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 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.

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 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.

Activist investor Ancora Holdings Group has launched a proxy battle against US Steel. The firm has nominated nine candidates for US Steel's board, including Alan Kestenbaum, former CEO of Stelco Holdings Inc. Ancora is also pushing for Kestenbaum to replace US Steel's current CEO David Burritt.

An asset manager is seeking to quash Nippon Steel's takeover of U.S. Steel and oust the leadership of the U.S. steelmaker after taking a stake in the company.

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.