“I am a practical person!”
Early Life and Education
Alexander Vladimirovich Frolov, born on May 17, 1964, in Tula, Russia, hails from a background deeply rooted in the metallurgical industry. His parents, dedicated employees of a metallurgical plant for three decades, unknowingly set the stage for his future career.
Frolov’s academic journey took him to the Moscow State Institute of Physics and Technology (MIPT), where he specialized in Molecular and Chemical Physics, graduating in 1987. He further solidified his academic prowess by obtaining a PhD from MIPT in 1991, marked by notable scientific publications.
Early Career in Science and Transition to Business
Initially embarking on a scientific career, Frolov started working as a junior researcher at the Institute of Atomic Energy, named after I.V. Kurchatov. However, in 1994, a pivotal moment occurred when he shifted gears, leaving the scientific realm for a position at Evrazmetall LLP (later EvrazHolding), founded by Alexander Abramov in 1992.
Frolov’s entry into the company began with desk work, focusing on internal financial accounting for export transactions. His efficiency and control over financial flows quickly caught Abramov’s attention, setting the stage for a longstanding professional partnership.
Rise Through Evraz Holding
From 1994 to 1999, Alexander Vladimirovich Frolov assumed the role of Director at Ferrotrade LTD LLC, an EvrazHolding asset. His trajectory within the firm continued, and by 2002, he became the financial director, contributing significantly to profit growth and the expansion of the firm’s product exports.
Subsequent years saw Frolov’s ascent within Evraz Holdings, serving on the Board of Directors from 2004 to 2006 and eventually becoming president of Evraz Holdings LLC in 2006 and Evraz S.A. in 2007. Under his leadership, the organization became a giant global metallurgical and mining industry.
Brief details about Evraz Holding
Evraz Plc is a multinational corporation engaged in the integrated production of steel, mining, and vanadium, operating across Russia, the United States, Canada, the Czech Republic, Italy, and Kazakhstan.
The organization manufactures a diverse range of products, including semi-finished steel, pipes, raw materials, coking coal concentrate, and vanadium, catering to several sectors like – steel rolling facilities, railways, industrial enterprises, and energy transmission operators.
Dedicated to maintaining high standards of corporate governance and control, Evraz plc has a prominent presence in North America’s steel industry. The organization focuses on sustainable steel production and is deeply committed to environmental stewardship.
Evraz plc, incorporated in the UK, is a big player in the global steel manufacturing and mining sector, with primary operations spanning Russia, the USA, Canada, and Kazakhstan.
Net income of Evraz
Their net income is reported to be $2.23 billion as of the most recent trailing twelve months.
This information is consistent across multiple sources and reflects the organization’s financial performance. EVRAZ plc is a global, vertically integrated steel, mining, and vanadium business with operations in various countries, including the Russian Federation, Ukraine, and the Czech Republic.
Frolov’s Strategic Moves and Challenges
One of the landmark events during Frolov’s tenure was Evraz’s acquisition of the Raspadskaya coal mine in 2012, a significant transaction that solidified the firm’s position in the Russian coal market.
However, challenges emerged in 2013 when Roman Abramovich‘s Lanebroook Ltd acquired shares in Evraz, leading to a substantial decrease in their assets.
Key milestones in the career of Alexander Vladimirovich Frolov
|Born on May 17 in Tula, Russia
|Graduated from Moscow State Institute of Physics and Technology (MIPT) with a specialization in Molecular and Chemical Physics
|Obtained a PhD from MIPT
|Joined Evrazmetall LLP (later EvrazHolding)
|Director at Ferrotrade LTD LLC, an EvrazHolding asset
|Became the financial director of Evraz, contributing to profit growth and product exports
|Served on the Board of Directors at Evraz Holdings
|Became President of Evraz Holdings LLC
|Became President of Evraz S.A.
|Oversaw Evraz’s acquisition of the Raspadskaya coal mine
|Faced challenges with Lanebrook Ltd’s acquisition of shares in Evraz, leading to a decrease in assets
Diversification and Wealth Management
Alexander Vladimirovich Frolov‘s financial portfolio extends beyond EvrazHolding, encompassing diverse investments. Foreign assets, valued at approximately $1 billion, include a $400 million luxury resort in the Caribbean Sea and a 400 million euro residential complex near Prague.
