Magnitogorsk Iron and Steel Works (MMK) says it has partnered with Deloitte CIS to create a digitalisation strategy for the company.

The agreement, signed during the St Petersburg International Economic Forum, will see Deloitte CIS prepare a roadmap for the digitalisation of the company over the medium term.

MMK said it decided to update its digital portfolio as part of the company’s overall development strategy up to 2025.

The strategy will include the most effective projects to help MMK “achieve strategic goals faster and significantly improve the company’s business efficiency”, it said.

MMK and Deloitte have a long-standing relationship and, according to MMK, Deloitte has repeatedly shown its high level of expertise on a wide range of issues of strategic importance for MMK.

Andrey Eremin, Director for Economics at MMK, said: “I hope that our cooperation in the field of digital transformation will be just as effective and bring both sides beneficial results.”

According to the results of a preliminary study, Deloitte experts said there is significant potential for the use of advanced technologies at MMK, according to the Russia-based iron and steel maker. “This is because the company has an extensive digital history, as well as a production database which is updated in real time,” it said.

Alexander Oleynik, Director of Strategy and Operations at Deloitte CIS, said: “The MMK team’s long-standing commitment to implementing information systems to manage technical and production quality, as well as traceability, have made an excellent foundation for the business.

“In turn, Deloitte will bring cross-sectoral knowledge and innovation experience to the partnership, which will allow us to fully capitalise on MMK’s digital potential and form plans for its further development.”