Cleary Gottlieb represented longtime client ArcelorMittal, the largest integrated metals and mining company in the world, in its acquisition of Bayou Steel, a steel producer, from Black Diamond Capital Management. The stock purchase agreement was signed on June 13 and the deal closed on July 31.
ArcelorMittal is the world’s largest integrated metals and mining company, with over 310,000 employees in more than 60 countries and an industrial presence in Europe, Asia, Africa and America. In 2007, ArcelorMittal produced 116 million tons of crude steel, representing about 10% of world steel output.
Bayou Steel is based in Louisiana and has facilities in Tennessee, Illinois, Pennsylvania, Oklahoma and California. Its operations include a melt shop with a production capacity of 700,000 tons of steel per year, a scrap processing facility, two rolling mills and five warehouses.
