What is Alexander Abramov's Net Worth?
Alexander Abramov, a Russian scientist-turned-industrial magnate, boasts a remarkable net worth of $6 billion. Born in 1959 in Russia, Abramov has amassed his wealth by heading Evraz Holding, the largest steel producer in Russia. A distinguished graduate of the Moscow Institute of Physics and Technology, he initially led a research laboratory before the Soviet Union's collapse.
Early Ventures and Formation of Evraz Holding
In 1992, Abramov joined forces with Alexander Frolov to establish a small metal trading business. This venture would eventually evolve into Evraz Holding, a major player in the global steel industry. Abramov's initial fortune came from exporting metals and coal from the Ural and Siberian regions.
Strategic Expansion Post-1998 Financial Crisis
Following the 1998 Russian financial crisis, Abramov capitalized on the situation by acquiring struggling steel companies and coal mines at low costs. This strategy included purchasing two U.S. companies, Claymont Steel and Oregon Steel. By 2008, he was elected Chairman of Evraz, taking over from Alexander Frolov, who became the CEO.
Evraz Holding: A Steel Giant
Evraz Holding has grown into a colossal iron empire, employing 125,000 individuals and controlling approximately 22% of Russia's total steel output. The company records an impressive annual turnover of $20 billion.
Future Prospects and Personal Life
There is speculation that Abramov, in collaboration with fellow billionaire Roman Abramovich, who also has stakes in Evraz, plans to acquire a 5.8% stake in Norilsk Nickel. Apart from his business endeavors, Abramov is a family man, married with three children.
