B2B Platforms have emerged across different industries around the globe as the Covid crisis has accelerated further digitalization of the transactions. Authorities and antitrust regulators are monitoring that competition laws are also being enforced in the digital space.
Vanilla Steel is fully aware of the compliance requirements and is designed to promote pro-competitive benefits for its users.
It is in the core DNA of Vanilla Steel to be fully independent of any market participant as the company is still owned, managed and operated by its 4 co-founders. Vanilla Steel neither sells nor buys steel, doesn’t hold any inventory and is not controlled by any company that does.
By design, Vanilla Steel is a closed platform where any steel professionals are screened and validated before being granted access to the platform. This allows the platform to put in place processes to prevent illicit exchange of sensitive information between producers. Chinese Walls have been built digitally so that producers can only view their own offers. On the demand side, the market is fragmented and the large number of users makes it almost impossible to have coordination between market participants during an online auction with a competitive bidding process.
Vanilla Steel’s goal is to simplify and make the trading of excess steel (i.e. declassified, overproduced material or material remaining in stock) more efficient. It is a digital platform that connects sellers to buyers in order to facilitate the efficient allocation of excess material. It creates a market-friendly environment as it reduces transaction costs and increases overall output and efficiencies for all parties.
In conclusion, the neutrality and independence of Vanilla Steel guarantees pro-competition benefits for its users as the platform's ultimate goal is to facilitate matchmaking. Vanilla Steel complies with EU and German competition law by design, by choice and by belief.