Viktor Rashnikov

From Wikipedia, the free encyclopedia
Jump to navigation Jump to search
Viktor Rashnikov
Born (1948-10-13) October 13, 1948 (age 70)
Magnitogorsk, USSR (now Russia)
ResidenceMagnitogorsk, Russia
EducationMagnitogorsk Institute of Mining and Metallurgy
OccupationChairman, Magnitogorsk Iron and Steel Works
Net worthUS$8.7 billion (February 2019)[1]

Viktor Filippovich Rashnikov (born October 13, 1948) is a Russian billionaire businessman. A prominent Russian oligarch, he made his wealth (estimated at $8.7 billion in February 2019) in the iron and steel industry, being the majority owner of Magnitogorsk Iron & Steel Works (MMK), one of the world’s leading steel producers.[2]

He owns Ocean Victory, the 10th largest yacht in the world.[3]


In 1974, Rashnikov achieved his first degree having studied the field of Metal Forming Process in Magnitogorsk Institute of Mining and Metallurgy.[4] He later gained another degree in Organization of Production Administration, graduating from that program in 1994.[5]

Rashnikov received his doctorate in Technical Sciences in 1998. In addition to writing many research papers and scientific reports,[6] he has implemented numerous engineering solutions.[7]

In 2002 he was elected to the position of Honored Professor at the Moscow Institute of Steel and Alloys. Additionally, he holds a role at the Russian Academy of Quality Problems as an Academician.[5][4]


Rashnikov first began his career with the Magnitogorsk Iron & Steel Works (MMK) in the company’s repair shop as a fitter in 1967.[8] Since then, up through 1991, Rashnikov advanced through a number of management positions at MMK, including that of Head of Production and Products Supply. In 1991, he was made Chief Engineer and First Deputy General Director for the firm. In 1997, Viktor Rashnikov succeeded in rising to the role of General Director at MMK, before finally becoming in 2005 its Chairman of the Board.[5]

Leadership at MMK[edit]

Having worked his way up through various positions at MMK, Viktor Rashnikov was able in the 90-s to attain near complete control of the company through the purchase of shares on the market (87.26% as of May 2017[9]).

The results of Rashnikov’s leadership at MMK are described by some as "impressive",

"By 2007, 10 years after Mr. Rashnikov became director, MMK doubled steel production from 6m to 12m tonnes a year."

"Steel king with magnetic effect",[10] Financial Times, 2008.

It was under Rashnikov’s tenure as Chairman of the Board of Directors in 2007 that MMK became a publicly traded company on the London Stock Exchange.[11]

He implemented a full-scale investment program including modernization of five blast furnaces, construction of an oxygen unit, construction of electric arc furnace facilities, construction of thick-plate Mill 5000 and the cold-rolling Mill 2000 complex.[12] In 2000-2016, total investments of the company amounted to $13 billion, including about $10 billion in MMK’s development.[13]

The company in 2016 produced 70% of metal requirements at AvtoVAZ, 50% at GAZ and 50% at KAMAZ. The company fully met Russian Ford’s metal requirements.

During his time as Chairman of the Board, Rashnikov faced a number of challenges to his leadership of the company. The attempts to wrest control were noted to have come primarily from Iskander Makhmudov.[14]

In 2005, Rashnikov left the position of CEO, but remains the chairman of the company.[14]

Philanthropic activities[edit]

Viktor Rashnikov annually allocates about $25 million to the company’s social and charitable pursuits,[15] including:

Viktor Rashnikov helped to fund the construction of the Holy Ascension Cathedral in Magnitogorsk

- Provision of healthcare for pensioners, including the organisation of relaxation and spa treatments. Veterans and invalids receive free treatment and operations.

- A new programme, Support For Large Families, has helped 235 families with three or more children under the age of 18.

- Assistance to victims of natural, environmental, industrial and other disasters.

- Assistance in educational, scientific and artistic projects.

- Rashnikov helped to fund the Holy Ascension Cathedral in Magnitogorsk – the main cathedral of the Magnitogorsk diocese, located in the city of Magnitogorsk.

