Alexey Alexandrovich Mordashov (Russian: Алексей Александрович Мордашов; born 26 September 1965) is a Russian businessman. He is the main shareholder and chairman of Severstal,[1] Russia's largest steel and mining company.[2]
On 10 March 2026, according to the Forbes World's Billionaires List 2026, Alexey Mordashov returned to the top position among Russia's richest individuals, with an estimated net worth of approximately US$37 billion—marking his first time in that position since 2021.[3] At the same time, according to the Bloomberg Billionaires Index (30 March 2026), Mordashov's net worth was estimated at US$25.2 billion, placing him 92nd worldwide and third in Russia.[4]
Mordashov was mentioned in the Panama Papers and FinCEN files leaks – a company associated with Mordashov paid for a number of Vladimir Putin's pet projects and gave generously to close Putin associates.[5][6][7]
He is under sanctions due to the Russian invasion of Ukraine.[2] According to the EU, Rossiya Bank, in which Mordashov owns a financial stake, is the "personal bank" of the senior officials who benefitted from the annexation of Crimea.[2] In November 2023, the New York Times reported as part of the Cyprus Confidential leak that accounts connected to him paid Hubert Seipel [de], a German author, to write a book about Putin.[8]
Early life
Mordashov is the son of Russian parents, who were both steel mill workers.[9] His father was electrical engineer at the mill in Cherepovets.[10] According to Mordashov, his family used welfare coupons, allowed only 200g of butter and 400g of sausages per month.[11] He graduated with a bachelor's and master's degree in engineering from the Leningrad Engineering-Economical Institute, currently known as ENGECON. He later gained an MBA from Northumbria University in Newcastle upon Tyne, England, in 2001.[12] In an address to students at the European University at Saint Petersburg, Mordashov spoke about his decision to study in Leningrad rather than Moscow and the value his undergraduate studies played in his search for employment and eventual career path.[13] Returning to Cherepovets, he started his career by joining the same steel plant where his parents had worked.[14]
Career
Early career
In 1988 Mordashov joined 'Cherepovetskiy Metallurgical Plant' after graduation from Leningrad Engineering-Economical Institut as an economist. In December 1991, the Soviet Union dissoluted. By 1992 he became finance director, shortly before the company was privatised.[15] When the plant's elderly director instructed him to acquire shares to keep them out of the hands of an outsider, he formed two investment funds and, by buying up workers' shares, built a major stake in the factory.[9] In 1996 he was appointed as CEO of the company. He went on to build a conglomerate, Severstal, acquiring steel, coal and mining companies.[16]
In 2004, Mordashov started investing in US steel companies, purchasing companies in Dearborn, MI and Columbus, Mississippi. The acquisition included the Rouge Plant in Dearborn.[19][20] He received a loan from the United States Department of Energy to renovate and refurbish the manufacturing plants in Dearborn.[21] The value of the loan, over $370 million, was revoked in 2012, after growing political tensions between the US and Russia.
Between 2004 and 2014, Mordashov and Severstal invested up to $3 billion in both the Dearborn and Columbus plants.[22] In 2011 he sold a number of US assets in Ohio, Maryland and West Virginia to the Renco Group, owned by industrialist Ira Rennert.[23] By 2014 all of Severstal's US investments had been sold for a total of $2.3 billion.[24][25]
His company Severstal planned a multibillion-dollar project in joint venture with POSCO in eastern India. After ten years of not getting environmental and land clearances, his company opted out in 2008.[26][27]
In autumn 2007, Mordashov purchased shares in TUI Travel.[28] As he increased his stake to the largest single shareholder through his S-Group Travel,[29] TUI Travel under Michael Frenzel[30] expanded into Eastern Europe and Russia in 2008,[29][30]China and India in 2009,[30] and sold off its shipping interests, Hapag-Lloyd AG,[31] to the Albert Ballin Consortium in March 2009.[32] In 2014, he held a blocking stake of more than 25% in TUI Travel when TUI Travel was absorbed by TUI Group.[33] In October 2018, he had a 24.9% stake[34] in TUI Group through his S-Group Travel and has been on the TUI Group supervisory board since 2016.[35]
In April 2010, the structures of the Yuri Kovalchuk associated Rossiya Bank, Surgutneftegas and the owner of Severstal Alexei Mordashov gained ownership of a 45% stake of the largest seller of TV advertising in Eastern Europe and Russia, where it controlled 70% of the Russian market in 2007, the "Video International" group (Russian: группа «Видео Интернешнл») from the widow of Yuri Zapol (Russian: Юрий Запол), who was a founder of Video International in 1987, and Vladimir Golubev (Russian: Владимир Голубев) who together owned the largest stakes.[37][38][39][a][c]
In 2011, Mordashov purchased 25% of the shares in steam turbine manufacturer, Power Machines, from Siemens.[50] In 2013, with partner Yuri Kovalchuk, Mordashov bought 50% of Tele2 Russia, the country's 4th largest mobile phone operator.[51]
