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Journal section "Development strategy"

THE INFLUENCE OF FERROUS METALLURGY CORPORATIONS’ INTERESTS ON THE REGIONAL DEVELOPMENT

Ilyin V.A.

3 (15), 2011

Ilyin V.A. THE INFLUENCE OF FERROUS METALLURGY CORPORATIONS’ INTERESTS ON THE REGIONAL DEVELOPMENT. Economic and Social Changes: Facts, Trends, Forecast, 2011, no. 3 (15). URL: http://esc.vscc.ac.ru/article/206?_lang=en

Abstract   |   Authors   |   References
In the Russian scientific literature there are many papers published in which special attention is paid to the discrepancy between the economic interests of the metallurgical companies owners and enterprises controlled by them, and the tasks of national development and addressing the problems of social and economic growth in the regions and cities where the facilities of ferrous metallurgy industry operate. However, the global crisis that broke out in the second half of 2008 has brought the new plots in this respect. In this article, the crisis period is seen as the time of the most vivid manifestation of the business owners’ interests in the case of metallurgical holding “Severstal”. Particular attention is paid to the influence of these interests on the socio-economic development of the Vologda Oblast – a region where the powers of the parent company of the holding OAO “Cherepovets metallurgical plant OAO “Severstal”, one of the leaders of the domestic ferrous industry are located. To identify common trends of metallurgical companies’ influence on the regional economy, in the study there were used the comparative data on the Sverdlovsk, Chelyabinsk, Belgorod, Lipetsk, and Kemerovo oblasts, where ferrous metallurgy manufactures play a crucial role in shaping the outcomes of the regional economy. We should also note that the statements reflecting the key indicators of financial activities of OAO “Severstal” are presented in two versions on the official site of the company: according to Russian Accounting Standards (RAS) and in accordance with International Financial Reporting Standards (IFRS). In the present paper we mainly used in statements prepared in accordance with international standards and presented in open electronic and other information resources

Keywords

ferrous metallurgy corporations in russia; owners’ interests; social and economic development of the regions

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