Russian mining company Mechel (MTL-N) plans to develop and implement an electronic trading system to automate purchasing of supplies and services for its subsidiaries.
The system, in the process of development by Mechel and its partner eTradeCommunity, will be accessible through the company’s website, and will automate transactions such as exchanging purchase orders and controlling goods, works and services.
“Using such an electronic trade site will enable Mechel to significantlyreduce Mechel’s subsidiaries’ costs of trading and purchasing operations, thus increasing the efficiency of the group’s business,” said Mukhamed Tsikanov, senior vicepresident of economics and management at Mechel and the project’s supervisor.
The system will use price as the main selection criteria in procurement of goods and services, and electronic digital signature technology will be used to validate electronic documents.
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