Alan Kestenbaum on corporate turnaround
From I know I could return U.S. Steel to greatness, says Ancora-backed CEO candidate Alan Kestenbaum · · CNBC Television
“I bought Stelco from U.S. Steel when it was in the exact same condition: very low morale, very poor earnings, high cost of production. I bought it for $53 million. Four months later, I took it public for a valuation of $1.7 billion. I then returned to shareholders $2 billion, put a billion into CapEx, and made it the lowest cost steel producer in North America.”
On , Alan Kestenbaum, Chief Executive Officer & Director at UNITED STATES STEEL CORP, spoke about corporate turnaround during I know I could return U.S. Steel to greatness, says Ancora-backed CEO candidate Alan Kestenbaum on CNBC Television.
About Alan Kestenbaum
Alan Kestenbaum, the Ancora-backed nominee for CEO of United States Steel, stated in a February 2025 interview that the proposed acquisition of U.S. Steel by Nippon Steel is "dead," citing President Biden's decision to block it and opposition from the Trump administration. He argued that a lawsuit challenging the president's authority lacks precedent and predicted the company would lose the case. Kestenbaum also criticized U.S. Steel CEO Dave Burd's suggestion that certain plants would be shut down, calling it an "irresponsible statement" and asserting that the mines associated with those plants are among the company's most valuable assets. Kestenbaum outlined a plan to turn U.S. Steel around as a standalone public company, drawing on his experience as former CEO of Stelco. He said he bought Stelco from U.S. Steel for $53 million, took it public four months later at a $1.7 billion valuation, returned $2 billion to shareholders, invested $1 billion in capital expenditures, and made it the lowest-cost steel producer in North America. He expressed confidence that similar techniques could make U.S. Steel's Mon Valley and Gary plants even more profitable. Kestenbaum stated he has no connection to Cleveland-Cliffs, describing himself as an independent businessman who recently sold his business to the company.