POSCO INTERNATIONAL : incorporates the online sales company "eSteel4U"

POSCO INTERNATIONAL incorporates

the online sales company "eSteel4U"

- Intermediary transaction system to support sales of all steel and processed steel products

- Platform expected to increase customer convenience, address supply shortage, and stabilize domestic prices

- Contributing to the steel industry's healthier and more robust ecosystem and practicing POSCO's very own "real-value" management

POSCO INTERNATIONAL (CEO: Joo Si-Bo) announced the incorporation of eSteel4U, a company specializing in online sales of steel products, on the 7th.

It comes in conjunction with the increase in contactless digital transactions, as a means to contribute to the healthier and more robust steel industry ecosystem by providing small to medium-sized clients with direct sales opportunities.

Steel products have generally been traded through distributors as of current. However, the online steel trading market has recently seen a rapid growth, with China at its center. China's steel trade volume has increased tremendously from 70 million tons in 2015 to 300 million tons in the present. Similarly in Europe, major steelmakers including ArcelorMittal and Tata Steel have begun to adopt online sales platforms since the outbreak of COVID-19.

In response to such changes, POSCO INTERNATIONAL incorporated eSteel4U, the online sales specialist company to transform POSCO's existing online sales platform SteelTrade, in operation since September 2019, into a value-integrated platform of finance and logistics service.

Launched on the 28th of last month, eSteel4U sells both POSCO and non-POSCO products including rebars and steel pipes and also offers an intermediary transaction system that supports the sales of processed products through designated coil centers and more.

Platform users can access the real-time information of items for sale, saving them both time and expenses comparing quotes. On top of this, the platform extends convenience by allowing large-variety, small-quantity purchases with desired steel types, sizes, and quantities and offering small deposit advance payment options in lieu of full prices.

Faced with difficulty in securing inventory due to the Chinese government's suppression of steel material exports, the steel distribution industry is expecting this facilitation of the online market to resolve the supply shortage.

In addition, the clear online display of price standards is likely to prevent the price confusion due to varying quotes set by different offline distributors.

POSCO INTERNATIONAL is considering stakeholder participations from POSCO Processing Centers for a mutually beneficial coexistence small to medium-sized steel distributors. The participation of POSCO Processing Centers in the incorporation is expected to drive the vitalization of the online market and contribute to POSCO Group's "real-value" management through their high-quality processing services.

According to an eSteel4U customer, "eSteel4U assists convenient price comparison, purchase and order without time restraints all in one place. With the vast variety of items at different prices according to sizes, materials, etc. coupled with fluctuations, means to view transparent information were limited, making eSteel4U a welcome addition to the market."