $500 $0 Severance Contract Breaks Remediation and Enviro
Slide 69: Leadership Has a Long History of Breaking Promises to its Union Workers
Leadership Has a Long History of Breaking Promises to its Union Workers Years of broken promises related to Mr. Burritt's strategy shift away from U.S. Steel's NAFR assets have irreparably damaged the Company’s relationship with the USW. Mr. Burritt’s threats to close union mills and lay off Two yea
Slide 70: Mr. Burritt Is Responsible for the Company's Damaged Labor Relations
Mr. Burritt Is Responsible for the Company’s Damaged Labor Relations The View of the USW “ U.S. Steel under CEO David Burritt has a long track record of failing to live up to its commitments to invest in the future of our plants. “ “ At a time when the U.S. steel industry needs visionary, future- fo
Slide 71: Mr. Burritt's Strategy Pivot Disenfranchised Union Workers
Mr. Burritt’s Strategy Pivot Disenfranchised Union Workers Throughout his tenure, Mr. Burritt has demonstrated a disregard for union plants and workers. U.S. Steel’s Shrinking Employee Headcount (North America) 30,000 26,000 25,000 23,000 21,000 20,000 18,000 17,200 17,000 17,000 15,590 13,975 14,48
Slide 72: The Company's Blatant Disregard for Union Workers Is Apparent
The Company’s Blatant Disregard for Union Workers Is Apparent Mr. Burritt and the Board attempted to sell U.S. Steel to Nippon without ensuring the Company’s unionized workers would be taken care of. • Mr. Burritt did not tell the USW that a deal with Nippon was reached prior to publicly announcing
Slide 73: The Board Does Not Appear to Have a CEO Succession Plan
The Board Does Not Appear to Have a CEO Succession Plan Succession Planning is One of the Board’s Top The Need to Plan for a Responsibilities New CEO Was Clear • On average, 62% of mergers terminated each “ … governance highlights include … regular review of Chief Executive Officer (“CEO”) and senio
Slide 74: The Board Has Authorized a Flawed Compensation Plan for Management
The Board Has Authorized a Flawed Compensation Plan for Management By changing the mix of incentive-based compensation to promote closing the merger, the Board enabled management to divert its focus from the Company’s operations and decoupled executive’s incentives from stockholders’ long-term inter
Slide 75: Our Solution: A CEO and Fit-for-Purpose Slate That Can Make U.S. Steel Great Again
Our Solution: A CEO and Fit- for-Purpose Slate That Can Make U.S. Steel Great Again
Slide 76: We Have Assembled a Fit-for-Purpose Slate
We Have Assembled a Fit-for-Purpose Slate That Can Make U.S. Steel Great Again Alan Kestenbaum Jamie Boychuk Fredrick D. DiSanto Robert P. Fisher, Jr. • Metals and Mining: Has • Operations: Served as • Capital Allocation: Has served • Dealmaking: President and served as founder/CEO of Executive Vice
Slide 77: We Have Assembled a Fit-for-Purpose Slate (Cont.)
