Shearman & Sterling represented Anglo American plc in its sale of Moly-Cop and AltaSteel to OneSteel Limited for a total consideration of $932 million on a debt and cash free basis. Completion of the transaction is conditional on antitrust clearance in Canada, and it will undergo regulatory review in Australia and Brazil.
Moly-Cop is headquartered in Santiago, Chile and is a global manufacturer of grinding media, with facilities in Chile, Peru, Mexico and Canada. These facilities convert steel bars supplied by both AltaSteel and external steel suppliers into grinding balls for use in mine milling circuits. AltaSteel is based in Edmonton, Canada and is a vertically-integrated steel mini-mill, which is supplied with scrap steel by Maple Leaf Metals (wholly-owned) and GenAlta (50%-owned). AltaSteel’s products are ballstock (feedstock for grinding ball plants), heat-treated grinding rods for use in rod mills and reinforcing bars.
Anglo American plc is one of the world’s largest mining companies, is headquartered in the UK and is listed on the London and Johannesburg stock exchanges. Anglo American’s portfolio of mining businesses spans precious metals and minerals—in which it is a global leader in both platinum and diamonds; base metals—copper and nickel; and bulk commodities—iron ore, metallurgical coal and thermal coal.
OneSteel Limited is a fully integrated, global manufacturer and distributor of steel and finished steel products. The company is self sufficient in iron ore and has the ability to be self sufficient in scrap metal. OneSteel is Australia’s premier manufacturer of steel long products and a leading metals distribution company in Australia and New Zealand.
The Shearman & Sterling team was led by a New York M&A team that included partners George Casey and Michael McGuinness and associate Rory O’Halloran. Other lawyers included partners Kenneth Prince (New York-Antitrust), Doreen Lilienfeld (New York-Executive Compensation & Employee Benefits), Douglas McFadyen (New York-Tax) and Samuel Waxman (New York-Intellectual Property Transactions), counsel Jessica Delbaum (New York-Antitrust) and Jason Pratt (New York-Property/Environmental), and associates Gaurav Sud (New York-Mergers & Acquisitions), Justin Mak (New York-Mergers & Acquisitions), and Naveen Thomas (New York-Mergers & Acquisitions), Seth Kerschner (New York-Property/Environmental), Matt Jennejohn (New York-Antitrust) and Sean McGrath (New York-Executive Compensation & Employee Benefits).
