Alexander Abramov
Alexander Abramov | |
|---|---|
| Born | February 20, 1959 Moscow, Russia |
| Occupation | Entrepreneur |
| Years active | 1990s–present |
| Known for | Chairman of the Board of Directors at Evraz |
Alexander Grigoryevich Abramov (, born on 20 February 1959) is a prominent Russian entrepreneur who held the position of Chairman of the Board of Directors at Evraz, a leading steel manufacturer in Russia, until March 2022. Since 1998, he has developed one of the country's most extensive steel and iron conglomerates, employing over 71,500 individuals worldwide. In 2021, the company reported a steel production volume of 13.57 million tonnes and generated revenues amounting to $14.1 billion. Abramov is recognized as a Russian oligarch and maintains close business relations with Aleksandr Frolov and Roman Abramovich. As of June 2021, Forbes valued his personal fortune at approximately $8 billion.
Early life and education
Born in Moscow in 1959, Abramov comes from a Jewish background. He earned his degree in physics and mathematics from the Moscow Institute of Physics and Technology. His early career was spent in Russia’s aerospace and defense industries before moving into metal trading, prompted by cuts in government funding.
Career
The rise of EVRAZ coincided with Russia's economic recovery following the 1998 financial crisis. Abramov represents a second generation of tycoons who entered the business landscape after primary assets had been acquired. Unlike the initial cohort of oligarchs such as Mikhail Khodorkovsky and Vladimir Potanin, Abramov did not benefit from political influence or substantial initial capital during the tumultuous privatization period of the 1990s.
By the early 2000s, Evraz-Holding had evolved into one of Russia’s most assertive vertically integrated enterprises, with holdings that included ore extraction sites and steel plants within Russia, steel production facilities in North America and Kazakhstan, as well as ownership of the Russian coal company PJSC Raspadskaya.
In June 2005, EvrazHolding completed its listing on the London Stock Exchange. Abramov stepped down from his role as group president five months afterward but continued to serve on the board. In 2019, he alongside other board members divested $160 million worth of shares. He ultimately left the EVRAZ plc board in March 2022.
Trading
Utilizing his connections with Russian steel producers specializing in high-temperature technologies, Abramov adopted the role of a metal trader rather than remaining within scientific research. During Russia’s economic downturn in the early 1990s, trading provided a profitable avenue to fund manufacturing plants amid widespread payment defaults. However, by 1997, declining trading margins and significant debts owed by producers prompted Abramov to alter his approach. He began acquiring factories and converting debts into equity stakes, notably gaining ownership interests in the Nizhny Tagil steelworks along with its associated rail manufacturing facility.
Acquisitions, monopolies and factories
Distinct from earlier oligarchs who acquired assets opportunistically, Abramov implemented a deliberate strategy aimed at establishing dominance in rail and steel construction materials by acquiring factories that offered operational complementarities. His primary competitors were based in Kemerovo, an industrial hub known for Russia’s largest coal deposits. Through established trading relationships with coal mine executives, Abramov forged connections with Aman Tuleev, then governor of Kemerovo Oblast, which facilitated key strategic acquisitions.
Revitalizing employment in insolvent manufacturing plants
In 1998, Abramov focused on two factories that were bankrupt, facing unpaid wages and labor strikes.
Agreement: overhaul of management
Tuleev, in need of skilled leadership, collaborated with Abramov. Acting as a government creditor, Tuleev installed external managers aligned with EvrazHolding to oversee the steel production facilities. Abramov pledged to cover payroll and tax obligations, preserve employment levels, and back Tuleev’s community programs.
Corporate acquisitions
In 2007, EVRAZ grew its portfolio by purchasing Oregon Steel Mills along with Claymont Steel.
Sanctions
Abramov was designated under the US Treasury’s Countering America’s Adversaries Through Sanctions Act in January 2018. Additionally, the UK government imposed sanctions on him in 2022 due to his involvement related to the Russo-Ukrainian conflict.
Personal life
Abramov is married, has three children, and lives outside of Russia. His hobbies include fishing, swimming, and playing tennis.