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The object of this study is the process of risk management at enterprises in the metallurgical industry as a subject of foreign economic activity. Under the conditions of an export-oriented economy, it is important to have tools for early response to crises and challenges caused by various factors. Volatility of the market and global and domestic prices for key products and raw materials add uncertainty and encourage management to look for tools to protect their financial income. The construction of a risk map and the use of mathematical tools for forecasting and minimizing the negative consequences of the occurrence of risky events could contribute to making optimal management decisions in operational activities and in the pricing process. Interpretation of the risk management cycle for the needs of enterprises in the metallurgical industry will make it possible to adequately identify the risks inherent in the industry and devise measures for flexible response to crises and challenges. In the course of the study, it was found out that exporting companies need protection, first of all, against price risk, which increases significantly under the conditions of inflation and due to jumps in the consumer price index in a particular country. It is suggested to use hedging as a protection tool. Determining the perimeter of risk hedging by means of a risk-oriented selection of indicators (external and internal, commercial, and non-commercial risks) depending on a certain market situation will make it possible to establish a correlation between key influencing factors. The implementation of the risk-hedging cycle in the practice of the enterprises in the metallurgical industry will make it possible to ensure flexible management of the pricing procedure for metal products both in the domestic market and during foreign trade
Прохорова et al. (Tue,) studied this question.