Duisburg, Germany-based steel and metal distribution company, Klöckner & Co., announced May 6 that it has acquired a 70 percent stake in the Frefer Group-the third-largest independent steel and metal distributor in Brazil. The Frefer Group is a flat-rolled steel-focused distributor with 14 locations throughout Brazil.
Gisbert Rühl, Chairman of the Executive Board of Klöckner & Co said, "This acquisition creates our first foothold in the emerging markets of South America. We are thus making a further important step in the implementation of our Klöckner & Co 2020 strategy after the acquisition of Macsteel USA a few days ago. Our entry into the emerging markets is intended to help us to pursue the goal of participating in the strong growth in steel consumption within this region and will put us into a better position to balance out the various world market phases."