We Have Assembled a Fit-for-Purpose Slate That Can Make U.S. Steel Great Again (Cont.) Dr. James K. Hayes Roger K. Newport Shelley Y. Simms Peter T. Thomas David J. Urban • Executive Experience: Has • Steel: Served as CEO of AK • Regulatory and • Manufacturing: Has served • Public Policy: Has served
Slide 78: Alan Kestenbaum Is the Right Leader for U.S. Steel
Alan Kestenbaum Is the Right Leader for U.S. Steel Proposed CEO Mr. Kestenbaum has a proven ability to spearhead turnarounds at major public companies in the metals and mining industry. 9 Has proven turnaround experience as CEO of Canadian steelmaker Stelco, which was sold to a U.S. steelmaker in 20
Slide 79: Mr. Kestenbaum Has Stronger CEO Credentials and a Superior Strategy
Mr. Kestenbaum Has Stronger CEO Credentials and a Superior Strategy David Burritt Alan Kestenbaum Successfully led a turnaround of Stelco (fully Delivered poor operational performance; lacks the integrated mill acquired from U.S. Steel out of skills and plan to operate a standalone U.S. Steel. bankr
Slide 80: Our CEO Candidate Has the Investment & Steel Industries' Respect
Our CEO Candidate Has the Investment & Steel Industries’ Respect “ <JPST\&QFS0JXYJSGFZRMJ XITSJXTRJLTTI\TWP.YMNSP “ “ .ѣRSTYHTSHJWSJIFYFQQKTWFXJHTSIFGTZY \MFYMJѣXLTNSLYTIT-JѣXF[JW^XMWJ\I “ MJѣXFRZHMGJYYJWHMTNHJYMFS'ZWWNYYFSI3NUUTS GZXNSJXXLZ^FSIMJѣXFHTSYWFWNFS )F[J2H(FQQ5WJXNIJSYTKYMJ:8<ў +JG 5WJR<F
Slide 81: Our Slate Has the Right Experience to Turn Around U.S. Steel
Our Slate Has the Right Experience to Turn Around U.S. Steel 0JXYJSGFZR 'T^HMZP )N8FSYT +NXMJW -F^JX 3J\UTWY 8NRRX 9MTRFX :WGFS (8ZNYJ*]JHZYN[J *]UJWNJSHJ 'TFWI*]UJWNJSHJ 2NSNSL 2JYFQX (FUNYFQ&QQTHFYNTS +NSFSHJ&HHTZSYNSLFSI 8YWFYJL^ ,T[JWSRJSY&KKFNWX 1FGTW 8YFPJMTQIJW 7JQFYNTSX .SYJWSFYNTSFQ'ZXNSJXX
Slide 82: Jamie Boychuk
Jamie Boychuk Mr. Boychuk is an experienced public company executive with a relevant background in logistics, operations and supply chain management as well as valuable perspectives from his tenure at a major customer of U.S. Steel (Canadian National Railway Company). • Most recently served as Execu
Slide 83: Fredrick D. DiSanto
Fredrick D. DiSanto Mr. DiSanto is a stockholder of the Company and experienced public company director with expertise in capital allocation, corporate finance and the debt and equity markets. • Has served as Chairman and Chief Executive Officer at Ancora, the parent company of Ancora Alternatives (
Slide 84: Robert P. Fisher, Jr.
Robert P. Fisher, Jr. Mr. Fisher is a seasoned investment manager, investment banker and public company director with significant experience in dealmaking and the metals and mining sector. • Currently serves as President and CEO of George F. Fisher, Inc., a private investment company that manages a
Slide 85: Dr. James K. Hayes
Dr. James K. Hayes Dr. Hayes is a proven senior executive and board member with experience implementing growth initiatives and a relevant background in manufacturing and strategic planning. • Currently serves on the board of directors of Marine Electric Systems, Inc., a privately held manufacturer o
Slide 86: Roger K. Newport
Roger K. Newport With 35 years of experience in the steel industry, Mr. Newport brings the background of a public company director and former steel company CEO with expertise in strategy, finance, M&A, operations, regulatory matters and labor and stakeholder relations. • Previously served as Chief E
Slide 87: Shelley Y. Simms
Shelley Y. Simms Ms. Simms is a regulatory, compliance and public policy expert who has held leadership roles at several Pennsylvania-based corporations and formerly served as a top ethics official for the state. • Served as General Counsel and Chief Compliance Officer of Philadelphia-based Xponance
Slide 88: Peter T. Thomas
Peter T. Thomas Mr. Thomas is a senior executive and public company director with decades of relevant experience and insight in manufacturing from his leadership roles at several public companies across the industrials sector. • Currently serves on the Board of Directors of Berry Global Group Inc. (
Slide 89: David J. Urban
David J. Urban Mr. Urban is a legal, government affairs and stakeholder relations expert with additive experience from his service as an advisor, executive and public company director. • Currently serves as Managing Director of BGR Group, a leading lobbying and public relations firm, since April 202
Slide 90: Our Plan for Turning Around a Standalone U.S. Steel
Our Plan for Turning Around a Standalone U.S. Steel
