Online Auction Site Offers "Instant Purchase" Option for Metals Buyers

SteelSalvor adds feature allowing buyers and sellers quick turnaround on secondary steel offerings

SteelSalvor adds feature allowing buyers and sellers quick turnaround on secondary steel offerings

Narberth, PA — September 7, 2005 — SteelSalvor, an auction site for the metals industry, has added a new "Instant Purchase" option that it says will give buyers and sellers on the site the opportunity to move quickly on desired lots of secondary and excess steel and to lock out their competition.

At companies will find tools for buying or selling prime, excess, slow-moving or aged inventory, salvageable and off-spec steel products. Various categories of steel are available on the site, from galvanized coils to re-bar, from stainless pipe to hot rolled plate, according to the solution provider.

"Our online auction model lends itself perfectly to 'Instant Purchase,'" said Scott Shapiro, CEO of SteelSalvor. "Additionally, our expertise in pricing steel makes it a valuable solution for buyers who want to purchase the lots they need quickly and at the right price without having to wait through the auction process."

Much like options on other auction sites, buyers on the SteelSalvor site can choose the preset price and instantly take the desired lot off of auction, or they can bid on the metal as they had done in the past. In the first five months of this year, SteelSalvor has posted 355 new auction listings representing 57,000 tons of various types of steel.

"The interest in what SteelSalvor can do has been explosive," Shapiro continued. "We are working with companies all over the world to maximize their transactions on the site."

In addition to companies like Fortis, one of Europe's largest financial institutions, SteelSalvor works with automotive and large white goods companies on the seller side, as well as metal service centers.

"My goal is for SteelSalvor to be the number one place to buy steel worldwide," said Shapiro. "As we continue to grow the site and add new features, more and more companies are seeing how we can fit into their sales cycle."

Additional Articles of Interest

Rising supply costs have hit steel, paper, plastics and other markets, and many companies are facing the Hobson's choice of paying the higher prices or going without supply. For a look at how some companies are confronting this challenge, read the article "The Blowback of Reverse Auctions," the Final Thoughts column in the October/November 2004 issue of Supply & Demand Chain Executive.

— For a look at how Newmont Mining is connecting to its supply base through e-marketplace Quadrem to form a global supply network, see the article "Making Global Supply Chains Work" in the August/September 2004 issue of Supply & Demand Chain Executive.

— For an in-depth look IBM's supply chain transformation initiative, read the interview with Linda Cantwell, IBM vice president for business growth initiatives, in the article "Breaking the Silo Mentality" in the April/May 2004 issue of Supply & Demand Chain Executive.