A Kaiser Steel shareholder backed off a challenge.

Fidelity Group, the largest preferred stockholder of troubled Kaiser, had earlier disclosed plans to nominate its own slate of directors at the company’s annual meeting Nov. 25. Kaiser said Fidelity will not solicit proxies for its nominees. The firm urged its shareholders to vote for its six new, independent nominees and reject the slate nominated by another preferred stockholder, Bruce E. Hendry of Minneapolis. Fidelity has not said how it will vote.