10/7/10 – Metals Processor Ryerson Completes Buyout of China Joint Venture
10 July, 2010
Ryerson Holding Corporation a leading distributor and processor of metals in North America, today announced that via its subsidiaries it has acquired Van Shung Chong Holdings (VSC)’ 20 percent stake in Ryerson China Limited, a joint venture between Ryerson and VSC formed in 2006. Ryerson China Limited is now a wholly-owned Ryerson subsidiary. Ryerson also operations in the United States, Canada and Mexico, as well as in China. The Company distributes and processes various kinds of metals, including stainless and carbon steel and aluminium products.
"Increasing our investment and acquiring the joint venture outright reflects our commitment and confidence in the Chinese market," said Frank Munoz, President of Ryerson China. The company already has a significant presence in China and the company says that it will continue its growth strategy to effectively serve the local Chinese market as well as its international and U.S. customers.
Ryerson China Limited was formed as a partnership with VSC and was previously known as VSC-Ryerson China Limited. Ryerson originally held 40 percent of the joint venture when the partnership was formed and subsequently increased its ownership to 80 percent in the fourth quarter of 2008.
Ryerson China Limited is based in Shanghai and operates processing and service centres in Guangzhou, Dongguan, Kunshan, Tianjin and Wuhan, along with a sales office in Shanghai. The company says that it is the only North American metals service centere with a significant presence in China, the largest metals consuming market in the world. "As we solidify and strengthen our presence in the Chinese market we will evaluate new locations in the region that present compelling growth opportunities and allow us to better serve our customers," said Mr. Munoz.