 Founded in 1960 as Komsomolsk-na-Dnipri, the city was purposely planned and built as the residential and civic area for the (now controlled by the Ferrexpo) - the most important iron ore-mining company in Ukraine.80% of the city residents are employed by the mining industry.There are two gigantic open pit mines and several spoil tips on the city territory, to the north-east and south of the residential area.