General Steel, a leading private steel producer in China, has signed a memorandum of understanding with state-owned trading company, Tewoo Group, to develop a bulk commodity e-commerce business. The partnership will pursue opportunities in bulk commodity e-commerce, asset leasing and financing.
Tewoo Group is one of the 20 largest trading companies in China. Its e-commerce platform, Tewoo Bulk Commodity, currently offers a wide selection of bulk commodities, including iron and steel, nonferrous metal, petroleum, coal and coke, minerals, chemicals and building materials. Tapping into this existing customer base will off General Steel the opportunity to cross-sell its steel products, offering the company “significant growth opportunities”, said Henry Yu, chairman and CEO of General Steel.
"We are very delighted to announce this strategic partnership with Tewoo Group, marking our entry into the fast-growing and profitable bulk commodity e-commerce platform," Yu said.
Headquartered in Beijing, General Steel produces a variety of steel products, including rebar, high-speed wire and spiral-weld pipe. The company has operations in Shaanxi and Guangdong Provinces, the Inner Mongolia Autonomous Region and Tianjin municipality with 7 million tpa of crude steel production capacity.
Written by Jonathan Rowland.
Read the article online at: https://www.worldcoal.com/coal/15102014/world-coal-general-steel-enters-bulk-commodity-trading-coal1412/