FRAMINGHAM (03/03/2000) - Commerce One and Netherlands-based steelmaker Ispat International NV today announced plans to form a new company that will create and operate an online trading community for the entire metals industry.
The new company will become a part of Walnut Creek, Calif.-based Commerce One's Global Trading Web and will link buyers and sellers of goods and services in the steel, aluminum, zinc and copper sectors of the metals industry. Commerce One's Global Trading Web is a collection of online trading market places in various industries.
The portal should increase the speed, reach and efficiency with which suppliers and customers in the metals industry are able to transact with each other, Lakshmi N. Mittal, CEO of Ispat International, said in a prepared statement.
Online trading exchanges and vertical industry portals such as Commerce One and Ispat's newly proposed site promise huge efficiencies and lowered costs by streamlining buying and selling. They give customers immediate access to a wide range of pricing information and availability across multiple vendors and products.