His investment portfolio extends to high-tech companies like Iroko Pharmaceuticals Inc, Truphone, Compound Photonics Group, and cryptocurrency through the European Blackmoon Crypto Fund. In Russia, funds are directed towards the raw materials sector, ports, securities, finance, electricity, and development.
Brief Details about the Firms
Iroko Pharmaceuticals, Inc., a U.S.-based pharmaceutical company, specializes in the development and commercialization of products designed for responsible pain management. Renowned for its manufacturing, marketing, and distribution of various drugs in the United States, the company is notably associated with Vivlodex (meloxicam), Zorvolex, and Tivorbex, all utilized in the treatment of osteoarthritis pain.
Dedicated to advancing the science of analgesia, Iroko Pharmaceuticals takes its name from the West African iroko tree, symbolizing a steadfast commitment and deep-rooted presence in the field of pain management. Despite encountering challenges, such as layoffs in 2017, the company persists in its operations, emphasizing the development of innovative therapeutic products.
Truphone has been linked to Alexander Vladimirovich Frolov due to his indirect ownership of the company. In 2022, the Federal Communications Commission (FCC) concluded an investigation into Truphone regarding inadequate disclosure of foreign ownership. As part of the resolution, any ownership stakes held by Alexander Frolov, Alexander Abramov, and Roman Abramovich had to be divested.
Moreover, with the identification of Alexander Abramov and Alexander Frolov as indirect shareholders, Truphone Limited became subject to sanctions in the UK. In addition, there are reports suggesting a potential acquisition of Truphone by 1GLOBAL, indicating ongoing changes in the company’s ownership and operations.
Compound Photonics Group
Alexander Vladimirovich Frolov has established a connection with Compound Photonics Group through a joint fund formed with fellow co-owners of Evraz. The fund has acquired a stake in Compound Photonics Group, a burgeoning British company founded by a team of scientists.
Furthermore, both Alexander Abramov and Dr Alexander Frolov, distinguished Russian businessmen, have been identified as investors in Compound Photonics Group.
This affiliation underscores Frolov’s engagement in diverse investment endeavours beyond the steel industry, underscoring his expansive business interests and investments across various sectors.
Net Worth and Wealth
Forbes has consistently tracked Frolov’s wealth over the years, reflecting his financial standing:
- 2011: $3.3 billion, ranked 33
- 2020: $2.4 billion, ranked 40
These figures showcase the dynamic nature of his wealth, influenced by various economic factors.
|Net Worth (in billions)
Personal Life and Philanthropy
“I feel like a fairly rational and practical person. And I don’t see the point in telling the public about myself.
Alexander Vladimirovich Frolov, a family man, has a wife and a son, with his son actively involved in technological development through collaboration with the Target Global venture fund.
Beyond business, Frolov is an avid skier and kite surfer, finding joy in amateur competitions. His philanthropic efforts include significant contributions to the restoration of the Valaam Monastery in Karelia and the organization of corporate competitions dedicated to the late Andrei Sevenyuk.
Recent Developments and Challenges
As of 2023, Frolov’s journey took an unexpected turn. He resigned as chief executive of Evraz in August 2021, followed by his departure from the organisation’s board in March 2022, coinciding with partner Roman Abramovich facing UK sanctions. Frolov himself became a target of UK sanctions in November 2022.
Despite these challenges, Frolov’s legacy endures as a self-made billionaire who navigated the complexities of the metallurgical industry and diversified his wealth across various sectors, leaving an indelible mark on Russia’s business landscape.
