Krasny Oktyabr (steel plant)

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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) Edit this on Wikidata
Number of employees
ca 800 (2017)

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.

History[]

The company's factory was established on April 30, 1897. After the Bolshevik Revolution the factory became known as Krasny Oktyabr, Russian: "Red October" (named for the October 1917 Revolution) 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.

In 2007, Rosoboronexport gained control of Krasny Oktyabr from the Alex Shnaider (Russian: Алекс Шнайдер) associated Midland Group.[3][4] On 28 November 2007, Krasny Oktyabr was placed in a holding CJSC Russpetsstal (Russian: ЗАО «Русспецсталь») which RosTec, a firm which was formerly known as Rosoboronexport until 25 November 2007, held a 25.1% stake through its subsidiary Promimpex (Russian: «Промимпекс») and a 50% stake was held in two Cyprus based firms Lacoveta Management and Briefway Trading, and a 24.9% stake was held by the Guernsey based Midland Steel Industries Limited.[5][6] For financing both JSC Russpetsstal (Russian: ОАО «Русспецсталь») and CSJC Russpetsstal in the holding Russpetsstal, VTB provided 1.7 billion rubles in early 2007 and 1.96 billion rubles at the end of 2007, Sberbank provided almost 2 billion rubles in 2008-2009 in addition to the 1 billion rubles that Krasny Oktyabr obtained from Sberbank in 2006, Gazprombank provided 1.8 billion rubles in 2008, and Bank Rossiya provided 1.3 billion rubles to  [ru] (Stupinskaya Metallurgical Company) which was held by JSC Russpetsstal.[5]

The company entered bankruptcy proceedings in 2009.[7] 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.[8]

Dmitry Gerasimenko "sold" the plant, which was in bankruptcy proceedings, to Pavel Krotov.[9]

In late November 2017, only three of the eight hulls for Russian nuclear submarines could be delivered in May 2018 on time from a 2013 order. The remaining delivery of the other five hulls was frozen. Because of ongoing financial difficulties, Krasny Oktyabr had reduced its work force from 5,200 employees in December 2016 to less than 4,000 in October 2017 and then to only 800 with a 20% to 30% reduction in salary and pay. Both Dmitry Gerasimenko and his mother Svetlana Gerasimenko, who lives in Dnepr, are Ukrainian citizens.[10]

The plant was preserved in 2018 with government intervention. A subsidiary, Volgograd Drilling Equipment Plant was restarted in 2020. After six years of inactivity, the company is reviving. [11] VZBT retained its main activity - the production of drilling rigs. [12]

The stainless steel production was 34093 tons in 2020, compared to 2019, which was 26281 tons.[13]

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. ^ Фрумкин, Константин (Frumkin, Konstantin) (25 December 2006). "Чеболь по-русски: 2007 год станет годом продолжения экспансии госкорпораций" [Chaebol in Russian: 2007 will be the year of continued expansion of state corporations]. Компании Деловой Еженедельник (ko.ru) (in Russian). Archived from the original on 14 January 2007. Retrieved 11 August 2021.
  4. ^ Козырев, Михаил (Kozyrev, Mikhail) (3 October 2007). "Под прикрытием" [Under cover]. Forbes (in Russian). Archived from the original on 11 August 2021. Retrieved 11 August 2021.
  5. ^ a b Сагдиев, Ринат (Sagdiev, Rinat); Дагаева, Анастасия (Dagaeva, Anastasia); Резник, Ирина (Reznik, Irina); фиалко, Алиса (Fialko, Alisa) (7 December 2010). "Как развалилась «Русспецсталь»: У государственной корпорации «Ростехнологии» чего только нет — и оружие, и автомобили, и стройки, и лекарства, и много чего еще. Корпорация пытается привести доставшиеся ей активы в порядок — выстроить их в холдинги, которые потом можно будет вывести на биржу. Первый такой холдинг - «Русспецсталь» — готов и уже проходит процедуру банкротства" [How Russpetsstal collapsed: The state corporation "Russian Technologies" has so many things - weapons, cars, construction sites, medicines, and much more. The corporation is trying to put the assets it inherited in order - to build them into holdings, which can then be listed on the stock exchange. The first such holding, Russpetsstal, is ready and is already undergoing bankruptcy proceedings]. Таможенный союз (проект CustomsUnion) (CustomsUnion.ru) (in Russian). Archived from the original on 21 November 2011. Retrieved 11 August 2021.
  6. ^ "Структура холдинга «Русспецсталь»" [Structure of the holding Russpetsstal]. Таможенный союз (проект CustomsUnion) (CustomsUnion.ru) (in Russian). 7 December 2010. Archived from the original on 16 July 2012. Retrieved 11 August 2021.
  7. ^ "Раздвоение завода. Как в Волгограде "Красный Октябрь" разошелся с "Баррикадами"". Рамблер/новости (in Russian). 23 July 2018. Retrieved 28 October 2018.
  8. ^ "Russian Steel Magnate Detained in Cyprus on Fraud Charge". The Moscow Times. Retrieved 28 October 2018.
  9. ^ "The witch hunt will end" (in Russian). 22 November 2018. Retrieved 17 March 2021.
  10. ^ Серенко, Андрей (Serenko, Andrey) (21 November 2017). "Атомные субмарины России могут остаться без атомных реакторов: В срыве гособоронзаказа для подводного флота страны нашли "украинский след"" [Russian nuclear submarines may be left without nuclear reactors: In the disruption of the state defense order for the submarine fleet of the country found "Ukrainian trace"]. Независимая газета (ng.ru) (in Russian). Archived from the original on 21 November 2017. Retrieved 11 August 2021.
  11. ^ "Volgograd Drilling Equipment Plant resumes work" (in Russian). 11 May 2020. Retrieved 17 March 2021.
  12. ^ "Visit of The Minister of Industry and Trade" (in Russian). 9 October 2020. Retrieved 17 March 2021.
  13. ^ "«Красный Октябрь» retains its leading position in the production of stainless steel" (in Russian). 15 March 2021. Retrieved 17 March 2021.

External links[]

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