April 18, 2001 in Social Responsibility News

GSX, Steel B2B e-Marketplace, begins operation

Steel buyers and sellers in 35 locations throughout the world can now begin trading products across GSX.

GSX, Global Steel Exchange, founded by the world's leading steel trading companies, opened its site for pilot trading on April 11. The pilot's purpose is to ensure that all technology and operational processes work smoothly before the site opens to the entire international steel industry.

Among companies participating in the approximate five-week long pilot are the largest producers in Brazil, Russia and Ukraine.

With a full range of both products and services, GSX is the world's first online international steel trading e-marketplace. Buyers and sellers will benefit from committed volume of US$ 5 billion over two years.

Since GSX offers both a product and service exchange, members can directly negotiate for more than 50 products as well as fully packaged trading and logistics services.

Founders, investors and selected steel companies will participate in the pilot trading. They will conduct simple to complex transactions, involving multiple lots with different product grades and logistics.

There is no limit on companies' number of transactions or tonnage traded. GSX expects the average ransaction to be 3,000 tons.

The CEO of GSX, Mr. Lou Schorsch, said "Although the pilot is officially a testing period, transactions conducted during the pilot are real. Buyers and sellers will exchange products and money -- in some cases, a lot of both."

In addition to GSX founders, companies participating in the pilot include: CSN (Sao Paulo, Brazil); Severstal (Cherepovets, Russia); Metals USA (Granite City, IL); Lee Yip Metal Co., Ltd. (Kowloon, Taiwan); Samwon Precision Metals (Seoul, Korea); Dae Kyung (Seoul, Korea and Singapore); and Azovstal (Ukraine).

In the pilot, companies will buy and sell an array of products, including: stainless, pig iron, wire rod, hot and cold-rolled coil, rebar, plate, billets, and bars.

The GSX trading pilot is expected to last approximately five weeks. The entire industry will be able to register and trade online in May.


About GSX

The purpose of The Global Steel Exchange is to increase transparency and reduce costs in international steel trading. Because buyers and sellers can directly negotiate, they will benefit from new market reach and actual information about pricing and market conditions.

GSX offers trading on two distinct marketplaces users will trade more than 50 steel products on one, and will negotiate for packaged trading services on the other. GSX was founded by the world's leading steel trading firms: Cargill Steel, Duferco, TradeARBED and Samsung Corporation.

Strategic investors include 12 leading steel producers.


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