Project Financing Research Articles

THE PRACTICE OF INSURANCE OF INDUSTRIAL ENTERPRISES IN THE MIDDLE VOLGA REGION AT THE END OF THE 19TH - BEGINNING OF THE 20TH CENTURY

Purpose of the study. The article, using materials from archival sources and scientific literature, examines one of the most important components of the development of industrial business in Russia at the end of the 19th - beginning of the 20th centuries, insurance. Conclusion. The purpose of the study is to identify insurance practices of industrial enterprises in the Middle Volga region within the specified chronological framework. As a result of the study, the author comes to the conclusion that under the conditions of accelerating the processes of early industrial modernization, the functioning of industrial business was associated with the need to fulfill a number of formal requirements. One of them was insurance of industrial enterprises, which was associated not only with increasing risks, but also with the need to implement financial and production projects for business development. In particular, the possibility of obtaining bank loans and participating in government contracts was associated with the need to insure industrial enterprises. Using the example of the Simbirsk province, we see that the practice of insurance is quite firmly integrated into the business organization system, allowing it to be financially stabilized and made more stable in terms of countering risks and threats.

Navigating the Implementation of Tax Credits for Natural-Gas-Based Low-Carbon-Intensity Hydrogen Projects

This paper delves into the critical role of tax credits, specifically Sections 45Q and 45V, in the financing and economic feasibility of low-carbon-intensity hydrogen projects, with a focus on natural-gas-based hydrogen production plants integrated with carbon capture and storage (CCS). This study covers the current clean energy landscape, underscoring the importance of low-carbon hydrogen as a key component in the transition to a sustainable energy future, and then explicates the mechanics of the 45Q and 45V tax credits, illustrating their direct impact on enhancing the economic attractiveness of such projects through a detailed net present value (NPV) model analysis. Our analysis reveals that the application of 45Q and 45V tax credits significantly reduces the levelized cost of hydrogen production, with scenarios indicating a reduction in cost ranging from USD 0.41/kg to USD 0.81/kg of hydrogen. Specifically, the 45Q tax credit demonstrates a slightly more advantageous impact on reducing costs compared to the 45V tax credit, underpinning the critical role of these fiscal measures in enhancing project returns and feasibility. Furthermore, this paper addresses the inherent limitations of utilizing tax credits, primarily the challenge posed by the mismatch between the scale of tax credits and the tax liability of the project developers. The concept and role of tax equity investments are discussed in response to this challenge. These findings contribute to the broader dialogue on the financing of sustainable energy projects, providing valuable insights for policymakers, investors, and developers in the hydrogen energy sector. By quantifying the economic benefits of tax credits and elucidating the role of tax equity investments, our research supports informed decision-making and strategic planning in the pursuit of a sustainable energy future.

Оценка и направления повышения инвестиционной привлекательности сельского хозяйства

Abstract. In modern conditions of high sanctions pressure, systemic problems that hinder the effective development of agricultural production have worsened. Increasing the investment attractiveness of agriculture is becoming the main vector and a necessary condition for countering negative exogenous factors and ensuring sustainable agricultural growth. The subject of the study is organizational and economic relations that develop in the process of searching for ways to increase the investment attractiveness of agriculture. The purpose of the study is to evaluate and scientifically substantiate the directions of increasing the investment attractiveness of agriculture. Research objectives: 1) to clarify the essential content of the concept of “investment attractiveness of agriculture”; 2) to assess the investment attractiveness of the industry; 3) to determine the directions of growth of investment attractiveness of agriculture. The main research methods are monographic, statistical, graphical. Results. The article provides an analytical assessment of the investment attractiveness of agriculture in Russia. The individual elements (natural resource, production, innovation, financial, economic and labor) of the investment potential of agriculture are analyzed. The investment risks of the industry are justified. It is concluded that the investment attractiveness of agriculture is quite low, despite the existing potential for its growth due to the possibilities of using significant natural resource potential; a high level of adaptation of the industry to external negative factors of impact; favorable natural and climatic conditions; significant export potential of the industry. The scientific novelty. It consists in developing proposals to increase the investment attractiveness of agriculture based on the transformation of key institutional parameters: improving the regulatory framework for land reform; developing mechanisms for public-private partnership and project financing with a state guarantee, changing the industry structure due to the growth of the industry's technology and the use of innovations, changing the terms of lending to agriculture.

