Toronto, Canada, November 18, 2020 – GlobalTrade Corporation (GTC) has announced today that ArcelorMittal has selected @GlobalTrade Multi-bank Trade Finance Platform for digitization of its Import & Export Letters of Credits.
ArcelorMittal will use @Globaltrade platform to digitize and streamline handling of documentary credits and to improve trade finance related working capital. Standardizing and automating processing of LCs will speed up the review process, facilitate compliant document preparation, expedite the receipt of payment and improve visibility over the documentary credit portfolio. The electronic connectivity to Advising and Issuing banks will further improve LC turnaround times and accuracy of the document presentations.
‘Our goal was to implement technology that would ensure full control and monitoring over trade finance payments. Digitizing LC operations will improve our efficiency and agility in this increasingly competitive market, and support our position as the world’s leading steel and mining company.’, said Laurent Steiner, the Head of Credit Management & Trade Finance at ArcelorMittal Europe.
Cyril Verbrugghe, EU Head of Sales and Client Relationship at GlobalTrade Corporation, added, ‘ArcelorMittal team is very experienced on both technology and business aspects. We are very proud to cover their requirements with our Standard Export Documentary System. The Standard System offers efficient and quick deployment allowing ArcelorMittal to achieve a quick return on investment.’
About ArcelorMittal
ArcelorMittal is the world’s leading steel and mining company, with a presence in 60 countries and primary steelmaking facilities in 18 countries. In 2019, ArcelorMittal had revenues of $70.6 billion and crude steel production of 89.8 million metric tonnes, while iron ore production reached 57.1 million metric tonnes. Our goal is to help build a better world with smarter steels. Steels made using innovative processes which use less energy, emit significantly less carbon and reduce costs. Steels that are cleaner, stronger and reusable. Steels for electric vehicles and renewable energy infrastructure that will support societies as they transform through this century. With steel at our core, our inventive people and an entrepreneurial culture at heart, we will support the world in making that change. This is what we believe it takes to be the steel company of the future. ArcelorMittal is listed on the stock exchanges of New York (MT), Amsterdam (MT), Paris (MT), Luxembourg (MT) and on the Spanish stock exchanges of Barcelona, Bilbao, Madrid and Valencia (MTS). For more information about ArcelorMittal please visit: http://corporate.arcelormittal.com/About GTC
GlobalTrade Corporation (GTC) is a software developer and application service provider whose product solutions improve the world of trade finance and trade services. The @GlobalTrade systems help buyers, sellers, traders, and financial institutions communicate faster and more efficiently while reducing risk and improving monitoring and control. Our customers include both business enterprises that need consolidated access to multiple banks as well as financial institutions that require supply chain finance solutions to meet their clients’ needs. @GlobalTrade™ is a registered trademark of GlobalTrade Corporation.
For more information please visit www.globaltradecorp.com