Russia Has a New Richest Man

Alexey Mordashov

Photographer: Simon Dawson /Bloomberg

Steel tycoon Alexey Mordashov became Russia’s richest person, passing metal billionaire Vladimir Potanin. Mordashov’s fortune rose $126 million to $15.7 billion Monday, topping Potanin by $200 million, according to the Bloomberg Billionaires Index. Most of his net worth is tied to Severstal PJSC, Russia’s fourth-largest steelmaker by tonnage in 2015, whose stock has advanced 18 percent during the past 12 months while GMK Norilsk Nickel PJSC, Potanin’s key asset, has lost almost 3 percent.

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