Economic mechanisms of Kryvyi Rih iron-ore dressing works, their characteristics and comparison

Lysevich, Sergey and Лисевич, Сергій Григорович and Лисевич, Сергей Григорьевич (2019) Economic mechanisms of Kryvyi Rih iron-ore dressing works, their characteristics and comparison. Науково-виробничий журнал «Держава та регіони». Серія: Економіка та підприємництво» (3(108)). pp. 125-131. ISSN 1814-1161

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Abstract

Having analyzed the research papers, it was found that the economic mechanism of a company directly affects the efficiency of its activity and allows solving current problems. However, the majority of these papers deal with theoretical research of the economic mechanism essence, its functions, structure, etc. The practical aspect of the economic mechanism (investigation at specific companies) is not thoroughly studied. The following paper is aimed at establishing and investigating economic mechanisms of Kryvy Rih iron-ore dressing works. The economic mech¬anisms of these companies are alike as they apply corporate management system, similar technology and are subordinate to Metinvest holding. The difference in the economic mechanisms of the investigated companies is in the technological features being reflected in the range of end products: concentrate, pellets, and sintering ore shown at the scheme of economic mechanisms. To characterize and compare the economic mechanisms of Kryvy Rih iron-ore dressing works: PJSC Northern GOK, PJSC Central GOK, PJSC InGOK, PJSC Southern GOK, statistical information on sales, staff number, profitability performance profiles, and property relations was used. It was found that the increase in sales in monetary terms was achieved due to the increase in the price of products. In general, in recent years, the activities of the works have improved, which indicates the effectiveness of their economic mech¬anisms. PJSC Central GOK and PJSC Southern GOK worked more stable. It is noted that the largest number of shares belongs to a limited number of owners. Such a situation does not contribute to making effective managerial decisions because leading world companies tend to allocate property among personnel and involve it in manage¬ment. This should be taken into account at the specified works when making managerial decisions. This will increase the efficiency of the investigated companies through the use of human capital, involving it in management and mak¬ing economic decisions. Further investigations deal with the study of internal and external economic mechanisms of iron-ore dressing works and directions of their development.

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