MMK recognised as a leader in the National Ratings for Procurement Transparency
OREANDA-NEWS. Magnitogorsk Iron and Steel Works (MMK) occupies the highest position among steel producers in the National Ratings of Procurement Transparency in 2017 in the "Private commercial buyers" category.
The awards ceremony for the highest rated organisations took place at Russian Chamber of Commerce and Industry in Moscow. Among the participants were representatives from state, regional, municipal, corporate, and commercial buyers. PJSC MMK placed third in the overall list out of 113 private commercial buyers and first place in the category of "High Transparency".
The Transparency Ratings constitute a comparative analysis of the largest state and corporate entities which is aimed at evaluating the current level of transparency and efficiency of procurement systems for players in the Russian market. The survey has been conducted annually since 2006. Its task is to formulate a complete picture of economic conditions, including the structure and volume of the buyer market, indicators of transparency of procedures, the degree of competitiveness of purchases and cost-effectiveness of costs for market participants.
This year, 422 of the largest federal and regional buyers as well as the leaders of the corporate sector were included in the ratings. Observance of standards in transparency and economic efficiency was the main criteria in the expert assessment of the purchasing activity of the rating participants.
MMK is one of the world's largest steel producers and a leading Russian metals company. The company's operations in Russia include a large steel-producing complex encompassing the entire production chain, from the preparation of iron ore to downstream processing of rolled steel. MMK turns out a broad range of steel products with a predominant share of high-value-added products. In 2016, the company produced 12.5 million tonnes of crude steel and 11.6 million tonnes of commercial steel products. MMK Group had sales in 2016 of USD 5,630 million and EBITDA of USD 1,956 million.