U.S. Steel Canada

In connection with a proposed plan of arrangement, Brattle conducted a financial and economic analysis of whether approximately $2 billion loaned by United States Steel Corporation (our client), to U.S. Steel Canada (a wholly-owned subsidiary), should be recharacterized as equity. Subsequent to the loan transactions, the Ontario Superior Court of Justice granted protection to the subsidiary under the Companies’ Creditors Arrangement Act. In a post-trial decision, the court ruled in favor of our client, retaining the priority of the full $2 billion debt claim.