Alexei Mordashov

Alexey Mordashov
Mordashov in 2018
Alexey Mordashov
Born	26 9, 1965
Birthplace	Cherepovets, Vologda Oblast, Soviet Union
Nationality	Russian
Occupation	Businessman
Known for	Majority shareholder of Severstal
Education	MBA, Northumbria University
Children	7

Alexey Alexandrovich Mordashov (born 26 September 1965) is a Russian businessman who serves as the main shareholder and chairman of Severstal, one of Russia's largest steel and mining companies. Born in the industrial city of Cherepovets in the Vologda Oblast of the Soviet Union, Mordashov rose from a position within the Cherepovets Steel Mill to become one of the wealthiest individuals in Russia and, at various points, the world. His business empire extends well beyond steel, encompassing gold mining through Nordgold, retail operations through Severgroup's ownership of the Lenta chain, a significant stake in European travel conglomerate TUI Group, and interests in energy and media. His name has appeared in several major international financial document leaks, including the Panama Papers, the FinCEN Files, and the Pandora Papers, drawing scrutiny over offshore financial structures and transactions linked to his business operations. Following Russia's invasion of Ukraine in 2022, Mordashov was placed under sanctions by the European Union and other Western governments, significantly restricting his international business activities and travel.

Early Life

Alexey Alexandrovich Mordashov was born on 26 September 1965 in Cherepovets, a city in the Vologda Oblast of what was then the Soviet Union. Cherepovets was — and remains — closely tied to the steel industry; the Cherepovets Steel Mill, which would later become the core of Severstal, was the dominant industrial enterprise in the city and a central feature of the local economy. Mordashov's parents both worked at the steel mill, embedding the industry in his upbringing from an early age.

Growing up in a Soviet industrial city, Mordashov's path was shaped by the economic and social environment of the late Soviet period. The steel mill was not merely an employer but the focal point of civic life in Cherepovets, and many families in the city had multi-generational ties to the plant. Mordashov's decision to pursue engineering and economics in higher education reflected this industrial heritage and positioned him for a career in the sector that had defined his hometown.

Education

Mordashov attended the Leningrad Engineering-Economical Institute (now the Saint Petersburg State University of Economics), where he earned both a Bachelor of Engineering and a Master of Engineering degree. The institute was one of the Soviet Union's principal institutions for training professionals in industrial economics and engineering management.

Following the collapse of the Soviet Union and during the period of economic transition in Russia, Mordashov pursued further education abroad. He obtained a Master of Business Administration (MBA) from Northumbria University in the United Kingdom. This Western business education provided Mordashov with exposure to market-oriented management practices and corporate finance at a time when Russian industry was undergoing rapid privatization and restructuring. The combination of Soviet-era technical training and a Western MBA would prove instrumental in his subsequent corporate career.

Career

Early Career at Cherepovets Steel Mill

After completing his education at the Leningrad Engineering-Economical Institute, Mordashov returned to Cherepovets and began working at the Cherepovets Steel Mill, the same facility where his parents had been employed. He joined the enterprise during the final years of the Soviet Union, a period of significant economic uncertainty and the beginning of sweeping industrial reforms. Mordashov rose through the ranks of the organization, gaining experience in financial management and corporate operations during the turbulent period of Russian economic liberalization in the early 1990s.

During the privatization era that followed the dissolution of the Soviet Union, Mordashov was positioned within the steel mill's management structure at a critical juncture. The voucher privatization program launched under President Boris Yeltsin in the early 1990s allowed insiders — managers and workers — to acquire ownership stakes in formerly state-owned enterprises. Mordashov leveraged his position within the company's management to accumulate a substantial ownership stake in the mill, which was reorganized and renamed as OAO Severstal.

Leadership of Severstal

Mordashov became the chief executive officer and controlling shareholder of Severstal, transforming it from a single Soviet-era steel plant into one of Russia's largest vertically integrated steel and mining companies. Under his leadership, Severstal expanded its operations significantly, developing mining assets to secure raw material supplies and investing in modernization of its steel production facilities.

In 2006, Mordashov made an ambitious bid to merge Severstal with Arcelor, then one of the world's largest steel producers based in Luxembourg. The proposed deal would have created a steel-making colossus, but it was ultimately thwarted when Arcelor's shareholders opted instead to accept a rival bid from Mittal Steel, leading to the creation of ArcelorMittal. The failed merger was a significant moment in global steel industry consolidation and drew considerable attention to both Mordashov and Russian corporate ambitions on the international stage.

Severstal subsequently pursued expansion into the United States, acquiring steel assets including plants that gave the company a direct manufacturing presence in the American market. However, by 2012, the company indicated it had no plans for further expansion in the U.S. even as it brought new steel production lines online at existing facilities. Mordashov also explored steel ventures in India, though Severstal eventually decided to pull out of the Indian market.

In 2014, Mordashov stepped down as CEO of Severstal, handing day-to-day operational management to a successor while retaining his role as chairman of the board and majority shareholder. This transition allowed Mordashov to focus on broader strategic direction and his wider business interests through the Severgroup holding company, while professional management took over Severstal's operations.

As of 2025, Mordashov continued to comment publicly on Russian economic conditions. In October 2025, he stated that the strong ruble was hurting the competitiveness of Russian manufacturers on both the domestic and export markets, raising questions about the viability of certain industrial operations. In July 2025, he warned that Russia's economy was becoming increasingly dominated by large corporate conglomerates, drawing a comparison to the chaebol system in South Korea and cautioning about the risks of such concentration.

