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Economics and Finances
ArticleName Monitoring the development sustainability of metallurgical companies
DOI 10.17580/chm.2022.11.09
ArticleAuthor V. G. Kogdenko, N. A. Kazakova

National Research Nuclear University MEPhI, Moscow, Russia:

V. G. Kogdenko, Dr. Econ., Associate Prof., Head of the Dept. of Financial Management


Plekhanov Russian University of Economics, Moscow, Russia:
N. A. Kazakova, Dr. Econ., Prof., Basic Dept. of Financial and Economic Security, e-mail:


The international situation and the sanctions policy have a negative impact on the stability of steel companies: critical risks are growing, primarily due to the closure of export routes that are strategically important for a number of companies (including because of sanctions on controlling beneficiaries) and the cessation of supplies of imported equipment, technologies and raw materials. Despite this, environmental safety should remain one of the key principles of the industry`s socio-economic development, which is proved by the public policy of most companies that declare their commitment to ESG principles. This paper presents a methodology for monitoring the stability of metallurgical companies, which allows to predict the situation in a timely manner, to prevent man-made accidents and environmental disasters, in order to justify for owners, management and investors the existence of an environmental safety risk and its criticality. Analysis of current industry trends and approbation of the methodology were carried out at four largest companies: Severstal, NLMK, MMK, EVRAZ. The scientific novelty ofthe methodology compared to studies focused on spatial economics lies in the application of the decoupling effect for metallurgical companies, i.e. at the micro level, as well as in the development of analytical tools that provide comprehensive diagnostics and assessment of environmental and economic parameters of companies' activities using integrated decoupling indices and the index of factors influencing it, which makes it possible to use it to justify managerial decisions on investments in environmental projects. In addition, the proposed tool, based on a risk factor approach to predict development sustainability of metallurgical companies, can be used as one of the areas for monitoring, diagnosing and controlling the activities of companies as part of the implementation of the developed Strategy for the development of the metallurgical industry for the period up to 2030.

keywords Monitoring, sustainability, environmental safety, metallurgy, risks, ESG-principles

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