Mitsubishi, Siemens start ‘complete global’ metals jv

Japan’s Mitsubishi Heavy Industries (MHI) and Germany’s Siemens have started their global metallurgy joint venture.

Paragraph entered by Atlantic migration, in order for SteelFirst articles to display correctly on Metal Bulletin.

Named Primetals Technologies, the partnership will be “a globally operating complete provider for plants, products and services for the iron, steel and aluminium industry”, both companies said in a joint statement on Wednesday January 7.

MHI holds a 51% stake in the company through Mitsubishi-Hitachi Metals Machinery – a group company with equity participation by Hitachi and IHI Corporation – with Siemens controlling the remaining 49%.

The joint venture was announced in May last year as a move to cope with the challenging market environment and high price pressure.

“MHI and Siemens have been sharing extremely favorable ‘chemistry’ in their corporate cultures, and each of them has different areas of strength in terms of both products and geographic regions,” MHI president and ceo Shunichi Miyanaga said in the statement.

“Therefore we stand to benefit significantly from synergy merits,” he added.

Siemens president and ceo Joe Kaeser said Primetals Technologies’ customers will now “rely on a powerful global player offering world-leading technologies”.

Primetals Technologies has a combined workforce of 9,000 employees from both companies.

What to read next
Following a six-week consultation period, Fastmarkets can confirm it will amend the calculation method for all the average functions on the Fastmarkets platform from Wednesday March 1, 2023.
Consolidation, the recycling of electric vehicle batteries, US steel exports and the benefits of sustainable steelmaking were key talking points at Fastmarkets’ Scrap & Steel 2023 conference in Dallas in January
Green shoots of increased demand will emerge in US ferrous markets courtesy of the Biden administration’s trillion-dollar infrastructure package in 2023, Schnitzer’s executive vice president and chief strategy officer Richard Peach said at Fastmarkets’ Steel and Scrap Conference 2023 in Dallas, Texas
US special bar quality steel prices rose in January in line with rising scrap and alloy costs, according to market participants
European metal industry association Eurometaux has called on the European Commission to follow the lead shown by the Inflation Reduction Act and deliver a “powerful” policy to support the industry in the EU while it tries to keep up with the move to a new generation of energy markets
The fallout from Russia’s invasion of Ukraine is changing global trade flows for bauxite, with Brazilian material once again flowing into China and with the introduction of export restrictions elsewhere likely to influence availability through 2023
We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
Proceed