Prodamet

The following article is from The Great Soviet Encyclopedia (1979). It might be outdated or ideologically biased.

Prodamet

 

(Company for the Sale of Goods Produced by Russian Metallurgical Plants), the largest monopoly in prerevolutionary Russian industry.

The Prodamet syndicate was created by agreements and contracts concluded in July 1902 in the southern mining region. It was financed by large French, German, Belgian, and Russian banks, including the Azov-Don, International, and Commercial-Industrial banks. Between 1902 and 1905, it had a monopoly on the sale of sheet iron, axles, beams, and cast iron pipes. In 1908 it took over the sale of merchant bar iron, and in 1909 it established monopoly control over the sale of rails. By 1914 about 90 percent of the country’s metallurgical works outside the Urals had been absorbed by the monopoly, which accounted for 85 percent of the domestic sales of ferrous metals. In foreign markets, Prodamet enterprises joined an international rails pool. During World War I, Prodamet reaped huge profits from the sale of military hardware. Representatives of the monopoly served in the government’s “regulatory” agency, the Metallurgical Committee. In 1918, Prodamet was nationalized by the Soviet Government.

REFERENCE

Tsukernik, A. L. Sindikat “Prodamet.” Moscow, 1958.
The Great Soviet Encyclopedia, 3rd Edition (1970-1979). © 2010 The Gale Group, Inc. All rights reserved.
References in periodicals archive ?
Not the least of Gatrell's achievements is his clear analysis of the market impact of the famous, but largely misunderstood, steel syndicate Prodamet. He offers by far the finest description of that organization available in English.