Investment firm Ancora Holdings on Wednesday walked away from a bitter board room fight with U.S. Steel, days after President Donald Trump signalled the iconic American company might be taken over by a Japanese rival after all.

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