(phillyBurbs.com) | Pennsylvania News
PHILADELPHIA – A fledging steel auction Web site in suburban Philadelphia has sold a stake to an old-line steel service center, which officials said could whittle away at the industry’s resistance to conducting business over the Internet.
SteelSalvor in Narberth said Monday that Dennen Steel Corp. has taken a ‘significant’ investment in the company. Dennen, based in Grand Rapids, Mich., buys, sells and processes steel. Terms of the deal were not disclosed.
‘The real value is in the 60 years of relationships they’ve built with domestic steel mills,’ said Scott Shapiro, SteelSalvor’s chief executive. ‘They will give us an entree into key people.’
Dennen is an ‘established industry player that will bring some trusted credibility,’ said Bob Parker, an analyst at IDC Manufacturing Insights, a research firm in Framingham, Mass. ‘Dennen helps them bring bidders to the table as well as folks that have some excess inventory to move.’
Although several business-to-business Web sites for the steel industry have gone under, SteelSalvor has thrived.
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