Biography and facts

Viktor Rashnikov, the owner of the Magnitogorsk Iron and Steel Works (MMK), first came to the company in 1967. The future billionaire and native of Magnitogorsk, nicknamed “Filippych” by the locals, got a job in a repair shop of “Magnitka” as a simple mechanic and was methodically climbing the career ladder. In 1991 he became the chief engineer of MMK, and six years later he became the head of the plant. At the same time Rashnikov bought up shares in Magnitka and in the 2000s became the owner of the controlling stake.

The metallurgist fought many corporate wars to win the plant. Rashnikov’s opponents were the structures of the Trans World Group of the Chernykh brothers, the billionaire Iskander Makhmudov, the owner of Mechel, Igor Zyuzin, and the mining magnate Alisher Usmanov. Having retained control over the factory, Rashnikov took MMK to an IPO in 2007, which brought in $1 billion.

In 2011, Rashnikov stepped down from the operative management of MMK, transferring control to the then general director of the combine, Boris Dubrovsky. In 2014, Dubrovsky, who had worked at MMK for more than 35 years, became governor of the Chelyabinsk Region. He resigned in March 2019.

Rashnikov is no stranger to politics himself. In the 2000 presidential elections, he was Vladimir Putin’s proxy. The metallurgist was twice (in 2003 and 2007) elected to the State Duma, but both times he gave up his mandate. In 2010, for the fifth time Rashnikov became a deputy of the Chelyabinsk regional Duma.

Capital Magnitogorsk Iron and Steel Works (79.76%).

Sanctions In March 2022 Rashnikov came under EU and UK sanctions. Before that, the businessman managed to transfer his MMK shares from Cyprus to a Russian company.

Transaction In February 2019, Rashnikov bought from Mikhail Gutseriev #69 the major share of the project to build a luxury hotel on Tverskaya Street on the site of the former Tsentralnaya Hotel.

Rashnikov sold a 4.5% stake in MMK in 2021. As a result, the free-float of the company exceeded 20%, and the businessman could earn more than $450 million.

Court Rashnikov’s Snapbox company in Cyprus is trying to recover from Alexander Chigirinsky’s structures $134 million in dividends from the sale of their joint project, the Evolution Tower.

Event Rashnikov flew to Magnitogorsk the day after the collapse of the apartment building on December 31, 2018 and stayed at the scene of the tragedy for nine days.

Rashnikov’s 140-meter yacht Ocean Victory ranks 15th on the list of the world’s largest yachts.

Sports Passionate hockey fan, since 1999 – President of hockey club “Metallurg” (Magnitogorsk).

Heirs Rashnikov’s younger daughter Olga was a member of Magnitogorsk’s Board of Directors until the end of March 2022, and his elder daughter Tatiana is the director of MMK Trading AG, Switzerland.

Impact Magnitogorsk Iron and Steel Works, of which Rashnikov is the principal owner, finances the Metallurg Charitable Foundation. The Foundation implements the programs “Care” and “XXI century – to children of the South Urals”, including more than 40 directions of social support of veterans, disabled people, mothers, large families and children.