In 1988 he joined Cherepovetskiy Metallurgical Plant after graduation from Leningrad Engineering-Economical Institut as an Economist. By 1992 he became Finance Director, shortly before the company was privatised. When the plant's elderly Director instructed him to acquire shares to keep them out of the hands of an outsider, he formed two investment funds and, by buying up workers' shares, built a major stake in the factory. In 1996 he was appointed as CEO of the company. He went on to build a conglomerate, Severstal, acquiring steel, coal and mining companies.