MMK Comes 26th in Labor Productivity Rating

7 November 2019 (09:18)

UrBC, Magnitogorsk, November 7, 2019. Magnitogorsk Iron & Steel Works (MMK) came 26th in the Russian industrial enterprises’ productivity rating, MMK’s Information & PR Department reports.

The company’s labor productivity was estimated at RUB 25.62m per employee in 2018.

‘This is one of the best performance indicators in the Russian metallurgical sector and the best one among the country’s largest integrated metallurgical works. In 2017, labor productivity at MMK was estimated at RUB 21.75m per employee,’ MMK says.

According to MMK representatives, the continuous increase in labor productivity stems from the company’s carefully designed strategy that focuses not on extensive growth but rather on becoming more competitive, more efficient, and more skilled in making high-profit-margin, niche products that the market needs. Besides, it helps that MMK invests in personnel development and launches up-to-date, highly efficient digital solutions for production management as part of its Industry 4.0 Strategic Initiative.

The labor productivity award is the annual event that took off in 2015. The rating considers data from over 5,000 Russian industrial enterprises (consolidated revenue: over 51% of Russia’s GDP; total employee count: more than 5.5m people). The research gets carried out with support from IPL Consulting and the Federal Center for Labor Productivity Skills and presents unique benchmark information on the country’s key enterprises (both plants and factories and major state-run corporations, holdings, and groups), industrial sectors, and national industry on the whole.

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