The authorities of the Volgograd region are studying the offers of investors ready to provide $100 million for the development of the Krasniy Octyabr Iron and Steel Works when the enterprise finishes the bankruptcy procedure.
The investors have not been named, but at the same time the authorities are consulting with the Ministry of Industry and Trade to carry out the project with the support from the Fund of industry development.
At present the situation at the works is stable. The wages are timely paid, the repairs are being carried out, and a roof has been assembled at the electric steel smelting shop No. 2.
In November 2018 the plant was declared bankrupt because of its debts to the tax service. (Ukrainian metal)