Palladium Group announced Qatar Steel as one of the winners of the 2012 Balanced Scorecard Hall of Fame during their Annual Global Summit in Boston, USA on 16th October 2012. The induction ceremony recognizing leading organizations from North America, the Middle East, and Asia featured twelve organizations including Qatar Steel that have achieved dramatic performance outcomes through their strategy execution expertise. Palladium Group, Inc. is the global leader in strategy execution consulting and serves a broad range of private & public sector clients in North America, Europe, the Middle East, Africa, Asia and Australia.
Qatar Steel is one of the leading industrial companies in manufacturing and supplying steel predominantly in the Arabian Gulf, and it is wholly owned by Industries Qatar (IQ).
The Hall of Fame award honors organizations that have achieved excellence in execution through the use of the Balanced Scorecard (BSC), the world’s preeminent strategy execution management system. The BSC framework was first publicized twenty years ago by co-creators Drs. Robert Kaplan and David Norton, also the co-founders of Palladium Group. This management framework is as effective for government and non-profit organizations as it is for corporations. Past honorees constitute a roster of 167 organizations from over 20 countries around the world. The winners are selected from an applicant pool based on the quality of their BSC implementation and the results they achieve over a period of at least two years.
Each year the inductees are profiled in a report published by Harvard Business Publishing.
Mr. Ali Bin Hassan Al-Muraikhi, Director and General Manager of Qatar Steel stated “It is a long journey since we first introduced Balanced Scorecard in 2003; hard work and commitment of all our employees have culminated in receiving this prestigious award as Strategy Execution is Everybody’s Job. We are happy to be the first company in Qatar and also to be the first company in the Steel Industry in the region to be inducted into Palladium HoF. Our sound management practices stand testimony to our ability to adapt to dynamic market conditions and in running the business efficiently; BSC methodology is one such powerful management tool that is working well for us in Qatar Steel.
Qatar Steel Company QSC [Qatar Steel], the first integrated Steel Manufacturer in the Gulf region, was established in 1974 and started its commercial production in 1978.
In the last decade, Qatar started to witness fast pace growth and Qatar Steel played a vital role in realizing this growth. Qatar Steel felt the need to shift gears and re-evaluate its growth & management strategies. It was at that moment when Qatar Steel introduced the BSC and developed the first Strategy Map in 2003.
At the start of its BSC journey there were a number of hurdles like resistance to changes, lack of understanding and experience of using structured Strategy Execution methodologies through BSC concept and also BSC was seen only as a tool to review operational performances. There were also challenges of setting realistic measurement targets and prioritizing a portfolio of key strategic initiatives. However, with a persistent focus on strategy and through series of management workshops, Qatar Steel has been able to constantly upgrade its BSC operations and develop a robust strategy management system that continues to deliver breakthrough performances.
Through the vision of its Board Members and leadership drive with BSC embedded in its strategy execution process as a well-accepted management discipline, Qatar Steel, over the past ten years, has achieved best results delivered through sustainable growth, excellent financial performances and stronger competitive position in the market.