How it started
History
Historically, the Lipetsk area in central Russia has had 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 the list of related organizations. In 1998, Vladimir Lisin became the chairman. The manufacturing area in Lipetsk covers 27 square kilometers.
Less than half of NLMK's steel output is sold in Russia.
The company's primary source of iron ore is now Stoilensky GOK, a company located 350 km from the mills at Lipetsk.
From Wikipedia’s article on Novolipetsk Steel, shared under CC BY-SA 4.0.2