Alexey Mordashov: A Steel Mill Worker turned Billionaire

Alexey Mordashov is a businessman from Cherepovets, Russia, who has a net worth of $20 billion, making him one of the wealthiest people in Russia. After graduating from the Leningrad Institute of Economics, he worked his way up to the position of finance director at a steel mill in Cherepovets. After the company was privatized, he formed his own investment fund and bought up shares in the steel mill, eventually amassing a large stake. He became general director in the mid-90s and launched Severstal, a mining conglomerate, which has been quite successful.

Currently, Mordashov owns a 79.2 percent share of Russian steelmaker Severstal. He also owns shares in the German tourism and shipping company TUI and owns the industrial machine maker Siloviye Mashiny as well as gold producer Nordgold. He holds interests in online supermarket Uktonos and plywood manufacturer Sveza. Additionally, he owns 26 percent of National Media Group, 7.3 percent of CTC Media, 5.5 percent of Bank Rossiya, and 2.8 percent of Tele2 Russia Holding.

Besides his work with Severstal, Mordashov is also involved in several philanthropic ventures, including sponsoring both the Bolshoi and Mariinsky Theatres.

Despite Severstal’s success, the company recently sold off a number of their US-based plants to another Russian conglomerate for an almost 50% loss.

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