The implementation of the corporate strategy was discussed by the UMMC board
Since the beginning of this year UMMC has started to implement a new corporate strategy. The goal is to build the most efficient non-ferrous metals mining and processing and coal production company in Russia by 2025.
The implementation of the corporate strategy is managed by the UMMC board. During the meeting held in April 2021 the company’s management confirmed the strategic goals and discussed the first successes in their implementation.
Coordination of the implementation of the corporate strategy and analytical support to all departments and companies involved in this process will be carried out by the Strategy and Investment Directorate – a new division within the Director’s Department for Transformation of UMMC.
The corporate strategy provides for the development of UMMC in five directions – strategic priorities: corporate profitability, competitive costing, development of the natural resource base, investment efficiency, as well as social and ecological responsibility. Each of the five priorities has a concrete strategic objective. And the closer the company gets to achieving the goals set in 2025, the more successful the realisation of the corporate strategy will be.
At the time the corporate strategy was approved, it included 15 initiatives, and by the end of the first quarter of 2021 it had been supplemented by three more. Each initiative has a leader and an implementer in one of the specialised directorates of the UMMC.
“Today we have approved 18 strategic initiatives. Some of them have already been successfully implemented, such as the transformation programme carried out since the end of 2019. It is worth noting that these are activities in the development phase. All these initiatives have different goals, but they have one thing in common – they can be successfully implemented only with the participation of every employee of our company” emphasizes UMMC’s General Director Andrey Kozitsyn.
All UMMC companies will have to align their own strategies with the UMMC corporate strategy. This will ensure a single approach to achieving the company’s overall strategic goals.