How Did Alexey Mordashov Make His Money?

Alexey Mordashov’s Profile Summary

Company	Severstal
Position	Chairman of the Board
Source of wealth	Steel production through Severstal, along with diversified investments via Severgroup.
Also known as	Alexey Mordashov
Age	59
Education	Leningrad Engineering-Economical Institute; MBA from the University of Northumbria
Citizenship	Russia
Residence	Russia
Family	Married, seven children
Website, Social Media	Severstal: www.severstal.com Severgroup: www.severgroup.ru

Alexey Mordashov’s biography

Alexey Mordashov, born on September 26, 1965, in Cherepovets, Russia, is one of the wealthiest individuals in Russia and a leading figure in the global steel industry. He grew up in a working-class family, with both parents employed at the Cherepovets Steel Mill. In 1988, he graduated from the Leningrad Engineering-Economical Institute with a degree in engineering and economics. He later earned an MBA from the University of Northumbria in Newcastle, UK.

Mordashov began his career at the Cherepovets Steel Mill, starting as an economist. During Russia’s transition to a market economy in the 1990s, he founded Severstal-Invest to acquire shares in the steel plant during privatization. By 1996, he became the CEO and major shareholder of Severstal, effectively privatizing the company. Under his leadership, Severstal expanded its operations, acquiring steel assets in the U.S. and Europe, and becoming one of Russia’s largest steel producers.

Beyond steel, Mordashov diversified his investments through his company Severgroup, acquiring stakes in industries such as energy, machinery, and tourism. He holds a significant share in the German travel company TUI Group and is involved in several other ventures. As of January 2025, his net worth is estimated at $20.9 billion. Despite sanctions imposed by Western countries, Mordashov remains one of the most influential figures in Russia’s economy.

How did Alexey Mordashov make money?

Alexey Mordashov began his career at the Cherepovets Steel Mill, where his parents worked. After earning a degree in engineering and economics from the Leningrad Engineering-Economical Institute in 1988, he returned to the mill as an economist. During the early 1990s, amidst Russia's transition to a market economy, Mordashov founded Severstal-Invest, a subsidiary aimed at managing financial flows and acquiring shares of the steel mill during privatization. By 1996, he had become the majority shareholder and CEO of Severstal, effectively privatizing the company.

Under his leadership, Severstal expanded its operations, acquiring steel assets in the U.S. and Europe, and becoming one of Russia's largest steel producers. Mordashov's strategic vision led to diversification beyond steel production. Through his investment company, Severgroup, he acquired stakes in various sectors, including mining, energy, machinery, and tourism. Notably, he holds a significant share in TUI Group, a leading European travel company.

Mordashov's wealth primarily stems from his majority ownership in Severstal, which has consistently been profitable under his management. His investments through Severgroup have further diversified his income streams, contributing to his substantial net worth. As of 2023, his family's fortune is estimated at $20.9 billion, making him one of Russia's wealthiest individuals.
What is Alexey Mordashov net worth?

As of 2025, Alexey Mordashov’s net worth is estimated to be $28.6 B.

What is Alexey Mordashov also known as?

Alexey Mordashov is known as a key player in the global steel industry and one of the wealthiest individuals in Russia. He is the major shareholder and chairman of Severstal, as well as the founder of Severgroup, with diversified investments in various sectors.

Prominent achievements of Alexey Mordashov

Under Mordashov’s leadership, Severstal became one of the largest steel producers globally. He successfully diversified his wealth through investments in energy, tourism, and technology, securing his position as one of Russia’s richest and most influential businessmen.

What are Alexey Mordashov’s key insights?

Mordashov emphasizes long-term sustainability and diversification. He believes in investing across multiple sectors to reduce risk and ensure business resilience in a volatile economic environment.

Alexey Mordashov’s personal life

Alexey Mordashov is married and has seven children. He is known to maintain a private family life, focusing on his business ventures. His family is also involved in various philanthropic activities, supporting cultural and educational initiatives in Russia.

Useful insights

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