Todd Leebow has announced the launch of Felux, a digital marketplace and community designed to connect buyers and sellers of steel.
Today, the steel industry is a multi-billion dollar sector largely transacted by paper, over the phone and through email. With Felux, users can post and view material for sale, as well as create an RFQ in a matter of seconds, receive quotes from across the country, compare them on price and quality, then negotiate a deal with just a few clicks.
As president and CEO of Majestic Steel USA, one of the largest steel service centers in the United States, Leebow has invested more than $35 million in digital tools to transform the company, including web and mobile applications designed to streamline business processes and provide unique customer experiences.
Felux was incubated at Majestic Steel over the past 10 years and spun-off in November 2018. Felux operates independently from MSUSA, serving as an industry platform for the metals industry. The initial product offering will service the flat-rolled steel and aluminum sectors.
“Billions of dollars in steel transactions still take place through traditional means. In 2019, that is unacceptable and underscores the need for industrial innovation.” Leebow said. “The launch of Felux brings steel into the digital age, creating efficiency, transparency and accuracy in the market. As a result of Felux, the steel industry will be stronger and more sustainable.”
The company is led by managing partners John Camenisch and Chris Day, former innovation and analytics executives at MSUSA.
“Felux is a platform built by steel professionals, for steel professionals. We’ve seen the inefficiencies in the market firsthand. Before today there wasn’t an industry platform for buyers and sellers to interact, differentiate themselves, and easily analyze basic data about their transactions. Felux changes that through a more efficient supply chain, transparent marketplace and accurate way of transacting,” Camenisch and Day said in a statement.
Felux promotes access to steel buying by creating transparency, efficiency and accuracy in the market. Felux provides steel buyers and sellers with tools to search and purchase material for sale, post RFQs, receive bids, and award business easier than ever. As a digital community, Felux allows users to share perspectives, communicate in real time with partners, search the community and make new connections. Felux also enables users to manage their business with a space to view pending and committed orders, manage contracts, and see activity history with business intelligence tools.