Savings from MMK's innovation and efficiency efforts double to over RUB 500 million
Innovations introduced at Magnitogorsk Iron and Steel Works (MMK) in 2023 resulted in savings of RUB 513.4 million, nearly double the amount saved during the previous year. Savings have increased as a result of staff members submitting more ideas to innovate processes than ever before: where employees submitted 6,927 ideas in 2022, the number of submissions rose by 19% in 2023, to 8,222. Three quarters of these proposals were accepted for implementation by expert commissions.
The Company paid out more than RUB 30 million in bonuses to the staff members whose proposals were accepted for implementation.
MMK Group takes a systematic approach to its innovation and efficiency efforts, having created an atmosphere aimed at unlocking employees’ creative potential.
The Company’s business divisions hold quarterly competitions aimed at finding the best solutions to problematic issues, with the winners and runners-up receiving financial rewards. In addition, MMK holds annual competitions to identify the Company’s top young innovators and inventors as well as the best efficiency proposals. Fresh Ideas, an annual campaign timed to coincide with Inventor and Innovator Day, also promotes innovative thinking among staff. To mark World Quality Day, a competition was held in November 2023 aimed at improving the quality and efficiency of MMK’s business processes.
Inventions developed by MMK specialists have won numerous awards at major international exhibitions and forums. For example, the Company received two gold medals and two silvers in March 2023 at the 26th Archimedes Moscow International Salon of Inventions and Innovation Technologies. In December, inventions created by MMK employees captured three gold medals at the 10th International Invention and Design Competition (IIDC 2023) held in Hong Kong.