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Concept
Krasny Oktyabr (steel plant)
Summary
Volgogradskiy Metallurgicheskiy Zavod Krasny Oktyabr (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.
The company's factory was established on April 30, 1897, by the French Ural-Volga Metallurgical Society («Урало-Волжское металлургическое общество»). 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. It was completely destroyed in the Battle of Stalingrad, but was restored by 1946. During the Soviet era it was awarded the Order of Lenin and the Order of the Red Banner of Labour.
In 1999, Krasny Oktyabr entered bankruptcy hearings.
In 2003, the Midland Group gained control of Krasny Oktyabr.
In 2007, Rosoboronexport gained control of Krasny Oktyabr through its subsidiary Russpetsstal which purchased a 100% stake in Krasny Oktyabr from the Alex Shnaider (Алекс Шнайдер) and Eduard Shifrin (Эдуард Шифрин) associated Midland Group. In 2007 under advice from Troika Dialog and its managing director Sergey Skvortsov, Sergey Chemezov, who was the General Director of Rostec, formed one holding for all enterprises manufacturing special steels and alloys. On 28 November 2007, Krasny Oktyabr under general director Sergey Nosov (Сергей Носов) was placed in a holding CJSC Russpetsstal (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 («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. For financing both JSC Russpetsstal (ОАО «Русспецсталь») and CSJC Russpetsstal in the holding Russpetsstal, VTB provided 1.
Official source
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