Alexei Mordashov, born in 1965 in Cherepovets, consolidated his position as a major industrial figure by acquiring worker shares to gain control of the Severstal steel plant during the privatization era. A metallurgist and manager by trade, he expanded his influence across steel, mining, media, and finance, navigating the collapse of the Soviet Union to build a diversified business empire.
Early Career and Severstal
After graduating from the Leningrad Engineering-Economical Institute, Mordashov joined the Cherepovetskiy Metallurgical Plant in 1988 as an economist. Following the 1991 dissolution of the Soviet Union, he became finance director. He systematically acquired worker shares to secure a dominant stake in the factory. By 1996, he was appointed CEO of Severstal, where he oversaw the acquisition of coal, mining, and steel assets. In 2015, he stepped down as CEO to serve as chairman.
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Mordashov directed significant capital toward foreign assets, including the purchase of US steel companies in Michigan and Mississippi between 2004 and 2014, supported by US Department of Energy loans. His portfolio expanded to include a 24.9% stake in TUI Group by 2018 and investments in Rossiya Bank. Additionally, he consolidated gold assets into Nord Gold N.V., which was listed on the London Stock Exchange until he moved to delist the company in 2017.
Regulatory and Political Context
Mordashov has maintained various leadership roles, including chairman of the World Steel Association in 2012. His business activities have intersected with geopolitical developments, leading to his inclusion in the Panama Papers and FinCEN files. Following the 2022 Russian invasion of Ukraine, he was sanctioned by the European Union and the government of his citizenship, resulting in the freezing of assets and the seizure of the yacht Lady M by Italian authorities.
Fast facts
- Born: 1965, Cherepovets
- Education: Saint Petersburg State University of Engineering and Economics; Northumbria University
- Primary Position: Chairman, Severstal
- Major Awards: Medal of the Order For Merit to the Fatherland, 1st and 2nd class
- Sanction Status: Targeted by EU and international sanctions since 2022
- Notable Holdings: Nord Gold N.V., TUI Group, Rossiya Bank
- Language Proficiency: Russian, English
Questions readers ask
What is Alexei Mordashov's primary business interest?
He is the main shareholder and chairman of Severstal, a major Russian steel and mining company.
Why is he under international sanctions?
He was blacklisted by the European Union and others in 2022 due to the Russian invasion of Ukraine, as well as his financial ties to institutions associated with Russian officials.
Achievements
- Order of Honour — 2011
- Medal of the Order "For Merit to the Fatherland", 1st class — 1999
- Medal of the Order "For Merit to the Fatherland", 2nd class without swords — 1996
- Order of Alexander Nevsky — 2015
- Commander of the Order of Merit of the Italian Republic
- Educated at Northumbria University and Saint Petersburg State University of Engineering and Economics
