In a feat of ingenuity, Magnitogorsk Iron and Steel Works achieved savings of RUB 264.2 million through its implementation of efficiency proposals in the first half of 2023. This remarkable accomplishment marked an 84% increase compared to the previous year's figures and came close to matching the total savings from efficiency proposals for the entire 2022, which amounted to RUB 276 million.MMK adopts a systematic approach to foster innovation and efficiency, hosting annual conferences to encourage research and development among employees, where young engineers showcase their projects and innovations. Quarterly competitions within the business divisions are centered around finding optimal solutions to challenging issues. Moreover, MMK conducts yearly competitions to identify the most promising young innovators, inventors, and efficiency proponents. The "Fresh Ideas" campaign, timed with Inventor and Innovator Day, further promotes innovative thinking, leading to an impressive 549 submitted ideas this year.In the first half of 2023, MMK's expert commissions meticulously reviewed 3,966 ideas, a significant increase from the same period in 2022. Out of these, 3,083 ideas were approved for implementation, representing a commendable 77.7% of all submissions, a rise from the previous year's 76.9%. Subsequently, 2,284 efficiency proposals were successfully put into action, resulting in a financial gain of RUB 264.2 million since the year's commencement, a notable jump from RUB 143.9 million in the same period of 2022.MMK's rolling mill, chief power engineer, and chief metallurgist-led divisions stand out as leaders in the number of ideas submitted and approved for implementation. The blast furnace shop and the coke and by-product plant divisions, on the other hand, demonstrate exemplary cost-saving achievements.The workforce at MMK is increasingly engaged in the Company's pursuit of efficiency. In the first half of 2023, a noteworthy 9.7% of MMK employees actively participated in efficiency efforts, up from 8.1% in the same period of 2022. The plant's innovation and efficiency initiatives have involved 1,665 employees since the beginning of 2023, a rise from 1,380 in the same period of the previous year.
In a feat of ingenuity, Magnitogorsk Iron and Steel Works achieved savings of RUB 264.2 million through its implementation of efficiency proposals in the first half of 2023. This remarkable accomplishment marked an 84% increase compared to the previous year's figures and came close to matching the total savings from efficiency proposals for the entire 2022, which amounted to RUB 276 million.MMK adopts a systematic approach to foster innovation and efficiency, hosting annual conferences to encourage research and development among employees, where young engineers showcase their projects and innovations. Quarterly competitions within the business divisions are centered around finding optimal solutions to challenging issues. Moreover, MMK conducts yearly competitions to identify the most promising young innovators, inventors, and efficiency proponents. The "Fresh Ideas" campaign, timed with Inventor and Innovator Day, further promotes innovative thinking, leading to an impressive 549 submitted ideas this year.In the first half of 2023, MMK's expert commissions meticulously reviewed 3,966 ideas, a significant increase from the same period in 2022. Out of these, 3,083 ideas were approved for implementation, representing a commendable 77.7% of all submissions, a rise from the previous year's 76.9%. Subsequently, 2,284 efficiency proposals were successfully put into action, resulting in a financial gain of RUB 264.2 million since the year's commencement, a notable jump from RUB 143.9 million in the same period of 2022.MMK's rolling mill, chief power engineer, and chief metallurgist-led divisions stand out as leaders in the number of ideas submitted and approved for implementation. The blast furnace shop and the coke and by-product plant divisions, on the other hand, demonstrate exemplary cost-saving achievements.The workforce at MMK is increasingly engaged in the Company's pursuit of efficiency. In the first half of 2023, a noteworthy 9.7% of MMK employees actively participated in efficiency efforts, up from 8.1% in the same period of 2022. The plant's innovation and efficiency initiatives have involved 1,665 employees since the beginning of 2023, a rise from 1,380 in the same period of the previous year.