Details about the resignation of Frolov
Alexander Vladimirovich Frolov’s Departure After 14 Years of Leadership
After a commendable 14-year tenure as the CEO of EVRAZ, Alexander Frolov stepped down from his role on August 31, 2021. The Board expressed deep gratitude for Frolov’s exceptional service and acknowledged his significant contribution to the Company’s success. However, in a strategic move, Mr Frolov decided to continue to serve as a non-executive director, ensuring that his wealth of knowledge and experience remained accessible to the business.
In response to his departure, Frolov stated –
“I would like to thank the Board of Directors and Alexander Abramov, the Chairman, personally for the invaluable experience that has made EVRAZ one of the market leaders. I intend to continue fully supporting the company as a shareholder and member of the Board of Directors, and I am confident that EVRAZ has a bright future ahead.”
Aleksey Ivanov Appointed as New CEO
In a subsequent development, the Board approved the appointment of Aleksey Ivanov as the new CEO, effective from September 1, 2021. Currently serving as the Senior Vice President responsible for Commerce and Business Development, Mr. Ivanov brings a wealth of experience to the role. The Board, with guidance from independent recruitment consultants, has chosen Ivanov for his strategic acumen and longstanding commitment to the organization.
Expressing his gratitude, Aleksey Ivanov stated –
“I am grateful for the faith that the Board of Directors is showing in me. The strategic vision for EVRAZ’ development, principles, and dedication are shared by all members of the team. I intend to do everything possible to ensure that EVRAZ strengthens its leading positions while preserving its unique corporate DNA.”
Aleksey Ivanov’s Background and Qualifications
Aleksey Ivanov, born in 1975, has been associated with the firm since 2002. Prior to his appointment as Senior Vice President of Business Development and Commerce in November 2015, he held various key positions within the company, including Vice President, head of the Steel Division, and head of the Siberia Division.
Ivanov’s diverse experience includes serving as Senior Deputy CFO responsible for Treasury and Controlling functions from 2005 to 2009. He has been a Chartered Management Accountant since 2004, graduated from INSEAD’s executive program in 2002, and holds a degree in finance from the Financial Academy of the Government of the Russian Federation.
Are there any criminal allegations against Alexander Vladimirovich Frolov?
There is no credible information or evidence indicating any involvement in criminal activities by Alexander Frolov. He is a Russian businessman renowned for his position at Evraz, a multinational steel and mining company, and his investments in diverse ventures. As of 2023, reports estimate Alexander Frolov’s net worth to be $1.6 billion.
Although there are references to legal and financial issues involving individuals connected to him, no information supports any criminal activities related to Alexander Vladimirovich Frolov.
Sanctions on Alexander Frolov
Alexander Frolov has been under UK sanctions since November 2022 due to his involvement in sectors crucial to the Russian government, specifically the extractive, transport, and construction industries. The sanctions encompass travel bans, asset freezes, and transport restrictions. The measures were implemented in response to his role in facilitating Putin’s utilization of Russian industries to bolster military endeavours.
The sanctions form part of the UK’s strategy to exert economic pressure on the Russian government in light of the ongoing conflict in Ukraine. They target individuals enabling Putin’s mobilization of resources, aiming to curtail support for the military effort through restrictive measures in prime sectors and individuals like Alexander Frolov.
Alexander Vladimirovich Frolov, born in 1964 in Tula, Russia, began his career in science before transitioning to business. His notable journey includes pivotal roles in EvrazHolding, where he rose to become the president, overseeing its global presence in steel, mining, and vanadium. Under his leadership, Evraz plc flourished but faced challenges, including a decrease in assets in 2013.
Beyond Evraz, Frolov diversified his wealth through investments in Iroko Pharmaceuticals, Truphone, Compound Photonics Group, and other ventures. His net worth fluctuated over the years, reflecting economic dynamics. In 2021, Frolov resigned as CEO of Evraz, later facing UK sanctions in November 2022.
Personal life-wise, Frolov is a family man, a sports enthusiast, and engages in philanthropy. Despite recent challenges, his legacy endures as a self-made billionaire who left a lasting impact on Russia’s business landscape.