Mordashov is the largest shareholder of Severstal, Russia's third-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 and telecommunications operator Rostelecom.
The majority of Mordashov's fortune is derived from his 77% stake in Severstal, a publicly traded steelmaker. He holds the shares through "Russian structures" as of April 2026, according to the company's website. Severstal is Russia's third-largest steelmaker by tonnage in 2024, according to the World Steel Association's website.
The imposition of US sanctions on the Moscow Stock Exchange in June 2024 led to a change in the valuation methodology used in this analysis. The company is now valued using reported financial results and the average enterprise value-to-sales and enterprise value-to-Ebitda multiples of four publicly traded peers: BlueScope Steel Ltd, Baoshan Iron & Steel Co Ltd, Kumba Iron Ore Ltd and Nippon Steel Corp.
He also owns a 10.9% stake in TUI, a publicly traded German shipping and tourism company, according to the company's website in May 2024.
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 2022. It's credited to him to reflect his status as company's founder.
Mordashov holds interest in a plywood maker Sveza. He also has minority stake in the telecommunications operator Rostelecom, which he acquired along with a group of investors led by billionaire Yury Kovalchuk.
Cash investments are based on an analysis of dividends, insider transactions, taxes and market performance. They were updated on Feb. 13, 2025 to reflect the performance of a Russia inflation index.
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.