Cleary Gottlieb represented Vale S.A. (Vale), Dongkuk Steel Mill Co. Ltd (Dongkuk), and Posco Holding Inc. (Posco) in the $2.2 billion sale of Companhia Siderúrgica do Pecém (CSP) to ArcelorMittal Brasil S.A. (ArcelorMittal).
The parties entered into a stock purchase agreement on July 27, 2022, and the transaction closed on March 9, 2023.
Located in Ceará, Brazil and founded in 2008, CSP is a joint venture among Vale (50%), Dongkuk (30%), and Posco (20%). It operates a 3 million tonne capacity blast furnace and has access to the Port of Pecém, a large scale, deep water port located 10 kilometers from the plant.