Cleveland-Cliffs Backs Ancora in Norfolk Southern Fight
A conductor checks a Norfolk Southern freight locomotive in Burnside, Kentucky.
Photographer: Luke Sharrett/BloombergThis article is for subscribers only.
Cleveland-Cliffs Inc., a major customer of Norfolk Southern Corp., has backed activist investor Ancora Holdings Group in its effort to overhaul the board of the railway company.
The US steel producer is supporting Ancora’s campaign to have seven directors and a new chief executive officer installed at Norfolk Southern, according to a letter seen by Bloomberg News.