The principal industries of Lipetsk include ferrous metallurgy, machinery, metalworking, machine tools, engines,, chemicals, food, and clothing.
The former steel combine was privatized in 1992 and Novolipetsk Steel (NLMK) with approximately 48,000 employees and an 64% export ratio (2005) is one of the largest employers in the oblast. In 2008, the company's revenue was $11.7 billion. Other industry are another metallurgical plant "Svobodny Sokol" ("Free Falcon"), a tractor factory LTZ, solvent-extraction plant Liboil (largest rapeseed oil producer in Central Federal District and the second in Russia), pipe factory, a factory for refrigerators and household appliances, an ice factory, lathe factory, chemical factories, etc. Industry is mainly located south of Voronezh River
