In December 2008 employee, Matthew Lowe, had his back broken in two places during the accident at Compass Engineering in Barnsley.
The company was fined £45,000 for a health and safety breach at Sheffield Crown Court.
A further fine of £30,000 was imposed on the company responsible for supplying and commissioning the machine, Kaltenbach,.
Both companies admitted one charge each of breaching the Health and Safety at Work Act 1974 at an earlier hearing at Barnsley Magistrates' Court.
The crown court heard there was "inadequate guarding" around the machine.
Judge Robert Moore said: "This was a very foreseeable accident and it was only a matter of time before it, or something like it, occurred."
He added that some of the safety features on the £300,000 piece of machinery "could be regarded as the equivalent of a chocolate fireguard".
The court heard that Compass Engineering was at fault as it failed to put a guard around the machine which processed steel beams.
It heard that Kaltenbach was at fault for signing off a piece of machinery without ensuring basic health and safety requirements were adhered to.
As well as suffering from a broken back, Mr Lowe ruptured his stomach and bowel, shattered his pelvis and fractured his right arm and several ribs.
Only his head was not dragged through the machinery. He survived, and went on to retrain in a different role.
Lawyers for Mr Lowe said he was left with psychological injuries and still suffered from the effects of injuries to his arm and hips.
Mr Lowe said: "What matters most is that the industry learns from my experience.
"It still won't be able to put my life back to how it was before the accident, but at least then it might prevent others from suffering in the future."
Both companies expressed regret at the accident and said health and safety was taken extremely seriously.
The court heard £55,000 had been spent on safety features for the machine since the accident.
Compass Engineering was ordered to pay £24,000 costs, and Kaltenbach was ordered to pay £16,000 in costs.
EssentialSkillz is a global supplier of Safety E-Learning and Risk Assessment Training Courses. Our Computer Health and Safety Software Solutions are designed to help organisations achieve compliance with DSE regulations.
Workplace Ergonomics is of paramount importance to our clients and our extensive range of courses caters for all aspects associated with Employee Risk Assessment.
For Workstation Assessment e-learning including DSE training and DSE risk assessment software, visit our website www.essentialskillz.com or subscribe to our blog by RSS or subscribe to Essential Skillz by Email.
18 Generator Hall