General Steel's JV Signs Letter of Intent to Deploy RFID-based Logistics Management
General Steel Holdings, Inc. announced that its majority-owned joint venture, Tianjin General Shengyuan IoT Technology Co., Ltd. ("General Shengyuan IoT"), has signed a Letter of Intent ("LOI") with Tewoo Group Co., Ltd. ("Tewoo Group"), a Fortune Global 500 company, to deploy RFID-based intelligent steel logistics management at Tewoo Group's seven steel logistic centers in Wuxi City, Jiangsu Province.
Under the terms of the LOI, General Shengyuan IoT will upgrade Tewoo Group's logistic management system and integrate RFID technology, video monitoring, wire and wireless communications, and other information technologies for steel logistics management. It is anticipated that upon the completion of the initial phase for these seven logistic centers, the collaboration may expand to include all of Tewoo Group's more than 100 logistic centers throughout China. Tewoo Group's ultimate goal is to create a unified platform for steel logistics management that allows real-time visibility throughout its nation-wide centers, enabling efficient, accurate, and automated inventory tracking, intelligent stocking, and electronic signing and notification.