The article discusses the historical aspects of the concept of energy and production cycles (ЕРС) by the example of the pyrometallurgical cycle of ferrous metals; notes the shortcomings of the concept that reduce the possibility of its application at present stage; indicates the need to modernize the idea based on the use of innovative approaches. Professor Anatoliy T. Khrushchev, one of the classics of the concept of EPC, noted that the pyrometallurgical cycle of ferrous metals was one of the most conservative and least takes into account modern transformations in the industry. Based on the data from the sectoral journals, publications in the field of regional economics, content analysis of the websites of the largest metallurgical holdings in Russia, the authors proposed an updated scheme for the cycle in accordance with directions of scientific and technological revolution, the concepts of lean production, flexible specialization. The new scheme includes three leading links: along with the classical transformations in the iron-steel-rolled triad, the scheme describes in more detail a separate link that reveals the prospects of electrometallurgical technologies, which in recent decades have become widely used around the world in order to reduce the cost of raw materials. The third link combines technologies related to powder metallurgy. Particular attention is paid to environmental recycling areas implemented at ferrous metallurgy enterprises, which are able to connect this type of industrial activity with other manufacturing industries, housing and communal services, heat and power, etc. The directions for implementing the cycle within the Russian Far East are also considered. It is concluded that the concept of the EPC can become an important tool for optimizing the territorial and sectoral structure of Russian ferrous metallurgy enterprises at the present stage. Such processes take place in those regions of the country that previously did not have such specialization, but have a high consumer and research potential, as well as developed ties between metallurgy and mechanical engineering.