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South Korea: POSCO Launches Online Steel Trading Platform - 'Steel For You'
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30 Aug 2018, 18:20 IST
Steel Mint Insights

South Korean leading steelmaker Posco steel has come up with new platform for its sales. POSCO's Daewoo plant has launched an online steel trading platform named 'Steel For You'. This enables its major customers and even small scale general buyers to purchase steel products online.

Few major advantages behind launching this platform -

1. To secure stability in inventory - With initiation of online sales, the company will secure overall stability and credibility in inventory through sharing of stocks of all major customers and stable sales tools. On the other hand, for those who need urgent materials, the company will be able to seek intermediaries to procure materials quickly.

2. General buyers to get benefit - The steelmaker aims at helping all general buyers to get benefit and they can buy materials through online platform from various manufacturers, products, specifications and prices. Regular buyers also can compare different prices and products.

3. No restriction of time and space - Steel For You has both web and mobile app version and it is expected that buyers and suppliers will be able to trade without any restriction on time and space.

4. Reducing cost of sales and other expenses - Due to online transactions it is possible to reduce the cost of sales significantly and other expenses like personnel and fuel etc.

5. Cut off few of the problems in existing transaction methods - The steelmaker is also optimistic about cut off of current problems like bad practices, illegal foreign trade and bankruptcies that have faced in existing steel distributing industry and present transactions methods.

6. Expansion for other products is easy and faster - Presently, the company focuses on sales of cold rolling plates however, it plans to expand it for hot rolling plates and heavy plates.

The payment method is as follows - If purchaser requests the quotation by putting the necessary steel products into the shopping cart, Posco Daewoo's team will set the stock matching and fix the prices by evaluating deliberately and the final transaction will be done offline.

- Inputs from SteelDaily

30 Aug 2018, 18:20 IST
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