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).

The investor, which recently unveiled a plan that could deliver a cash offer of $75 per share, has said it had no intention of standing in the way of the $55 per share Nippon deal