Tata Steel on the money with Royal Mint award
Tata Steel’s ability to meet the changing needs of its customers has won it an award from The Royal Mint.
The award for working in partnership saw Tata Steel triumph in a hard-fought contest against 36 other entries.
All 1p, 2p, 5p and 10p coins in circulation in the UK are made using Tata Steel products. Its close working partnership with The Royal Mint has ensured the mint is meeting its global targets and market demands as the leading coin supplier in the world.
The steel created for The Royal Mint is made to exact specifications in Port Talbot before further processing at Steelpark in Wednesfield.. The weight and diameter of each blank coin and all the necessary features for it to be successfully used as currency are carefully managed throughout the process.
Tata Steel has developed an in-depth understanding of the unique needs of The Royal Mint with a focus on shorter lead times, enabling The Royal Mint to respond quickly and effectively to the flexible nature of its market and ever-changing demands for its coins.
Martin McDade, financial director at Royal Mint, said: “This is a really tough category as each year the bar is raised to exceed our customers’ expectations and ensure The Royal Mint maintains its position as a world leading mint. To achieve this award Tata Steel had to maintain a high standard over a whole year, working collaboratively with The Royal Mint to ensure continuity of supply during periods of fluctuating demand.”
Mark Davies, account manager at Tata Steel, said: “Our award entry consisted of three main elements – unrivalled service from Steelpark, project support both commercially and technically, and supply chain improvement, all of which will contributed to Tata Steel securing the award. However, it was the work we have undertaken on forecasting and the supply chain that The Royal Mint particularly singled out.
“The Royal Mint has an incredibly dynamic order book that provides constantly changing and evolving forecasts, but by working more closely with its planning and purchasing teams we have been able to capture changes as they arise. Since implementation some 12 months ago we have maintained 100 per cent supply continuity.”