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Baku Steel Company CJSC is preparing a new development strategy-PHOTO

25 November 2022 09:30 (UTC +04:00)

Baku Steel Company CJSC, the largest metallurgical company in the Caucasus region, is successfully continuing the preparation of the medium and long-term development strategy for 2023-2030. As a part of this, a number of steps are already being taken in the field of preparation of the general development and transformation concept of the Company and improvement of the corporate management system.

APA-Economics reports that Polad Hummatov, 1st Deputy General Director of Baku Steel Company CJSC, said the following:

“Advanced international experience and global trends observed in the metallurgical industry are studied by us while preparing our development strategy. Thus, together with the prestigious consulting companies of the world, work is being carried out towards strategy development, assessment of potential investments, diagnosis, and improvement of the current technical and technological state in all production enterprises owned by the Company. I would also like to emphasize that one of the most important aspects for Baku Steel Company CJSC is the full assurance of the work safety and health of its employees during the production process. In this direction, specialists from European countries are also involved in the process in order to improve the health, safety, and environmental protection within the Company in accordance with the international practices in the metallurgical industry. From 2023 onwards, the next objective of Baku Steel Company CJSC will be to continue its activities more successfully with a renewed strategy and a constantly developing corporate management system.”.

It should be noted that heavy industry, including ferrous metallurgy, is one of the important areas of the non-oil sector in Azerbaijan, and its development is considered one of the priorities. The development of the mining industry and metallurgical complex in the country is included in the document titled "Strategic Roadmap for the Development of Heavy Industry and Machine Building in the Republic of Azerbaijan," approved by the President of the Republic of Azerbaijan Mr. Ilham Aliyev. The preparation of the medium and long-term development strategy of Baku Steel Company CJSC is also important in terms of supporting the implementation of the "Socio-economic Development Strategy for 2022-2026 of the Republic of Azerbaijan" approved by the head of state.

It should be reminded that Baku Steel Company CJSC currently produces high-quality rebars, rolled-wire, round bars, seamless pipes, square and round billets, as well as various shaped castings. Since the day of its establishment 20 years ago, Baku Steel Company CJSC has become a renowned brand both in Azerbaijan and in the entire region, and its products are highly demanded in the local market, as well as exported to more than 20 countries of Europe, America, and Asia.

In October 2022, Baku Steel Company CJSC was accepted as a regular member of the World Steel Association, which is considered a prestigious international organization of world metallurgists.