Million dollar baby -A primer on film finance practices in the U.S. movie industry

ABSTRACT This article summarises standard film financing practices for the production and distribution of new content over the past 30 years using a mixed-methods approach. It takes the U.S. movie industry as a case in point to study how excess risk and uncertainty in the financing of new projects are processed and managed by private-sector, entities as well as what market-based solutions have been developed to prevent market failure. The research has wide-ranging implications for other creative industries and their use of intangible assets in creative content finance. In particular, it discusses the prominent role of intellectual property rights in financial transactions in the U.S. audiovisual sector and the ability of the industry to leverage funds through the strategic use of its IP assets. The research findings are based on a series of semi-structured interviews, commissioned expert memoranda, and a dedicated panel of selected industry experts. In addition, using novel data from Uniform Commercial Code filings and official IP registers, we conduct exploratory analysis and provide descriptive evidence on the use of credit and intangible collateral as well as the industry diffusion of such practices. In light of the digital transformation of the industry, this research also documents industry trends and recent changes in U.S. film financing and provides an alternative explanation for the surge in new titles. Finally, we outline generic policy options for improving the financing environment for new films in the United States. The results could help to inform the larger debate on IP-backed finance and the strategic use of intangible assets in content industries.

Renewable natural gas: A case study of Minnesota

Renewable natural gas (RNG) often generates usable energy from waste products, reduces methane emissions, and creates new revenue streams. However, not all RNG projects are financially or technically feasible. We assessed the total RNG potential of currently available local waste feedstocks in the state of Minnesota and analyzed the financial and technical limitations for project development. We found that under ideal production conditions the RNG potential from municipal solid waste, dairy and hog farm manure, and municipal wastewater solids in the state could replace approximately 7.5% of current Minnesota natural gas use. We find that technical and financial factors such as project size, financing, and distance to an existing pipeline further reduce the number of feasible RNG project sites in Minnesota. Virtual pipelines – trucking RNG short distances to pipeline injection stations – improved the modeled profitability of 124 out of 175 projects (71%) by decreasing transmission costs. No projects are financially feasible without state or federal renewable fuel credit programs because direct sale of RNG alone does not cover project costs. Dairy manure projects have the lowest levelized cost of energy, the highest total revenue, and the shortest payback period compared to municipal solid waste landfill and wastewater treatment plant projects of similar size. This difference is because manure anaerobic digestion projects are eligible for larger credits under renewable fuel credit programs than municipal solid waste landfills and wastewater treatment plants, but this credit system limits end-use of the RNG to vehicle fuel. Our contribution helps provide an outline for the magnitude of current natural gas use in Minnesota replaceable via RNG projects.

Scrutinizing the adoption of smart contracts in the MENA Region’s Construction Industry

ABSTRACT The construction industry embodies a paramount role in the economic growth of various nations, including the Middle East and North Africa (MENA) region. Despite its significance, the industry faces construction disputes and payment issues, inducing financial losses and project postponements. Consequently, the construction industry has mutated smart contracts to enhance operational efficiency, which automates contract management tasks and offers perks, including transparency and efficiency. However, the adoption of smart contracts in the MENA construction sector remains limited, and the region lacks thorough research on this topic. This study addresses this gap by examining the level of cognizance and apprehension of smart contracts among construction industry stakeholders in the MENA region. The research employs Structural Equation Modeling (SEM) to analyze the relative importance of implementing smart contracts within different project lifecycle phases and relevant practices and identify the hindrances impacting MENA’s smart contract deployment. A practical implementation of smart contract-based tendering employing the Trakti platform is paraded. The findings unveiled the infancy of smart contract adoption in the MENA construction sector. They revealed the substantial importance of implementing smart contracts in the Project Execution Phase, Project Closure, and Monitoring and Control Phase, attaining relative weights of 23.23%, 21.62%, and 20.50%, respectively.

