[4] In 1974, Rashnikov earned a bachelor's degree in metal forming process at the Magnitogorsk Institute of Mining and Metallurgy.

[6][5] Rashnikov first began his career with the Magnitogorsk Iron & Steel Works (MMK) in the company's repair shop as a fitter in 1967.

[6] Having worked his way up through various positions at MMK, Viktor Rashnikov was able in the 90's to attain near complete control of the company through the purchase of shares on the market (87.26% as of May 2017[10]).

"Steel king with magnetic effect",[11] Financial Times, 2008.It was under Rashnikov's tenure as chairman of the board of directors in 2007 that MMK became a publicly traded company on the London Stock Exchange.

[14] Viktor Rashnikov annually allocates about $25 million to the company's social and charitable pursuits,[15] including: He also built sophisticated medical facilities and two ski resorts in the nearby Urals.

[19] With the support of Rashnikov and MMK, in 2006 on the bank of the Ural River a modern ice palace with a capacity of more than 7,500 people was built (the investments amounted to $50 million[20]).