Hong Kong, 2nd March, 2000 - iSteelAsia.com, the Hong Kong-based Asian steel vertical portal, signed a Memorandum of Understanding (MOU) today with leading Korean Internet, steel and financial corporations: TriGem Computer Inc., Korea Thrunet Co., Ltd., SK Global Ltd., and e-Capital. The MOU signifies a new initiative to develop business-to-business e-commerce in the Korean steel trade and beyond.

TriGem Computer Inc., world's largest consumer computer manufacturer, is listed on the Korean Stock Exchange with a market capitalization of over US$1 billion. Its line of "eMachines" - fully featured and competitively priced PCs for the consumer PC market - are rapidly gaining market share in the US and Japan. It also invests heavily in Internet ventures across Korea and has developed a system of cable-modem TV set-top boxes with Thrunet offering broadband access to subscribers. Thrunet, an affiliate of TriGem, is a major Korean ISP and broadband service provider, and the first Korean Internet company to list on NASDAQ, with a market capitalization of over US$4 billion.

SK Global Ltd. is a commercial and industrial conglomerate - part of SK Group, one of Korea's five largest conglomerates and among the leading business organizations in Asia with interests in a whole range of business sectors. It is a sister company to the telecommunications giant SK Telecom and a major trader in the Korean steel industry. SK Group is a major force in energy production and distribution, films, fibres and petrochemicals, telecommunications, engineering and construction, international trade and finance sectors. SK Global has evolved into a leading business integrating company that deals with over 2,000 products in 130 countries through 50 branches.

e-Capital is a Korean domestic venture capital firm targeting in hi-tech projects. e-Capital has expanded its market position in Korean hi-tech industries by establishing an internet business research centre with KPMG and Yonsei University. e-Capital is recognized as a leading player in the Korean Internet industry.

Andrew Yao, Chairman and founder of iSteelAsia.com, commented on the deal: "TriGem and Thrunet are excellent strategic partners with extensive connections. They are industry players who are neutral to the steel industry. Their support of iSteelAsia.com represents endorsement from a whole cross section of leading Korean companies from hi-tech to finance, demonstrating that iSteelAsia.com is in Korea to stay."

Signing on behalf of Trigem Group Companies, Jae Hyun Lee, Senior Vice President of Korea Thrunet Co., Ltd., stated: "The Korean steel industry is the third largest in Asia, and one of Korea's most important businesses. We are very keen to see Internet technology used to enhance Korea's competitive edge in this as in other fields. iSteelAsia, with its pan-Asian focus, is the ideal platform to re-energize the competitiveness of an important mature traditional industry."

According to Mr Young Ho Kim, Vice President and Head of Steel Division, SK Global: "We have great confidence in iSteelAsia's business model and future prospects. We firmly believe that it will strengthen the competitiveness of the Korean steel trade as well as the profitability and shareholder value of b2b e-commerce enterprises with strong industry roots."

e-Capital's Managing Director Mr Sang Yong Lee said: "Our own business depends on spotting and encouraging dotcom startups with excellent potential. In iSteelAsia, we are sure we have found a particularly well-conceived, well-implemented and well-managed company. Its chances of becoming the most prominent b2b portal for Korea's and indeed Asia's investors are excellent. We are happy to support it."

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.

Through: Keith Statham Associates PR
Contact: Paul St John Mackintosh / Marie Cheung
Tel: 2801 0030 / 2801 0023 Fax: 2905 1582
Email: paulm@ksa.com.hk, mariec@ksa.com.hk

iSteelAsia.com Signs MOU with Major Korean Online Players 2 March 2000 Photo Caption (from left to right) Mr Sang Yong Lee, Managing Director, e-Capital Mr Young Ho Kim, Vice President and Head of Steel Division, SK Global Ltd. Mr Andrew Yao, Chairman and founder, iSteelAsia.comSigning on behalf of Trigem Group Mr Jae Hyun Lee, Senior Vice President, Korea Thrunet Co., Ltd.