The solute drag effect can have a considerable impact on the austenite to ferrite transformation. Most models describing the solute drag effect require knowledge of solute binding energies, which due to lack of accurate data typically are treated as fit parameters. In this study we use density functional theory (DFT) calculations to estimate the effective binding energies of the substitutional alloying elements in an ultra low carbon steel. For the first time these energies are used to calculate the solute drag effect considering site competition for the austenite to ferrite phase transformation. The depletion of elements in solid solution as a result from precipitation is computed and the solute drag contribution of each element is calculated. Comparison of the binding energies with the resulting solute drag effect to literature data shows reasonable agreement. The outlined approach points the way to future alloy development based on interface-controlled integrated computational materials engineering. Another field of application is given by the circular economy driven transition in the steel industry from the BF/BOF- to the EAF-based production route with increased utilization of scrap material introducing new tramp elements.