Development strategy of Russian metallurgical companies in the new world economic order

Abstract

Subject. The article investigates features of modern strategic development of iron and steel plants in the Russian Federation Objectives. The purpose is to determine the main directions of development strategy of the metallurgical complex in the production of ferrous and non-ferrous metals in Russia to identify further prospects for industry enterprises. Methods. The study employs methods of scientific cognition, like comparative analysis, synthesis, induction, and deduction. These methods helped to build dynamic and structural models. Results. We performed the analysis of technological innovation effectiveness in the production process of metallurgical enterprises, identified the main problems of the industry resulting from the crisis situation in the country and the world, and considered issues related to interaction of innovation activity and the use of R&D in the development of the industry. The study unveiled the specifics of the Russian metallurgical industry in the field of export, allocation of funds for the introduction of innovation. Conclusions. The development strategy of Russian metallurgical industry for the period up to 2030 set benchmarks for the growth of ferrous and non-ferrous metallurgy, however, Russian enterprises need investments in R&D, which, in the future, will entail an increase in the profitability of their products and a more stable position among international competitors in the market.