They also competed in the Champions Hockey League, losing the 2008–09 season championship round to Swiss club, the ZSC Lions.

Metallurg was founded in 1955 by the Magnitogorsk Iron and Steel Works as a Class B team that competed in the Chelyabinsk Oblast and the RSFSR championships.

Since the 80s it joined the Second League (third by importance) of the Soviet Class A and won its championships twice, in 1988–89 and 1989–90 seasons.

[citation needed] On 1 October 2008, Metallurg Magnitogorsk played against NHL's New York Rangers in the inaugural Victoria Cup at the PostFinance-Arena in Bern with an attendance of 13,794.

As a sign of respect, Russian Dmitri Kalinin and Ukrainian Nikolay Zherdev accepted the Victoria Cup trophy on behalf of the New York Rangers.