Ropes & Gray Advises Morgan Stanley as Financial Advisor to U. S. Steel in Stelco Transaction

In The News
May 8, 2020

Ropes & Gray advised Morgan Stanley as financial advisor to United States Steel Corporation in a transaction pursuant to which U. S.  Steel granted Stelco Inc. at a purchase price of $100 million the option to acquire a 25% interest in its Minntac iron ore mining operations for an aggregate purchase price of $600 million. Under the agreement, $20 million was paid to U. S. Steel upon signing the option agreement and the remaining $80 million will be paid ratably over the remainder of 2020.  Once Stelco has completed paying the remaining $80 million, the option can be exercised any time before January 31, 2027. The transaction was announced on April 30. The press release is here. 

The New York-based Ropes & Gray team that advised Morgan Stanley was led by M&A and private equity partner John Sorkin (New York).