Slide 91: Executive Summary
Executive Summary Ancora’s slate and Mr. Kestenbaum have devised a five-point plan aimed at installing the right leaders, mending the Company’s broken labor relations, exploring options for domestic non-unionized assets and non-core assets, funding operational improvements with existing capital, and
Slide 92: We Believe Our Five-Point Plan Will Revitalize U.S. Steel
We Believe Our Five-Point Plan Will Revitalize U.S. Steel Restore and Optimize Key Fund Plants Operational Improvements Explore Options with Existing for Domestic Capital Improve Labor Non-Union Relations Assets and Non-Core Install New Assets Management Team 83
Slide 93: Strategic Priority: Install New Management
Strategic Priority: Install New Management Our slate intends to appoint proven steel company leader Alan Kestenbaum as CEO; Mr. Kestenbaum has successfully built world-class management teams. Alan Kestenbaum President & CEO Chief Financial Officer Chief Operating Officer Chief Legal Officer VP, Sale
Slide 94: Strategic Priority: Repair Labor Relations
Strategic Priority: Repair Labor Relations The new executive team will build on the strength of ∂ Mr. Kestenbaum’s existing labor relationships from Stelco and Globe Specialty Metals, Inc. We are committed to reaching a new agreement with the USW ahead of the current agreement’s 2026 ∂ expiration to
Slide 95: Strategic Priority: Explore Options for Non-Union & Non-Core Assets
Strategic Priority: Explore Options for Non-Union & Non-Core Assets If elected, our slate and its CEO candidate are committed to exploring all options for asset sales or divestitures with the goal of maximizing value for stockholders, improving the efficiency of the organization and prioritizing U.S
Slide 96: Strategic Priority: Fund Improvements Using Existing Capital
Strategic Priority: Fund Improvements Using Existing Capital Our plan does not include any dilutive equity capital. Available Capital Executable Capital $565 Million $1.5 Billion - $2 Billion in Merger Termination Fee Non-Core Assets2 $8 Billion - $9 Billion in Value via $1.4 Billion in Cash1 Potent
Slide 97: Overview: Investment Summary
Overview: Investment Summary If elected, our slate and its CEO candidate are committed to restoring U.S. Steel’s most iconic assets, improving the financial and operational performance of the business and providing job security for U.S. Steel’s unionized workforce by: Leading a two-phase, multibilli
Slide 98: Strategic Priority: Restore and Optimize Key Plants (Phase One)
Strategic Priority: Restore and Optimize Key Plants (Phase One) Mon Valley: Commitment to ~$1.5 billion investment for the endless casting and rolling process Gary Works: Commitment to ~$950 million investment to rebuild and upgrade blast furnace #14, reline blast furnaces #4, #6 and #8, and complet
Slide 99: Strategic Priority: Restore and Optimize Key Plants (Phase Two)
Strategic Priority: Restore and Optimize Key Plants (Phase Two) Great Lakes: Commitment to ~$400 million to revitalize the facility that was idled in 2020 Gary Works: Commitment to ~$3.2 billion to build a new, modern EAF on existing unencumbered acreage Fairfield: Commitment to ~$100 million for in
Slide 100: Phase One: Mon Valley
Phase One: Mon Valley Mr. Kestenbaum will have the benefit of already having the plans, blueprints, engineering and feasibility studies for the Mon Valley investment, considering Mr. Burritt was supposed to make this investment in 2019. Source: Company filings. 91
Slide 101: Phase One: Mon Valley (cont.)
Phase One: Mon Valley (cont.) Commitment to ~$1.5 billion investment for the endless casting and rolling process. Process Details Process Advantages Expected Benefits • The Endless Strip Production (“ESP”) • Yield Improvement: Eliminates yield • Tactical Flexibility: Wider mill with (endless strip p
Slide 102: Phase One: Gary Works
Phase One: Gary Works Gary Works Blast Furnace #14 Aerial View of Gary Works Source: Company filings. 93
Slide 103: Phase One: Gary Works (cont.)
Phase One: Gary Works (cont.) Commitment to ~$950 million investment to rebuild and upgrade blast furnace #14, reline blast furnaces #4, #6 and #8, and complete previously announced and canceled Gary Hot Mill and plant productivity debottlenecking projects. Process Details Process Advantages Expecte
Slide 104: Phase One: Granite City
Phase One: Granite City We intend to use granulated iron to supply the growing EAF market Iron Granulated Iron Production EAF Market Production 95
Slide 105: Phase One: Granite City (cont.)
