Leading Specialty Materials Maker Using FreeMarkets(R) Online Auction
Marketplace to Conduct Purchasing
PITTSBURGH, Feb. 23 /PRNewswire/ -- FreeMarkets, Inc. (Nasdaq: FMKT), the
world's leading online auction marketplace, and Allegheny Technologies
Incorporated (NYSE: ATI), one of the world's leading producers of specialty
materials, today announced an agreement through which FreeMarkets is providing
Allegheny Technologies with access to its online auction marketplace.
Allegheny Technologies is the first major specialty materials manufacturer
to use FreeMarkets' online auction technology, market making services,
knowledge of more than 70 different supply verticals and global database of
suppliers to conduct purchasing.
"Innovation and speed are more important in business today than ever
before," said David G. Vietmeier, vice president procurement for Allegheny
Technologies. "Electronic commerce solutions help us act with speed and
flexibility to reduce our costs in the competitive global marketplace."
FreeMarkets began serving Allegheny Technologies in 1999. Since then,
Allegheny Technologies has bid out contracts for materials such as
ferrosilicon, low carbon ferrochrome, hydrated lime, abrasive steel shot and
electric arc furnace gunning/patching material.
"We are pleased to be serving Allegheny Technologies through our online
auction marketplace," said Glen T. Meakem, Chairman and CEO of FreeMarkets.
"Allegheny Technologies is an innovator in their field, and we are pleased
that they have chosen our unique combination of online auction technology and
industrial market making services to purchase goods and services that are
important to their business."
About FreeMarkets
FreeMarkets is the world's leading online auction marketplace for
industrial parts, raw materials, commodities and services. The Company
created online auctions for over $2.7 billion worth of purchase orders in 1999
and nearly $1.0 billion worth of purchase orders in 1998. Since 1995,
FreeMarkets has created online auctions for products in more than 70 supply
verticals, including injection molded plastic parts, commercial machinings,
metal fabrications, chemicals, printed circuit boards, corrugated packaging
and coal. More than 3,000 suppliers from over 45 countries have participated
in FreeMarkets auctions. FreeMarkets provides access to its online auction
marketplace to industrial buyers and suppliers. The FreeMarkets marketplace
includes proprietary online auction technology, technical operations,
industrial market making services, access to a global database of suppliers
and supplier research, call center support to buyers and suppliers in over
30 languages, and marketplace rules. The Company's current clients include
United Technologies Corporation, The Quaker Oats Company, Eaton Corporation,
Emerson Electric Company, FirstEnergy Corp., SmithKline Beecham plc, Navistar
International and Delphi Automotive Systems Corporation. FreeMarkets can be
found on the Web at http://www.freemarkets.com. FreeMarkets is a registered
trademark of FreeMarkets, Inc.
About Allegheny Technologies
Allegheny Technologies Incorporated (NYSE: ATI) is one of the largest and
most diversified producers of specialty materials in the world. Its talented
people use innovative technologies to offer growing global markets a wide
range of specialty materials including stainless steel, nickel-based and
cobalt-based alloys and superalloys, titanium and titanium alloys, specialty
steel alloys, zirconium and related alloys, and tungsten-based specialty
materials. Its goal is to be the low cost, high quality supplier to global
markets. Allegheny Technologies website can be found at
http://www.alleghenytechnologies.com.
Forward-looking statements
Statements in this press release that are not historical facts, including
those statements that refer to FreeMarkets' plans, prospects, expectations,
strategies, intentions, hopes and beliefs, are forward-looking statements.
These forward-looking statements are based on information available to
FreeMarkets today, and FreeMarkets assumes no obligation to update these
statements as circumstances change. There are risks and uncertainties that
could cause actual results to differ materially from the forward-looking
statements, including, without limitation, market acceptance of our online
auction marketplace, the competitive nature of the market for business-to-
business online auction services, FreeMarkets' ability to retain and increase
revenue from existing clients and to execute agreements with new clients, and
FreeMarkets' ability to attract and retain qualified personnel. These and
other risk factors are described in detail in FreeMarkets' prospectus dated
December 9, 1999, which is included as part of its Registration Statement on
Form S-1, filed with the Securities and Exchange Commission.
For further information, contact Karen Kovatch of FreeMarkets,
412-297-8767, or kkovatch@freemarkets.com, or Dan Greenfield of Allegheny
Technologies, 412-394-3004, or dgreenfield@alleghenytechnologies.com.
SOURCE FreeMarkets, Inc.
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Related links:
http://www.freemarkets.com
CONTACT:
Karen Kovatch of FreeMarkets, 412-297-8767,
or kkovatch@freemarkets.com, or Dan Greenfield of Allegheny
Technologies, 412-394-3004, or
dgreenfield@alleghenytechnologies.com
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