Energy markets restructure beyond 2022 and its implications on Qatar LNG sales strategy: Business forecasting and trend analysis

The emergence of new suppliers and energy resources has reshaped the energy market in terms of contractual structures and pricing systems. The market shifts were accelerated in response to the latest Russian-Ukraine crisis, impacting natural gas supply chains from financing projects to contracting volumes. The increased demand for liquified natural gas volumes intensified the need to switch from long-term oil-indexed contracts to short-term gas-indexed contracts. Those shifts were anticipated to influence the selling strategies for the expected added 49 MTPA of Qatari LNG, wherein increasing the share of spot selling would be reflected in higher economic performance. This study used forecasted prices to investigate potential Qatari LNG selling strategies. Initially, projections of the most dominant pricing systems used for pricing Qatari LNG (i.e., brent, Henry Hub, Title Transfer Facility, and Japan Korea Marker) were estimated between 2023 and 2040. While Qatar has been relying on long-term oil-indexed contracts, the second step estimated annual LNG revenues under different combinations of selling strategies (i.e., long-term and spot sales). Finally, the influence of varying brent slopes on the estimated revenues was measured. Due to data limitations and non-stationarity, the double exponential smoothing model was selected among the different tested models. Considering current market dynamics, forecasts of the double exponential smoothing model showed an upward price trend until 2040. An annual average increase of 1.24% for the studied pricing systems was reported. Reducing the share of long-term brent-indexed contracts to 70% and dedicating the remaining 30% of volumes to spot sales yielded the highest premiums for revenue estimates. An average annual revenue of $62 bn was reported for the 70/30 strategy, around 6% higher than the 100% brent-indexed contracts strategy. The findings revealed that diversifying the selling approach and introducing spot sales can enhance revenues. From the buyers’ perspective, the outcomes support policymakers in understanding the implications of escalated prices driven by a lack of liquidity investments.

Strategic Evaluation and Economic Impact of Fibre Optic Infrastructure

Metrolink, LDA as the largest telecommunications company in Timor-Leste, is continuously investing to grow its company and serve the growing needs of its customers with a profit-oriented vision. This research aims to find out the viability of the investment plan that will be implemented at Metrolink, LDA. The investment plan is the construction of a project in Silawan-Batu Gade-Liquica-Dili that is to expand the network. With a total investment of USD 3,000,000 coming from equity at an interest rate of 9% in 2023. Capital budgeting is a process in which a company analyses a project and decides which projects will be included in its financial budget. The type of research that is conducted is descriptive research and this research will perform qualitative analysis to analyse the problems that occur. While the data is in the form of quantitative data. Evaluation of investment eligibility on the project This uses capital budgeting techniques which it uses to find out whether or not an investment proposal is eligible. With the payback period analysis tool, net present value. The two analytical tools are also used by Metrolink, LDA to measure whether the project is adequate or not. From the results of the analysis and the plan of the project Silawan-Batu Gade-Liquica-Dili. Obtained a payback period of 2 years 7 months from the target Metrolink, LDA is 5 years, Net Present Value of USD 3.358.050 of the target that is defined Metrolinks, the result is positive. It shows that the financial investment plan project is not worthy to be implemented.

Strengthening nutrition incentive and produce prescription projects: An examination of a capacity building and innovation fund

The Gus Schumacher Nutrition Incentive Program (GusNIP), funded by the U.S. Department of Agriculture (USDA) National Institute of Food and Agriculture (NIFA), is a federal program designed to address financial barriers to fruit and vegetable (FV) purchases among consumers with a low income by using financial incentives. To fur­ther strengthen both nutrition incentive (NI) and produce prescription (PPR) GusNIP projects, the GusNIP Nutrition Incentive Training, Technical Assistance, Evalu­ation, and Information Center (NTAE) and its Nutrition Incentive Hub offer Capacity Building and Innovation Fund (CBIF) awards to GusNIP grantees and their partner organizations. The present study applies multiple methods to systematically understand the types of resources requested by CBIF applicants to expand the capacity and impact of their NI and PPR pro­jects by rigorously analyzing the CBIF proposals submitted from 2020 to 2022. Applicants (N = 130) requested funds to build capacity and innova­tion around one or more domains: leadership and staffing (n = 72); communications (n = 67); diver­sity, equity, and inclusion (DEI; n = 57); and tech­nology (n = 42). Three significant qualitative themes emerged around future needs: (1) staffing and technology to streamline applicants’ projects; (2) training, resources, and funding to enhance DEI in their projects; and (3) improved NTAE support, including improvements to the CBIF funding mechanism. Findings from this study can increase awareness about the capacity building and innovation needs of NI and PPR projects for the NTAE, policymakers, and funders to consider when supporting healthy food financial incentive projects.

