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Mallesons, Clayton Utz, advise on steel deal
King & Wood Mallesons and Clayton Utz have advised on steelmaker BlueScope Steel's US$1.36bn joint venture agreement with Japan’s Nippon Steel.
The New Lawyer
King & Wood Mallesons has acted for steelmaker BlueScope Steel on its US$1.36bn joint venture agreement with Japan’s Nippon Steel.
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Clayton Utz advised Nippon Steel on the deal.
Under the new 50:50 joint venture, which will be known as NS BlueScope Coated Products, Nippon will acquire a 50 per cent interest in BlueScope’s ASEAN and North American building products businesses. Completion of the acquisition will follow a pre-sale corporate restructure and regulatory approvals. The strategic partnership will provide a strong platform for expansion and growth in the building and construction sector in ASEAN and North America, will facilitate entry into new markets which BlueScope is not currently in a position to access as well as emerging markets in ASEAN.
Nippon is soon to be the world’s second largest steelmaker following the completion of its merger with Sumitomo Metals. They will bring access to new technology and a strong customer base in new product areas, including an established customer base of Japanese companies operating in South East Asia which will create new market opportunities for NS BlueScope Coated Products in one of the fastest growing markets in the world.
The King & Wood Mallesons team was led by partner Diana Nicholson, who was supported by fellow partners Simon Milne and Brad Galvin and senior associates Tim Downing and Luke McCarthy.
Mallesons partners Cheng Lim and Martyn Huckerby also provided specialist expertise in the areas of IP and Competition.
Clayton Utz partner and national Corporate practice head 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 Joel von Thien, Samy Mansour and lawyer Jess Salinger.
Clayton Utz partner Linda Evans and senior associate 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.
Taylor 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.
