King & Wood Mallesons has acted for Australia’s largest steelmaker, BlueScope Steel Limited (BlueScope), on its US$1.36bn joint venture agreement with Japan’s Nippon Steel Corporation (Nippon).
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, and 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.
Partners Cheng Lim and Martyn Huckerby also provided specialist expertise in the areas of Intellectual Property and Competition.