Assessment of Impact of Inflation on University Management in North-Central, Nigeria

The objectives of this study is to assess the impact of inflation on university management in Nigeria. The population of this study comprised of all academic staff in North-Central, Nigeria. The study adopted a descriptive survey design. The sample for study was made up of three hundred academic staff. The sample was selected from three public universities in North-central, Nigeria. The sample was selected using multi-stage sampling technique. A research instrument was constructed by the researchers and used for the data collection which was title: (Impact of Inflation on University Management Questionnaire). The structured questionnaire used 4 Likert scale: Strongly Agree (SA), Agree (A), Disagree (D) and Strongly Disagree (SD). The reliability of the instruments IIUMQ was established through a test re-test method. The results of the first and second administration of the instrument were analysed using the Pearson Product Moment correlation coefficient, which yielded a reliability index of 0.88. Data collected in the study were analyzed using mean-scores and standard deviation. The findings showed that inflation affected running of the universities in Nigeria via increment in operational cost. The result also indicated that inflation affected projects completion, led to projects abadonment, poor projects financing and poor projects maintenance. The result finally revealed that inflation affected implementation of teaching, research and community service programme in Nigerian universities. Based on the findings, the paper hereby recommended that government should increase the funding of universities in Nigeria. Government should diversify the economy by increasing local production and encourage locally manufacturing of goods.

Role of Government Equity Investment in Capital Structure of Project Finance: Global Evidence from PPP Projects in Developing Countries

Role of Government Equity Investment in Capital Structure of Project Finance: Global Evidence from PPP Projects in Developing Countries

Identifying Critical Success Factors of Public Private Partnership Projects in Türkiye

Public private partnerships (PPPs) have become increasingly common as a result of states' shifting roles in infrastructure services from service providers and operators to policymakers and regulators. PPPs have been established as a prominent technique of public service procurement in both developed and developing countries. PPPs give the parties the opportunity to split the costs and risks of providing a public service or building a public infrastructure. Successful project management is crucial, especially in light of PPP projects' size and complexity. This study investigates the critical success factors (CSFs) of PPP investments in developing countries. In this regard, 23 CSFs were selected based on a thorough literature review, and a questionnaire survey was run to examine the impact of those factors on PPP performance. The information is gathered from 82 different companies in Türkiye that represent both the public and private sectors. The statistical analysis results show that favorable legal framework, detailed and clear project identification, and extensive cost-benefit assessment are the most significant drivers of success. Additionally, factor analysis is used on the data to investigate and identify underlying correlations between the factors, as well as to categorize them into fewer, more focused, and more thorough factors. The results of factor analysis suggest five dimensions; namely project finance, project management, operational factors, procurement, and organizational factors. The study's findings are anticipated to benefit both the public sector in its focus on legal concerns to permit better operation and the contractors in its examination of their capacity to manage big projects more effectively.

Crowdfunding platforms: What factors influence the success of attracting investments

Subject. The article addresses crowdfunding being a method of collective financing of projects by end–users. According to statistics, every year the number of projects that do not collect the declared amount of funding on crowdfunding platforms is growing rapidly. This is due to the lack of proper experience among project initiators, as well as the fragmentation of existing studies. Objectives. The study aims at filling the identified scientific gaps and defining the key factors that influence the success of fundraising through crowdfunding platforms. Methods. We employed general scientific methods of research. The study rests on data collected on Russian crowdfunding platform Planeta.ru. Results. We analyzed 1,452 projects and constructed two types of regression models, i.e. linear and logarithmic. A factor was considered statistically significant, if it was present in one of final regression models. Thus, we revealed the importance of such factors as the amount of declared funds for project implementation, previous experience of project initiator, time duration of fundraising, number of news and comments recorded on project page, number of sponsors and money transfers. We also unveiled the importance of project orientation. Conclusions. The findings may be useful for project initiators when raising funds through crowdfunding platforms.

