Shearman & Sterling is advising ArcelorMittal in its agreement pursuant to which ArcelorMittal’s wholly owned subsidiary ArcelorMittal Mines Canada (AMMC) and a consortium led by POSCO and China Steel Corporation (CSC) will enter into a joint venture partnership that will own ArcelorMittal’s Labrador Trough iron ore mining and infrastructure assets. The consortium will acquire a 15% interest in the joint venture for total consideration of $1.1 billion in cash, with AMMC and its affiliates retaining an 85% interest. The transaction is subject to various closing conditions, including regulatory clearance by the Taiwanese Government, and is expected to close in two installments in the first and second quarters of 2013.
The Shearman & Sterling team included partners George Casey (New York-Mergers & Acquisitions) and George Karafotias (London-Mergers & Acquisitions) and associates Rory O’Halloran (New York-Mergers & Acquisitions), David Plattner (London-Mergers & Acquisitions) and Cecilia Ferreira (London-European Corporate).
