# Alexander Abramov

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Russian billionaire businessman

For the Russian general, see [Alexander Konstantinovich Abramov](/source/Alexander_Konstantinovich_Abramov).

Alexander Abramov Александр Абрамов Abramov in 2017 Born Alexander Grigoryevich Abramov (1959-02-20) February 20, 1959 (age 67) Moscow, USSR Education Moscow Institute of Physics and Technology Occupation Businessman Known for Co-founder and chairman, Evraz Spouse Married Children 3 Awards Order of Friendship

**Alexander Grigoryevich Abramov** ([Russian](/source/Russian_language): Александр Григорьевич Абрамов, born 20 February 1959) is a Russian businessperson, who until March 2022 was the Chairman of the Board of directors of [Evraz](/source/Evraz), one of Russia's largest steel producers.[1] Since 1998, he has amassed one of the largest steel and iron empire in Russia, which employed 71,591 people around the world, with steel output of 13,57 million tones and turnover of $14,1 billion in 2021, leading to him be widely considered a [Russian oligarch](/source/Russian_oligarch). A business partner and ally of [Aleksandr Frolov](/source/Aleksandr_Frolov_(businessman)) and [Roman Abramovich](/source/Roman_Abramovich), Abramov was in June 2021 listed by *[Forbes](/source/Forbes)* as having an estimated net worth of $8.0 billion.[2]

## Early life and education

Abramov was born in 1959 in Moscow, Russia, USSR.[3] He is of Jewish descent.[3] He graduated from the [Moscow Institute of Physics and Technology](/source/Moscow_Institute_of_Physics_and_Technology) with a degree in physics and mathematics.[3][4] He first worked for Russia's space and defense program before becoming a metal trader after government funding declined.[3]

## Career

EVRAZ is a product of Russia's growth since the [1998 financial crisis](/source/1998_Russian_financial_crisis) and Abramov is representative of the second wave of Russian magnates who went into business after the best assets had been taken. Unlike the first wave of politically connected oligarchs, such as [Mikhail Khodorkovsky](/source/Mikhail_Khodorkovsky) and [Vladimir Potanin](/source/Vladimir_Potanin), Abramov had neither political leverage nor financial resources to help him benefit from Russia's chaotic [privatisation](/source/Privatisation) of the 1990s.

In the 2000s, Evraz-Holding has emerged as one of the most aggressive vertically integrated business groups in Russia and worldwide. Its assets now include ore mines and steel mills in Russia, steel mills in North America and Kazakhstan, as well as Russian coal company PJSC Raspadskaya.[5]

In June 2005, EvrazHolding was listed on the [London Stock Exchange](/source/London_Stock_Exchange). Five months later, Abramov resigned as group president but remains a member of the board.[6] In 2019, Abramov alongside other directors, sold $160m worth of shares in the company.[7] He resigned from the board of EVRAZ plc in March 2022.[8]

## Entrepreneurship

### Trading

He used his contacts with Russia's steel mills, which used high-temperature technologies, and offered his services not as a scientist but as a metal trader. Trading was a popular and quick way to make money in Russia in the early 1990s. The economy was shrinking, non-payment was a chronic problem and any offer of cash from a trader was welcomed by factories. By 1997, trading was less profitable and many trading companies, including Abramov's, were owed large sums by producers. Abramov began buying factories and [swapped debt for equity](/source/Debt_restructuring) in the [Nizhny Tagil](/source/Nizhny_Tagil) steel mill, while also buying stakes in its rail-producing plant from other shareholders.[*[citation needed](https://en.wikipedia.org/wiki/Wikipedia:Citation_needed)*]

### Acquisitions, monopolies and factories

While the first wave of Russian oligarchs grabbed whatever assets they could, Mr Abramov acquired them in a much more focused way. He decided to build a monopoly for rail and steel construction products and looked for factories that would give him synergies. The only other big factories making these products were in the industrial region of [Kemerovo](/source/Kemerovo), also home to Russia's largest coalmines. Using his old trading contacts with coalmine bosses, Abramov was introduced to [Aman Tuleev](/source/Aman_Tuleev), populist governor of the region.[*[citation needed](https://en.wikipedia.org/wiki/Wikipedia:Citation_needed)*]

### Pitching job creation in the vacuum of bankrupt factories

The two factories Abramov was interested in were in bankruptcy in 1998. Salaries had not been paid for up to eight months and strikes were breaking out.[*[citation needed](https://en.wikipedia.org/wiki/Wikipedia:Citation_needed)*]

#### The deal: managers for factories

Tuleev needed good managers. Abramov needed the two factories and soon a deal was made.

