Specific features of innovative development of Russian metallurgical enterprises

Abstract

Subject. The article addresses innovation, financial and economic activities of enterprises of the metallurgical industry of the Russian Federation. Objectives. The purpose is to identify the specific features of innovative activities of metallurgical enterprises in Russia and the impact on financial results to substantiate the advantages of innovation, determine trends and future developments. Methods. We employ general scientific and special methods of scientific cognition, such as systems and comparative analysis, functional and structural analysis. Results. The analysis of innovative activities of Russian metallurgical enterprises revealed the specific features of innovations, identified pain problems of their implementation. The study investigated the influence of innovation activity on financial results of companies, defined the existing shortcomings of innovative development of the metals industry of the Russian Federation. Conclusions. The analysis unveiled a gap with global companies. To minimize the gap, it is advisable to set and implement new goals of the metallurgical industry aimed at the R&D development, the introduction and commercialization of innovations. The main factor in the sustainable development of metal industry in Russia should be an increase in innovation activity, effective interaction of industry enterprises with research and development organizations.