Steel firms iron out inefficiency with e-marketplace

Four leading European steel manufacturers have joined forces to set up an ecommerce marketplace for the sale and distribution of steel products.

UK-based firm Corus, Germany's Thyssen Krupp, France's Usinor and Luxembourg's Arbed plan to begin operating via the platform by the first quarter of 2001.

The online marketplace will include two separate websites to handle buying and selling.

The move follows a growing trend of 'old economy' firms making a move online to streamline procurement and sales and cut cost inefficiencies in the supply chain.

Revenues generated will be divided four ways between the founding members - though the companies have said other firms will be invited to join the venture in the future.

No decision has been made yet as to who will develop and run the websites.