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13 October 2008 |
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| Excel, iSteelAsia.com,
and Stemcor join forces to form iSteelIndia.com in India Hong Kong, 14 September 2000 iSteelAsia.com (iSteelAsia, HKSE: 8080) announced today its plan to establish the company iSteelIndia Ltd with Excel Netcommerce Ltd (Excel) and Stemcor Holdings Ltd (Stemcor). The core business of the new company, iSteelIndia Ltd, is to create and operate an online Indian steel exchange, iSteelIndia.com, which is expected to play a major role in the online steel industry in India servicing the domestic and international needs of the users. iSteelIndia.com, a neutral business-to-business electronic marketplace in India will focus on the steel industry and the vertical portal (vortal) will also provide auxiliary services in related supply chain businesses. iSteelIndia.com will be modeled after the online steel trading exchange being successfully operated by iSteelAsia.com. As the first steel trading exchange in Asia with cutting-edge e-commerce technology and strong management, iSteelAsia has established itself as an industry leader in Asia. Supported by its strong Asian background, iSteelAsia will provide state-of-the-art e-commerce technology, marketing and training expertise to the new venture. This new investment represents iSteelAsia's further step in its rapid expansion drive in the region, and is in line with its stated global expansion plans. Excel will initially hold a majority share in the joint-venture while iSteelAsia and Stemcor will hold smaller equity stakes. Equity has also been reserved for management and other key partners. The strengths of each partner will compliment each other to achieve the goals of the new company in a timely manner. Excel, which is formed by Himachal Futuristic Communications (HFCL), the largest telecom equipment manufacturer and turnkey solutions provider in India, and by Consolidated Press Holdings, the holding company of Australian media and entertainment tycoon, Kerry Packer, will contribute its expertise in the local business environment, particularly in the areas of business relationships, committed management, and financial resources. The well-known international steel trading giant Stemcor, one of the key strategic partners of iSteelAsia, will leverage its well-established relationships with the many steel industry players to maximize the online trading of steel and provisions of value-added services of the new company. "India is one of the top ten steel-producing and consumption countries in the world and it also plays an important role in the world's technology development. The taking of an equity interest in iSteelIndia.com not only enhances the global presence of iSteelAsia, but is also an important step of our Asian strategy." Mr. Andrew Yao, Chairman of iSteelAsia said. He added further: " I am confident that the new vortal iSteelIndia.com will be a success. We have combined the cutting-edge technology and valuable online trading experience of iSteelAsia together with the excellent knowledge on the local Indian business environment and strong financial support of Excel, and the entrenched trading expertise and well-established relationships of Stemcor" Mr. Yao added. "Both iSteelAsia and Stemcor are respectively at the forefront of e-commerce and one of the world's leading steel traders and we are delighted to have them as our partners towards meeting our objective of becoming a dominant player in e-commerce application and infrastructure" Mr. Mahendra Nahata, Chairman of Excel commented on the new venture. "We believe that iSteelAsia will provide its robust and highly scalable online steel trading platform to enable the venture a smooth and rapid launch while Stemcor will contribute its trading expertise greatly." Mr. Nahata further added: "We are proud to be associated with iSteelAsia who via its strong business relationships in Asia can help to leverage our inherent business strengths to exploit further opportunities in these markets " Mr. Matthew Stock, General Manager of Stemcor said: "We recognize that the steel industry will, like any other, be transformed by the e-commerce revolution and we are determined to be at the forefront of this change. We are particularly excited about being part of this venture into India, a market where Stemcor has enjoyed such a long and successful presence." After the signing of the shareholder's agreement, all partners will immediately focus on implementing the business plan and launching the vortal iSteelIndia.com. END About iSteelAsia.com Limited 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. About Excel Excel Netcommerce
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