In a statement, Ryerson said the deal for Chicago-based Central Steel & Wire Co. carries an enterprise value of US$140 million. The service center has six locations and annual revenue of approximately US$600 million.

"Since 1909, Central Steel & Wire has cultivated a loyal customer following as an industry standard bearer of customer service,” said Ryerson president and chief executive Eddie Lehner. “By supporting and further developing the Central Steel & Wire brand in the marketplace to existing and new customers, Ryerson continues along a smart growth trajectory that we expect to add meaningfully to shareholder value in the years to come."

Central Steel offers a variety of products and services, but focuses on bar, tube, plate and sheet products.  It employs approximately 900 people.

The business is to continue to operate under the Central Steel name.