ArcelorMittal S.A. (ENXTAM:MT) agreed to acquire Companhia Siderúrgica do Pecém from Vale S.A. (BOVESPA:VALE3), POSCO Holdings Inc. (KOSE:A005490) and Dongkuk Steel Mill Company Limited (KOSE:A001230) for an enterprise value of approximately $2.2 billion on July 28, 2022. On July 27, 2022, ArcelorMittal entered into a $2.2 billion bridge term facility agreement with a financial institution. The facility may be applied toward the purchase price for the intended acquisition of Companhia Siderúrgica do Pecém, as well as the refinancing of its existing indebtedness and the payment of related fees, costs and expenses. Transaction closing is subject to certain corporate and regulatory approvals, including CADE (Brazilian antitrust) approval which is expected by late 2022. As of January 16, 2023, the transaction is approved by CADE (Brazilian antitrust). As of November 23, 2022, the transaction is expected to close in the first quarter of 2023. The acquisition will generate significant synergies both in operational and financial terms.

Daniel Gunzburger, Guido Vinci, Celso Grisi and Jason P. Wagenmaker of Mayor Brown LLP acted as legal advisor to ArcelorMittal S.A. Cleary Gottlieb Steen & Hamilton LLP acted as legal advisor to Companhia Siderúrgica do Pecém.