Viktor Rashnikov: A Legacy in Steel and Strategic Business Moves

Viktor Rashnikov: A Legacy in Steel and Strategic Business Moves

Viktor Rashnikov is the principal owner of Magnitogorsk Iron & Steel Works (MMK), a major player in the global steel industry. His journey with MMK began in 1967 when he started working as a mechanic. Over the years, he gradually acquired shares of the company, eventually amassing nearly 100% ownership through market purchases.

Rashnikov served as the CEO of MMK for 14 years, stepping down from the role in 2011. His tenure as CEO was marked by significant company growth and development. In March 2022, Rashnikov faced sanctions from both the European Union and the United Kingdom.

His family has also been involved in the company. His youngest daughter, Olga, joined the board of directors and the strategic planning committee in 2012. However, she resigned from these positions in March 2022.

In early 2022, Rashnikov made a notable business move by transferring his shares in MMK from a Cyprus-registered company to Altair LLC, a Russian entity. This shift occurred in February, possibly as a response to changing geopolitical climates and economic pressures.

Later in 2022, Rashnikov was honored with the Hero of Labour of the Russian Federation award. This accolade, presented by Russian President Vladimir Putin in November, recognized Rashnikov for his exceptional contributions to labor and service to the country.

Viktor Filippovich Rashnikov is a prominent figure in Russia’s business landscape, primarily due to his significant influence in the iron and steel sector. As an oligarch, his career and actions have been closely watched both within Russia and internationally. His leadership at MMK and his strategic business decisions have cemented his status as a key player in the industry.