His father, Ivan Akimovich Mal’tsov expanded the family business, previously based on glass and linen production by developing the metallurgy industry in Lyudinovo, Kaluga Oblast. From this basis Sergei developed the Mal’tsov industrial region an area which covered about 215,000 hectares mostly along the Bolva River. He turned the industrial region into a major centre of machine building. It was here that the first rails, locomotives, steamships, and screw propellers were made in Russia. By 1875, Mal’tsov was able to found a corporation which included over 30 enterprises with a combined capital of 6 million rubles. These works were nationalised in 1885.
- Агеев, С. Е. (2017). "Заводчик С. И. Мальцов – один из пионеров русской промышленностивторой половины XIX века" (PDF). libartrus. Retrieved 14 February 2018.
- Maltsov Family. The Great Soviet Encyclopedia. 1979. Retrieved 12 February 2018.
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