In 2001, Severstal applied 98 inventions, which generated cost savings amounting to 64 million rubles. Over 1,178 innovations were introduced at production sites. Over five months of 2002, savings from applications of 450 innovations totaled over 34 million rubles. Additionally, 881 innovations are still under consideration.
Innovations, which deal with new technologies of production and modernized equipment are applied along the entire production cycle. The most efficient inventions, which deal with new grades of steel, new components and gears of steel smelting and rolling equipment, ways of increasing the service life of equipment were presented by Severstal at the intellectual property exhibits in Brussels (2001), Moscow and Geneva (2002).
To protect intellectual property rights and eliminate violations of outside patent holders 65 Severstal employees from various business units, who deal with innovations and inventions, were enrolled in the course Protection of Intellectual Property. The course was prepared by Severstal jointly with the Russian Institute of Intellectual Property (Moscow). All Severstal employees who attended the course received special diplomas.
In the course of training, Severstal employees acquired skills in new ways of estimating the economic effect of innovations and inventions, and processing paperwork, which serves to protect intellectual property.
According to Alexander Stepanov, Severstal's technical director, "In the market economy smart invention and innovation policy and protecting company's know-how will lead to increasing competitive edge of company's products. Severstal is making steps to protect its intellectual property rights not only in Russia but abroad. This will allow us to gain additional profits and stay on par with leading international companies in licensing of technologies, and selling patents and know-how."