Cleary Gottlieb is representing Commercial Metals Company (CMC) on the antitrust aspects of its acquisition of certain U.S. rebar steel mill and fabrication assets from Gerdau S.A. for $600 million in cash.
The transaction, which combined two of the three largest domestic rebar producers in the United States, was announced on January 2, 2018, and closed on November 5, 2018.
The acquisition included 33 rebar fabrication facilities, as well as four steel mills with a total annual mill rolling capacity of 2.5 million tons.
CMC manufactures, recycles, and markets steel and metal products, operating through more than 40 locations in the United States. Gerdau, headquartered in Porto Alegre, Brazil, is a producer of long and specialty steel products in the Americas.