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  "documentTitle": "United States Steel Corporation (X)",
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  "presentationDate": "2025-02-19 00:00:00",
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  "notes": "The slide uses a line chart to show historical discount/premium and callouts to emphasize the current overvaluation.",
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      "kind": "callout",
      "text": "Sometimes premiums are justified... however, using realistic sales and EBITDA forecasts, it is clear that U.S. Steel is significantly overvalued vs. its peers.",
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      "text": "Unaffected EV / EBITDA",
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      "text": "Historically, U.S. Steel was valued at a discount to peers; The current median of its peers' valuation is 7.8x 2025 EBITDA; At $39 per share, U.S. Steel's implied valuation is 11.2x 2025 EBITDA; Currently, U.S. Steel is valued at a 43% premium to peers",
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      "text": "Unfortunately, U.S. Steel’s expected revenue growth and earnings power do not warrant a premium valuation to peers.",
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      "kind": "source-note",
      "text": "Source: Bloomberg; Peers include Commercial Metals Company, Cleveland-Cliffs Inc., Reliance, Inc., Steel Dynamics, Inc. and Nucor Corporation. ¹X 2025 EBITDA based on Ancora proprietary analysis.",
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      "kind": "title",
      "text": "The Board is Distorting U.S. Steel’s Valuation by Clinging to a Dead Deal",
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