Red October, founded at the end of the 19th century, is one of the oldest operating industrial sites in the city. Its first owner, French enterprise Ural-Volga Metallurgical Company, began construction on 30 April 1897. In November 1898 the first open-hearth furnace commenced operation. During those years the factory was the largest in the city and surrounding territory. In 1902 the factory employed 1,120 people, and by the beginning of WWI it had 5,000 workers.

By the beginning of WWII, Red October produced 9% of steel in the country. In 1941 the factory increased production of armored steel, utilized new models, and began to make military equipment and ammunition. In 1942 more than a third of workers were woman who not only labored as steelmakers but also served in the militia alongside male workers from the beginning of the defense of Stalingrad.