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FORD and e-STEEL Enter Into Multi-Year e-Commerce Agreement self-propelling Leader to Use Leading Online Steel Exchange to e-Enable Major Web-based, world(prenominal) Value Chain Purchasing InitiativeDearborn, Mich., and New York, NY Business wire May 17, 2000 Ford move Company (NYSE F), and e-STEEL Corporation, the leading negotiation-based e-Commerce exchange for the ball-shaped mark industry, today announced an initiative to e-enable complex procurement programs with the automakers spherical Tier 1 suppliers. This relationship includes an equity incentive program that impart earn the carmaker a minority equity stake in e-STEEL.Ford selected e-STEEL (www.e- firebrand.com) to provide the steel-specific knowledge and functionality required to rapidly launch a steel e-Commerce procurement system to maximize efficiency and operational savings. somewhat 4-5 million tons of steel and steel-related products will be purchased via e-STEEL for metal stamping suppliers over the c ourse of this contract.The range of a function of the alliance covers the automakers steel order fulfillment put to working, claims, pecuniary controls, and audit reporting throughout its global manufacturing and assembly operations."Ford Motor Company has confidence in e-STEELs ability to deliver this Internet-based solution across its entire Tier 1 steel and metal stamping value chain, twain in North America and Europe, within the undermentioned few months," utter Andrew Hinkly, Director, Raw Material Purchasing, Ford Motor Company."We selected e-STEEL as our partner overdue to their expertise in steel procurement systems, their efficient e-business tools such as STEELDIRECT, and their existing broad coverage of our steel supply base," added Hinkly. "These inherent strengths, and their results-driven instruction team, will lead to a successful implementation of this program.""The mutual localise of the Ford/e-STEEL alliance is that value is jo b 1, " said e-STEEL Founder, Chairman, and CEO Michael S. Levin. "Our ValueTrack process and speed-to-solutions approach will accelerate Ford and its suppliers ability to realize straight operational savings from this program. We are thrilled that Ford Motor Company, which is cardinal of the most innovative global companies, selected e-STEEL for this important initiative."TOPThe automaker expects the members of its steel supply chain to realize cost benefits from efficiencies gained by participating in this program. Ford anticipates the volumes of steel transacted through the program to grow significantly during the next 12 months.At present, the Ford/e-STEEL alliance is limited in scope to this program for Fords purchases, and the millions of tons of steel products a year.In addition to this alliance, e-STEEL of late announced that it also secured strong strategic alliances with three of Fords major steel suppliers, and recent Ford World Excellence Award winners, U.