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Viktor Rashnikov

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Viktor Filippovich Rashnikov (born October 13, 1948) is a Russian billionaire businessman. An oligarch, he made his wealth (estimated at $9.1 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.[1]

Viktor Rashnikov
Виктор Рашников
Rashnikov in 2005
Born (1948-10-13) October 13, 1948 (age 76)
Magnitogorsk, USSR (now Russia)
NationalityRussian
EducationMagnitogorsk Institute of Mining and Metallurgy
Occupation(s)Chairman, Magnitogorsk Iron and Steel Works
Spousemarried
Children2
Awards

He owns Ocean Victory, at the time of her construction the 10th largest yacht in the world.[2]

Following Russia's invasion of Ukraine, Rashnikov and MMK were placed on sanctions lists by the USA, UK and EU.[3] In September 2022, Hungary sought to have Rashnikov dropped from the EU's list.[4]

Education

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In 1974, Rashnikov earned a bachelor's degree in metal forming process at the Magnitogorsk Institute of Mining and Metallurgy.[5] He later gained another degree in Organization of Production Administration, graduating from that program in 1994.[6]

Rashnikov received his doctorate in Technical Sciences in 1998. In addition to writing many research papers and scientific reports,[7] he has implemented numerous engineering solutions.[8]

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.[6][5]

Career

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Rashnikov first began his career with the Magnitogorsk Iron & Steel Works (MMK) in the company's repair shop as a fitter in 1967.[9] 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.[6]

Leadership at MMK

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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[10]).

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",[11] 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.[12]

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.[13] In 2000–2016, total investments of the company amounted to $13 billion, including about $10 billion in MMK's development.[14]

Philanthropic activities

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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

He also built sophisticated medical facilities and two ski resorts in the nearby Urals.[11]

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.[18] December 3, 2009

Metallurg Magnitogorsk

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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]

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).[citation needed]

Personal life

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Rashnikov was born to a Russian family. He is a Russian Orthodox Christian. He has two daughters.[21] He owns a Gulfstream G650 registered VP-BOT (operated by Jet Aviation Business Jets) and previously owned a Bombardier Global 5000 registered VP-BJN.[22]

References

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  1. ^ "WORLD STEEL IN FIGURES 2017" (PDF). 2017-07-20. Archived from the original (PDF) on 2018-05-18.
  2. ^ "The largest superyacht to visit Auckland - Business - NZ Herald News". Nzherald.co.nz. 2015-07-20. Retrieved 2017-04-27.
  3. ^ "Inside Putin's inner circle: Meet the 38 Russian oligarchs cut off by sanctions". Business Insider. Retrieved 2022-03-22.
  4. ^ Jozwiak, Rikard. "Hungary Said to Have Dropped Demand to Remove Three Russian Oligarchs from Sanctions List". Radiofreeeurope/Radioliberty.
  5. ^ a b "Chairman of OJSC MMK's Management Board". eng.mmk.ru (in Russian). Retrieved 2017-07-20.
  6. ^ a b c "Magnitogorskiy metallurgicheskiy kombinat OAO (MAGN.MM)". Reuters. Archived from the original on 2014-10-06.
  7. ^ "eLIBRARY.RU - НАУЧНАЯ ЭЛЕКТРОННАЯ БИБЛИОТЕКА". Retrieved 2017-07-20.
  8. ^ "Viktor Rashnikov - Richest Russian". Richest Russian. Retrieved 2017-07-20.
  9. ^ "Viktor Rashnikov (Виктор Рашников)". Richest Russian.
  10. ^ "MMK in Brief". eng.mmk.ru (in Russian). Retrieved 2017-07-20.
  11. ^ a b Clover, Charles (2008-08-10). "Steel king with magnetic effect". Financial Times. Retrieved 2017-07-20.
  12. ^ "The World's Billionaires". Forbes.
  13. ^ "Capital Markets Day of MMK in London, 2017" (PDF). 2017-07-20.
  14. ^ "Meeting with Magnitogorsk Iron and Steel Works CEO Viktor Rashnikov". President of Russia. Retrieved 2017-07-20.
  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". eng.mmk.ru (in Russian). Retrieved 2017-07-20.
  18. ^ "ARCHIVE OF THE OFFICIAL SITE OF THE 2008-2012 PRIME MINISTER OF THE RUSSIAN FEDERATION VLADIMIR PUTIN - Events". archive.premier.gov.ru. Retrieved 2017-07-20.
  19. ^ "Зал Славы ХК "Металлург" (Магнитогорск)". www.metallurg.ru. Retrieved 2017-07-21.
  20. ^ "Здесь живет миллиардер". www.forbes.ru. 2 May 2006. Retrieved 2017-07-21.
  21. ^ "Forbes profile: Viktor Rashnikov". Forbes. Retrieved 27 February 2019.
  22. ^ "Viktor Rashnikov changed the business jet | Business | RusLetter". rusletter.com. Retrieved 2021-08-09.
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