The Arbitrary court of Volgograd region has declared the Volgograd Iron and Steel Works “Krasniy Octyabr” bankrupt.
According to the court decision, bankruptcy proceedings at the company will last for 6 months.
The bankruptcy of the company was initiated by the tax service, as Krasniy Octyabr had tax debts of 130 million rubles.
The works employed over 3 thousand people. There were no salary debts. The average salary in September was 34 thousand rubles.
In January-August Krasniy Octyabr increased output by 8.2% YoY, to 36.3 thousand tons of stainless steel. (Ukrainian metal)