Clayton Utz is advising Japan’s Nippon Steel Corp. on its proposed $540 million acquisition of a 50-percent stake in BlueScope Steel Ltd., Australia’s largest steelmaker.
The deal, which is subject to regulatory approval, will create a $1.4 billion joint venture, NS BlueScope Coated Products, operating in the United States, Indonesia, Malaysia, Thailand, Vietnam, Singapore, and Brunei. 
The deal comes at the right time for BlueScope, which has said it will likely report a loss of $1 billion for the year ended June 30 due to a restructuring of its Australian steel-making business.
Sydney-based corporate head Graham Taylor is leading Clayton Utz’s work on the deal. King & Wood Mallesons Melbourne partner Diana Nicholson is representing BlueScope.
The BlueScope deal comes a few months before Nippon Steel is set to complete its $22 billion merger with rival Sumitomo Metal Industries Ltd. The merger, which was announced early last year, will create the world’s second-largest steel company when it becomes effective Oct. 1.