In 2000, Melnichenko, together with Sergei Popov, a former metals trader from Ural, co-founded the MDM Group for industrial investments into three areas: pipeline manufacturing, coal production and processing, production and processing of fertilizers. It was done through the acquisition of more than 50 independently run and owned businesses: joint-stock companies, plants and mines, which enabled to form three separate companies: SUEK, EuroChem and TMK (which he exited in 2006 through an IPO at the London Stock Exchange). These industries were derelict and risky and not subject to the political influence that dominated other sectors. With the process of post-Soviet era privatizations having finished five years earlier, no more than 5% of the assets purchased were acquired from the state. From 2001 to 2004, Melnichenko was the President of the MDM Group.