April 1, 2015. Magnitogorsk Iron & Steel Works (MMK) managed to decrease its expenses by $524m last year thanks to united efforts of all the production and administrative divisions.

The company reports this was made possible due to improved organization of labor during large-scale repairs and equipment upgrades ($75m), improved supply chains, more efficient composition of raw materials, and better coordination of technical jobs ($57m), reorganization of maintenance procedures and implementation of innovative materials ($114m). Cutting down on managerial expenses resulted in another $8m in savings.

This impressive savings figure stems from MMK Cost-Cutting Program that was developed by and implemented at the enterprise. Just like in the previous years, MMK kept working on the reduction of material, energy, and other resource spending throughout last year. Special attention was paid to bettering the company’s resource spending control and monitoring system.