Alexei Mordashov

Alexey Mordashov
Alexey Mordashov
Born	Alexey Alexandrovich Mordashov; September 26, 1965 (age 61); Cherepovets, Russia
Occupation(s)	Entrepreneur, businessman
Years active	1988–present
Known for	Majority shareholder and chairman of Severstal

Alexey Alexandrovich Mordashov (; born 26 September 1965) is a prominent Russian entrepreneur, holding the position of majority shareholder and chairman at Severstal, the leading steel and mining enterprise in Russia.

By 2025, Mordashov stands as the richest individual in Russia, with his net worth estimated at approximately US$30.5 billion. According to the Forbes 2025 list, which accounts for family-held assets, he ranks highest among Russian billionaires. At 37 years old, Forbes acknowledged him as a significant emerging billionaire.

Mordashov's name appeared in both the Panama Papers and FinCEN leaks; entities associated with him have financed multiple projects favored by Vladimir Putin and supported his close network. He is subject to international sanctions connected to the Russian invasion of Ukraine. The European Union designates Rossiya Bank, in which Mordashov holds financial interests, as the "personal bank" for officials profiting from Crimea's annexation. In 2023, leaked documents disclosed that accounts linked to him funded a German author to produce a book about Putin.

Early life

Born to parents employed in the steel industry, Mordashov's father worked as an electrical engineer at a mill in Cherepovets. He has recounted that his family depended on welfare coupons, receiving limited monthly rations of items like butter and sausages. He earned both bachelor's and master's degrees in engineering from the Leningrad Engineering-Economical Institute (currently known as ENGECON) and later completed an MBA at Northumbria University in England in 2001. After finishing his studies, he returned to Cherepovets and began working at the same steel mill where his parents had been employed.

Early career

Following his graduation in 1988, Mordashov started as an economist at Cherepovetskiy Metallurgical Plant. By 1992, shortly before the company's privatization, he had advanced to finance director. Acting on counsel to gain control from external parties, he established two investment funds and purchased a substantial portion of shares from workers. In 1996, he was named CEO and proceeded to transform the company into a diversified conglomerate named Severstal, acquiring assets across steel production, coal mining, and mineral extraction sectors.

Investments

In 2003, Mordashov became a co-owner of Rossiya Bank.

Starting in 2004, he invested in American steel operations, acquiring facilities such as the Rouge Plant in Dearborn, Michigan, and another plant in Columbus, Mississippi. He secured a $370 million loan from the United States Department of Energy aimed at modernizing these plants; however, this loan was withdrawn in 2012 amid political tensions between the US and Russia. Between 2004 and 2014, Mordashov and Severstal invested up to $3 billion into these US operations. In 2011, several assets located in Ohio, Maryland, and West Virginia were sold to the Renco Group. By 2014, all Severstal’s US holdings had been divested for $2.3 billion.

Severstal had planned a multibillion-dollar joint venture with POSCO in eastern India but exited the project in 2008 after facing regulatory obstacles over ten years.

In late 2007, Mordashov acquired shares in TUI Travel, becoming its largest shareholder through S-Group Travel. Under CEO Michael Frenzel, TUI expanded into Eastern Europe and Russia (2008), followed by China and India (2009), while divesting shipping interests including Hapag-Lloyd AG in 2009. By 2014, Mordashov held over a quarter stake with blocking rights when TUI Travel merged into TUI Group. As of October 2018, he retained a 24.9% shareholding and has served on TUI Group’s supervisory board since 2016.

In 2008, together with Surgutneftegas and Rossiya Bank, Mordashov co-founded the National Media Group, which controls significant shares in major Russian television channels such as Fifth Channel, First Channel, and REN TV.

In 2011, he acquired a 25% stake in steam turbine manufacturer Power Machines from Siemens. Two years later, alongside Yuri Kovalchuk, he purchased half of Tele2 Russia, ranking as the country’s fourth-largest mobile operator.

Mordashov consolidated Severstal’s gold mining operations into Nord Gold N.V. in 2012; this company was subsequently listed on the London Stock Exchange. In 2013, Nordgold obtained an exploration license for gold deposits in Siberia. In 2017, citing valuation concerns alongside his controlling interest of 91%, Mordashov announced intentions to delist Nordgold from the LSE.

He was elected chairman of the World Steel Association in October 2012 and was notably the sole Russian participant at the Bilderberg Club meeting held in 2011.

By mid-2013, Mordashov held a 6% ownership stake in Rossiya Bank. In 2015, he relinquished his role as Severstal CEO to former COO Vadim Larin while transitioning into the chairman position.

On 10 October 2017, Alexey Mordashov received the Commander of the Order of Merit from the Grand Duchy of Luxembourg.

Sanctions

On 28 February 2022, in response to the 2022 Russian invasion of Ukraine, the European Union included Mordashov on its sanctions list and immobilized his financial assets. Shortly thereafter, Italian officials confiscated his yacht Lady M, while another vessel, Nord, remained outside the EU’s reach, docked in the Seychelles.

In 2022, the UK government also imposed sanctions on Mordashov due to his involvement related to the Russo-Ukrainian War.

Pandora Papers

The Pandora Papers disclosures exposed that PricewaterhouseCoopers’ Cypriot division assisted Mordashov in creating more than 65 shell companies registered in secrecy jurisdictions such as the British Virgin Islands. These offshore entities facilitated his ventures into Russia’s timber, coal mining, and media industries.

Personal life

Mordashov and his first wife Elena divorced in 1996; they share a son named Ilya. A court ruling from 2001 indicated minimal financial support was provided to them, a matter later resolved at the European Court of Human Rights.

He is the owner of two yachts, Lady M and Nord, as well as a private aircraft. By 2001, he had remarried another woman named Elena and fathered two additional sons, Kirill and Nikita.

During 2018–2019, Mordashov established KN-holding as a vehicle to transfer shares of Nordgold and TUI to his sons for succession planning. However, Nikita forfeited his share in 2021 due to academic difficulties and military service obligations.

According to a 2022 ICIJ report, Mordashov shifted the majority of his stake in the tourism conglomerate TUI to a Caribbean-based shell company managed by Marina Mordashova, who is believed to be the mother of some of his children.

References