Developing story: Some details below haven't been independently confirmed. We'll update as new reporting comes in.
The frost clung to the windowpanes of the Kremlin meeting room that December afternoon in 2015, as if the cold outside had seeped into the very air where deals were forged and empires discussed.[14] Alisher Usmanov's path through Russia's metals and holdings began in the churn of post-Soviet privatization, where fortunes rose from the rust of old industry. In 1999, he co-founded Metalloinvest alongside Vasily Anisimov, snapping up assets in the metal sector like a hand closing around scattered ore.[1] That move set the stage for what would become a sprawling operation, pulling in iron ore extraction, steel production, and mining that fed into the veins of global supply chains. By 2006, the company's metallurgical pieces had been welded into a single holding, Metalloinvest, a structure built to withstand the volatility of commodity prices and geopolitical shifts.[7]

Iron Beginnings

Usmanov's early stake in metals wasn't just about extraction; it was a bet on Russia's raw power, turning dirt into steel that armored the country's economy. The company grew through acquisitions and expansions, though details on the precise value or timing of those initial grabs in the early 2000s remain hazy, lost perhaps in the fog of that era's opaque deals.[7] Metalloinvest became a giant in iron ore and pellets, its operations stretching across regions like Kursk and Belgorod, where the earth yields up its buried wealth.

One sentence stands alone: Empires like this don't form overnight.

By the time 2012 rolled around, Usmanov and his partners needed a broader tent to house their ambitions, leading to the birth of USM Holdings. This new entity consolidated their projects, with Metalloinvest as a foundation, blending metals with telecom and tech interests.[5] A year later, in 2013, a merger with assets from Andrei Skoch and Farhad Moshiri prompted a rename, sharpening USM's focus on diversified growth.[1] It was a quiet pivot, the kind that turns individual ventures into a fortified conglomerate.

Kremlin Shadows

Usmanov's rise intertwined with the corridors of power in Moscow, where proximity to the Kremlin often meant survival for men of his stature. He is described as having particularly close ties to Russian President Vladimir Putin, a connection that has painted him as one of the nation's most politically influential oligarchs.[4][5] Those bonds weren't abstract; they showed in moments like the 2015 meeting where Putin himself steered the conversation toward Usmanov's industrial footprint.

"Mr Usmanov, lately, we have been hearing about you more often as a sponsor in resolving various financial problems in sport, but you are nevertheless the founder of one of our major and successful production companies, Metalloinvest. Let's start with this. How do you see the economic situation in connection with your company’s activities? What's its status?"

— Vladimir Putin, 2015-12-15[14]

Usmanov's response that day highlighted the scale of his operations, a reminder that behind the philanthropy and sports investments lay a machine of production. Former President Dmitry Medvedev, too, reportedly enjoyed personal access to Usmanov's luxurious residences, a perk that underscored the oligarch's role in the elite's inner circle.[5] In a scene where loyalty to the state can buffer against sanctions or market dips, such ties served as both shield and chain.

A wry aside: In Russia, the line between business partner and political asset blurs like ink in water.

USM Holdings evolved amid these dynamics, expanding beyond metals into telecom with MegaFon and digital realms via Mail.Ru. Usmanov, in that same 2015 exchange, laid it out plainly.

"It would be my pleasure, especially since I am happy to report that in addition to Metalloinvest, our holding now also includes the MegaFon telecommunications company, as well as the Mail.Ru internet holding. All three of these companies are united by a group of shareholders. Today, there are 125,000 individuals working within our group of companies. They are producing a gross corporate product of around $15 billion per year."

— Alisher Usmanov, 2015-12-15[14]

That figure captured the pulse of USM at mid-decade, a conglomerate employing thousands and churning value from disparate sectors. Yet the metals core remained important; Usmanov boasted of growth even in tough times.

"I want to tell you that our industrial holding company, Metalloinvest, has not reduced production; on the contrary, we have increased iron ore production by 3 percent – unfortunately, by only 3 percent. But over these 4.5 years, we have created the world’s largest holding company, whose work ranges from iron ore processing to the final product used in the most environmentally-friendly technologies in steel production – iron ingots, which, like aluminium, are used in the final manufacturing stage for all metal cycle products."