Nordgold

In addition to steel, Mordashov built significant interests in gold mining through Nordgold (formerly Nord Gold), which was spun off from Severstal. Nordgold was listed on the London Stock Exchange in January 2012 as an independent gold mining company. The company operated gold mining assets across multiple countries, including Russia, where its subsidiary Buryatzoloto received gold exploration and mining licenses. The company also secured licenses for gold fields in Siberia.

Nordgold later considered delisting from the London Stock Exchange, reflecting a broader trend among Russian companies reassessing their presence on Western exchanges.

Severgroup and Diversified Holdings

Beyond Severstal and Nordgold, Mordashov controls the Severgroup holding company, which manages a portfolio of investments spanning multiple industries. Among its holdings is the Lenta retail chain, one of Russia's major hypermarket and supermarket operators. In August 2025, it was reported that Lenta, under Severgroup's ownership, intended to acquire the O'Key hypermarket chain, a move that would further consolidate Mordashov's presence in Russian retail.

Mordashov also held a significant stake in TUI Group, one of Europe's largest travel and tourism companies. As of early 2022, he owned approximately one-third of TUI, making him its largest single shareholder. This stake became a point of significant attention following the imposition of EU sanctions in March 2022, as his continued ownership raised governance and compliance questions for the European-listed company.

Mordashov's business interests also extended to the power and energy sector. He was involved with Power Machines, a Russian manufacturer of power generation equipment, at a time when the company was the subject of corporate competition involving other Russian oligarchs, including Oleg Deripaska.

In 2012, Fortune magazine profiled Mordashov, noting his bullish outlook on the American economy at a time when many investors were cautious, calling him "America's biggest bull."

Dividends and Wealth

Mordashov's wealth derives primarily from dividends and capital appreciation of his holdings in Severstal and other companies. In July 2025, Business Insider reported that Russia's wealthiest individuals earned record dividends in the prior year, with total payouts to the 50 wealthiest Russians reaching a record 1.769 trillion rubles (approximately US$22.3 billion). As of 2025, Forbes estimated Mordashov's personal net worth at approximately US$30.5 billion, ranking him as the wealthiest individual in Russia.

Sanctions and International Scrutiny

Panama Papers, FinCEN Files, and Pandora Papers

Mordashov's name appeared in several major international investigations into offshore finance. He was mentioned in the Panama Papers (2016) and the FinCEN Files (2020), with reports indicating that a company associated with Mordashov had paid for a number of projects linked to Russian President Vladimir Putin and had provided funds to close Putin associates.

In April 2022, the International Consortium of Investigative Journalists (ICIJ) published an extensive investigation drawing on the Pandora Papers leak, detailing how the accounting firm PricewaterhouseCoopers (PwC) had assisted Mordashov in building an offshore corporate empire over many years. The investigation revealed ties to transactions that the ICIJ described as "murky" and raised questions about the role of Western professional services firms in facilitating the offshore structures of Russian billionaires.

In November 2023, as part of the Cyprus Confidential leak reported by The New York Times, it was revealed that accounts connected to Mordashov had made payments to Hubert Seipel, a German author, reportedly to write a book about Putin. The revelation added to scrutiny over the financial relationships between Russian business figures and Western cultural and media personalities.

EU and Western Sanctions

Following Russia's full-scale invasion of Ukraine in February 2022, the European Union placed Mordashov on its sanctions list in March 2022. The EU's justification for sanctioning Mordashov included his ownership stake in Rossiya Bank, which the EU described as the "personal bank" of senior Russian officials who had benefited from the 2014 annexation of Crimea. The sanctions froze his EU-based assets and restricted his ability to travel to or conduct business in EU member states.

The sanctions had immediate implications for Mordashov's international holdings, particularly his approximately one-third stake in TUI Group. As The Guardian noted at the time, Mordashov's status as TUI's largest single shareholder made him "something of a liability" for the European-listed tourism company.

The Superyacht Nord

Among the assets that drew public attention following the imposition of sanctions was Mordashov's superyacht Nord, valued at approximately US$500 million. The vessel, one of the world's largest private yachts, became a symbol of the difficulties in enforcing sanctions against Russian oligarchs' mobile assets. In July 2025, The Moscow Times reported that the Nord had received clearance to sail independently through the remote Chukchi Sea in Arctic waters. Reports indicated that the yacht had at times gone "dark" — turning off its transponder to avoid tracking — as it sailed international waters, further illustrating the challenges faced by Western governments in monitoring sanctioned individuals' assets.

Personal Life

Mordashov has been married twice. His first marriage was to Elena Mordashova, to whom he was married from 1986 to 1996, ending in divorce. His second wife was also named Elena. He has seven children.

Mordashov has participated in international forums and gatherings of business and political leaders. He was listed as a participant at the 2011 Bilderberg Meeting, an annual private conference involving leaders from finance, industry, media, and government.

Despite his status as one of the world's wealthiest individuals, relatively little is documented about Mordashov's private life in public sources. His public statements have primarily focused on economic and industrial matters rather than personal topics.

Recognition

Mordashov first appeared on the Forbes list of the world's billionaires at the age of 37, at which point the magazine noted his arrival alongside Oprah Winfrey as "new arrivals" among the world's billionaires. As of the Forbes 2025 ranking, Mordashov was listed as the wealthiest person in Russia with an estimated net worth of US$30.5 billion, placing him among the top billionaires globally.

His leadership of Severstal and his role in transforming it from a Soviet-era steel plant into a major international steel and mining company have been the subject of extensive coverage in the financial press, including profiles in Fortune, the Financial Times, and other publications.

The imposition of Western sanctions in 2022, combined with the revelations from multiple document leaks, has resulted in Mordashov becoming one of the most scrutinized Russian business figures in international media. His case has been cited in analyses of the effectiveness of sanctions regimes and the role of Western financial and professional services institutions in enabling offshore wealth structures for Russian billionaires.