NLMK Group and Skolkovo Foundation sign cooperation agreement
NLMK Group, an international steel company, and the Skolkovo Foundation have signed a strategic cooperation agreement on innovation.
The Skolkovo Foundation will provide NLMK Group access to its project portfolio, including R&D in construction, advanced materials, coating processes, energy-efficient solutions and IT products, to enable NLMK to improve its production and business processes. The parties have also agreed on formats for expert and advisory support for relevant projects.
NLMK Group plans to trial and implement the most efficient innovative solutions at its companies in Russia, the US, and Europe.
Sergey Chebotarev, Member of NLMK Group Management Board, said: “NLMK Group is open to the world when it comes to searching for and implementing innovative ideas. NLMK is willing to use the open innovation method with its partners, offering a simple and user-friendly mechanism. By building partnerships with leading universities, venture capital funds and development institutions, we gain access to ideation capabilities and projects that help us improve the efficiency of our business.”
Oleg Dubnov, Vice President, Executive Director, Cluster of Energy Efficient Technologies, Skolkovo Foundation, said: “I am confident that cooperation between NLMK and the Skolkovo Foundation will be mutually beneficial. With our support, startups will acquire a reliable partner and a platform for growth, whereas NLMK Group will gain new tools to improve its business processes and effeciently tackle diverse operational challenges.”
First steps towards promoting cooperation between NLMK and Skolkovo have already been made earlier this year. In April, NLMK took part in the Skolkovo Startup Demo Day in Lipetsk as part of the Open Innovations Startup Tour. NLMK expressed an interest in digital platform solutions for HR, heat-exchange equipment design, and new material applications.
About the Skolkovo Foundation
The Skolkovo Foundation is a non-profit organization founded in September 2010 by the Russian government. The goal of the Foundation is to create an ecosystem conducive to the development of entrepreneurship and research in the following areas: energy efficiency and conservation, nuclear technology, aerospace and telecommunications, biomedical technology, strategic computer technologies and software. The Foundation also manages the Skolkovo Innovation Centre, regulated by a dedicated law that provides special economic conditions for startups, subject to 3rd-party technological expert assessment (currently over 1,900 residents). In 2018, Skolkovo residents generated RUB 91.9 billion in revenue, while their cumulative revenue over the 9 years of the project totalled RUB 301.1 billion. Skolkovo startups employ 33,000 people. More than 1,300 patent applications filed to register new technologies and solutions. Website: www.sk.ru
About NLMK Group
NLMK Group is the largest steelmaker in Russia and one of the most efficient in the world.
NLMK Group’s steel products are used in various industries, from construction and machine building to the manufacturing of power-generation equipment and offshore wind turbines.
NLMK operates production facilities in Russia, Europe and the United States. The Company’s steel production capacity exceeds 17 million tonnes per year.
NLMK has the most competitive cash cost among global manufacturers and one of the highest profitability levels in the industry. In 12M 2018, the Company generated $12 billion in revenue and $3.6 billion in EBITDA. Net debt/EBITDA stood at 0.25х. The Company has investment grade credit ratings from S&P, Moody’s, Fitch and Expert RA.
NLMK’s ordinary shares with a 18.6% free-float are traded on the Moscow Stock Exchange (ticker "NLMK") and its global depositary shares are traded on the London Stock Exchange (ticker "NLMK:LI"). The share capital of the Company is divided into 5,993,227,240 shares with a par value of RUB1. For more details on NLMK shareholder capital please follow the link.
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