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Steel RX to offer aluminium, copper trading facility

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NEW DELHI, June 14

STEEL RX Corporation Private Ltd, which offers online trading facility for steel through its dedicated Web site, will soon offer online trading facilities for other metals such as aluminium and copper for which the company is in talks with leading producers such as Balco and Hindustan Copper.

Simultaneously, the company is also gearing up to increase the quantity of steel traded through its site from the current level of around 10,000 tonnes per month to 20,000 tonnes by the end of the current fiscal.

The founder and Chief Executive Officer (CEO) of Steel RX, Mr Anurag Saraf, said: "We have identified aluminium and copper as the two most important metals for which we will be offering our members online trading facilities. Talks are on and, hopefully, the first deal will be struck before the year-end." Mr Saraf said that simultaneously the company was also planning to set up company-specific private marketing platforms online.

This would help in confidentiality for the producing companies many of which may not feel comfortable on the public trading platform as their respective competitors would come to know their plans, he said. The company, which started off two years ago with an investment of Rs 5 crore, has already broken even and is also planning to increase its network during the year.

It is also toying with the idea of floating an initial public offering, Mr Saraf informed.

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