Alexander Bondarev, a member of arbitrary managers of the Central Federal District, has been appointed the new temporary manager of the Krasniy Octyabr Iron and Steel Works.
On August 30, 2016 the Arbitrary Court of the Volgograd region following the claim of Alfa-Bank initiated the bankruptcy procedure at the works. The court did not disclose the debt of the company.
According to the media, the company owner Dmitry Gerasimenko is on the run, he is accused of stealing $65 million VTB loan. In mid-December 2016 he was detained in Cyprus, but the extradition was denied.
Krasniy Octyabr produces around one third of all the stainless steel in Russia, as well as over 900 unique steel grades. (Ukrainian metal)