National Research Nuclear University MEPHI, Moscow, Russia

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

Plekhanov Russian University of Economics, Moscow, Russia

N. A. Kazakova, Dr. Econ., Prof., Dept. of Financial and Economic Security, e-mail: axd_audit@mail.ru

The macroeconomic situation, sanctions and import substitution policy had a mixed effect on the activities of various iron and steel companies in 2022. The article is a continuation of the publication of the results of a study of the business activity of ferrous metallurgy companies from the standpoint of an institutional approach and presents an assessment of the behavior of various types of companies under sanctions, their grouping according to the qualitative criteria of business models from the standpoint of risk tolerance, efficiency, growth potential, and, in general, the ability to adapt to modern conditions. The analysis showed that all companies were exposed to financial, primarily market and liquidity risks, as a result of which, compared to 2021, the share of unprofitable industries increased, starting with micro-enterprises, and including medium and large businesses. At the same time, large companies focused on the export of products, as well as the import of equipment, technologies and raw materials, turned out to be more dependent on legal, country and reputational risks. Medium business showed the most stable position and efficiency. The scientific result of the study is to identify a group of fast-growing companies as promising points of industry growth with a high ability to adapt to modern conditions, with a high multiplier effect and an average annual revenue growth rate of more than 15% per year. An analysis of ongoing trends in the business activity of the ferrous metallurgy business under the conditions of sanctions can be useful for monitoring the implementation of the sectoral strategy for the development of the metallurgical industry for the period up to 2030, for assessing the directions of transformation of the industry, searching for new potential points of economic growth and providing them with state support measures. The proposed methodology can be used to select effective organizations participating in public procurement, as well as to stimulate the attraction of private investment in business with a high multiplier effect.

1. The main parameters of scenario conditions for prediction of social and economic development in Russian Federation in 2023 and plans for 2024 and 2025. Available at: https://www.economy.gov.ru/material/directions/makroec/prognozy_socialno_ekonomicheskogo_razvitiya/osnovnye_parametry_scenarnyh_usloviy_prognoza_socialno_ekonomicheskogo_razvitiya_rf_na_2023_god_i_na_planovyy_period_2024_i_2025_godov.html (accessed: 22.08.2023).
2. Yashalova N. N., Poreavny I. M. Possibilities of applying ESG-principles and methods of climate financing in the management practice of ferrous metallurgy enterprises. Chernye metally. 2023. No. 5. pp. 76–81.
3. Kogdenko V. G., Kazakova N. A. Situational analysis of business activity of ferrous metallurgy companies from the perspective of an institutional approach. Chernye metally. 2024. No. 1. pp. 83–88.
4. Bobylev S. N. New economical models and indicators of sustainable development. Ekonomicheskoe vozrozhdenie Rossii. 2020. Vol. 61. No. 3. pp. 23–29.
5. Weelan T., Douglas E. The price of social responsibility. Available at: https://hbr-russia.ru/biznes-i-obshchestvo/etika-i-reputatsiya/854831 (accessed 22.08.2023).
6. Spark Interfax Information Resource. Sratistics. Available at: https://spark-interfax.ru/ru/statistics (accessed: 22.08.2023).
7. Clark C. The conditions of economic progress. London : Macmillan, 1940. 720 p.
8. Birch D. Who creates jobs? Public Interest. 1981. Vol. 65. No. 3. pp. 3–14.
9. Medovnikov D., Oganesyan T., Rozmirovich S. Champion candidates: medium quickly developing enterprises and their supporting programs. Voprosy ekonomiki. 2016. No. 9. pp. 50–66.
10. Sukharev O. S. Institutional changes and quality of rules in economical frowth providing. Journal of New Economy. 2023. Vol. 24. No. 1. pp. 6–25.
11. The logic of current circumstances. Problems, tasks and long-term goals of Russian metallurgy. Metallosnabzhenie i sbyt. 2023. No. 7-8. Available at: https://www.metalinfo.ru/emagazine/2023/0708/24/ (accessed: 22.08.2023).
12. On approval of the Development Strategy of the metallurgical industry of the Russian Federation for the period until 2030. Order of the Government of the Russian Federation of December 28, 2022 No. 4260-p. Available at: https://www.garant.ru/products/ipo/prime/doc/405963845/ (accessed: 22.08.2023).