Magnitogorsk Iron and Steel Works, Russia's largest steel complex, was founded in 1929; the first iron was produced in 1932; steel and steel production began in 1933. During the Patriotic War, the company produced armor steel and artillery steel for the military industry and was the source of 50% of the armor plates for Soviet tanks at that time. Magnitto was ranked 670th in the Global 2000 in 2014.