One of the largest innovations to boost the metals industry in more than 50 years has enjoyed a busy first nine months.
SteelBuy, an easy-to-use online marketplace where businesses can buy and sell metals quickly and securely, has already recorded over 300 transactions and £1 million-plus sales revenue since it was launched at the beginning of this year.
Users from across the UK are leveraging the technology to achieve faster and more-efficient deals for their mild steel, stainless steel, and aluminium, with all the logistics and invoicing managed through the encrypted platform.
Sellers can post their material with product specifications, test certificates and price per tonne and these can be found by potential buyers within seconds. With listings taking just 1min to complete, it is estimated that 37hr can be saved each week in the average purchasing and sales function. Moreover, all transactions are anonymised so buyers and sellers do not know who the other party is, essential when sensitive data, such as prices and stockholding, must remain confidential.
SteelBuy CEO Terry Sargeant (pictured) said: “This is much more than just a place to buy and sell materials. We are not just providing an exciting new channel for customers to buy and sell metals, we are selling a vision of the future of the industry.”
The power of digitalisationHe continued: “SteelBuy enables users to effortlessly digitalise their purchasing and sustainably modernise their business and this is just the start – there is so much unexplored potential in materials trading and distribution, through the power of digitalisation. The metals sector is traditional by its very nature, yet just eight months after our initial launch and we have proven time and time again that we can reduce costs, boosts sales and speed up what can be an extremely time-consuming process.”
SteelBuy is the brainchild of Cameron Sargeant, who came up with the idea of selling material online while working in sales for thyssenkrupp. He then recruited 22 people for the new venture, a mix of software, marketing, sales and engineering specialists.
Terry, who has been involved in the sector for more than 40 years, added: “We have got producing mills, steel service centres, stockholders and even traders using our platform, with the average delivery time of metal, from listing to arriving at the buyer, at just three days. This is transformative for both parties. When it comes to buying steel and aluminium, deals often take too long to complete, with lead times traditionally excessive (up to 12 weeks for mill production) – we can reduce this by almost 90% by matching supply and demand.”
He continued: “For sellers, we deliver greater market visibility and reach for both your surplus metals and commodity products. By using our online platform, they have an opportunity to sell to anyone, from anywhere and not have to worry about relationships, payment terms or credit risks. SteelBuy removes all the hassle.”
SteelBuy, which is based in the West Midlands, has ambitious plans to take its technology into the European marketplace, as well as rolling out new features that reflect user feedback to make the process even easier. The company will be making its first public exhibition appearance this week, when it looks to showcase the huge benefits of its online platform at the
UK Metals Expo taking place 13-14 September at the Birmingham NEC (Stand F50).
Terry concluded: “We have big plans, and we won't stop until SteelBuy is the largest global online marketplace for the metals industry. Initial feedback has been really encouraging, not to mention the 300% growth in transactions we have seen over the last six months.”