The actual economic impact of the implementation of proposals at the Magnitogorsk Iron and Steel Works in 2017 amounted to RUB 599.3 million.
This is 2.5% higher than in 2016, when the economic impact of proposals was RUB 584.5 mln. The largest contribution to the savings achieved was RUB 356.3 mln, made by rolling production. According to the results of the past year, royalties and bonuses amounting to RUB 23.5 mln were paid to the authors for facilitating the implementation of proposals.
Overall in 2017, the expert commissions of MMK’s structural divisions reviewed 5,665 proposals. In 2017, the number of proposals approved for implementation by the workshop commissions increased significantly, to 63.9% from 57.4% in 2016. This indicates that authors have begun to work more diligently on the proposals they submit.
Among the most active in the streamlining of divisions are: the mining and processing industry, the blast-furnace shop, hot-plate production, sheet rolling shops No. 8 and No. 11, the scientific and technical centre, and the logistics department, as well as a number of main power departments: the water supply plant, oxygen plant and blast furnace plant.
PJSC MMK’s management considers invention and innovation one of the foundations for the HR development, as well as a way for the company to achieve competitive advantages and increase its efficiency with the aim of strengthening the leading position of PJSC MMK in the metallurgical industry.
Notes for editors:
MMK is one of the world's largest steel producers and a leading Russian metals company. The company's operations in Russia include a large steel-producing complex encompassing the entire production chain, from the preparation of iron ore to downstream processing of rolled steel. MMK turns out a broad range of steel products with a predominant share of high-value-added products. In 2017, the company produced 12.9 million tonnes of crude steel and 11.6 million tonnes of commercial steel products. MMK Group had revenue in 2017 of USD 7.5 billion and EBITDA of USD 2.03 billion.
Contacts:
Investor Relations Department:
Andrey Serov, Head of IR
tel.: +7 (3519) 24-52-97
e-mail: serov.ae@mmk.ru
Communications Department:
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