May 12, 2000 in Social Responsibility News

Int'l Steel Trade Leaders To Create Global Steel Exchange

First global exchange to link buyers and sellers will provide tools to help manage logistics and risks involved in complex, cross-border transactions New York, NY - Global steel industry leaders, Cargill Steel, Duferco, Samsung Corporation and TradeARBED today announced that they are creating an independent global exchange for the international trading of steel on the Internet. The exchange is the first to offer online financing, risk management and logistics options as an integral part of the exchange with functionality that eclipses services offered by existing steel web sites. The partners are collectively pledging a significant portion of their international steel trade activity -- amounting to billions of dollars in transaction value -- to ensure sufficient steel trading volume, market-making ability, and guaranteed liquidity for the exchange. This first truly global Internet steel trading exchange will serve any registered buyer and seller of steel in the world and will offer a more open and competitive negotiation process so users can have greater control over the costs associated with international steel trading. In addition, all individual transactions will be conducted with complete confidentiality between users. As a partner in this venture, Hyun Myung Kwan, chief executive officer of Samsung Corporation, called the new online exchange a breakthrough that will provide the global reach, logistics and financial services lacking in other steel Internet exchanges. "The four founding partner companies are leading suppliers and consumers of steel products. We are committed to the success of this new online exchange and are determined to transfer our considerable international steel trading experience to the online environment," Kwan said. Bruno Bolfo, chairman of Duferco, said, "Although we are strong competitors, we uniformly believe the Internet will spawn the creation of a new and better way of performing international trade. Our respective companies are committed to providing the necessary logistical and financial backing to give this exchange the impetus to succeed." Jim Thompson, president of Cargill Steel, emphasized that the new online exchange will be independent and open with the added advantage of risk-management support and significant cost savings. "Companies around the world will have extensive access to more markets and be empowered to quickly find the right products at the right price. With analysts estimating international steel trading at roughly a $100 billion per year, coupled with an open, competitive and streamlined process, we anticipate value enhancement for buyers and sellers of up to 15 percent," he said. Nicolas Ueberecken, chairman of TradeARBED SA and member of the ARBED management board commented that within its overall business strategy, ARBED has selected this venture to be its eCommerce approach for international trading, complementing its initiatives in eSales and eDistribution. "This dynamic online exchange will add value for all participants by creating an open, competitive system of trading and by offering a complete array of services that enable buyers and sellers to navigate the complex logistical challenges associated with cross border transactions," he said. Global steel market analyst Peter Marcus, managing partner of World Steel Dynamics, agreed. "Of all the steel eCommerce companies formed to date, this is the one that has the most global reach. It already has in place the people, global geographic locations, the systems and the customers that are the key to global steel transactions," he said. The name and Web site address for the new exchange will be announced in coming weeks. The exchange is expected to be operational by the fourth quarter of 2000 and will be headquartered in New York City, NY, USA. The venture is being supported by Andersen Consulting's Global Metals and eVenture Practice. Andersen Consulting will help define business strategy, planning and business models. Announcements about the CEO and the management team for this global steel exchange will soon be made. (A REFERENCE TO AN ANDERSEN CONSULTING SPLASH PAGE MAY BE ADDED ON MONDAY) Cargill (http://www.cargill.com), headquartered in Minneapolis, Minn., is an international marketer, processor and distributor of agricultural, food, financial and industrial products and services with some 82,000 employees in more than in 59 countries. Cargill Steel is the corporate unit that includes Cargill Ferrous International, North Star Steel Co., and the Cargill Steel and Wire network of U.S. steel service centers and wire processing facilities. Headquartered in Lugano, Switzerland, Duferco (http://www.duferco.com) was established in 1979. Initial efforts were concentrated in Brazil where Duferco quickly became a leading exporter of Brazilian steel throughout the world. Since 1979, Duferco Group has enjoyed tremendous growth operating in 40 countries worldwide and developing into the largest independent steel trader in the world. With headquarters in Seoul, Korea, Samsung Corporation (www.samsungcorp.com) is a global trading company, specializing in commodity trade, construction, and Internet businesses. The company recorded $31 billion in sales in 1999 in over 80 offices throughout the world. TradeARBED S.A. (www.tradearbed.com), headquartered in Luxembourg, is the ARBED Group's marketing, sales and distribution arm outside the Group's core markets. In addition, it operates an extensive network of trading operations in steel products, ferro-alloys, pig iron and scrap with outlets in more than 60 countries.


Welcome to Samsung

Sign up & get 10% off

Sign up and get 10% off your first order of $100 or more! Shop Samsung.com to find the best tech at the best prices and recieve news on our latest technology and exclusive offers.*

*Exclusion apply. Order must be a minimumm of $100 or more. Offer valid only for new Samsung.com customers. Must sign up for emails by 11/12/16. Promo code must be used by 11/19.

Fast, easy checkout with Shop Samsung App
Easy sign-in, Samsung Pay, notifications, and more!
Or continue shopping on Samsung.com
×
The Shop Samsung app
Free standard shipping, exclusive offers and financing options.
GET
×
The Shop Samsung app
Free standard shipping, exclusive offers and financing options.
GET
×

You Are About To Be Redirected To Investor Relations Information for U.S.

Thank you for visiting Samsung U.S. Investor Relations. You will be redirected via a new browser window to the Samsung Global website for U.S. investor relations information.
CANCEL
CONTINUE
×

Redirect Notification

As of Nov. 1, 2017, the Samsung Electronics Co., Ltd. printer business and its related affiliates were transferred to HP Inc.

For more information, please visit HP's website: http://www.hp.com/go/samsung


Select CONTINUE to visit HP's website.

CANCEL
CONTINUE