The year’s last Economic Board’s meeting, chaired by the company’s Vice President Vladimir Shmakov, was held at Magnitogorsk Iron & Steel Works. The main points on the meeting’s agenda had to do with evaluating the enterprise’s activity in 2007, the development of the corporate information system, and elaborating the business’s general economic action plan.

MMK was reported to produce more than 1 million tons of goods a month throughout 2007, thus exceeding the production output by almost 9% compared to 2006. The enterprise was expected to come up with 12.2 million tons of metal goods by the end of the year, which would become their best-ever result.

According to the company’s IT Director Dmitriy Kaplan, setting up an e-trading floor was one of the year’s greatest highlights.

Mr. Shmakov observed the enterprise managed to cut down on the prime cost of goods through wiser use of resources, materials, and spare parts. For one, going down on the use of electricity in steel production saved the company 1 billion RUR.

MMK’s Economic Board was set up in 2004 as a tool meant for effective management of the company’s resources and the resources of its daughter enterprises. The Board is also responsible for coordinating the economic performance and methodological management among the company’s numerous departments.