Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Strategies & Market Trends : MDA - Market Direction Analysis -- Ignore unavailable to you. Want to Upgrade?

To: Paxb2u who wrote (34833)	12/6/1999 9:28:00 PM
From: Paxb2u	Respond to of 99985

FED warns of possible rate increase this month. biz.yahoo.com Peter :o)

To: Paxb2u who wrote (34833)	12/6/1999 10:59:00 PM
From: Les H	Read Replies (2) \| Respond to of 99985

eRust E-Steel gets venture backing from Goldman, others SAN FRANCISCO, Dec 6 (Reuters) - E-Steel Corp. said Monday a group of investors that includes Goldman Sachs Group (NYSE:GS - news) have committed $66 million in new funding for the online steel market, valuing the company at some $330 million. The new investors will acquire a 20 percent ownership of the company ahead of an initial public offering widely expected next year. Also participating in the funding round are Paul Allen's Vulcan Ventures Inc., MSD Capital, GE Capital, Generation Paratners, Amerindo Investment Advisors, Mitsui & Company U.S.A., DuPont, and Mitsubishi International and MC Capital, subsidiaries of Mitsubishi Corp. The company's three initial investors, Bessemer Venture Partners, Greylock, and Kleiner Perkins Caulfield & Byers, have also committed more funding. The company has been building itself up as the online global marketplace for the $700 billion steel industry. It said that more than 600 companies have started to using the service aimed at connecting all segments of the global steel value chain so they can transact business. This will include mills, service centers, distributors, fabricators, converters, international trading companies and manufacturers who use steel in producing other products. E-Steel Founder, Chairman and CEO Michael S. Levin said: ``This infusion by such a powerful strategic investor group will enable E-Steel to further define the standards and future of e-commerce for one of the world's largest industries.'