Why U.S. Steel Stock Is Down Even Though Everyone Wants a Piece of It

United States Steel has become an unlikely darling, with many parties vying for control of the century-old-plus American icon.

The interest hasn’t translated into significant gains for existing shareholders, though. Investors appear confused , and no one knows exactly how the U.S. Steel drama will end .

On Wednesday, Ancora , a Cleveland-based activist investor with about $10 billion in assets under management, held a conference call outlining its plan for the steel maker.

Ancora nominated a majority slate of directors on Jan. 27, making a play for control of the company. The call outlined a “multi-billion dollar capital investment plan to revitalize U.S. Steel,” led by Alan Kestenbaum, former CEO of Canadian steel maker Stelco.

Kestenbaum reflected on his success in turning around Stelco, which was sold to Cleveland-Cliffs in 2024 , adding he has a history of improving labor relations. Many U.S. Steel workers are represented by the United Steel Workers. U.S. Steel has a labor negotiation coming up in 2026.

Ancora, of course, wants U.S. Steel to abandon a proposed deal with Nippon Steel , which values U.S. Steel at $55 per share.

That deal faced stiff opposition from both sides of the political aisle. President Donald Trump said it was psychologically important for U.S. Steel to remain American-owned.

Control concessions by Nippon Steel and plans to invest billions didn’t sway American politicians. Trump did appear to soften his stance recently, saying at a press conference with Japanese Prime Minister Shigeru Ishiba that Nippon Steel would invest in U.S. Steel.

Nippon Steel and U.S. Steel declined multiple requests for comments about investment details.

The Nippon Steel deal emerged in late 2023 after Cleveland-Cliffs offered to buy U.S. Steel for about $35 a share in August 2023. Cleveland-Cliffs CEO Lourenco Goncalves hosted a combative January press conference where he indicated consolidation among large U.S. players could help restore consistent profitability to the sector.

Cleveland-Cliffs and America’s largest steel producer, Nucor , are reportedly interested in some U.S. Steel assets. Nucor would be interested in U.S. Steel’s electric arc furnace assets, which use electricity to melt scrap steel and other metallics.

Keeping track of things on the table: U.S. Steel could be sold to Nippon Steel, get an investment from Nippon Steel, be broken up into pieces, merge with Cleveland-Cliffs, or make a go of it as a standalone company investing in existing operations.

Investors are just waiting. U.S. Steel is down about 15% over the past 12 months, and the share price has bounced between roughly $30 and $40 since President Joe Biden indicated he would block the deal in early 2024.

Ancora’s main message was that U.S. Steel doesn’t need external capital to turn around operations. “It’s about brain power,” said Kestenbaum. Time will tell if that’s correct.

U.S. Steel looks like it could use capital. It’s America’s third-largest steel producer, and a relatively high-cost producer. Since 2021, U.S. Steel has made roughly $150 in per ton operating profit annually. Cleveland-Cliffs has made roughly $100 per ton over the same span. Nucor earned closer to $300 per ton. Nippon Steel is the world’s fourth-largest steel producer, and about three times the size of U.S. Steel, but its per-ton profit is closer to Cleveland-Cliffs and U.S. Steel than to Nucor.

U.S. Steel shares might have got a small Ancora boost on Wednesday. The stock closed up 2% at $39.04, while the S&P 500 and Dow Jones Industrial Average rose about 0.2%.

Rolls-Royce has unveiled the Phantom Centenary Private Collection, a landmark series of just 25 motor cars honouring the 100th anniversary of its most storied model.

Described as the marque’s most complex and technologically ambitious creation to date, the Centenary Collection is a statement of craftsmanship, symbolism and legacy, three years in the making.

Each Phantom Centenary tells the story of the nameplate’s century-long reign as the pinnacle of luxury motoring.

Every surface, from its embroidered headliner to its gold-detailed engine cover, reflects an element of Rolls-Royce’s history.

The Bespoke Collective of designers and artisans distilled the Phantom’s heritage into 77 motifs that appear throughout the car, created using groundbreaking techniques such as 3D marquetry, ink layering, laser-etched leather and 24-carat gold leafing.

Chief Executive Chris Brownridge called the Centenary Collection “a tribute to 100 years of the world’s most revered luxury item,” describing it as “a motor car which reaffirms Phantom’s status as a symbol of ambition, artistic possibility, and historical gravitas.”

Inside, the rear seats feature more than 160,000 stitches across 45 panels of high-resolution printed and embroidered fabric inspired by historic Phantoms, developed in partnership with a fashion atelier.

The front seats are laser-etched with hand-drawn sketches that reference key design codenames, while the Anthology Gallery installation – 50 brushed aluminium fins engraved with a century of quotes – forms a centrepiece that reads like a living archive.

The exterior pairs Super Champagne Crystal paint with Arctic White and Black tones, finished with iridescent glass particles. Each car is crowned with a solid 18-carat gold Spirit of Ecstasy, enamelled and hallmarked with a bespoke “Phantom Centenary” mark. Even the famed RR badges have been plated in 24-carat gold and white enamel for the first time.

Bespoke woodwork depicts the Phantom’s most defining journeys, from Sir Henry Royce’s homes in France and England to the 4,500-mile expedition of the first Goodwood-era Phantom across Australia. Roads and landscapes are etched in gold, and interior embroidery continues these lines in gleaming thread.

The Starlight Headliner, with 440,000 stitches, portrays the mulberry tree under which Royce once worked, complete with bees from the marque’s Goodwood apiary and constellations referencing legendary Phantoms such as Sir Malcolm Campbell’s ‘Bluebird’.

Limited to 25 cars worldwide, the Phantom Centenary Private Collection stands as both an homage to Rolls-Royce’s past and a promise of its future, a modern-day heirloom crafted to be read, driven and remembered over generations.

Why U.S. Steel Stock Is Down Even Though Everyone Wants a Piece of It

Only 25 of the most intricate Rolls-Royce Phantoms ever made will celebrate the nameplate’s 100-year legacy.