— Alisher Usmanov, 2015-12-15[14]

Holdings Expansion

DateEvent
1999Alisher Usmanov co-founded Metalloinvest with Vasily Anisimov to acquire assets in the Russian metal industry.[1]
2006All metallurgical assets were grouped together under the Metalloinvest holding company.[7]
2012USM Holdings was founded to consolidate projects of Alisher Usmanov and partners, including Metalloinvest.[5]
2013USM Holdings was renamed after a merger with assets from Andrei Skoch and Farhad Moshiri.[1]
2018Metalloinvest was transferred under Russian jurisdiction as part of USM Holdings' restructuring.[5]
2020-07-31Control of Metalloinvest was officially transferred to a new Russia-based USM Holding Company LLC owned by Usmanov and partners.[2]
2022-01USM Holdings created USM Gold company to invest in gold mining projects.[5]
2022-04-07Yerkozha Akylbek was appointed CEO of USM Holdings, replacing Ivan Streshinsky.[5]

The timeline reveals a deliberate build, each step layering protection and reach. The 2018 shift brought Metalloinvest firmly under Russian soil, a restructuring that echoed broader efforts to localize assets amid international pressures.[5] Then came 2020, when control passed to a new LLC in Russia, owned by Usmanov and his circle, tightening the grip on the metals jewel.[8] Even as global eyes turned wary, USM pressed on; in January 2022, it spun up USM Gold for mining ventures, diversifying into the gleam of precious metals.[5] Leadership changed hands that April, with Yerkozha Akylbek stepping in as CEO, a fresh face to steer through uncertain waters.[5]

Usmanov's influence extended beyond borders, touching his roots in Uzbekistan. He has spoken of channeling resources back home, a pledge that hints at personal stakes in regional projects. Ventures there include a joint effort with Ucell in telecom, though the financial specifics stay under wraps, as do details on his share in the Tashkent metallurgical plant.[3] A copper deposit initiative looms on the horizon, its launch date unfixed, much like the precise contours of early acquisitions that fueled his ascent.

"I will put all my strength and resources to help Uzbekistan and be useful to my country. This is my great goal, for the sake of which I left the management of..."

— Alisher Usmanov, Date unknown[16]

Philanthropy forms another strand in this web, with Usmanov active in supporting art, science, sports, and education on a global scale.[2] It's the public face of the empire, donations to cultural causes and athletic bodies that soften the image of raw industrial might. Yet in the quiet calculus of oligarch life, such giving often aligns with influence, a way to build bridges where business alone might falter.

Uncertain Edges

What we couldn't confirm includes specific details about the value or timeline of individual business acquisitions in the early 2000s, the exact percentage or nature of Usmanov's stake in the Tashkent metallurgical plant, specific financial details regarding the joint venture with Uzbek telecommunications company Ucell, and details about the expected launch date of the copper deposit project; these gaps leave room for speculation on how tightly the empire's threads are woven, whether hidden deals in Uzbekistan might one day yield new veins of growth or if the metals core will face further tests from sanctions that have already clipped wings elsewhere.

The empire of USM Holdings and Metalloinvest stands as a proof to calculated expansion, from the gritty start in 1999 to the gold foray in 2022. Usmanov's ties to power, his ventures abroad, and his giving all orbit the central hum of production, where 125,000 souls turn ore into output.[14] In the end, it circles back to that frosted Kremlin window, now perhaps cleared by time's thaw. On April 7, 2022, as Akylbek took the CEO helm, the holding's future hung on such steady hands in Moscow's shadow.

Sources

  1. [1] Alisher Usmanov Facts for Kids — kids.kiddle.co
  2. [2] Alisher Usmanov His Story (Rusia / Metalloinvest Co-founder) — youtube.com
  3. [3] Alisher Usmanov: The billionaire-turned-philanthropist who is... — neglobal.eu
  4. [4] USMANOV Alisher Burhanovich - [email protected] — war-sanctions.gur.gov.ua
  5. [5] Alisher Usmanov | Russian Asset Tracker - OCCRP — occrp.org
  6. [6] Alisher Usmanov - OpenSanctions — opensanctions.org
  7. [7] Reported Alisher Usmanov - Wikipedia — en.wikipedia.org
  8. [8] Control of Metalloinvest transferred to new holding owned... - Interfax — interfax.com
  9. [9] How Did Alisher Usmanov Make His Money? - Traders Union — tradersunion.com
  10. [10] USM Holdings - TAdviser — tadviser.com
  11. [11] LONG READ: Alisher Usmanov, the path of a game-changer — intellinews.com
  12. [12] Alisher Usmanov - Simple English Wikipedia, the free encyclopedia — simple.wikipedia.org
  13. [13] Russian Forbes names Alisher Usmanov entrepreneur of year - TASS — tass.com
  14. [14] Meeting with Alisher Usmanov - President of Russia — en.kremlin.ru
  15. [15] Sanctions Not Russia's Only Problem | Alisher Usmanov Exclusive — youtube.com
  16. [16] https://sverenins.uz/en/news/alisher-usmanov-prilozhu-vse-silyi-chtobyi-byit-poleznyim-uzbekistanu.html — sverenins.uz
  17. [17] Alisher Usmanov's Metalloinvest postponed the expansion of rebar... — metallurgprom.org

Frequently asked questions

What is the name of the holding company that Alisher Usmanov controls?

Alisher Usmanov controls USM Holdings.

Which company anchors USM Holdings?

Metalloinvest anchors USM Holdings.

What types of causes has Alisher Usmanov reportedly supported?

Alisher Usmanov has reportedly supported global causes in art, science, sports, and education.