Krasny Oktyabr (steel plant)

Volgogradskiy Metallurgicheskiy Zavod Krasny Oktyabr (Russian: Закрытое акционерное общество "Волгоградский металлургический завод "Красный Октябрь", romanized: Zakrytoye aktsionernoye obshchestvo "Volgogradskiy metallurgicheskiy zavod "Krasny Oktyabr") is a Russian closed joint-stock company which maintains the Krasny Oktyabr factory, one of the largest Russian metallurgy facilities.

VMZ Krasny Oktyabr CJSC
TypeClosed joint-stock company
IndustryFerrous metallurgy
Headquarters
Volgograd
,
Russia
Key people
Dmitry Gerasimenko (executive director)
Revenue100,000,000 United States dollar (1994) 
Number of employees
over 8,000

History

The company's factory was established on April 30, 1897. After the Bolshevik Revolution the factory became known as Krasny Oktyabr, Red October. To the west, it was widely known as the Red October Factory. The factory provided steel for the Stalingrad Tractor Factory.[1] It was completely destroyed in the battle of Stalingrad, but was restored by 1946.[2] During the Soviet era it was awarded the Order of Lenin and the Order of the Red Banner of Labour.

The company entered bankruptcy proceedings in 2009.[3] In 2013 it came under the ownership of Dmitry Gerasimenko. In 2016 Gerasimenko was detained in Cyprus on fraud charges, over the alleged theft of a $65 million loan from VTB Bank.[4]

References
  1. Friedman, Elisha M. (6 July 2017). Russia in Transition: A Business Man's Appraisal. Taylor & Francis. p. 283. ISBN 9781351618625.
  2. "Development of Soviet quality metallurgy" (PDF). CIA. Retrieved 23 August 2017.
  3. "Раздвоение завода. Как в Волгограде "Красный Октябрь" разошелся с "Баррикадами"". Рамблер/новости (in Russian). 23 July 2018. Retrieved 28 October 2018.
  4. "Russian Steel Magnate Detained in Cyprus on Fraud Charge". The Moscow Times. Retrieved 28 October 2018.
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