Assessment of the investment attractiveness of metallurgical enterprises in an unstable macroeconomic situation

The purpose of the study was to assess the ability of ferrous metallurgy companies to adapt to sanctions, taking into account the impact of various risk factors on the competitive capabilities of companies, as well as to substantiate the available indicators for assessing investment attractiveness due to limited information in modern conditions. An analysis of the current state of the industry for 2022 was carried out according to operational statistics, business confidence indices and an assessment of business activity based on the dynamics of the sectoral stock index. The analysis includes expert assessments and short-term forecasts for the development of the industry. The novelty of the study lies in a flexible situational approach to assessing the investment attractiveness of metallurgical companies based on identified industry trends, current and projected risk factors, and tools for visualizing results. The methodology is based on the analysis of trends in production indicators and the dynamics of the market share of companies, the assessment of the effectiveness of operating, financial and investment activities, the pace of business development, and also includes tools for visualizing results using competitiveness polygons. Based on the available data, benchmarking was carried out for NLMK PJSC, Severstal PJSC and MMK PJSC, the choice of which was determined by the results of credit ratings of leading Russian rating agencies. The results of the assessment of investment attractiveness provide an assessment of competitive advantages, the ability of companies to quickly respond to changes in the parameters of the internal and external environment and adjust their business models, which can be used in the operational management of companies, making investment decisions, as well as in monitoring the implementation of the industry development strategy.