On April 30, 2010 to chair today with the prefix “Acting” held Korolenko (see photo).

Later he was appointed the new head YuGOK after scandal with the dismissal of a top manager Sergey Barabanov due to inefficient management of the enterprise, resulting in YuGOK 2009 ended with a loss of USD 73.6 million, while revenue fell by more than half (53.7 %), to 2.12 billion hryvnia.

These dismal results have forced the shareholders to change the company’s management, which would have been able to establish effective working mill, identified the program of modernization and development strategy, which until then just do not do it. Shareholders put on Michael Korolenko, who started his career at Southern GOK.

Subsequently, the month of August YuGOK could reach record levels for the implementation of its products, which could not achieve in 10 years. This was facilitated by better management of sales, of course, not without improving the overall situation in the iron ore market in Ukraine and the world at large. With these factors, the company managed to increase sales of iron ore by 52% (to 1.8 million tonnes) as against the same period last year.

In the first and third quarters of 2010 the volume of sinter production rose by 61% (to 1.09 million tons), compared to the same period last year, and concentrate production by 38.4% (to 5.8 million tons).

The new management so developed an investment program in the production of the 2010 total of 370 million USD, which was implemented from September. The bulk of investments will go to repair existing equipment, as well as to purchase a new one. “It has to ensure smooth operation of the plant and lay the foundation for future development” – says Korolenko.