Phase One: Granite City (cont.) Commitment to ~$300 million investment to produce 1 million tons of granulated iron per year at Granite City. Process Details Process Advantages Expected Benefits • Investment will enable Granite City • Granulated Iron vs. Pig Iron: • Revitalize Latent Capacity: Bring
Slide 106: Overview: Phase Two Capital Investment Plan
Overview: Phase Two Capital Investment Plan Together, we estimate that Phase One and Phase Two investments would add 10 million tons of new capacity per year to the domestic steel market. Plant CapEx Purpose Expected Benefits Capacity Fairfield • Increase production of slab for further processing $1
Slide 107: Transformation Committee
Transformation Committee This committee is intended to coordinate the execution of our 100-day plan and ensure a minimally-disruptive transition. The Transformation Committee's purpose is to: 9 Oversee and lead the Strategic Review of the organization. 9 Make use of Board members’ prior experience w
Slide 108: The Stelco Turnaround Is U.S. Steel's Best Blueprint for Success
The Stelco Turnaround Is U.S. Steel’s Best Blueprint for Success After buying Stelco out of bankruptcy from U.S. Steel, Mr. Kestenbaum built an elite management team, restored employee morale, optimized plants and assets, and ultimately created an industry leader in the public market. Since Stelco’s
Slide 109: The Stelco Turnaround Is U.S. Steel's Best Blueprint for Success (cont.)
The Stelco Turnaround Is U.S. Steel’s Best Blueprint for Success (cont.) Despite major CapEx projects and tariff headwinds, Stelco continuously outperformed U.S. Steel throughout Mr. Kestenbaum’s tenure. U.S. Steel vs. Stelco EBITDA Margins (%) 60% 50% 50% 40% 34% 30% 28% 25% 26% 20% 21% 19% 20% 17%
Slide 110: Replicate Stelco's Highly Successful Tactical Flexibility Strategy
Replicate Stelco’s Highly Successful Tactical Flexibility Strategy Tactical Flexibility Strategy Principles 9 “Tactical Flexibility” was implemented by Mr. Kestenbaum to repair the damage done to Stelco by U.S. Steel’s decade of Operate Safely and Optimize Production mismanagement. Sustainably From
Slide 111: We Believe Tactical Flexibility Model Will Drive Performance Improvement
We Believe Tactical Flexibility Model Will Drive Performance Improvement Mr. Kestenbaum’s Tactical Flexibility Strategy is intended to be the core commercial and operating strategy for U.S. Steel with a laser focus on generating higher EBITDA. • Health and safety of employees is always at the core o
Slide 112: Lean Management Structure Enables Tactical Flexibility
Lean Management Structure Enables Tactical Flexibility Coupled with a streamlined management structure, the Tactical Flexibility Strategy will improve the efficiency of the decision-making process. Key Benefits of the Management Structure Alan Kestenbaum Under Tactical Flexibility: President & CEO 9
Slide 113: Tactical Flexibility Model – Optimized Logistics
Tactical Flexibility Model – Optimized Logistics Logistics require significant improvement – particularly in the NAFR segment. • We believe U.S. Steel’s major works are old Key Optimization Activities Expected to Include: and have excessive footprints Reduction of transit at Mon Valley between steel
Slide 114: Timeline of Key Initiatives
Timeline of Key Initiatives Timing Key Initiatives Intended Outputs 9 Assess viability and pathway of collecting merger termination fee 9 Repair damaged labor relations and establish trust with all union Months 1-3 constituencies 9 Establish expectations on timing of collecting the $565 million merg
Slide 115: The Value Creation Opportunity at U.S. Steel
The Value Creation Opportunity at U.S. Steel
Slide 116: The Value Creation Opportunity at U.S. Steel Through 2027
