Who Is Alan Kestenbaum, Activist Investor Ancora's Pick To Lead US Steel?

During a turbulent month for United States Steel Corp X following its blocked merger with Nippon Steel, activist investor Ancora accelerated a proxy fight in an attempt to force the Pittsburgh, Pennsylvania-based company to abandon its plans to fight to merge.

Ancora, which owns a 0.18% stake in the company, has eyed steel industry veteran Alan Kestenbaum to lead the company as CEO, Bloomberg reports. The Yeshiva University alum told Bloomberg that he would make a significant personal investment in the company.

"I want to have a stake in something that I'm going to be involved in," Kestenbaum said. "If I get the chance to run the show, I'll invest in myself."

Kestenbaum has extensive experience in the metals industry and a track record in turnarounds and restructurings. He previously served as executive chairman and CEO of Stelco, a Canadian steel giant sold to Cleveland Cliffs in 2024. Cleveland Cliffs has also bid to takeover U.S. Steel.

Kestenbaum is currently the CEO of private equity firm Bedrock Industries Group. He previously served as the Executive Chairman and founder of Globe Specialty Metals and the Executive Chairman of Ferroglobe PLC.

It is unclear if Ancora’s activism will prove successful, given its low stake in the company. It plans to replace existing board members and oust current CEO David Burritt.

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Image created using artificial intelligence via Midjourney.