Ryerson, a leading distributor and processor of metals in North America and China, announced that it has expanded into South America for the first time by acquiring a 50% stake in Acofran Acos e Metais LTDA ("Acofran"), a steel service center based in Sao Paulo, Brazil.

Financial terms of the transaction were not disclosed.

Acofran's existing shareholders Omar Silva, Ivo Godoi and Eduardo Tesche retained a 50% interest in the business.

Acofran was established in 1982 and specializes in cutting and distributing special, tool and engineered steel. The company's product line comprises primarily long products, specifically flat and round bar.

Acofran will report to Ryerson Southeast Region President Mr Kevin Richardson.

Mr Mike Arnold president & CEO of Ryerson said “We continue exploring ways to expand our global footprint and diversify our portfolio. 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.”

Mr Godoi said “We are excited to join forces with Ryerson. We were looking for a true strategic partner, one that would not only provide capital but also the product, industry and operational expertise we need to take Acofran to the next level. Given its scale, global reach and commitment to growth, Ryerson is the ideal partner for Acofran.”

Ryerson has now completed six acquisitions in just over two years, acquiring Houston based Texas Steel Processing in January 2010; Mobile, Alabama based Cutting Edge Metal Processing in May 2010; Houston based SFI Gray Steel in August 2010; Streetsboro, Ohio based Singer Steel in March 2011; and Pittsburgh-based Turret Steel Industries in December 2011.