The Value Creation Opportunity at U.S. Steel Through 2027 We estimate the execution of our strategy could yield a ~100% increase in stockholder value through the combination of asset sales (including Big River), special dividend and the capital investment program to reinvigorate U.S. Steel’s legacy
Slide 117: The Value Creation Opportunity: Big River Sale
The Value Creation Opportunity: Big River Sale If elected, Ancora and Mr. Kestenbaum intend to pursue all avenues to monetize U.S. Steel’s Mini Mill operation and use a portion of the sale proceeds for a significant one-time dividend. We continue to believe, based on previous expressions of interest
Slide 118: The Value Creation Opportunity: NAFR EBITDA Growth
The Value Creation Opportunity: NAFR EBITDA Growth We estimate our capital investment program will significantly improve the NAFR segment’s proforma EBITDA by year-end 2027. $2,200 $50 $2,059 $100 $2,000 $556 $1,800 $1,600 $1,400 $419 $1,200 $1,000 $934 $800 $600 $400 $200 $0 NAFR 2024 EBITDA Mon Va
Slide 119: Spotlight: Mon Valley's Anticipated Contribution to NAFR EBITDA Growth
Spotlight: Mon Valley’s Anticipated Contribution to NAFR EBITDA Growth $450 $36 $419 $400 $35 $350 $174 $300 $250 $200 $52 $150 $123 $100 $50 $0 Reduced Logistics, Reduced Process Process Reduced & Handling Costs Increased Energy Energy Savings Savings from COGEN Raw Materials Total Total Mon MonImp
Slide 120: Spotlight: Gary Works' Anticipated Contribution to NAFR EBITDA Growth
Spotlight: Gary Works’ Anticipated Contribution to NAFR EBITDA Growth $600 $203 $556 $500 $400 $354 $300 $200 $100 $0 Cost Improvements, Improved Yields, Cost Improvements, LowerYields, Improved Conersion Costs Increased Increased Utilization Utilization TotalGary Total GaryWorks WorksImprovements I
Slide 121: The Value Creation Opportunity: Enhanced Performance
The Value Creation Opportunity: Enhanced Performance We believe Ancora and Mr. Kestenbaum’s capital investment program to reinvigorate U.S. Steel’s valuable NAFR assets will significantly improve the segment’s utilization and operational and financial performance. Kestenbaum Strategy CapEx ($ in mil
Slide 122: Appendix
MAKE U.S. STEELS GREAT AGAIN Appendix
Slide 123: USW Newsletter
USW Newsletter Source: The USW newsletter dated Mar. 21, 2025. 114
Slide 124: Stelco Major Projects Under Mr. Kestenbaum
Stelco Major Projects Under Mr. Kestenbaum 2018 BLAST FURNACE RAMP BENZENE EMISSION REDUCTION • $4mm CapEx • $4mm CapEx • Support BF reline plan • Environmental compliance/best practices • Improve access and reliability with a complete ramp • Technology improvement for 98% reduction in replacement t
Slide 125: Stelco Major Projects Under Mr. Kestenbaum (cont.)
Stelco Major Projects Under Mr. Kestenbaum (cont.) 2021 PIG IRON CASTER COKE WHARF • $52mm CapEx • $2mm CapEx • Up to 200,000 tons per annum of pig iron for sale • 2% yield savings on coke – payback < 6 months • New facility to support hot metal production rate • New coke handling equipment for just
Slide 126: Thank You
MAKE U.S. STEELS GREAT AGAIN Thank You
Slide 127: Material Published on X.com
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Slide 128: Make U.S. Steel Great Again (social post)
a) Make U.S. Steel Great Again @ g Today, Ancora sent a letter to stockholders detailing its slate’s win-win solution to maximize value at @| >| Under proposed CEO Alan Kestenbaum, Ancora’s slate is committed to pursuing the sale to Nippon while simultaneously positioning the Company to thrive in a
Slide 129: Material Published on LinkedIn
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Slide 130: Ancora Holdings Group LinkedIn Post
