Ouyeel

Ouyeel, an online steel transaction platform established by Shanghai-based state-owned China Baowu Steel Group Corp., Ltd., has raised over RMB1 billion (US$140 million) in a new funding round from Chinese investors. The investment comes from Chinese steel majors including Benxi Steel Group Corp, Beijing Shougang Fund Investment Company, Global Log... istic Properties Ltd, CCB Trust Co Ltd, Jiangsu Shagang Group Company Ltd and Mitsui & Co Ltd. Founded in 2015, the platform provides services ranging from logistics, data services, financial services, and technical services, to guiding new orders of iron and steel. Ouyeel's operations are supported by Baosteel's services in logistics, finance, technology, big data and global trade, allowing it to handle the whole network. The investment received will be used to integrate the firm's storage, logistics and processing facilitates as well as to expand to overseas markets. e-commerce platforms focused on the steel sector have gained traction in China, which is the world's largest steel producer and consumer, accounting for around half of the world's total production.Read More