Dubai - Allen & Overy LLP has advised ArcelorMittal, the world's largest integrated metals and mining company, on their acquisition of 60 per cent of the entire issued share capital of DSTC FZCO, a newly incorporated company located in the Jebel Ali Free Zone, Dubai. ArcelorMittal with its global network of mining, manufacturing and distribution networks, is favourably positioned to capitalise on the exponential growth and demand of metal and steel in the region.
ArcelorMittal's stake in DSTC FZCO will allow it to widen its offering of steel products in the Middle East. DSTC FZCO intends to become a fully-fledged distribution network in the Gulf Cooperation Council (GCC) area for the distribution of long and flat steel products (beams, plates, hollow sections).
ArcelorMittal's entry into the GCC is in the form of a joint venture relationship with Mr Tayeb Abdulrahim Baker, the owner of the Dubai based ANC Group of Companies. ArcelorMittal has also indirectly acquired, through DSTC FZCO, a stake in the main business of Dubai Steel Trading Company LLC (DSTC LLC), another ANC group company which will continue to act a distributor of steel in the United Arab Emirates. DSTC LLC was established in 1986 and is one of the largest and specialised suppliers of structural steel products in the United Arab Emirates.
The steel industry in the GCC region is experiencing unprecedented levels of growth and expansion. Driving the demand are high levels of liquidity stemming from petrodollar revenues which are being reinvested into the region in on-going large scale infrastructure and construction projects.
The Allen & Overy team was led by Middle East Regional Managing Partner Simon Roderick, assisted by senior corporate associate Mazhar Khan and associate Claire Foster.
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1. Allen & Overy is an international legal practice with approximately 5,500 staff, including some 500 partners, working in 29 major centres worldwide.
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Business Development
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