He also built sophisticated medical facilities and two ski resorts in the nearby Urals.[10]

Due to MMK’s environmental activities, total emissions had been reduced by 37.5% and the specific emissions by 47.4%. In 2011-2016, environmental spending of the company averaged 3.5-4 billion rubles per year.[16] The company recently adopted a long-term environmental program through 2025, with funding of more than $600 million.[17]

Rashnikov’s contribution to social development of Magnitogorsk is recognized by the Russian government. In 2009, the then Prime Minister of Russia Vladimir Putin praised Rashnikov for his management.

"Mr. Rashnikov is a good manager and not only because the company is developing and new technologies are being introduced, but also because a lot is being done to care for the people and to look after the environment. You know better than I do what winters used to be like in Magnitogorsk. Everything was black, including snow. Today, the situation is radically different. Perhaps, not all problems have been solved, but emissions to the atmosphere have changed cardinally and for the better. You are also adopting new technologies and opening new production setups."

Special TV programme "Conversation with Vladimir Putin: To Be Continued",[18] December 3, 2009

Metallurg Magnitogorsk[edit]

Rashnikov is the owner and the president of Metallurg Magnitogorsk ice hockey team. Since he took over in 1993, the team worked up a reputation as one of the top Russian teams of the new era.[19] Magnitogorsk advanced to the Russian Superleague finals six times becoming a three time champion of Russia.

With the support of Rashnikov and MMK, in 2006 on the bank of the Ural River a modern ice palace with a capacity of more than 7,500 people was built (the investments amounted to $50 million[20]). The Arena Metallurg stadium is the base of the Metallurg ice hockey club, as well as the junior ice hockey team Stalnye Lisy (Steel Foxes).

Metallurg has twice won the highest trophy of the Kontinental Hockey League, the Gagarin Cup. Magnitogorsk hockey school has given the world famous players from the NHL, including Evgeni Malkin, Nikolai Kulemin, and many others.

Personal life[edit]

Rashnikov has two daughters, Olga and Tatiana.[1]



  1. ^ a b "Forbes profile: Viktor Rashnikov". Forbes. Retrieved 13 February 2019.
  2. ^ "WORLD STEEL IN FIGURES 2017" (PDF). 2017-07-20. Archived from the original (PDF) on 2018-05-18.
  3. ^ "The largest superyacht to visit Auckland - Business - NZ Herald News". 2015-07-20. Retrieved 2017-04-27.
  4. ^ a b "Chairman of OJSC MMK's Management Board". (in Russian). Retrieved 2017-07-20.
  5. ^ a b c "Magnitogorskiy metallurgicheskiy kombinat OAO (MAGN.MM)". Reuters.
  6. ^ "eLIBRARY.RU - НАУЧНАЯ ЭЛЕКТРОННАЯ БИБЛИОТЕКА". Retrieved 2017-07-20.
  7. ^ "Viktor Rashnikov - Richest Russian". Richest Russian. Retrieved 2017-07-20.
  8. ^ "Viktor Rashnikov (Виктор Рашников)". Richest Russian.
  9. ^ "MMK in Brief". (in Russian). Retrieved 2017-07-20.
  10. ^ a b "Subscribe to read". Financial Times. Retrieved 2017-07-20.
  11. ^ "The World's Billionaires". Forbes.
  12. ^ "Capital Markets Day of MMK in London, 2017" (PDF). 2017-07-20.
  13. ^ "Meeting with Magnitogorsk Iron and Steel Works CEO Viktor Rashnikov". President of Russia. Retrieved 2017-07-20.
  14. ^ a b "Viktor Rashnikov Net Worth". The Richest.
  15. ^ "Meeting with Magnitogorsk Iron and Steel Works CEO Viktor Rashnikov". President of Russia. Retrieved 2017-07-20.
  16. ^ "Meeting with Magnitogorsk Iron and Steel Works CEO Viktor Rashnikov". President of Russia. Retrieved 2017-07-20.
  17. ^ "ММК to invest over RUB 35 bln in environmental initiatives by 2025". (in Russian). Retrieved 2017-07-20.
  19. ^ "Зал Славы ХК "Металлург" (Магнитогорск)". Retrieved 2017-07-21.
  20. ^ "Здесь живет миллиардер". Retrieved 2017-07-21.