Fangda Partners, Sullivan & Cromwell and Baker McKenzie FenXun have advised on China Oriental Group’s USD2.66 billion joint ventures with steel manufacturing giant ArcelorMittal, marking one of the largest foreign direct investments in China’s steel industry in recent years.
The Hong Kong-listed China Oriental and the world’s second-largest steel producer will each hold a 50% stake in the two joint ventures, involving technology licensing and raw material supply.
Fangda, led by partners Pan Siyuan and Sam Wang, acted as China Oriental’s PRC counsel. Partner Claudia Yun provided IP support. Partner Ng Kay Ian at Sullivan & Cromwell advised on Hong Kong law.
Baker McKenzie FenXun, led by its joint operation senior partner Cherrie Shi, acted as ArcelorMittal’s counsel. Senior partner Alex Gong at FenXun Partners, and partners Richard Gao, Laura Liu and Han Bing assisted with the real estate, M&A, antitrust and capital markets issues, respectively.
The two joint ventures will produce electrical steel grade hot-rolled coil substrates and new energy soft magnetic materials, suitable for manufacturing electric vehicles and green power generation facilities.