As a state creditor, Tuleev would help appoint external managers loyal to EvrazHolding to run the steel mills. Abramov would pay salaries and taxes, guarantee jobs and support Tuleev's social projects.[*[citation needed](https://en.wikipedia.org/wiki/Wikipedia:Citation_needed)*]

#### Acquisitions

In 2007, EVRAZ acquired [Oregon Steel Mills](/source/Oregon_Steel_Mills) and [Claymont Steel](/source/Claymont_Steel).[9]

## Sanctions

Abramov is named in the [Countering America's Adversaries Through Sanctions Act](/source/Countering_America's_Adversaries_Through_Sanctions_Act) released by US Treasury in January 2018.[10][11]

He was sanctioned by the [UK](/source/UK) government in 2022 in relation to the [Russo-Ukrainian War](/source/Russo-Ukrainian_War).[12]

## Personal life

He is married with three children, and lives outside of Russia.[13] His hobbies include fishing, swimming, tennis.[14][15]

## References

1. **[^](#cite_ref-1)** ["CHANGES IN THE COMPOSITION OF THE BOARD"](https://web.archive.org/web/20221209111357/https://www.investegate.co.uk/evraz-plc--evr-/rns/changes-in-the-composition-of-the-board/202203110721094777E/). *investegate.co.uk*. Archived from [the original](https://www.investegate.co.uk/evraz-plc--evr-/rns/changes-in-the-composition-of-the-board/202203110721094777E/) on 9 December 2022.

1. **[^](#cite_ref-Forbes_2-0)** ["Alexander Abramov"](https://www.forbes.com/profile/alexander-abramov/?sh=7b76074d7e72). *[Forbes - The World's Billionaires](/source/Forbes_-_The_World's_Billionaires)*. Retrieved 13 June 2021.

1. ^ [***a***](#cite_ref-JPWorld_3-0) [***b***](#cite_ref-JPWorld_3-1) [***c***](#cite_ref-JPWorld_3-2) [***d***](#cite_ref-JPWorld_3-3) ["The world's 50 Richest Jews: 21–30"](https://www.jpost.com/jewish-world/jewish-features/the-worlds-50-richest-jews-21-30). *[The Jerusalem Post](/source/The_Jerusalem_Post)*. 7 September 2010.

1. **[^](#cite_ref-4)** [DMCP graduates](http://bio.fizteh.ru/graduate/years/1982.html) [Archived](https://web.archive.org/web/20090126203911/http://bio.fizteh.ru/graduate/years/1982.html) 26 January 2009 at the [Wayback Machine](/source/Wayback_Machine). [Moscow Institute of Physics and Technology](/source/Moscow_Institute_of_Physics_and_Technology) Class of 1982

1. **[^](#cite_ref-5)** Panibratov, Andrei (2012). [*Russian Multinationals: From Regional Supremacy to Global Lead*](https://books.google.com/books?id=spYkjkCutyMC&q=Evraz-Holding+aggressive+vertically+integrated+business+groups+in+Russia&pg=PA108). Routledge. [ISBN](/source/ISBN_(identifier)) [978-0-415-61588-4](https://en.wikipedia.org/wiki/Special:BookSources/978-0-415-61588-4).

1. **[^](#cite_ref-6)** ["Board of directors"](https://www.evraz.com/governance/directors/). *Evraz*.

1. **[^](#cite_ref-7)** ["Evraz shares lower after main owners sell another tranche for £158M"](https://www.spglobal.com/marketintelligence/en/news-insights/trending/oGtx7HYWhdxxgIFI4m8zOA2). *www.spglobal.com*. Retrieved 8 January 2021.

1. **[^](#cite_ref-8)** ["Evraz directors quit in wake of UK sanctions"](https://www.ft.com/content/fcc0f2c7-e687-4d9d-986e-11a32bf481c1). *Financial Times*. 11 March 2022.

