Milbank LLP is advising United States Steel Corporation (NYSE: X) (“U. S. Steel”) in connection with its acquisition of the remaining equity of Big River Steel (“Big River”) for approximately $774 million. The transaction is expected to close in the first quarter of 2021, subject to satisfaction of customary closing conditions.
In October 2019, Milbank advised U. S. Steel on its acquisition of a 49.9% ownership interest in Big River, which included the call option that gives U. S. Steel the right to acquire the remaining 50.1% of Big River within four years at an agreed-upon price formula.
U. S. Steel, headquartered in Pittsburgh, Pennsylvania, is a leading integrated steel producer and Fortune 250 company with major operations in the United States and Central Europe.
The Milbank team representing U. S. Steel is being led by Global Corporate partner Bob Kennedy, with special counsel Iliana Ongun and associate Nam Phan; Antitrust partner Fiona Schaeffer with associate Andrew Wellin; Leveraged Finance partner Michael Bellucci and associate Christopher Kwan; Capital Markets partner James Ball; Executive Compensation and Employee Benefits partner Mike Shah and associate James Beebe; and Tax partner Max Goodman.
