MetalSpectrum Announces Completion of First Transaction

ATLANTA--(BUSINESS WIRE)--Sept. 13, 2000--MetalSpectrum, a comprehensive online marketplace for specialty metals, announced the successful completion of the first transaction on its exchange. The transaction, conducted Tuesday between two partners of MetalSpectrum, was for the purchase from Kaiser Aluminum of 20,000 lbs. of 2011 T3 aluminum round bar by Copper and Brass Sales, a unit of Thyssen North America.

``We are pleased with the successful completion of the first transaction on the site between two partners,'' said A. Alan Turfe, President and CEO of MetalSpectrum. ``This is a critical milestone toward the launch of the site across the entire industry, and the timing is right on schedule. The opening of the MetalSpectrum marketplace to the entire industry is expected by the end of September, and we eagerly anticipate meeting that goal.''

Copper and Brass Sales made Tuesday's purchase after a spirited online negotiating session with multiple parties. The 2011 T3 aluminum rod was selected from MetalSpectrum's online catalog and purchased using the marketplace's Request for Quote (RFQ) functionality. The MetalSpectrum RFQ offering allows buyers and sellers to negotiate on up to 38 different attributes enabling buyers to find better matches for their needs and sellers to compete on numerous features beyond price. In addition, the RFQ product's online negotiation module allows buyers and sellers to explore transaction options and make counter-offers.

``During our initial transaction, the integrated Ariba and i2 technology solutions worked flawlessly,'' said Bill Murphy, Chief Technology Officer of MetalSpectrum. ``Later this month, we look forward to an equally smooth execution when we open the exchange to all interested participants.''

In the meantime, equity partners of MetalSpectrum's neutral specialty metals marketplace will be transacting among themselves and integrating MetalSpectrum with their legacy systems. During this interim period, prospective users may visit www.MetalSpectrum.com to learn more about marketplace registration requirements.

MetalSpectrum's RFQ functionality can be used for buying or selling. MetalSpectrum also boasts a metal-specific reverse auction that allows buyers to consider factors other than price when choosing a supplier. Other MetalSpectrum site capabilities include automatically binding reverse and forward auctions where the most aggressive bidder meeting the buyer or seller specification automatically wins.

In the future, the site expects to release functionality covering additional metal products (such as carbon steel, titanium and scrap), MRO purchasing and other ancillary transaction support functions including finance, risk management and logistics.

Commenting on the transaction, Mr. Kenneth J. Graham, President/CEO of Thyssen Inc., North America and Member of the Board of MetalSpectrum stated, ``We are very proud to be off and running. The entire MetalSpectrum team is to be congratulated for its outstanding efforts in successfully completing the first transaction as a prelude to an on-time marketplace launch.''

Backed by some of the nation's leading specialty metals companies, MetalSpectrum is creating the premier, global marketplace for the exchange of metals across the entire value chain -- from mills to distributors and ultimately end-use fabricators. A cornerstone of the marketplace development is its neutrality towards all parties participating in the exchange. Over the long term, MetalSpectrum will seek to add value by making the industry supply chain more efficient.