Leading Korean steelmaker, Hyundai Steel, recently went live with CargoDocs, completing its first ever shipment using electronic Bills of Lading (eB/Ls) for iron ore import.

The transaction involved global mining group and essDOCS customer, Rio Tinto, acting as Exporter for a cargo of HIY iron ore fines shipped from Port Walcott, Western Australia to the Port of Dangjin, South Korea.

All parties involved – namely Exporter, Importer, Drafting Agent and Carrier – used CargoDocs to handle the original electronic Bill of Lading and supporting documents, with key actions such as drafting, collaborative review, sign, issue, endorse and surrender carried out online via the essDOCS solution. 

By using a single, secure digital solution to handle the transaction, trade participants were able to slash document turnaround times to just minutes as opposed to days or weeks, significantly accelerating the trade by eliminating time spent drafting, reviewing, signing and delivering physical documents, in turn enabling timely discharge of the cargo against original eDocs.

Hyundai Steel’s go-live transaction marks yet another paperless trade milestone in the metals & minerals commodity segment, with the leading steelmaker already completing a second eDocs transaction shortly after going live on CargoDocs with Rio Tinto, involving another major essDOCS mining customer as Exporter.

Commenting on the recent go-live transaction, Sang Hyeok Roh, Team Leader, Hyundai Steel, said: “We are delighted to cooperate with essDOCS and leading iron ore suppliers in digitizing trade. We believe this cooperation will contribute to our efforts to improve efficiency across the supply chain.”

Hiroki Fujieda, General Manager of Rio Tinto’s Iron Ore business for Japan, Korea, Taiwan, said: “The successful conclusion of this transaction with Hyundai Steel continues to demonstrate Rio Tinto’s commitment to enhance our customers’ experience through digital solutions. We appreciate the efforts made by both teams throughout this transaction and look forward to more collaborative opportunities moving forward.”