Billionaire Alan Kestenbaum Leverages Wealth in US Steel CEO Bid

United States Steel Corp. has faced an uncertain future since its $14.1 billion takeover by Japanese buyer Nippon Steel Corp. was blocked in the waning days of Joe Biden’s presidential term.

Amid the fallout, an activist bidder and a celebrated turnaround artist are joining forces to pitch investors on a proposal to revitalize US Steel.

On Monday, Ancora Holdings Group, an investor who’s built a more than $100 million stake, unveiled a plan to jump start US Steel and nearly double the stock price to $75 per share — a 36% premium over the Nippon Steel deal. Hours later, ...