iSteelAsia.com goes for IPO as first e-commerce GEM listing

Hong Kong, 24th February 2000 - Asia's first steel trading vertical portal, iSteelAsia.com today announced that it is applying for an Initial Public Offering (IPO) listing on Hong Kong's GEM. iSteelAsia.com aims to be the first business-to-business (B2B) e-commerce vertical portal site to list on Hong Kong's growth enterprise board.

Headquartered in Hong Kong, iSteelAsia.com targets the Asian steel trade, which accounts for some 45% of world steel consumption and is estimated at around US$300 billion (1998). iSteelAsia.com plans to bring a substantial percentage of this trade online through its neutral trading site, where approved parties can conduct safe business-to-business e-commerce. The Asian steel industry - Asia's largest commodity industry - is highly mature and ripe for competitive change. iSteelAsia.com plans to provide this with the same techniques that are transforming American business - brought to the Asian market for the first time. With huge first mover advantage, iSteelAsia.com plans to dominate its industry in the region. Funds derived from the IPO will underpin pan-Asian expansion through regional offices and continual upgrading to keep iSteelAsia.com at the cutting edge of e-commerce.

About iSteelAsia.com Limited
Launched in December 1999, iSteelAsia.com (iSteelAsia) was Asia's first online exchange for trading in steel and steel products. It is the first of its kind to be listed on the Hong Kong Stock Exchange's GEM board in April 2000. Focused on the Asian steel community, iSteelAsia aims to offer an open and neutral marketplace for steel trading. Trading competitiveness and efficiency are optimised on iSteelAsia as players can access a full spectrum of buyers and sellers and timely market knowledge. iSteelAsia serves as a single point of contact offering financing, insurance, surveying, shipping and logistics services, providing members with a one-stop end-to-end steel trading.

To date, iSteelAsia has over 2,600 registered members who regularly use its online trading services and access into its online Reuters and Asia Information Resources News.

Note to editor: for the latest developments on iSteelAsia.com, please check the Press Room at www.isteelasia.com.