Ancora Holdings Group NV 3,406 followers now Today, Ancora sent a letter to stockholders detailing its slates win-win solution to maximize value at United States Steel Corporation. Under proposed CEO Alan Kestenbaum, Ancora’s slate is committed to pursuing thesale to Nippon while simultaneously posi
Slide 131: Email Sent to Subscribers of makeussteelgreatagain.com
ITEM : (0$,/6(177268%6&5,%(562) WWW.MAKEUSSTEELGREATAGAIN.COM $SULO
Slide 132: Fellow Stakeholder
Fellow Stakeholder: Today, Ancora sent a letter to stockholders detailing its slate's win-win solution to maximize value at U.S. Steel. Under proposed CEO Alan Kestenbaum, Ancora's slate is committed to pursuing the $55 per share sale to Nippon while simultaneously positioning the Company to thrive
Slide 133: Terms & Conditions: Certain Information Concerning the Participants
Terms & Conditions 44 W 37th St New York, NY 10018, United States Unsubscribe or Manage Preferences CERTAIN INFORMATION CONCERNING THE PARTICIPANTS Ancora Catalyst Institutional, LP (“Ancora Catalyst Institutional”), together with the other participants named herein, has filed a preliminary proxy st
Slide 134: Materials Published on makeussteelgreatagain.com
ITEM: MATERIALS PUBLISHED ON WWW.MAKEUSSTEELGREATAGAIN.CO0 $SULO
Slide 135: Make U.S. Steel Great Again Website Home
MAKE U.S. STEEI GREAT AGAIN HOME ABOUT ANCORA CASE FOR CHANGE OUR SLATE OUR COMMITMENT HOW TO VOTE RESOURCES CONTACT Watch the Replay: A U.S. Solution for U.S. Steel ft. Alan Kestenbaum and Jim Chadwick — MAKE U.S. STEEL GREAT AGAIN Prior to entering into a merger agreement with Nippon, U.S. Steel h
Slide 136: Our Fit-for-Purpose Slate
The Board remains committed to an underperforming leader Without the deal, under current leadership, U.S. Steel will be who lacks the ability to lead a standalone U.S. Steel if the in a dire state due to its excessive capital spending, high debt, transaction fails and has threatened to close valuabl
Slide 137: ive important up
ive important up Email Address" Feedback for U.S. Steel UBMIT For Investors For Media Inquiries Saratoga Proxy Consulting LLC Longacre Square Partners John Ferguson / Joseph Mills Charlotte Kiaie / Ashley Areopagita 212-2573 646-386-0091 info@saratogaproxy kia’ Ic MAKE U.S. STEEL Y at GREAT AGAIN Ou
Slide 138: The Case for Change
MAKE US. STEEL at. GREAT AGAIN HOME ABOUT ANCORA CASE FOR CHANGE OUR SLATE ‘OUR COMMITMENT HOW TO VOTE RESOURCES CONTACT THE CASE FOR CHANGE Under current leadership, U.S. Steel shareholders face the threat of irreversible value destruction. Shareholders have one chance to decide who controls the fu
Slide 139: Revenue, Adj. EBITDA, CapEx Growth
Revenue Adj. EBITDA CapEx Growth Growth Growth? +264.3% -201.6% TSR Over Mr. Burritt’s Tenure? Relative U.S. Steel Peer Median Performance Source: FactSet performan ad by US. ind peers from Q!2021 to Q4 2024, These dates reflect the start of the economic rec ‘ f ed quarter, Peers include Commercial
Slide 140: Email Address’
Email Address’ Feedback for U.S. Steel For Investors For Media Inquiries Saratoga Proxy Consulting LLC Longacre Square Partners John Ferguson / Joseph Mills Charlotte Kiaie / Ashiey Areopagita 212-257,130 646-386-0091 info@saratogaproxy.com MAKE U.S. STEEL GREAT AGAIN OurR ra Contact The Case For Ch
Slide 141: Our Commitment
MAKE U.S. STEEL : GREAT AGAIN ABOUT ANCORA CASE FOR CHANGE OUR SLATE OUR COMMITMENT HOW TO VOTE RESOURCES CONTACT OUR COMMITMENT If our nominees are elected, they are committed to respecting shareholder feedback and sustaining all efforts to secure a reversal of the executive order blocking the $55
Slide 142: ? Edit site
? Edit site
Slide 143: Our Slate
