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%.
For Central Element, the start of work at Pearl represents another step in the company’s growing eastern suburbs pipeline.
All three vehicles will form part of a broader charitable initiative benefiting Big Brothers Big Sisters of America, the American Red Cross and Starlight Children’s Foundation
Randy Boyagoda’s new novel, “Lords of Serendipity,” delivers a biting satire of cheating, politics and dysfunction across modern universities.
Administrative cowardice. Rampant cheating. The soaking and scamming of undergrads and grad students. Performative wokeism. Intensifying competition for international tuition dollars from an expansive China.
These are either the latest dire headlines about American higher ed or the myriad subplots of “Lords of Serendipity,” an ambitious new novel by Randy Boyagoda. Unlike most campus fiction, its scope extends well beyond the cloister of the liberal arts classroom to whammy the entire university system, from its financial model to its function within a globalized economy. Along the way, it skewers its lightning-rod targets with a precision too sharp to be considered entirely fictional.
That its author is not only well-versed in satire, having written four other novels in the genre, but is also a professor of English at the University of Toronto and an experienced college administrator, further blurs the lines between comic fiction and brutal fact. It’s the kind of no-holds-barred book only a consummate insider would know to write—but only one who is also conveniently outside the American university system could get away with writing.
“This is someone who’s got the inside dope on what can go on at universities, especially with international students, and what kind of con games are going on,” said Margaret Atwood, a friend and fellow Torontonian.
The novel, like Boyagoda himself, is often very funny—even as the dilemmas its characters face read as tragedy. Its cast includes the bickering members of a Sri Lankan hotel cleaner’s family, insecure American freshmen, dead-end third-tier college professors and their highflying Ivy League counterparts and dispirited university functionaries. An old-fashioned Dickensian tale, it sweeps across continents and campuses, from a classic liberal-arts college to a stand-in for Harvard University to an urban technical school to the dilapidated buildings of a state-run university in Sri Lanka.
“I’m a joyful person,” Boyagoda said in an interview, though he prefers to see his outlook on academia as “hopeful” rather than optimistic. He smiles and laughs frequently. He bikes everywhere. He derives energy from his students and from his four daughters, ages 14 to 20. They help him and his American wife, Anna, also an educator, care for Boyagoda’s father, an immigrant from Sri Lanka who has dementia and lives with the family.
The germ of the novel came to Boyagoda during the pandemic, when he was serving as a vice-dean. An urban legend was circulating about a statistics grad student selling passing grades to international students. The cheating scheme itself may well have been apocryphal, but it felt tantalizingly plausible.
“As a novelist, it stayed with me,” Boyagoda said. “Who would sell grades for a stats course? Why would someone buy grades? What’s motivating them? Why wouldn’t the university be doing something about it?” What he didn’t want to do, he explained, was write “another novel about a creative writing professor and his drama with students.”
In addition to writing novels—the first of which was a finalist for Canada’s prestigious Giller Prize; he’s written eight books in total—Boyagoda teaches literature full-time. For his students next semester, kids raised in a purportedly “post-literature era,” he’s assigning three 700-page novels, he noted mischievously, books by George Eliot, Ralph Ellison and Kiran Desai.
On RateMyProfessors, students remark on Boyagoda’s heavy assignments, tough grading and distaste for cellphones, but also hail his “comedy.” When alerted to these reviews, Boyagoda laughed. “Guilty as charged,” he said.
“Randy’s one of those people in academia who is very well educated but doesn’t have an ounce of superiority about him,” said John Irving, who frequently guest lectures in Boyagoda’s classroom. “It’s amazing to see how willing students are to talk in his classrooms, how little afraid they feel of being mocked or put down—he gets complete candor out of them.”
Negotiating competing interests seems to come naturally to him. Like many college campuses, after the Oct. 7 Hamas attack on Israel, the University of Toronto was embroiled in protests, encampments and discord; part of the school’s response was to convene a working group on civil discourse. Boyagoda was put in charge, serving for two years. It’s the kind of thankless task many professors would flee from, but Boyagoda relished the prospect and thinks the group, which is ongoing, made progress.
He has since pivoted to another formidable academic concern: the waning prestige of the humanities. In July, Boyagoda became the director of the Jackman Humanities Institute and special advisor on the humanities to the dean of arts and science. This fall, he is starting a series of gatherings he calls the Dead Book Club. (Dead writers feature heavily among his favorites: St. Augustine, Dante, William Faulkner, Evelyn Waugh, Saul Bellow.)
“The goal is to encourage students to read for its own sake and have conversation for its own sake,” Boyagoda said. “The importance of the humanities will be revealed to those who participate.”
“Lords of Serendipity,” which publishes next week, reflects Boyagoda’s commitment to the pursuit of knowledge: “I’m supposed to say I learn more from my students than they do from me, but no,” Boyagoda said. “I enjoy sharing my excitement and joy about literature and ideas. There are these moments when you are teaching and you can see someone’s face change because they didn’t know something and then they did. That moment when you’re actually watch someone enlarge themselves is deeply satisfying.”
In literary circles, Boyagoda is often referred to as a Catholic novelist, a description he embraces. “A novelist willing to give shape and voice to contemporary religious experience is needed,” Boyagoda said. “I understand myself as a Catholic novelist, provided that I’m not only a Catholic novelist, I’m also a South Asian novelist and I’m a Canadian novelist. I don’t want to be captive to one label.”
His characters, he said, are subjected to what he calls “Graham Greene character situations.”
“They are trying to do good in a fallen world and realize the most they can do is less harm than someone else would do in that same role,” he explained. “They have to accept they are complicit in something that provides some good thing to others. It’s a very Graham Greene way of thinking about sacrifice.”
The campus green they inhabit is a febrile zone in which lofty ideals and cynicism regularly collide. It’s a place where a traditional holiday college celebration is now an occasion for political protest. Kids freely police one another inside and out of the classroom with social media their constant, ready weapon of choice. International students, knowing their family’s financial futures hinge on their degrees, operate in terror of failure and deportation.
Early readers of the book include Gary Shteyngart and Junot Diaz, both of whom have taught at universities and written comic novels. They each contacted Boyagoda midway through to say, in essence, “You nailed it.”
As biting as “Lords of Serendipity” can be, Boyagoda’s faith in higher education remains undaunted.
“It’s absurd that we live in societies that make the decision to take people between the ages of 18 and 22, when they are most physically capable of contributing to our nations and communities, and tell them, ‘Go away for four years, and read and learn and have conversations,’” he said. “I want students to be aware of what an incredible privilege that is.”
Corrections & Amplifications
Randy Boyagoda is a special advisor on the humanities to the dean of arts and science at the University of Toronto. An earlier version of this article incorrectly said he is a special adviser to the dean of humanities. (Corrected on Sept. 2)
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