In 1994, Shnaider co-founded Midland Group—originally a steel trader—with former business partner Eduard Shifrin. The company operated in Ukraine before government-owned steel factories were privatized. It was initially acting as sales agent and factor for some state owned companies. In 1999, Midland Resources began buying shares in the Zaporizhstal steel mill. By 2001, Shnaider's consortium had bought 93 percent of the mill for $70 million.
