With a steel pie valued at $300 billion by 2004, iSteelAsia has set its
sights on 10% of that market.
13 JUL 2000 (Manila Bulletin) - ISTEELASIA.com, the world's first steel
portal is targeting at least 10 percent of the $300 billion steel market by
The Asian steel industry accounts for 45 percent of the overall world
consumption. Through iSteelAsia.com, companies participating in the online
trading could save at least 12.5 percent in process cost.
Anthony William Dixon, iSteelAsia. com director for strategic alliance said
online trading could cut costs, promote strategic alliance among steel players
and add value to services.
"The real growth in the steel industry is in business-to-business (B2B)
model where the expected transaction value is estimated at $633 billion by
2003," said Dixon.
World Steel Dynamics has forecasted that online transaction wou ld reach five
million tons of steel. And half of the steel industry would be transacted online
by the end of the decade.
Dixon noted that the steel industry is a complex process among the major
participants due to poor information aside from being fragmented.
iSteelAsia.com's ebusiness strategy is to provide a fully integrated one-stop
e-business services to the steel ecosystem, Dixon said.
Participants are assured of a two-level security when transacting online.
The website is an online marketplace where buyers and sellers get together.
The community of steel participants could share knowledge and experiences.
Dixon said only bonafide members of the steel industry can register with
iSteelAsia.com. The strict registration process involves the designation of a
primary contact person of a company.
Dixon explained that iSteelAsia.com is not a party to any transaction and the
governing law on the transaction would have to be agreed between the two
More than 2,000 companies have already registered with iSteelAsia.com, 70
percent of which are in Asia, 12 percent in Europe and 10 percent from the
Dixon said that he expects similar websites on steel would be launched but
they would later consolidate.
Registered participants of iSteel.com can avail of the extensive additional
value-added services that include insurance, surveying, shipping and bank
Established in December 1999, iSteelAsia.com became the first steel trading
portal to list in the stock exchange when it debuted in Hong Kong's growth
Aside from its online auction system and extensive international member base,
iSteelAsia.com offers multilingual community-building features. Steel news from
Reuters and other sources, industry gossip and hot topics and a bulletin board
facilitate critical information exchange with extensive personalization features
to tailor the site for user's individual needs at no cost.
Dedicated to Asian steel trade, iSteelAsia.com is supported by major industry
players and is a neutral marketplace for steel traders, manufacturers and end
users to trade, talk, bond and form new networks and communities reinforced by
new technologies across the geographical, cultural and languages of Asia.
It aims to increase industry competitiveness in the region, cement
relationships within it and internationalize the Asian steel industry.
The founders of iSteelAsia.com are major steel industry players including Van
Shung Chong Holdings Ltd (Hong Kong), Shougang Concord International Enterprises
Company Ltd (Hong Kong), Amsteel (Malaysia), ICDAS (Turkey), Scaw Metals, a
member of the Anglo American PLC group (South Africa), Coutinno Caro &
Company (Germany), Stemcor Ltd (UK), SK Global Company Ltd (Korea), Commercial
Metals Company (US) and Hanwa Company Ltd (Japan).
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