Activist investor Ancora said on Wednesday it is withdrawing its nominations for director candidates on the board of U.S. Steel after President Donald Trump ordered a fresh review of Japan's Nippon Steel's bid for the domestic steelmaker.

US Steel (NYSE:X) +1.1% pre-market Wednesday after activist investor Ancora Holdings said it would withdraw its director nominations for the company's upcoming annual meeting, following President Trump's initiation of a new CFIUS review of the sale to Nippon Steel (OTCPK:NPSCY) (OTCPK:NISTF).

President Trump ordered on Monday a new review of a proposed U.S. Steel acquisition by Japanese corporation Nippon Steel. In a memo to multiple government figures including department heads, the