Milbank LLP is advising Pittsburgh-based United States Steel Corporation (“U.S. Steel”) on its joint venture partnership with Big River Steel (“Big River”). U.S. Steel is acquiring a 49.9% interest in Big River for approximately $700 million in cash, with a call option to acquire the remaining 50.1% within the next four years. The implied enterprise value of Big River is $2.325 billion. Further details regarding the transaction are included in the press release issued by U.S. Steel.
The Milbank team is led by Corporate partner Bob Kennedy, with special counsel Iliana Ongun and associates Lorin Kolcun and Hannah Hwang; Antitrust partner Fiona Schaeffer; Leveraged Finance partner Michael Bellucci; Capital Markets partners James Ball and Brett Nadritch; Executive Compensation partner Mike Shah; Tax partner Max Goodman; Environmental partner Matt Ahrens; Employment counsel Jane Hanson; and associates Catherine Chong, Christopher Kwan, James Beebe, Christina Skaliks and David Hanno.
Mr. Kennedy said: “We are thrilled to have the opportunity to support U.S. Steel on this important transaction that reinforces U. S. Steel’s position as a competitive leader in steel-end markets.”
The deal is expected to close during the fourth quarter of 2019.