ASHLAND — The fledgling firm 360 Interchange has struck another deal that could produce major revenue in the years ahead.

The local company announced Wednesday it now represents Shanghai Baosteel Engineering and Construction Corp., a wholly owned subsidiary of Shanghai Baosteel Group Corp., in overseas trade.

China is the world's top producer of steel and Baosteel is the country's largest steel company and sixth overall in the world. It was ranked No. 296 in Fortune Magazine's Global Fortune 500 list. Baosteel had revenues of more than $21 billion in 2005.

"I saw a big company with a lot of opportunity in a large market," said 360 President and Chief Executive Officer Bill Patridge, who worked on the deal for about six months. "We're in the building industry market now, so it was a perfect fit for us with some of our customer base already being the same. They want to penetrate the American market and the market is huge. Their previous representative didn't work out and it opened the door for us."

With building materials among 360 Interchange's primary focuses, the move was a no-brainer in Patridge's estimation. Baosteel's construction and engineering arm specializes in real estate development materials such as steel, iron and concrete.

Advertisement

"We have connections in the high-rise building business and expect to do a lot of business with casinos and that arena," Patridge said. "They're also the largest supplier of cement in China, so it's a natural fit for us, too."

Patridge and other 360 representatives recently toured Shanghai Baosteel's main factory which covers 25 square miles.

The company already has a sales representative, hired away from a competing company, and has help-wanted ads for additional steel sales people in industry magazines.

"When you say steel, it's a huge market," Patridge says. "You are talking wire, rebar, beams and steel roughing. There are a million applications. We've got an opportunity to sell an American company coils of steel used for building cars."

On another front, Patridge says 360 Interchange is still waiting for authorization so it can begin selling its stock in New York. The company is hoping to raise $1 million through the offering, which began in Utah during January.

Reach reporter Greg Stiles at 776-4463 or at business@mailtribune.com