THE TAX AUTHORITIES WILL BANKRUPT YUZHSTAL IN THE ROSTOV REGION

On August 22, the Rostov arbitration received a claim for the insolvency of the Krasnosulinsk company Yuzhstal (case no. A53-30219/2023). The initiator of the bankruptcy of the Don enterprise was the tax authorities of the region (MI FTS No. 21 in the Rostov region). The application itself has not yet been accepted by the Arbitration Court of the Rostov region for consideration. The size of the company's debt obligations is also unknown.

Yuzhstal is located in the Krasnosulinsky district of the region. The company has been in existence since 2011. The company specializes in the production of steel ingots. The founder of the enterprise is the capital firm "Yug-Invest". The organization is headed by Shirin Abbasov.

Recent years have been unprofitable for the company. After a profitable 2020, when the company earned 15.6 million, it showed negative results. In 2022, the amount of the loss approached 353 million. A year earlier, the result of the work was losses of 45 million.

The company became famous thanks to a project to modernize production facilities. The cost of the project was initially estimated at 3 billion, but later the amount was increased to 4.5 billion, Kommersant reports. Its implementation would increase the volume of production of cast blanks to 720 thousand tons annually. In particular, the plant planned to replace the old electric arc furnaces with more modern analogues with increased productivity.

According to the regional government, the investment project was supposed to be completed last year. This would increase the staff several times (from 164 to 667 people). However, only a third of the planned investment amount was disbursed. The project itself in 2022 received a negative opinion from the Federal Autonomous Institution Glavgosexpertiza of Russia.