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US startup Felux looks to shift steel sales online

Steel News - Published on Wed, 22 May 2019

Image Source: Steel 360
S&P Global reported that while the US steel industry has embraced digital technology to increase efficiencies in production, overall the buying and selling of steel in the market remains comparatively analog. With this in mind, Felux, a startup out of Cleveland, Ohio, launched a new online marketplace to buy and sell steel in an effort to increase efficiency, transparency and accuracy in the domestic steel market. Mr John Camenisch, managing partner of Felux, told S&P Global Platts in a recent interview at the company's Cleveland office that "In the manufacturing space especially, people are still doing what most other industries already shifted to digital. It's not the most efficient way for a buyer or seller to spend their time."

With Felux, users can post and view material for sale, post a request for quotation, receive quotes from across the country, compare them on price and quality, then negotiate a deal with just a few clicks.

Mr Camenisch said the site's ease of use was a major priority while the team was building out the system and is one of its best selling points. He added that "It's been a tech-phobic industry for a while now and we knew with a lot of confidence that if we created something that was in any way, shape or form complicated to use, there are a lot of users out there that would just give up right away.”

While there have been attempts in the past to shift steel sales online, one of the challenges in creating a robust marketplace online is the amount of data that is required to transact steel, Camenisch said.

Source :

Posted By : Rabi Wangkhem on Wed, 22 May 2019
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