MAKE U.S. STEEL GREAT AGAIN HOME ABOUT ANCORA CASE FOR CHANGE OUR SLATE ‘OUR COMMITMENT HOW TO VOTE RESOURCES CONTACT OUR SLATE Ancora has nominated a fit-for-purpose slate with nine highly qualified individuals whose complementary skills make them greater than the sum of their parts. Each is a lead
Slide 144: Superintendent, at Canadian National Railway Company ( , ) from
Superintendent, at Canadian National Railway Company (TSX: CNR, NYSE: CNI) from September 1997 to March 2017 Received business and leadership certificates from the University of Notre Dame and Northwestern University's Kellogg School of Management Leadership Roles: Fredrick D. DiSanto Mr. DiSanto is
Slide 145: Dr. James K. Hayes
Dr. James K. Hayes Dr. Hayes is a proven senior executive and board member with experience implementing growth initiatives and a relevant background in manufacturing and strategic planning. Currently serves on the board of directors of Marine Electric Systems, Inc., a privately held manufacturer of
Slide 146: Shelley Y. Simms
Ms. Simms is a regulatory, compliance and public policy expert who has held leadership roles at several Pennsylvania-based corporations and formerly served as a top ethics official for the state. Currently serves as General Counsel and Chief Compliance Officer of Philadelphia-based Xponance, Inc., a
Slide 147: David J. Urban
Currently serves as Managing Director of BGR Group, a leading lobbying and public relations firm, since April 2022, as well as Of Counsel of Torridon Law PLLC, a law firm, since June 2024, and as a Senior Advisor to Gothams LLC, a provider of emergency response services, since January 2022. Also ser
Slide 148: How to Vote
MAKE ILS. § STEEL &°.’. GREAT AGAIN HOME ABOUT ANCORA ‘CASE FOR CHANGE OUR SLATE ‘OUR COMMITMENT HOW TO VOTE RESOURCES CONTACT HOW TO VOTE Via Internet Or Telephone e Via the Internet at at any time prior to 8:00 a.m. (Eastern Time) on the date of the Annual Meeting, and follow the instructions prov
Slide 149: MAKE U.S. STEEL a
MAKE U.S. STEEL a _) GREAT AGAIN ? Edit site
Slide 150: Resources
MAKE ILS. FE GREAT AGAIN HOME ABOUT ANCORA CASE FOR CHANGE OUR SLATE ‘OUR COMMITMENT HOW TO VOTE RESOURCES CONTACT Resources Important Materials Ancora Letter to U.S. Steel Stockholders APRIL 7, 2025 Ancora Sends Letter to U.S. Steel Stockholders Regarding its Slate’s Win-Win Solution to Maximize Va
Slide 151: Ancora Press Releases
Ancora Issues Letter to U.S. Steel’s Board of Directors Following Failed Attempts to Resurrect the Dead Nippon Transaction FEBRUARY 10, 2025 / BUSINESS WIRE Ancora Nominates Majority Slate of Director Candidates and Proposes Industry Legend Alan Kestenbaum as New CEO to Turn Around U.S. Steel JANUAR
Slide 152: Contact
MAKE Ul. STEEL. GREAT AGAIN HOME ABOUT ANCORA CASE FOR CHANGE OUR SLATE OUR COMMITMENT HOW TO VOTE RESOURCES CONTACT CONTACT STAY UPDATED Enter your name and email address to receive important updates: Email Address Feedback for U.S. Steel For Investors For Media Inquiries Saratoga Proxy Consulting
Slide 153: Materials Published on Ancora Alternatives Website
ITEM : MATERIALS PUBLISHED ON WWW.$1&25$$/76.COM $SULO
Slide 154: Learn how Ancora intends to Make U.S. Steel Great Again
Learn how Ancora intends to Make U.S. Steel Great Again © ATEGIES PRESS CONT: ANCORA HOME PRESS = FILTER [ eeser | PRESS / NEWS FILTER naiskd cseapai cnsgsel Filter your results by these parameters Algonquin - $AQN Campaigns Avon Protection - SAVON News Keyword Search Berry Global - $BERY Presentati
Slide 155: DIgnincant wear-ierm vaiue
DIgnincant wear-ierm vaiue Creation at Harmonic NOV 18, 2024 SOURCE: BUSINESS WIRE ngnt invesung, mentorsnip, ana veal Making NOV 14, 2024 AUG 29, 2024 SOURCE: CNRC SOURCE: LAY OF THE LAND: uirectors negaraing tne weea to Initiate a Strategic Review Based ‘on Acquirer Interest AUG 20, 2024 SOURCE: B