Shearman & Sterling is advising ArcelorMittal on the sale of its steel foundation distribution business in the US, Canada, Mexico and the Caribbean—Skyline Steel and Astralloy—to Nucor Corporation for approximately $605 million. The sale is expected to be complete by the end of June 2012 pending competition clearance and other customary closing conditions.
ArcelorMittal is a leading steel and mining company, with a presence in more than 60 countries. It employs about 260,000 people worldwide.
As part of the transaction, ArcelorMittal and Nucor will enter into long-term commercial agreements whereby ArcelorMittal will continue to provide Skyline with a full range of sheet piling and wear resistant products.
The Shearman & Sterling team of lawyers in the firm’s London and New York offices includes M&A partner George Karafotias (London) and associates David Plattner and Edward Mullen. They are being assisted by competition partner Beau Buffier (New York) and associates Tim Haney and Kelly Karapetyan, real estate counsel Paul Balaam (London), tax partner Doug McFadyen (New York) and associate Derek Kershaw, executive compensation & employee benefits partner Doreen Lilienfeld(New York) and associate Jennifer Stadler, and intellectual property transactions partner Samuel Waxman (New York) and associate Michael Jokic. Counsel Mehran Massih (London) and associate Mark Dawson advised on environmental law aspects of the deal.
