iSteelAsia.com forging ahead Making Inroads in China

http://www.sina.com.cn 2000/05/10 10:08, sina.com

(www.sina.com.cn 2000/05/9) Asia's first comprehensive steel exchange portal, iSteelAsia.com, announced in Beijing today that it is making significant moves to expand its presence in the China market. As the first comprehensive B2B steel exchange portal in Asia, iSteelAsia.com is the world's first listed steel exchange vertical portal and the first listed B2B portal in Hong Kong.

iSteelAsia.com participated in the 7^th International Metallurgical Industry Exhibition held in Beijing today as the sole sponsor of the exhibition, so as to make full use of its first comer advantage to speed up international steel trade in China, and promote China steel industry's leading position in international e-commerce.

iSteelAsia.com has announced that it will set up offices in the cities of Beijing, Shanghai and Guangzhou to sustain and expand its leading position in the Chinese iron and steel industry. At the same time, iSteelAsia.com is going to hold exhibition shows in major Chinese cities, supply training to industry players and assist them in setting up e-commerce operations quickly. iSteelAsia.com is also discussing possible cooperation plans with the China Iron & Steel Investment Corporation to conduct e-commerce together and further enhance its leading position in steel e-commerce in Asia.

In a world of fast expanding Internet economy, how the traditional industries could make use of Internet technology to bring up brand new faces and power, is an important challenge faced by traditional industrialists.

The launch of iSteelAsia.com marked the successful combination of knowledge and e-commerce technology in steel industry, it provided Asia's, especially China's steel industry an opportunity to enter the new information era. It not only promoted internal and external trade of China's numerous steel producers, helped them increase efficiency, but also provided them with new opportunities.

Mr. Andrew Yao, iSteelAsia.com's Chairman and CEO, said: "The Asian steel trade accounts for 45% of total world consumption, which has an annual value of over US$300 billion. China is the largest iron and steel trading country in Asia. The expansion of iSteelAsia.com's presence in the China market is to capitalize on the important position of China in the world iron and steel trade, and utilize the advantages of iSteelAsia.com in information supply, low cost of transaction and related value-added services in order to bring new long-term opportunities to the Chinese iron and steel industry. "

Since its listing on Hong Kong's Growth Enterprise Market (GEM) in April 20,2000, the 7^th International Metallurgical Industry Exhibition is iSteelAsia.com's first participation in an international metallurgical industry conference and exhibition, with the aim of promoting the application of e-trade in steel industry in Asia, especially in China, so as to further develop the steel industry in this strong steel producing country.

Launched successfully in December 1999 iSteelAsia.com was backed by a consortium of over 20 steel industry enterprises as its founding members which supported its online trading. In the first quarter of this year, iSteelAsia.com recorded a trading value exceeding HK$ 250 million, with daily page view over 20,000, thus established iSteelAsia.com's leading position in Asia.

iSteelAsia.com was founded by a consortium of over 20 steel industry enterprises, with news and information content from Reuters, the global news provider. It is a neutral, highly efficient, multi-lingual online trading platform, with a membership exceeding 1,000 and increasing. With more China and Asia steel enterprises joining, it's leading position will be further consolidated.

About iSteelAsia.com: iSteelAsia.com is Asia's first comprehensive steel exchange portal. Established on November 9, 1999 by 20 large steel enterprises including Amsteel (Malaysia), Commercial Metals Company (USA), Coutinno Caro & Company (Germany), Hanwa Company Limited (Japan), ICDAS (Turkey), Scaw Metals, a member of Anglo American plc group (South Africa), Shougang Concord International Enterprises Company Limited (Hong Kong), SK Global Company Limited (Korea), Stemcor Limited (United Kingdom), and Van Shung Chong Holdings Limited (Hong Kong), along with e-commerce solution provider and with news and information content from Reuters, the global news provider, it was officially launched in December 1999. iSteelAsia.com aims to offer the steel community an online neutral marketplace for buyers and sellers of steel products, who can access a vast increased range of clients and make huge economies in cost, time and efficiency.

iSteelAsia.com keeps the steel community informed by providing real-time global news and archive steel news, both buyers and sellers can initiate inquiries or offers, search for products, as well as negotiate the full details of a transaction electronically. In addition, the SSL system secures the entire transaction.

iSteelAsia.com also provides company profiles, online bidding, procurement and etc. Information services include market information, industry calendar, industry news and reports, hyperlinks library, industry forum and etc.

Other value-added services include freight insurance for transactions conducted on-site, surveying and exhaustive vetting of all potential trading partners.

[Translated from http://tech.sina.com.cn/news/internet-china/2000-05-10/24663.shtml, dated May 10^th 2000, by Keith Statham Associates Limited ]