Chicago, Illinois-based metals distributor and processor Ryerson Inc. announced Friday that it has expanded for the first time into South America by acquiring a 50 percent stake in Sao Paulo, Brazil-based steel service center Acofran Acos e Metais LTDA. Acofran's existing shareholders Omar Silva, Ivo Godoi and Eduardo Tesche retained a 50 percent interest in the business. Acofran specializes in cutting and distributing special, tool and engineered steel with the product line comprising primarily of long products--specifically flat and round bar.
"We continue exploring ways to expand our global footprint and diversify our portfolio," said Ryerson President and CEO Mike Arnold. "Brazil is a large and growing market and this investment provides Ryerson an important foothold in South America. Extending our reach will allow us to penetrate new markets and better serve our existing global customers."