Assessing user satisfaction in construction services: Analyzing contractor performance in central Kalimantan’s power projects

Background: User satisfaction is an essential indicator in assessing the quality of construction services. A deep understanding of the factors contributing to user satisfaction is crucial, especially in the context of electrical projects. Objective: This study aims to examine the satisfaction level of PT PLN (Persero) UIP West Kalimantan towards the performance of electrical project contractors and to develop strategies for improving contractor performance based on the findings. Methods: This research adopts an observational approach using Descriptive Analysis. A survey employing questionnaires was designed and distributed to employees of PT PLN (Persero) UIP West Kalimantan. Data analysis was conducted using the Customer Satisfaction Index (CSI) and Importance Performance Analysis (IPA) to identify key performance indicators. Results: The study indicates a high level of satisfaction from PT PLN (Persero) UIP West Kalimantan towards the contractor's performance, with a CSI value of 70% within a 95% confidence interval (66%-81%). The IPA analysis revealed 12 performance indicators within the 'concentrate here' quadrant, indicating priority areas for improvement. Conclusion: These findings affirm the effectiveness of the strategies and management implemented by contractors in achieving user satisfaction. This study provides valuable insights for other contractors in the construction sector to enhance service quality, especially through improvements in project managerial recruitment strategies, support for work equipment, and collaborative strategies with banking institutions for project financing.

Applied AI for finance and accounting: Alternative data and opportunities

Big data and artificial intelligence (AI) have transformed the finance industry by altering the way data and information are generated, processed, and incorporated into decision-making processes. Data and information have emerged as a new class of assets, facilitating efficient contracting and risk-sharing among corporate stakeholders. Researchers have also increasingly embraced machine learning and AI analytics tools, which enable them to exploit empirical evidence to an extent that far surpasses traditional methodologies. In this review article, prepared for a special issue on Artificial Intelligence (AI) and Finance in the Pacific-Basin Finance Journal, we aim to provide a summary of the evolving landscape of AI applications in finance and accounting research and project future avenues of exploration. Given the burgeoning mass of literature in this field, it would be unproductive to attempt an exhaustive catalogue of these studies. Instead, our goal is to offer a structured framework for categorizing current research and guiding future studies. We stress the importance of blending financial domain expertise with state-of-the-art data analytics skills. This fusion is essential for researchers and professionals to harness the opportunities offered by data and analytical tools to better comprehend and influence our financial system.

Islamic green finance: mapping the climate funding landscape in Indonesia

Purpose This study aims to explore the potential of Islamic climate finance in Indonesia and to map Islamic climate finance based on Islamic finance instruments, both commercial and social. Design/methodology/approach The analysis was conducted in Jakarta, Indonesia, between October 2022 and June 2023. This study adopted a qualitative interpretive approach in two phases. The first phase was desk-based research which focused on document analysis such as official documents, scientific publications, non-governmental organization publications and company reports in Indonesia. This analysis was conducted to identify significant milestones in developing green and eco-friendly finance that used Islamic financial instruments in Indonesia. The second phase consisted of interviews with essential Islamic climate finance project actors, such as green sukuk publishers, zakat and waqf collection agencies, stakeholders, capital market regulators, Shariah supervisory boards and Islamic finance experts. Findings The main finding of this study is that the development of Islamic green finance in Indonesia can occur through various channels, including greening Islamic capital markets, greening Islamic social finance, Islamic green finance and developing green banking services for the unbanked to support financial inclusion. Green sukuk, or Islamic bonds, are key financial instruments in Islamic green finance. They are used to fund projects in areas such as clean energy, mass transit, water conservation, forestry and low-carbon technology. These green financing initiatives also include socially responsible investments that are designed to improve the lives of people and communities. Research limitations/implications First, the availability of data on Islamic green finance practices in Indonesia may be limited, making it difficult to obtain a comprehensive understanding of the current landscape. Second, cultural and religious factors may play a role in the adoption and implementation of Islamic green finance, and these factors may vary across different regions in Indonesia. Practical implications The exploration and clustering of Islamic climate finance based on Islamic financial instruments in Indonesia can lead to the development of more sustainable and environmentally friendly practices in the financial industry. Originality/value This study serves as a pioneering effort to explore the potential and clustering of Islamic climate finance based on Islamic financial instruments in Indonesia.

