POSCO Inter, Steel E-commerce Operators Sign MOU to "Revitalize Steel Distribution"

July 'Steel E-commerce Activation Business Agreement' with 4 Companies Including Sinsteel and Chungnam Steel
Connecting Each Company's Site within 'SteelTrade'... Cross-Registration of Partner Products

Stiltrade website (Photo by POSCO International)

[Asia Economy Reporter Kim Ji-hee] Posco International is joining hands with domestic steel e-commerce operators to establish an online steel business model, aiming to revitalize the steel distribution market.

Posco International announced on the 19th that it signed a 'Business Agreement for the Activation of Steel E-commerce' last month with Shin Steel, Chungnam Steel, Daeduk Steel Industry, and Steelman Networks. This agreement was promoted to expand the online sales area in the steel sector in line with the trend of e-commerce gaining attention in the post-COVID-19 era.

Posco International and each partner company plan to cooperate in establishing online transactions by mutually linking each company's site in banner form within 'SteelTrade,' which Posco International opened last November, and cross-registering partner products.

Through this, SteelTrade is expected to diversify the target items beyond the previously traded Posco's order-external and plate products to include plates, bar-shaped steel, steel pipes, wire rods, and secondary steel products. Partner companies will also be able to sell products owned by Posco International, leading to a more active domestic steel e-commerce market.

Furthermore, within the e-commerce platform, suppliers and demanders will freely trade products and improve transaction efficiency, benefiting operators, suppliers, and demanders alike. In particular, the platforms of the four companies participating in this agreement, including SteelTrade, will operate in an open mutual manner, allowing real-time confirmation of listing information and enabling demanders to decide on product price, quantity, and destination.

Park Jong-in, Head of the Steel Plate Business Division at Posco International, said, “Our goal is to achieve mutual growth with domestic small and medium steel companies through e-commerce operations that complement the limitations of the traditional steel distribution structure.” He added, “For customer convenience, we plan to provide refined services by analyzing data to understand customer-specific purchasing conditions, patterns, and credit ratings in the future.”

This content was produced with the assistance of AI translation services.