Mitsubishi Heavy Industries (MHI) and Siemens have established a new joint-venture company named Primetals Technologies, Limited for the metals industry. With this joint venture both partners are forming a globally-operating complete provider of plants, products and services for the iron, steel and nonferrous industries. Mitsubishi-Hitachi Metals Machinery (MHMM) - an MHI consolidated group company with equity participation by Hitachi, Ltd. and IHI Corporation - holds a 51% stake and Siemens a 49% stake in the joint venture. The joint venture focuses fully on the iron, steel and nonferrous business sectors. The two partners are uniting their respective technological legacies and industrial strengths in the joint venture. Both companies complement each other with regard to their product portfolios, production know-how and geographical distribution. While the technology strengths of the former Siemens VAI Metals Technologies lie in particular in iron and steel production, continuous casting, automation, environmental technologies and lifecycle services, MHIs technology competence is primarily focused on hot and cold rolling, processing as well as production expertise. With the combined portfolio, Primetals Technologies offers its customers solutions for the entire value chain in iron, steel, and nonferrous production that extends from technologies for the treatment of raw materials to processing and finishing at the end of the production process, including the related lifecycle services.