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eflatbed.com and FerrousExchange Join Forces to Offer Online Logistics and Transportation Services to the North American Steel Industry

Pittsburgh, PA, July 11, 2000 - eflatbed.com today announced a partnership with FerrousExchange Inc, a highly efficient Internet-based global Marketplace for the iron and steel industries, to provide transportation and logistics services to industry professionals transacting business on the FerrousExchange Marketplace, due to launch Summer, 2000.

eflatbed.com, which provides comprehensive, online logistics management services to the flatbed trucking industry, improves the overall efficiency of the transportation system by linking flatbed freight shipments with its carrier base of more than 1,600 qualified carriers. eflatbed.com has a strong background in providing logistics services from its roots at Pittsburgh Logistics Systems, Inc., a third-party logistics provider that manages the transportation of more than 20 million tons of metal and other related products per year.

"This partnership with eflatbed.com reflects FerrousExchange's commitment to deliver a broad array of highly relevant fulfillment services to our market participants," said Ferit Ferhangil, Chairman and CEO of FerrousExchange. "We are very impressed with eflatbed.com's management team and their experience with and understanding of trade fulfillment services in the steel industry. eflatbed.com's expertise in serving the metals industry will be extremely valuable to FerrousExchange members which include mills, processors, service centers, trading companies and OEMs. Joining forces with eflatbed.com is yet another step toward achieving FerrousExchange's vision of providing a valuable, fully-integrated eCommerce solution to the steel industry."

"The complementary nature of the services each party is delivering to the North American steel industry is quite remarkable," said Joe Morgan, President of eflatbed.com. "Together, the two companies offer the industry a method for seamlessly transacting business over the Internet, which includes the buying and selling of iron and steel products through the FerrousExchange Marketplace, coupled with eflatbed.com's consistent and reliable logistics services. The integration of eflatbed.com's logistics services into the FerrousExchange Marketplace will save our mutual customers' time and money when conducting transactions. This is the beginning of a definite trend in the industry."

Morgan added, "We chose to partner with FerrousExchange because of its compelling business model and its strong commitment to offer a full range of eCommerce fulfillment services to its market participants."

FerrousExchange and eflatbed.com have agreed to explore additional co-marketing opportunities in order to capitalize on the synergies created by this partnership.

About eflatbed.com
Headquartered in Pittsburgh, PA, eflatbed.com (www.eflatbed.com) is the only Internet transportation marketplace dedicated to providing complete logistics services to flatbed motor carriers and shippers. The eflatbed.com exchange, which electronically links available freight opportunities with potential carriers, improves the efficiency of the flatbed transportation system by integrating the entire shipment transaction process online-from load planning to payment.

About FerrousExchange Inc.
FerrousExchange Inc (www.FerrousExchange.com) is implementing a highly efficient e-commerce solution to facilitate the buying and selling of iron and steel products over the Internet. The FerrousExchange Marketplace will commence operations in Summer, 2000. FerrousExchange, which has several prominent individual, institutional and industry investors, including Ispat International and Gibraltar Steel, currently has operations in New York, Pittsburgh and Singapore.

Elicia Troese, eflatbed.com, 412-928-2639, or etroese@quadrivius.com
Donald Chapman at FerrousExchange Inc, 212-233-8880, or dc@ferrousexchange.com.

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