Bloomberg Billionaires Index

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# 79 Alexey Mordashov $20.2B

Random fact: Lost bid to merge with steelmaker Arcelor in 2006 to Lakshmi Mittal.


Mordashov is the largest shareholder of Severstal, Russia's fourth-biggest steelmaker. He also owns stakes in miner Nordgold, power generation equipment maker Power Machines, and TUI, a European tour operator. He has investments in hypermarket chain Lenta, Bank Rossiya and telecommunications operator Rostelecom.

As of :
Last change +$131M ( +0.7%)
YTD change +$1.48B ( +7.9%)
Biggest asset CHMF RX Equity
Country / Region Russian Federation
Age 57
Industry Industrial
View net worth over:   Max 1 year 1 quarter 1 month 1 week

Relative Value

Alexey Mordashov's net worth of $20.2B can buy ...

troy ounces of gold
barrels of crude oil

... and is equivalent to ...

of the GDP of the United States
of the total wealth of the 500 richest people in the world
of the top 100 U.S. college endowments
of the top 200 U.S. executives’ total awarded compensation
of U.S. existing home sales
times the median U.S. household income

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Net Worth Summary

Private asset
Public asset
Misc. liabilities
Confidence rating:

The majority of Mordashov's fortune is derived from his 77% stake in Severstal, a publicly traded steelmaker. He holds the shares directly, according to the company's website in December 2021. Severstal is Russia’s fourth-largest steelmaker by tonnage in 2020, according to the World Steel Association's website. He also owns a 34% stake in TUI, a publicly traded German shipping and tourism company, according to the company's website in December 2021.

The value of his cash investments is based on an analysis of dividends, insider transactions, taxes and market performance.

The billionaire owns an industrial machinery manufacturer Siloviye Mashiny (Power Machines), which was delisted from the Moscow Stock Exchange in December 2011, gold producer Nordgold, which was spun off from Severstal in February 2012 before being delisted from the London Stock Exchange in March 2017, and hypermarket chain Lenta.

He transferred part of his stake in Nordgold to his partner, Marina, around the time the EU sanctioned him in spring 2022. It's credited to him to reflect his status as company's founder.

Mordashov holds interests in two smaller closely held Russian companies: Uktonos, an online supermarket, and plywood maker Sveza. Valuation methodologies for these companies can be found in the asset notes for each.

He also holds minority stake in the telecommunications operator Rostelecom, which he acquired along with a group of investors led by billionaire Yury Kovalchuk. He also controls a 5.5% in Bank Rossiya.


Family: Married, 7 children

Alexey Mordashov was born in 1965, in Cherepovets, Vologda Oblast, Russia. He graduated with a degree in economics from the Leningrad Engineering and Economic Institute in 1988 and began working as an economist for the Cherepovets steel mill. He became the company's financial director in 1992, a year after the Soviet Union collapsed.

Russian President Boris Yeltsin reorganized the company into a joint-stock ownership structure in 1993, then issued shares and renamed it Severstal. Mordashov accumulated his majority stake in the company using two investment funds he created to buy workers' shares. He became Severstal's chief executive officer in 1996 at age 31. Now the company is one of the largest steel companies in the world.

Mordashov, who earned an MBA in 2006 from Northumbria University in the UK, sold 9.1 percent of Severstal on the London Stock Exchange, raising more than $1 billion. The offering followed his loss to Mittal Steel in a competitive bid for Arcelor, a Luxembourg-based steel company. Arcelor backed out of an announced merger with Severstal after shareholders representing 57.9 percent of its stock voted against the combination, clearing the way for Mittal Steel to complete the $38.3 billion transaction with Arcelor.

Mordashov has diversified his investments outside of steel and outside Russia. In 2007, he began buying shares of TUI AG, a publicly traded German tourism company. He also boosted his stake in Power Machines, Russia's major power generation equipment producer, to more than 95 percent in 2011. He spun off Severstal's gold mining unit into publicly traded Nordgold in 2012.

  • 1988 Graduates from Leningrad Engineering and Economic Institute.
  • 1988 Begins career as economist for Cherepovets steel mill.
  • 1992 Named finance director at Cherepovets steel mill.
  • 2003 Earns MBA from Northumbria University.
  • 2004 Severstal buys Rouge Industries steel plant, its first in the U.S.
  • 2006 Loses bid for Arcelor to Lakshmi Mittal.
  • 2006 Severstal listed on the London Stock Exchange.
  • 2014 Severstal exits the U.S. market, selling the remaining assets.