In 2012, Mordashov consolidated Severstal's gold mining assets into one company, Nord Gold N.V.[52][53][54] The company was listed on the London Stock Exchange (LSE: NORD LI).[55] In 2013, Nord Gold was awarded a license to embark on gold exploration in Siberia.[56][57] In 2017 Mordashov announced plans to delist Nordgold[58] from the London Stock Exchange (LSE)[59] citing unfair valuation as the reason. The LSE requires that companies have at least 25% as free float, while Mordashov owns 91% of the company.[60]
In June 2013, Mordashov was the fifth largest shareholder of Rossiya Bank owning 6%.[63]
In 2015, Mordashov stepped down as CEO, appointing former COO Vadim Larin in his place.[64] Mordashov would be appointed as chairman.[65][66] The changes were confirmed by Severstal.[67]
Order of Merit of the Grand Duchy of Luxembourg Alexei Mordashov
On 28 February 2022, in relation to the 2022 Russian invasion of Ukraine, the European Union blacklisted Mordashov and had all his assets frozen.[68][69] In early March, the Italian police seized one of his yachts, the Lady M.[70] At that time, another one of his yachts, the Nord, was outside the European Unions jurisdiction in the Seychelles.[71]
As of 10 March 2026, according to Forbes, Alexey Mordashov's net worth reached US$37 billion. He returned to the top position among Russia's richest individuals for the first time since 2021 and ranked 57th globally. The growth was mainly driven by a strong rise in gold-related assets such as Nordgold, alongside higher global gold prices, as well as improved results from companies such as Severstal and Lenta. His wealth remains mostly connected to the metals, mining, and industrial sectors.[73]
In parallel, according to the Bloomberg Billionaires Index (30 March 2026), his wealth was about US$25.2 billion. This placed him 92nd globally and third in Russia, and showed a small annual decline of about US$1.01 billion.[74]
In 2025, Forbes estimated his wealth at US$28.6 billion, and he ranked second in Russia, reflecting a recovery compared to the previous year. The improvement came from stabilization in commodity markets and better performance of steel and mining assets. This increase indicates a partial re-equilibration following sanction-induced disruptions, while his wealth structure continued to depend on metals, mining, and industrial investments.[75]
In 2024, his net worth, according to Forbes, stood at approximately US$21.1 billion, placing him seventh among Russia's richest individuals. This represented a decline of about US$4.1 billion compared to 2023. The decrease was largely linked to sanctions pressure, limited access to global financial markets, and fluctuations in industrial asset values, especially steel.[76]
By contrast, in 2023, Forbes estimated his wealth at US$25.2 billion, ranking him fifth among Russian billionaires. This recovery, after the sharp drop in 2022, was supported by partial stabilization in financial markets, adaptation to sanctions, and improved commodity prices.[77]
In 2022, his wealth dropped to approximately US$13.2 billion, placing him fifth in Russia and lowering his Forbes global rank significantly. This was a sharp annual decrease of about US$15.9 billion compared to 2021. The main causes were international sanctions and the collapse of Russian stock markets, which strongly affected export-based industrial assets such as Severstal.[78]
In 2021, Forbes estimated his wealth at around US$29.1 billion, placing him first in Russia. This marked a strong increase of US$12.3 billion. The growth was driven by high global demand for steel and industrial products during the post-COVID recovery, as well as strong performance from investments such as Severstal and Nordgold.[79]
The Pandora Papers were a collection of nearly 12 million leaked confidential financial records compiled by the International Consortium of Investigative Journalists. Within those records are details of how a special unit known as "Cypriot" within accounting firm PricewaterhouseCoopers (PwC) helped Mordashov "build the offshore infrastructure of his business empire." The firm helped set up over 65 shell companies in various "secrecy jurisdictions" such as the British Virgin Islands on behalf of a holding company connected to Mordashov. Through these shell companies, Mordashov expanded his presence in the logging, coal, and media industries inside Russia.[85]
Personal life
Mordashov and his first wife Elena (sometimes Yelena) have a son, Ilya, and divorced in 1996.[86][87]
In 2001, it was revealed in a St Petersburg divorce court that he was paying only $620 a month to support his ex-wife and son,[86] when she sued him for half of his pre-divorce property but lost the case and incurred large fees.[88][89] The case was eventually settled after she took it to the European Court of Human Rights.[90]
As of 2021, Mordashov owns the yachts Lady M and Nord and a private jet.[2]
By 2001, Mordashov had married his second wife, also Elena, and had had two more sons - Kirill and Nikita.[87][91]
In 2018–2019, for Kirill and Nikita the KN-holding company was created, to which Mordashov transferred his shares in Nordgold and TUI. In this way, he hoped to transfer business experience to his sons. But in 2021, Nikita lost his share due to unsuccessful studies and leaving for military service.[92]
