Viktor Rashnikov (Виктор Рашников) built his long career and massive fortune at Magnitogorsk Iron and Steel Works (MMK). He started there as a mechanical engineer. In 1992, when MMK was turned into a joint stock company, he aggressively bought shares and built his ownership in the company to 100%. The net worth of his assets fluctuates with the steel and metal industry. In March 2011, Forbes valued his assets at $11.2 billion making him the 70th richest person in the world. While in July 2014, Forbes valued his fortune at $2.8 billion ranking 641st in the world and 36th in Russia. He still serves as the Chairman of OJSC Management Board.
Viktor Rashnikov was born in 1948, in Magnitogorsk, the Chalyabinsk Region of Russia. He received a degree in the Metal Forming Process in 1974, from Magnitogorsk Institute of Mining and Metallurgy. In 1994, he earned a second degree in Organization of Product Administration. In addition to writing many research papers and scientific reports, he has implemented numerous engineering solutions.
Building a Career under Communism
Rashnikov started working for Magnitogorsk Iron and Steel Works in 1967, years before completing his higher education. He started as a fitter in an equipment repair shop and built himself up to the shop superintendent and eventually to the head of administration and shipments. By 1991, he was the Chief Engineer and First Deputy General Director.
MMK after Privatization
After the Communist regime fell in Russia, Viktor Rashnikov cofounded AOZT, an investment company, and Inreko, a supply and marketing company. In 1992, MMK turned into a publicly traded company. Rashnikov started to buy many shares. He was already in a management position but, as a major share holder his ascent to top positions in the company was accelerated. From 1997 to 2011, he was General Director or Chief Executive of OAO MMK. He has been chairman of the Board for the last nine years.
He has initiated MMK’s technical innovation and efficient steel production. In the last ten years, MMK built a specialized mill to produce products for the for oil, gas, ship, bridge and machine building sectors by producing steel plates of up to 4,850 millimeters wide.
Rashnikov made $1 billion when MMK offered shares on the London Stock Exchange, in 2007. MMK is the third largest steel producer in Russia behind Evraz headed by Alexander Abramov and Alexander Frolov, Severstal headed by Alexey Mordashov, Novolipetsk headed by Vladimir Lisin and Alexey Lapshin.
Honors and Awards.
In 2001 and 2002, he won the prize from the Russian Federation of Science and Engineering. He has received many honors in academia, the steel works industry, and for economic development. He has even been given a host of honors from the Eastern Orthodox Church.
Politics and Public Service
Viktor Rashnikov has served four times in the Legislative Assembly of Chelyabinsk. Rashnikov is a member of the Chairman of the Union of Industrialists and Entrepreneurs of Chelyabinsk. He is also part of the management of the Bureau of the Russian Union of Industrialists an organization that promotes Russian business interests and economic advancement.
Yacht and Sports
In 2014, Viktor Rashnikov had “Ocean Victory”, a huge 140 meter Italian yacht, built for himself. It is one of the 10 largest yachts in the world. MMK is a major sponsor of the Kontinental Hockey League in Russia. Rashnikov is the President of the Metallurg Magnitogorsk Hockey team.