Bahrain Steel, a major producer and global supplier of high-grade iron ore pellets, collaborated with HSBC Bahrain to facilitate a transaction utilizing electronic Bill of Lading and ePresentation capabilities. This strategic move away from paper-based processes aims to reduce direct costs, spur growth, and enhance transaction security.
The import transaction of Bahrain Steel was successfully concluded using ICE CargoDocs’ electronic Bill of Lading and ePresentation capabilities, transforming a previously cumbersome process into a streamlined and efficient digital workflow, HSBC Bahrain said in a statement.
By digitizing the process, transactions that once took days or weeks to complete with paper documents can now be finalized in a matter of hours, significantly improving cost-efficiency and productivity, it added.
Bahrain, as the first country to enact the Model Law of Electronic Transferable Records (MLETR) developed by the United Nations Commission on International Trade Law, provides a supportive legislative framework for such digital transactions.
Dilip George, Group CEO at Bahrain Steel, emphasized the importance of this milestone transaction, highlighting the company’s commitment to embracing Industry 4.0 digital technologies. The adoption of electronic Bill of Lading and ePresentation capabilities is a key component of Bahrain Steel’s strategy to build a digital supply chain ecosystem, fostering agility and transparency to enhance operational efficiency.
Established in 1984, Bahrain Steel, a wholly owned subsidiary of Foulath Holding, is a leading producer and global supplier of high-grade iron ore pellets, with a production capacity of 13 mln tons per annum. It specializes in producing high-quality Direct Reduction (DR) pellets for steelmaking. 
