China Steel (
"Using the Internet to do business will be the trend of the future," said the official. The new company, called "Wang Ju You Shi" (
According to China Steel, Taiwan, being densely populated, is better suited to developing B2B e-commerce than it is for B2C (business to consumer) e-commerce. The ease of access for consumers to nearby amenities makes the benefits of B2C e-commerce less significant.
"Our service is a channel between different companies and industries," said the official. Doing business on the Internet will save companies time and increase efficiency, he said. Companies will have more bargaining power on the Internet.
When asked how the new company is going to compete with the many other emerging e-commerce companies, the official said: "China Steel has good connections with other local steel manufacturers. They are our potential customers. That is an advantage other e-commerce companies do not have."
Before the new company was set up, China Steel had been doing business with over one thousand suppliers, the official said.
CY Wang (王鐘渝), chairman of China Steel, said previously that China Steel would diversify mainly into high-tech industries. The company's sales from high-tech products would increase by 5 percent by the year 2000 or 2001, said Wang.
"High-tech industries have strong development potential, especially the e-commerce sector, which will be one of China Steel's areas if focus in the future," said Tsao Chien-ming (
China Steel's investment in high-tech industries includes Taisil Electronics, Worldwide Semiconductor Manufacturing Corporation, Mobitai Communication and the Sino Canada Biotechnology Development Fund.
Earlier this month, Taiwan Semiconductor Manufacturing Co (
Industry analysts said the diversification of steel companies into other areas is not uncommon. This is especially the case for those such as China Steel with a stable financial structure. An analyst at a securities company said companies in the steel industry generally have a strong cash flow because of the lack of large investment required after the huge initial capital needed to set up steel mills.
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