Steel auction draws interest and closes a 2,200-ton sale

Narbeth, PA— SteelSalvor, the only marketing company that maintains an online auction site catering exclusively to the steel industry, has recently completed the largest national steel transaction in the company’s three-year history. The auction included 2,200 tons of steel receiving recognition from major end-users, distributors, service centers, traders and brokers all over the country. A company in the building products community bought the steel — one of the largest lots sold in a SteelSalvor online auction — for a 27% increase in value over the minimum retention offer, netting the seller an additional $133 per ton.

“It was one of the most powerful auctions we’ve ever run,” said Scott Shapiro, CEO, SteelSalvor. “In fact, information about this particular sale quickly resonated in buying and selling communities around the industry and no significant, or large, trades took place until this auction closed, setting the selling price for that type of steel.”

Since its inception in 2001, SteelSalvor has built a focused database of more than 5,000 potential buyers and sellers of steel, and has subtly begun to disrupt the supply chain of the old-line industry, making sales more customer- friendly. With an average of 18 to 20 auctions per week, up from one per week a year ago, and nearly a 100 percent return rate of auction participants, SteelSalvor has developed a system that effectively matches buyers and sellers using an efficient and convenient forum.

Suppliers looking to off-load excess, slow moving, or aged inventory of salvageable and off-spec steel products can post their lot on SteelSalvor.com to expand their market exposure and increase profitability. “SteelSalvor is a simple and painless way to convert our excess prime or rejected inventory into cash,” said Bret Curtis, president of Spectra Resources, a company that has used SteelSalvor’s service to auction inventory to a broad audience. “The team is knowledgeable and skilled in reaching potential buyers, making the whole transaction more effective. Equally important, the process provides us with an immediate opportunity to resolve challenging salvage projects, thereby increasing the return on our investment, creating a positive impact on our company’s bottom line.”f