History
Historically, the Lipetsk area in central Russia has substantial iron ore deposits. In 1702, Peter the Great ordered the construction of an iron foundry there.
In 1931, Novolipetsk Iron and Steel began construction of a plant on the site of the iron ore mine. Prospering down through the decades, Novolipetsk became a joint stock company in 1992 and then in 1993 began the process of privatization by distributing company shares to its employees. The company seems to be acquisitive; see list of Related organizations. In 1998, Vladimir Lisin became the chairman. The manufacturing site in Lipetsk covers 27 square kilometers.
Less than half of NLMK's output of steel is sold in Russia.
The company's primary source of iron ore is now Stoilensky GOK, a company which is 350 km from the mills at Lipetsk.
Read more about this topic: Novolipetsk Steel
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