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%.

When Lamborghini takes to the water, subtlety isn’t on the agenda. Unveiled at the Monaco Yacht Show, the Tecnomar for Lamborghini 101FT is a 30-metre superyacht that fuses Italian automotive theatre with cutting-edge naval engineering.

The model builds on the collaboration that began in 2020 with the Tecnomar for Lamborghini 63, a sell-out success that celebrated the marque’s founding year.

This new flagship pushes the partnership between Automobili Lamborghini and The Italian Sea Group to a grander scale, designed to deliver the same adrenaline rush at sea that drivers expect behind the wheel.

“The Tecnomar for Lamborghini 101FT redefines the concept of nautical luxury,” said Stephan Winkelmann, Chairman and CEO of Automobili Lamborghini.

“It is not only a yacht, but an affirmation of Italian excellence. The Italian Sea Group and Automobili Lamborghini share an exclusive clientele who are passionate about beauty, technology, and extreme performance.”

Design cues are unmistakably Lamborghini. The yacht’s sharp exterior lines echo the Fenomeno supercar revealed at Monterey Car Week, complete with Giallo Crius launch livery and signature Y-shaped lighting.

Inside, the cockpit and lounges mirror the DNA of Sant’Agata supercars through hexagonal motifs, sculptural seating and dramatic contrasts. With accommodation for up to nine guests and three crew cabins, indulgence meets practicality on every deck.

Performance is equally uncompromising. Three MTU 16V 2000 M96L engines and triple surface propellers generate a combined 7,600 horsepower, driving the yacht to 45 knots at full throttle, with a cruising speed of 35 knots. Two 35 kW generators provide additional efficiency and reliability, ensuring the yacht’s power matches its presence.

Mitja Borkert, Lamborghini’s Design Director, said: “With the Tecnomar for Lamborghini 101FT, we aimed to create a product that embodies the main design characteristics of our super sports cars. All the details, from the exterior to the colour, to the interior areas, recall and are inspired by Lamborghini’s DNA.”

Presented in scale at Monaco, the definitive Tecnomar for Lamborghini 101FT is scheduled to hit the water at the end of 2027. For those who demand their indulgence measured not only in metres but in knots, this is Lamborghini’s most extravagant expression yet.

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

A 30-metre masterpiece unveiled in Monaco brings Lamborghini’s supercar drama to the high seas, powered by 7,600 horsepower and unmistakable Italian design.