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Internet Capital Group Takes $180 Million Stake in MetalSite

Working to forge a steel grip in the business-to-business e-commerce sector, Internet Capital Group Wednesday took a stake worth about $180 million in stock and cash in MetalSite L.P. from Weirton Steel Corp.

MetalSite is a premier Net resource center for the metals industry. The company began operations in 1998 to sell steel through its e-commerce Web site. Weirton Steel, which developed the MetalSite concept, will continue to own a significant share of the company. Weirton Steel is also one of nearly 40 suppliers on MetalSite's Web site.

Internet Capital acquires and builds both market makers, which bring buyers and sellers together by creating Internet-based markets for the exchange of goods, services and information, and infrastructure services providers, which sell software and services to businesses engaged in e-commerce.

MetalSite said it wishes to gain operational support and strategic expertise from Internet Capital (ICGE).

"We've identified the metals industry as one of the largest market opportunities among the top 50 global markets, and MetalSite will be our cornerstone in the rapidly growing metals industry," said Walter Buckley, president and chief executive officer of Internet Capital Group.