1. **[^](#cite_ref-9)** ["Evraz Group приобретает Claymont Steel за $564 млн"](https://www.rbc.ru/economics/10/12/2007/5703ca419a79470eaf7683a0). [RBC Group](/source/RBC_Group). 10 December 2007. Retrieved 26 May 2023.

1. **[^](#cite_ref-CAATSA_10-0)** ["Countering America's Adversaries Through Sanctions Act"](http://prod-upp-image-read.ft.com/40911a30-057c-11e8-9650-9c0ad2d7c5b5).

1. **[^](#cite_ref-11)** ["Treasury Releases CAATSA Reports, Including on Senior Foreign Political Figures and Oligarchs in the Russian Federation"](https://home.treasury.gov/news/press-releases/sm0271). 16 January 2024.

1. **[^](#cite_ref-12)** ["CONSOLIDATED LIST OF FINANCIAL SANCTIONS TARGETS IN THE UK"](https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/1150217/Russia.pdf) (PDF). Retrieved 16 April 2023.

1. **[^](#cite_ref-13)** ["Russian billionaire launches legal action against Australia's foreign minister over sanctions"](https://www.theguardian.com/australia-news/2022/jun/18/russian-billionaire-launches-legal-action-against-australias-foreign-minister-over-sanctions). *theguardian.com*. 17 June 2022.

1. **[^](#cite_ref-14)** ["The Russian Olympians Foundation"](http://www.olympians.ru/en/15/4837/5898). *www.olympians.ru*. Retrieved 22 April 2021.

1. **[^](#cite_ref-15)** Tognini, Giacomo. ["Biden And Allies Are Coming For Russian Billionaires' Yachts: Forbes Tracked Down 32. Here's Where To Find Them"](https://www.forbes.com/sites/giacomotognini/2022/03/01/biden-and-allies-are-coming-for-russian-billionaires-yachts-forbes-tracked-down-32-heres-where-to-find-them/). *Forbes*. Retrieved 3 March 2022.

v t e Privatization in Russia Background Perestroika Economy of the Soviet Union Dissolution of the Soviet Union Economic history of the Russian Federation History of the Russian Federation Presidency of Boris Yeltsin Loans for shares scheme Anatoly Chubais Goskomimushchestvo Banking in Russia (Seven Bankers) Mass media in Russia Energy in Russia Petroleum industry in Russia 1996 Russian presidential election 1998 Russian financial crisis Russia under Vladimir Putin Oligarchs People Alexander Abramov Roman Abramovich Vagit Alekperov Petr Aven Boris Berezovsky Len Blavatnik Oleg Deripaska Mikhail Fridman Arcadi Gaydamak Vladimir Gusinsky Mikhail Gutseriev Zarakh Iliev Konstantin Kagalovsky Viatcheslav Kantor Suleyman Kerimov German Khan Mikhail Khodorkovsky Alexander Knaster Alexey Kuzmichev Iskander Makhmudov Vitaly Malkin Alexander Mamut Leonid Mikhelson Mikhael Mirilashvili Vadim Moshkovich Leonid Nevzlin God Nisanov Stan Polovets Vladimir Potanin Mikhail Prokhorov Arkady Rotenberg Alexander Smolensky Eugene Shvidler Gennady Timchenko Alisher Usmanov Viktor Vekselberg Vladimir Vinogradov Companies & groups Sibneft ORT Bank Menatep Yukos Alfa Group (Alfa-Bank · X5 Group · Altimo · TNK-BP · Rosvodokanal) Interros Novatek Metalloinvest Norilsk Nickel Lukoil Surgutneftegas Novolipetsk Steel Mechel Renova Group Rossiysky Kredit Polyus SUAL Group Rusal Access Industries Related The Oligarchs: Wealth and Power in the New Russia List of Russian billionaires New Russians Ukrainian oligarchs Liberalism in Russia Crime in Russia Russian mafia Genesis Prize Genesis Philanthropy Group Vladimir Petukhov Open Russia

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Adapted from the Wikipedia article [Alexander Abramov](https://en.wikipedia.org/wiki/Alexander_Abramov) by Wikipedia contributors ([contributor history](https://en.wikipedia.org/wiki/Alexander_Abramov?action=history)). Available under [Creative Commons Attribution-ShareAlike 4.0 International](https://creativecommons.org/licenses/by-sa/4.0/). Changes may have been made.