 Today, the city contains some of the major shipbuilding yards of the Navantia Group.As the birthplace of the dictator Francisco Franco in 1892, the municipality was officially named after him as "El Ferrol del Caudillo" from September 1938 to December 1982.It was also the birthplace of the founder of the Spanish Socialist Workers' Party (PSOE), Pablo Iglesias, in 1850.