The Rashnikov family are the majority owners of Magnitogorsk Iron and Steel Works (MMK), through their patriarch, Viktor Rashnikov. Viktor served as the company’s CEO from 1997 to 2011 and is considered one of Russia’s richest people with an estimated net worth of $8.7 billion.
Viktor began working in Magnitogorsk Iron and Steel Works’ equipment repair shop in 1967. He would go on to become the company’s chief engineer and First Deputy General Director in 1991.
After the fall of communism, Viktor began purchasing shares in the company that had become publicly traded since 1992. He would eventually become MMK’s majority shareholder and board chairman.
Viktor’s daughter, Olga Rashnikova, who joined Magnitogorsk Iron and Steel Works in 2012, serves as the company’s non-executive director and is a member of the Board of Directors’ Committee for Strategic Planning.
