Rashnikov first began his career with the Magnitogorsk Iron & Steel Works (MMK) in the company’s repair shop as a fitter in 1967. Since then, up through 1991, Rashnikov advanced through a number of management positions at MMK, including that of Head of Production and Products Supply. In 1991, he was made Chief Engineer and First Deputy General Director for the firm. In 1997, Viktor Rashnikov succeeded in rising to the role of General Director at MMK, before finally becoming in 2005 its Chairman of the Board.

In 1974, Rashnikov earned a bachelor’s degree in metal forming process at the Magnitogorsk Institute of Mining and Metallurgy. He later gained another degree in Organization of Production Administration, graduating from that program in 1994.

Rashnikov is the owner and the president of Metallurg Magnitogorsk ice hockey team. Since he took over in 1993, the team worked up a reputation as one of the top Russian teams of the new era. Magnitogorsk advanced to the Russian Superleague finals six times becoming a three-time champion of Russia.

Rashnikov received his doctorate in Technical Sciences in 1998. In addition to writing many research papers and scientific reports, he has implemented numerous engineering solutions.

In 2002 he was elected to the position of Honored Professor at the Moscow Institute of Steel and Alloys. Additionally, he holds a role at the Russian Academy of Quality Problems as an Academician.

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). The Arena Metallurg stadium is the base of the Metallurg ice hockey club, as well as the junior ice hockey team Stalnye Lisy (Steel Foxes).

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.

Rashnikov’s contribution to social development of Magnitogorsk is recognized by the Russian government. In 2009, the then Prime Minister of Russia Vladimir Putin praised Rashnikov for his management.

The company in 2016 produced 70% of metal requirements at AvtoVAZ, 50% at GAZ and 50% at KAMAZ. The company fully met Russian Ford’s metal requirements.