A Clayton Utz team has advised longstanding client, Japanese steel manufacturer Nippon Steel Corporation on a USD 1.36 billion JV with BlueScope Steel to establish a new coated products business, NS BlueScope Coated Products, in South East Asia and North America. The deal was announced to the market.

Clayton Utz partner and national corporate practice head Mr Graham Taylor led the firm's team that advised Nippon Steel on the deal. Other members of the core Clayton Utz team were senior associates Mr Joel von Thien, Mr Samy Mansour and lawyer Mr Jess Salinger. Partner Linda Evans and senior associate Mr Sian lee Ooi provided advice in relation to the competition aspects of the transaction, with partner Jim FitzSimons and senior associate Peter Callaghan assisting with matters relating to intellectual property.

Clayton Utz was supported by firms in South East Asia and the United States.

Under the terms of the agreement, Nippon Steel will acquire a 50% equity interest in BlueScope's existing holdings in 14 coated products businesses in South East Asia and North America, which will be reorganized into a 50:50 JV between Nippon and BlueScope to form NS BlueScope Coated Products.

The new business will be headquartered in Singapore and will comprise BlueScope's hot dip galvanized sheet and painted sheet businesses in Thailand, Indonesia, Malaysia, Vietnam and the US, and roll formed building products businesses in Thailand, Indonesia, Malaysia, Singapore, Brunei, Vietnam and the US. Nippon Steel will also supply the joint venture substrates (hot and cold rolled coils) for hot dip galvanized sheets on a stable basis.

Mr Graham said Clayton Utz was pleased to have supported Nippon Steel in a strategically significant deal that will provide it with exposure to key markets where there is strong demand for building products, particularly in South East Asia.

Source - Clayton Utz‎

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