MaterialNet Signs On $4-Billion Supplier Network; Web Site Now Boasts Unique, Full Product Coverage in Metals Industry.GREAT NECK, N.Y.--(BUSINESS WIRE)--Nov. 22, 1999-- MaterialNet, Inc., www.materialnet.com, the first buyercentric business-to-business Internet marketplace for raw materials, announced today that it has signed agreements with 50 of the leading metals suppliers to offer their products through its reverse-auction model. The company estimates that its Supplier Network now represents more than $4 billion in annual revenue. MaterialNet's Web site, which is in final beta testing (programming) beta testing - Testing a pre-release (potentially unreliable) version of a piece of software by making it available to selected users. This term derives from early 1960s terminology for product cycle checkpoints, first used at IBM but later standard throughout the , is the first and only Internet marketplace to offer full product coverage within the fragmented metals industry. As the first one-stop purchasing alternative for metal purchasers, MaterialNet enables purchasers to easily reach the leading suppliers of aluminum, brass and copper, stainless steel stainless steel: see steel. stainless steel Any of a family of alloy steels usually containing 10–30% chromium. The presence of chromium, together with low carbon content, gives remarkable resistance to corrosion and heat. , nickel, titanium, commercial and alloy steel, tool steel, lead, tungsten and iron. Focusing its service on OEMs and end users of primary metal products, MaterialNet provides a platform for purchasing agents to create a private auction for each of their purchasing requirements. Members of the MaterialNet Supplier Network are then invited to bid in a reverse-auction format in which the lowest prices are presented to the buyer at auction deadline. MaterialNet streamlines the purchasing process, giving purchasers access to the industry's best prices while minimizing the costs associated with manual processing of RFQs (requests for quotes), purchase orders and order tracking. Supplier evaluation takes place on an ongoing basis. "An Internet marketplace is only as good as its suppliers," said David Centner cent·ner n. 1. a. A unit of weight in Germany and Scandinavia corresponding to the hundredweight and equal to 50 kilograms (110.23 pounds). b. , president and cofounder co·found tr.v. co·found·ed, co·found·ing, co·founds To establish or found in concert with another or others. co·found of MaterialNet, Inc. "With these agreements, the world's highest quality suppliers have endorsed our approach to the metals marketplace as the one that best meets their needs." Following, in alphabetical order, are the members of the MaterialNet Supplier Network, as of Nov. 19, 1999: Admiral Metals, Advanced Alloys, Aerodyne aer·o·dyne n. A heavier-than-air aircraft deriving lift from motion. [aero- + Greek dunamis, power (from dunasthai, to be able; see deu-2 Ulbrich Corp., Aerospace Alloys, Alaskan Copper & Brass, Albraco Metals, All Foils, Alloys International, AMI Metals, Bow Steel Corp., Bralco, Brown Metals, Brush Wellman, Carbon Steel Products, Combined Metals, Copper Beryllium beryllium (bərĭl`ēəm) [from beryl ], metallic chemical element; symbol Be; at. no. 4; at. wt. 9.01218; m.p. about 1,278°C;; b.p. 2,970°C; (estimated); sp. gr. 1.85 at 20°C;; valence +2. Alloy, Corrosion Materials, Diversified Industrial Products, Ed Fagan Inc., Elgiloy , Factory Steel Corp., Friend Metals, Future Metals, Gautier Steel, Keystone Specialty Metals, Mac Forest, Metal Specialty Company, Michael S. Killam Enterprises, Midland Aluminum Corp, Millard Metals Service Center, Pierce Aluminum, President Titanium, Rolled Alloys, Saginaw Pipe, Service Steel, Slice of Stainless, Specialty Steel & Forge, Standard Metals Corp., State Steel, Steel Coils, Inc., Stripco, Inc., Sunshine Metals, Supra Alloys, Thin Metal Sales, Transtar Metals Inc., TransWorld Alloys, Ulbrich Stainless Steels & Special Metals, United Alloys, Western Titanium, and Yarde Metals. About MaterialNet, Inc. MaterialNet, Inc., was founded in August 1999 by serial `Netrepreneur David Centner (K2 Design, CLIQNOW!, FrenchToast.com); Richard Chusid, former CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of metals distributor Diversified Industrial Products Corp.; and Robert Heller, former vice president at OT Group, LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control , a private hedge fund hedge fund, in finance, a highly speculative, largely unregulated investment device. Originating in the 1950s, the funds "hedge" by offsetting "short" positions (borrowing a security and then selling it at a higher price before repaying the lender) against "long" specializing in index arbitrage Index Arbitrage An investment strategy that attempts to profit from the differences between actual and theoretical futures prices of the same stock index. This is done by simultaneously buying (or selling) a stock index future while selling (or buying) the stocks in that index. . MaterialNet is independent (no supplier has an equity interest in the company) and offers buyers and suppliers unique value propositions in the raw-materials marketplace. Beginning with the metals market, its reverse-auction business model is easily scaleable to other raw materials. It is headquartered in Great Neck, L.I., N.Y. |
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