Primetals Technologies

From heavy giant to lean champion in six weeks

From heavy giant to lean champion in six weeks

Primetals Technologies, based in London, is a joint venture of Mitsubishi Heavy Industries and Siemens who joined forces in January 2015. They are a leading, innovative, and future-oriented partner specializing in steel engineering. Building & engineering steel plants for further production, the company has 32 entities in 20 countries.

The Challenge

When the joint venture was announced in 2014, the future Primetals Technologies was faced with the massive challenge of building a treasury from scratch and becoming completely stand-alone within only a few weeks. This included performing a great deal of FX trade in the first year of activity with a tight budget, performing evaluations, opening bank accounts and ensuring payment readiness. The treasury team had to start from zero, with no employees, no structures, no guidelines, no bank accounts, no treasury system and the looming deadline of December. It was essential for Primetals Technologies to keep their treasury organization and processes lean and manageable and focus on straight-through processing, all with a small treasury team at headquarters. At the same time it was essential to involve all local entities in the processes to ensure global transparency.


The Solution: Global cash visibility seemingly overnight

In the record time of six weeks Primetals Technologies introduced their treasury system together with BELLIN. The implementation included the setup of group-wide cash management considering hundreds of new external accounts aiming at creating internal accounts in a second step. This enabled Primetals Technologies to capture all their FX trading, including an interface to 360T. The group-wide financial status with detailed intercompany financing balances and FX trading positions became available with one click. Given that the use of cash pooling has optimized their internal resources, Primetals Technologies’ treasury can now complete their setup of an in-house bank and will soon process the majority of payments and receipts on behalf. They perform thousands of intercompany payments per year. This will help to reduce the number of bank accounts and generates substantial savings for the group.
With the new system, the treasury could be kept lean, with a five people core team operating the treasury of the complete company. Meanwhile, between 200 and 300 users worldwide can access the treasury platform, delivering all relevant data that is needed for an accurate cash status and forecast.

Key Facts
Steel engineering
Founded, Headquarters
2015, London | UK
9,000 worldwide
32 in 20 countries
Modules in use
With BELLIN since
December 2014
Visit Primetals Technologies

Let’s get in touch!

Interested in learning more about our solutions? That’s great.
Because we’d like to learn more about you. So give us a shout.

By submitting this form, you consent to us using your data to process your request. You can find more detailed information in our privacy policy.