The city is named after the famous Soviet miner Alexey Stakhanov, who started his career there. From 1937 to 1940 the city was named Sergo (Ukrainian: ?????), and before 1937 and from 1940 to 1978 the city was known as Kadievka (Russian: ????????), or Ukrainian Kadiyivka. A labor camp for German prisoners of war was established at Stakhanov during the Second World War.
The city's economy depends on a railway car building works, ferroalloy plant and coal mines
