How Steelforce streamlined EU CBAM reporting with CarbonChain
Facing the urgency of the first ever EU CBAM reporting deadline, Steelforce needed a solution to streamline their import data and automate their CBAM reporting processes. Using CarbonChain’s trusted platform, Steelforce’s group entities submitted their first declarations on time, and with a future-ready process in place.
CarbonChain's efficient solution to CBAM reporting not only met our declaration needs but also helped educate our team, removed manual workload and prepared us for future reporting periods.
Oxana Dyupina, Compliance Officer, Steelforce Group
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The customer
Steelforce Group
Steelforce Group is a major player in the international trade of steel products, currently exporting to 100 countries in different continents: Africa, Central- and South-America, Asia, Middle East and Europe. Steelforce Group exports over 2 million tons of steel products per year and reaches a turnover of nearly 2 billion Euro.
The Challenge
Eliminating CBAM friction for steel trades
With the introduction of the EU Carbon Border Adjustment Mechanism (CBAM) in October 2023, Steelforce had to swiftly adapt to a new complex regulation. Importing thousands of tonnes of steel products through the EU each year, Steelforce was already tracking the carbon footprint of many of its product lines using the CarbonChain platform. Yet, like the rest of the industry, the company had never before been subject to customs-level carbon reporting requirements.
The challenge was two-fold:
- Submitting its first ever CBAM declarations by the 31st of January 2024, which meant understanding and following the European Commission’s new rules in a tight timeframe;
- Ensuring international suppliers were (a) aware of CBAM requirements and (b) monitoring their emissions in an EU-approved way, ready to provide Steelforce with primary data when it becomes mandatory for CBAM reporting (by the 31st of October 2024)
With the risks of fines for non-compliance and with critical supplier relationships at stake, Steelforce sought a trusted partner to streamline the process and ensure accurate and timely reporting. So they turned to CarbonChain for our digital solution and steel carbon accounting expertise.
When it comes to CBAM, Steelforce Group is looking beyond compliance. We didn’t just need a solution to get the first report done, but to strategically prepare to make the EU CBAM work for our business longer term.
Oxana Dyupina, Compliance Officer, Steelforce Group
Why CarbonChain
01
On-time declarations for the first CBAM reporting deadline
Steelforce was ready well in advance of the January deadline, ensuring group-wide submissions that were both timely and aligned to EU CBAM requirements.
02
Validation and support on data feeding into CBAM declarations
CarbonChain was able to provide additional validation and review over the data feeding into Steelforce entities’ CBAM declarations in advance of the 31st of January deadline.
03
Digital solution for quarterly reporting
Steelforce is empowered through CarbonChain’s platform for ongoing CBAM reporting, with a heavily-automated process for the initial quarterly (then annual) reports, and a clear timeline of the changing CBAM requirements.
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