Cleary Gottlieb Steen & Hamilton and Travers Smith are among the firms advising on ArcelorMittal's acquisition of an iron ore mine in Brazil and a share in the port through which the company can export the ore, writes The American Lawyer.

Arcelor, the Luxembourg-based steel maker, announced on Wednesday (20 August) that it was purchasing London Mining South America Limited from UK-based London Mining and an 80% share in a port in the city of Mangaratiba from Adriana Resources, a Canadian mining company.

The combined value of the two deals, which are strategically connected, is $850m (?454m), according to a company statement.
Cleary Gottlieb Steen & Hamilton served as longtime client Arcelor's primary counsel on both deals, with London-based partner Tihir Sarkar leading.

"The mine deal was a good deal on its own," Sarkar says, "but it is even better due to the fact that we acquired the port."
Travers partner Spencer Summerfield, head of the firm's corporate finance group, advised London Mining on the deal, Sarkar says.
Brazilian firm Souza Cescon Avedissian Barrieu & Flesch advised Arcelor on the Brazilian aspects of the deals.

Lang Michener advised Adriana Resources on the port deal, and Stikeman Elliott advised Arcelor on the Canadian aspects.

The Am Law Daily has written extensively on the rush among steel-makers for the raw materials that go into making steel.

Prices for iron ore, coking coal and other raw materials have jumped between 50% and 100% in the last year as demand for steel in China, India and other emerging economies has skyrocketed.