This paper analyzes various points of view on understanding the industry as a system. It is shown that in a globalized economy the creation of industries that are closely related to each other, lead to an erosion of their borders. This allowed the use of the emerging new vision of macroindustry creation, the so-called concept of "strategic re-engineering", as the basis for the concept of the new industrial system proposed in this paper. Conditions of formation of a new industrial system are illustrated in relation to the economy of one of the largest industrial regions of Russia - the Ural Federal District. Among them are: investment climate, structural imbalance, damped trend of post-crisis reconstruction, failure to involve the modernization component of the implemented economic growth model etc. Determining factor to form a new industrial system, which is the industrial policy, was defined. It was confirmed on specific examples that for the upgrading of the industrial system of the Urals the appropriate tools are such as industrial policy selection of "backbone" companies at the regional level and formation of not only federal but also regional technological platforms. The expediency of forming clusters to be used as a tool for determining the formation of a new industrial system has been substantiated. A special significance for the economy not only of the Urals but the country as a whole, formation of the rare earth cluster was displayed. A draft of the Federal Law "On the regional industrial policy in Russia" was proposed. It is proven that industrial policy based on a common legal framework in the presence of "external" conditions of modernization will be a major factor in the structural modernization of the industrial system of a region.