MSTC became a subsidiary of SAIL in 1974. In 1982, it got delinked from SAIL and became an independent company under Ministry of Steel. It was a canalizing agency for import of ferrous scrap till 1992. Activities As on date,MSTC has two major portfolios of business. One is Known as the Marketing Division which looks after the procurement of industrial raw materials in bulk for its Principals.The sourcing is done either from foreign manufacturers / traders or from domestic producers. The items that are procured include HMS, HR Coil, Billets, Wire Rods, LAM Coke, Coking coal, Naphtha etc which are mainly consumed by the steel industry in the country. The second portfolio provides a virtual marketplace for domestic sellers and buyers to do business in metal scrap (ferrous/non-ferrous), surplus stores, machineries, obsolete spares, vehicles, Plants etc. The methodology adopted includes open tender, public auction and e-auction. Of late, MSTC has emerged as a major player in the country for promoting e-commerce. Its eauction portals namely,www.mstcecommerce.com/auctionhome/ and www.mstcecommerce.com have become popular tools for transacting business over the internet in a transparent manner. MSTC has developed a eprocurement portal and is ready with its eprocurement services.