Meaning
to be very afraid, to be in a tight spot
Example
A gente torou aço quando viu o cachorro solto.
We were terrified when we saw the loose dog.
Origin
The expression suggests someone so tense with fear that they could "cut through" (torar) steel with their body.
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More idioms
Acertar na moscaTo guess correctly / To hit the nail on the headAmigo da onçaA fake/false friendAndar na linhaTo toe the line / To behave properlyArmar um barracoTo cause a public sceneRodar a baianaTo cause a public scene / To go ballisticArrumar sarna pra se coçarTo ask for troubleArrastar as asasTo hit on someone / To flirtAbrir o jogoTo come clean / To open upArregaçar as mangasTo roll up one's sleeves / To get to workAgarrar com unhas e dentesTo hold on for dear life / To seize an opportunity