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Founded in 1960 as Komsomolsk-na-Dnipri, the city was purposely planned and built as the residential and civic area for the Poltava Mining and Extraction Combinat (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.
The industry is served by several railway stations. However, the passenger service was discontinued and the city relies on intercity and suburban bus links. The combinat operates its own freight river port.
Due to the profitability of mining, small city of Komsomolsk usually ranks high in all-Ukraine city rankings of birth rate, living standards, (un)employment and housing.