Getting on board with certified public accountant evolution: re-evaluating a financial statement analysis project in light of a changing profession

PurposeGiven the implementation of a new Certified Public Accountant (CPA) licensure exam and the CPA Evolution Model Curriculum, accounting educators must integrate more advanced skills in their coursework. We illustrate how a commonly-used project in accounting classes, which teaches technical accounting content, can address skills and competencies identified by the Pathways Commission and the American Institute of Certified Public Accountants (AICPA) and, as a result, enhance skills all business school graduates need in the workplace.Design/methodology/approachWe incorporate a financial statement analysis research project under a group work format in three levels of financial accounting classes. Using both quantitative and qualitative analysis, we evaluate changes in student perceptions of skills and competencies important for business graduates.FindingsWe find students perceive improvement in critical thinking, problem-solving, the ability to work with other people, their understanding of the course material, and data analysis abilities after completion of the project. We also find statistically significant increases pre-to post-project in student perceptions of their knowledge, confidence, competence, and enthusiasm with respect to accounting material.Originality/valueWe provide an example of how educators can align a commonly-used project with the CPA Evolution Model Curriculum, yet still meet the needs of non-accounting majors and prepare all students for future business careers. Group work has been studied and similar financial statement analysis projects have been implemented in the classroom for years. We contribute by not only extending and updating this research, but also by re-evaluating a project to determine whether it meets the shifting needs of a rapidly changing profession. By doing so, we answer recent researchers’ call for research in higher education that addresses employability and workplace skills.

Особенности формирования финансовой базы современной госкорпорации для реализации проектов

The article discusses the process of forming the financial base of state corporations for finance projects. The legal framework that provides a special financial mechanism for the state corporation is analyzed. The role of income from business activities, of budget resources and their composition in financing projects, in the formation and support of the activities of the state corporation is assessed. The object of the study is non-financial state corporations. The research was carried out on the basis of a systematic approach; also the following methods were used: analysis, synthesis, comparative analysis, generalization, etc. The result of the study: to finance its projects, the state corporation is provided with a variety of sources, both budgetary and extra-budgetary, which give it an advantage in comparison with other forms of organizations.

Significant risks that trigger cost overruns and delays in urban rail projects: a typical case study of Vietnam

PurposeUrban rail projects are typically large-scale transport infrastructure projects (megaprojects) which have many potential risks that can influence the strategic goals of owners. However, there is a paucity of studies which explore the impact of risks on both “urban rail” project time and cost together considering quantitative assessments. Therefore, this paper focuses on investigating critical risks and quantifying such risk impacts on urban railway project schedule and cost in practice.Design/methodology/approachA combination of qualitative and quantitative research methods comprising semi-interviews with five experts and a questionnaire survey of 132 professional respondents is used. The data were modeled using Monte Carlo Simulation to predict the probability of project schedule and cost.FindingsThe results show that 30 risk variables are categorized into seven main groups which have significant impacts on both project time and cost. Outstanding five risk variables were highlighted as follows: (1) project site clearance and land compensation; (2) design changes; (3) physical project resources; (4) contractors’ competencies and (5) project finance. Such findings were supported by Monte Carlo simulation which predicted in the worst case that the project may suffer 11.03 months’ delays and have cost overrun with a contingency of US$287.68 million.Originality/valueThis study expands our knowledge about time and cost contingency of urban metro railway implementation across developing economies and particularly within the context of Vietnam. Policymakers will not only gain an understanding about risk structure but will also recognize the significant impacts of critical risk through risk impact modeling and simulation. Such an approach provides insights into risk treatment priorities for planners so that they can proactively establish suitable strategies for risk mitigation in practice.

Mergers and Acquisitions in the Corporate Sector of the Russian Pipe Industry

The relevance of this study is determined by the significance of mergers and acquisitions as modern tools for expanded diversified growth, direct investment, production synergy, and overcoming the increasing risks of companies’ external environment. The work clarifies the content of mergers and acquisitions from the perspective of reorganization and business development, dominant and partial shareholder control. The high concentration of the Russian pipe industry is emphasized, which is due to the historical territorial concentration of key enterprises in the industry and modern trends of consolidation and movement towards a large-scale oligopoly in the domestic market. The mergers are based on signs of both vertical and horizontal integration, with a focus on creating a model of business units, each of which represents an enlarged production complex. The key driving force is recognized as the growing domestic demand for pipe products from enterprises in the oil and gas sector and municipal infrastructure in the context of the priorities of the national development strategy and the active state policy of project financing. A consistent combination of tight integration tools with technological cooperation programs with strategic counterparties has been proven. Signs of a merger were noted at the level of consolidation of internal assets of infrastructure divisions of large companies in the metallurgical industry.