About us » mjunction in the News » metaljunction keen to do business with Corus (October 27, 2006, The Economic Times)
metaljunction keen to do business with Corus (October 27, 2006, The Economic Times)
KOLKATA: metaljunction, the on-line steel exchange promoted by Tata Steel and Steel Authority of India (SAIL), is keen to do business with the Corus Group for sale of steel through the portal. In what could be a direct fallout of the proposed Tata-Corus deal, the Anglo-Dutch steel major could use 'metaljunction' for on-line sale of steel to its customers. Tata Steel plans to acquire 100% of Corus Group in a $8.07-bn deal that's awaiting the consent of Corus shareholders.
Incidentally, Corus does not sell any steel through the internet. But back in '01, the company had partnered ThyssenKrupp of Germany and Arcelor to set up Europe's leading steel portal, 'Steel 24-7'. Subsequently, Corus divested its stake in the venture in '04.
Talking to ET, Viresh Oberoi, MD, metaljunction, said: "We are keen to do business with Corus and are talking to them. I cannot mention a timeframe within which we can firm up our business plan. Let things settle down first."
If metaljunction manages to rope in Corus, it would get access to the steel portal's 8,000-strong global client base. Corus has a basket of products with strength in three areas -- automotive, packaging and construction grade steel. It has developed a number of innovative products like 'Protact', a polymer-coated tin-based steel for packaging.
Since September '06, it has imparted a new identity to its structural products under the brand 'Advance'. Mr Oberoi on Thursday announced plans to increase sales of steel through metaljunction. Termed 'straightline', the model aims to minimise the role of intermediaries in the transaction process. The manufacturer fixes the price of steel and its delivered at doorstep.
In the first half of the current fiscal, metaljunction has achieved a transaction value of Rs 3,671 crore. The portal plans to add another Rs 5,182 crore in the second half of this fiscal taking the transaction value figure of '06-07 to Rs 8,853 crore. In '05-06, metaljunction had achieved a transaction value of Rs 5,533 crore.
We are now mjunction
Over the years we have grown in every respect - services, people, reach, infrastructure and revenue. As we continue to grow and add value to the supply chains we serve, we have broadened our horizons beyond the world of steel and metals.
We thus felt that the time was ripe to give ourselves a new name, a new identity to reflect our metamorphosis. So we heralded the new year with a new brand name and logo, and we have become mjunction services limited from metaljunction services limited. Other business units under the mjunction umbrella continue to have identities of their own.
Though our name has changed, and our horizons widened, our values haven't. We will continue to bring greater efficiency, convenience and transparency to even more supply chains in the future with the innovative use of IT and the Internet.
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