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ArcelorMittal and ThyssenKrupp Steel Call it quits for STEEL 24-7 Venture

10/01/2007 - ArcelorMittal and ThyssenKrupp Steel are closing their jointly operated STEEL24-7 e-commerce platform.

ArcelorMittal and ThyssenKrupp Steel announced the closure of their jointly operated STEEL24-7 e-commerce platform.
 
Created in 2001 by the four largest European steel producers (at that time), STEEL24-7 had about 700 registered customers from 37 countries and had been used for more than one million transactions. The platform aimed to serve as many steel customers and suppliers as possible via one common electronic platform.
 
Since then, the evolution of information technology and the rapid consolidation of the steel industry have given a decisive competitive edge to more individualized solutions, thus making the original concept of STEEL24-7 obsolete. The changes led to ArcelorMittal and ThyssenKrupp Steel’s agreement to close the platform and develop their own e-commerce solutions.
 
The STEEL24-7 Board of Directors’ decision to close the venture was confirmed by a special shareholders meeting in Brussels on September 28. Company employees were informed as from July about the impending decision to close.
 
The companies targeted closure of STEEL24-7 to take place by the end of September 2007.
 
ArcelorMittal is the world's largest steel company, with 320,000 employees in more than 60 countries. The company leads a number of major global markets, including automotive, construction, household appliances and packaging, with leading R&D and technology, as well as sizeable captive supplies of raw materials and outstanding distribution networks. An industrial presence in 27 European, Asian, African and American countries exposes the company to all the key steel markets, from emerging to mature, positions it will be looking to develop in the high-growth Chinese and Indian markets.
 
ArcelorMittal’s key pro-forma financials for 2006 show combined revenues of USD 88.6 billion, with a crude steel production of 118 million tonnes, representing around 10% of world steel output.