The article presents the results of a study of the activities of the largest ferrous metallurgy enterprises for the period 2002–2016. It is proved that the main reason for reducing their role in the formation of tax revenues of regional budgets lies in the system of “oligarchic capitalism”. The latter developed in the post-Soviet period, and is characterized by the coalescence of the interests of "big business" and those of public authorities. As a result, Russia still has a high level of social inequality, and there is a growing need for social justice. The authors propose some ways to optimize the tax base for the largest iron and steel works. They also draw a conclusion about the need to overcome "capitalism for the few" and point out the key role that the President of the Russian Federation should play in this process.