The London Stock Exchange listing of EvrazHolding in June 2005 marked a milestone for the organization Alexander Abramov built following the 1998 financial crisis. Initially trained as a physicist and chemist at the Moscow Institute of Physics and Technology, he transitioned from Russia’s space and defense programs to metal trading, eventually securing a dominant position in the global steel industry.
Early Career and Trading
Born in 1959 in Krasnodar, Abramov initially pursued a scientific path, earning a candidate of Sciences degree in Physics and Mathematics. When government funding for research declined, he leveraged his knowledge of high-temperature technologies to enter the metal trading sector. By 1997, as profitability in trading waned and factories struggled with non-payment, he began converting debts into equity. He successfully acquired stakes in the Nizhny Tagil steel mill and its associated rail-producing plants.
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Abramov focused on establishing a monopoly for rail and steel construction products, identifying strategic synergies in the Kemerovo industrial region. In 1998, he negotiated with regional governor Aman Tuleev to manage bankrupt steel factories. The agreement involved EvrazHolding providing capital for salaries and taxes in exchange for control over operations. By 2021, the company employed 71,591 people worldwide, reporting an annual turnover of $14.1 billion and a total steel output of 13.57 million tons.
Corporate Governance and Assets
The business group expanded into a vertically integrated entity, incorporating ore mines, coal companies such as PJSC Raspadskaya, and foreign assets including Oregon Steel Mills and Claymont Steel, which were acquired in 2007. Abramov served as the chairman of the board of directors for Evraz until his resignation in March 2022. During his tenure, he worked alongside partners Aleksandr Frolov and Roman Abramovich. In 2019, he participated in a $160 million sale of company shares.
Public Recognition and Regulation
Abramov has received several honors for his professional contributions, including the Order of Friendship, the Decoration For Beneficence, and the Russian Federation Presidential Certificate of Gratitude. He holds citizenship in both Russia and Cyprus. In 2022, he faced government sanctions in connection with the Russo-Ukrainian War. As of June 2021, Forbes estimated his net worth at $8.0 billion.
Fast facts
- Born: 1959, Krasnodar
- Education: Moscow Institute of Physics and Technology
- Academic Title: Candidate of Sciences in Physics and Mathematics
- Citizenship: Russia, Cyprus
- Occupations: Entrepreneur, physicist, chemist
- Key Business: Evraz
- Awards: Order of Friendship, Decoration For Beneficence
- Languages: Russian
Questions readers ask
What was Alexander Abramov's professional background before entering business?
He was a physicist and chemist who worked for Russia's space and defense programs.
What strategy did Abramov use to expand his steel holdings in 1998?
He entered a deal with regional governor Aman Tuleev to manage bankrupt steel mills by paying employee salaries and taxes in exchange for operational control.
Achievements
- Order of Friendship
- Educated at Moscow Institute of Physics and Technology
