Billionaire Iskander Makhmudov

Billionaire Iskander Makhmudov is a popular Russian industrialist– head of a major metallurgical corporation (UGMK) that is Russia’s largest copper manufacturer.Makhmudov’s rise to prominence began in 1991 with collapse of the USSR and replacement of the faltering state planned economy with cost-free market capitalism. Government-initiated privatization invited teams of brand-new business owners that included Makhmudov, his colleagues, and others.


Iskander Makhmudov born in Bukahara

The very early years Makhmudov’s life were typical of talented and ambitious youth in Central Asia. Makhmudov was born in Bukhara to professional moms and dads and grew up in Tashkent.


He studied at the University of Tashkent focusing on Oriental Studies.

Early career

He worked under the Committee for Foreign Economic Cooperation, an arm of the Central Committee of the Soviet Communist Party. In 1987 Makhmudov moved to Baghdad to work as a public affairs officer for the SoyuzTransGas pipeline. Makhmudov went back to Tashkent to join Uzbekintorg, the state-run foreign trade business. Throughout that period of financial rebuilding (perestroika), the foreign trade program was liberalized and state companies like Uzbekintorg functioned on an industrial basis.

It was in this environment that Makhmudov fulfilled another entrepreneur and investor in cooperatives, Mikhail Chernoy, in 1989. In 1993, Makhmudov and Chernoy ended their aluminum market association. That searching for marked the first of a number of events when Makhmudov’s individual associations and growing success drew criticism, resulting in repeated findings that the accusations were groundless.

Iskander Makhmudov: President of the Ural Mining and Metallurgical Company

In 1999 Makhmudov and his Russian partners produced the Ural Mining and Metallurgical Company (UMMC; UGMK in Russian). He has served as UGMK president given that its inception. In 2002 UMMC got consent from the Russian anti-monopoly authority to consolidate the possessions of 11 relevant operations.

Makhmudov is now bulk owner of UMMC Holding, the fourth biggest non-ferrous metallurgical refiner in Russia and the country’s largest copper producer measured by overall output.

  • In 2003, with acquisition and incorporation of “Electrozinc” (Vladikavkaz), UMMC strengthened its prominence in Russian zinc and copper markets.
  • By 2009, a cutting edge profile of management and company processes was embraced across UMMC Holding to allow quick change to progressing economic truths.
  • As Makhmudov and UGMK broadened the scope of its business interests and tasks, he came under scrutiny by an enthusiastic district attorney in Spain for transactions which later study confirmed as either not involving him or totally legitimate.


Today, UGMK supervises subsidiaries that mine and process copper basic materials and produce copper cathodes, manufacture value included products from non-ferrous metals such as copper wire rod, cables, copper powders, copper powder items, and non-ferrous rolled products, and process recuperation of co-metals leading to the manufacturing of gold and silver bank quality ingots, as well as selenium and tellurium.

UGMK subsidiaries

UMMC Holding subsidiaries also produce a range of agricultural and industrial chemicals: sulfuric acid, copper sulfate, and nickel sulfate, and engage in mining and processing zinc resources, production of refined zinc and zinc-based products. Further, UGMK enterprises also manage procedures that galvanize metal properties, produce lead and lead alloys, mine iron ore and produce iron ore concentrate, manufacture rolled and determined steel, and manage construction products such as brick and crushed stone, and construction jobs that construct domestic and industrial buildings.


Makhmudov is also the major stakeholder in Transmashholding, Russia’s biggest maker of locomotives and rail devices.

Iskander Makhmudov’s fortune

Makhmudov, as president of UGMK, functions as a market design of corporate social responsibility. UGMK has contributed roughly one billion dollars to an array of established social and charitable programs, providing services in nineteen towns.

Current UGMK budget plan estimates included strategies for contributions of $250 million. Examples of sponsored programs show Makhmudov’s dedication:

  • UGMK has actually established a clinical center to provide services for its workers. This center offers appointment, diagnostic exams and tests, therapies and surgical treatment. It is equipped with high innovation screening devices imported from Germany.
  • Late in 2010, unique children’s polyclinics were opened.
  • In 2011 these polyclinics served not only the kids of UMMC workers however likewise handicapped children, orphans and kids from disadvantaged families in the region– all cost-free of charge.

Relating to art and culture, UMMC supports art collectives, theatrical and dance programs and popular music festivals throughout the area where its plants and centers are located. UMMC also offers support and training for a champion ladies’s basketball team whose players compete for positions on the Russian Olympic group.

UGMK employees

In order to provide suitable living conditions for its employees, including new staff members brought in from other areas, UMMC established its own housing program in 2004. The main focus of this program is to build new apartments and provide no-interest loans. Due to high interest rates charged now in Russia, lots of UGMK employees can not pay for brand-new housing without this subsidy.

In support of vulnerable populations such as kids (and in addition to health services explained above), Ural Mining sponsors unique programs for youth that consist of sports tournaments, development of talented kids efforts, funding for orphanages in the Urals and Siberia, and the “Heart to Heart” program which gathers garments, books and funds for kids in orphanages and domestic therapy centers.

Likewise, the company supports veterans; particularly, supplementing restricted government help for retired people. Makhmudov has actually led programs for material support for housing and healthcare expenditures, travel expenses to wellness facilities, and unique pensions for war veterans. For non-veteran retirees, UMMC provides personal pension funds to retired employees and extra pensions for staff members who were particularly valuable to the business during their occupations.


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