Although it´s not really obvious on the first glance the Serov ironworks belongs among the more recent plants within the Ural steel industry. Construction began n 1894 under the leadership of the owner of Bogoslovksy mining district Alexander Andreevich Auerbach. Equipment for blast furnaces (nine furnaces conjuncted under one casthouse), open-hearth steel plant and rail rolling mill was manufactured in Germany, France and Belgium. It was the largest smelter in the Urals in the pre-revolutionary Russia.

In 1931 the rail rolling production is ceased slowly, machine building and engineering is becoming more dominant here.

In 2000 a gradual modernization of the steel plant has started. The Danieli company installed a state-of-art electric arc furnace and the open-hearth steel making shop was shutdown in 2006.

Reconstruction of the blast furnace site is in progress currently, by now the last of its type worldwide. The coke is supplied by an aerial ropeway and charged directly into the blast furnaces, ore and other raw materials goes by unique skip charging buckets system.

The plant is part of UGMK company today and the production is focused on hot rolled section steel mostly.