BIOGRAPHY:

Alexey Aleksandrovich Mordashov is the head of the domestic mining and steel giant Severstal, the owner of the machine-building enterprise Power Machines, co-owner of the international gold mining company Nord Gold, the main beneficiary of the leader in the woodworking market, the SVEZA holding. His assets include various shares or shares a number of companies, including Europe’s largest tourism concern TUI, Rossiya Bank, National Media Group, T2RTK Holding and others.

Childhood and family:

Alexey Mordashov The future owner of Severstal was born on September 26, 1965 in Cherepovets into a family of metallurgical plant workers. His father was one of the builders of this largest steel production plant in the world, and later an electrical engineer. Mother worked in the equipment supply department. Most of my father’s relatives, including his two siblings, lived in the Volga region and were engaged in the national craft of their ancestors – making dishes, toys, and souvenirs from wood. The museum of folk crafts, located in Sergiev Posad, displays wooden bunks made by the billionaire’s ancestors. Alyosha was a calm, independent and obedient child, and at school he was a responsible and diligent student. Since the sixth grade, he dreamed of becoming an economist-manager.

Having received secondary education, in 1982 the young man entered the Leningrad Engineering and Economic Institute, where his teacher, among others, was Anatoly Chubais. He was one of the leaders of an informal circle and introduced his active student into the company of innovative economists, who became acquainted with the works of Yegor Gaidar with interest. The young man showed great abilities, was an excellent student, received not just an increased, but the largest Lenin scholarship. In addition, he was a Komsomol leader, a member of the CPSU, energetic, polite, intelligent and pleasant to talk to.

The beginning of the career of Alexey Mordashov:

After graduating from university in 1988, the young specialist returned to his hometown and began working at the plant, to which his family had dedicated their entire lives. The future oligarch began as a senior economist, successfully moving up the career ladder. In 1990, he managed to get an internship in Austria, which took place in the city of Linz at the Voestalpine steel mill. Soon after returning from abroad, he was appointed director of Severstal for economics and finance. Moreover, the candidacy of the promising young manager was then defended by General Director Yuri Lipukhin, despite the fact that the head of the relevant ministry Serafim Kolpakov was categorically against such a decision. The reason for his hostility towards the protégé of the head of the plant was Alexei’s unsightly fight with the son of an official, who at the same time was interning at an Austrian company with him. However, the 60-year-old head of the plant saw Mordashov, a conscientious, independent, enterprising man who showed respect for him, as his possible successor. He instructed him to organize the privatization of the plant. For this purpose, Alexey created Severstal-invest, most of the shares of which belonged to him personally. Gradually, he bought up ChMK’s securities for common money, retaining a controlling stake (51 percent), and transferred the assets to the newly established Severstal-Garant structure. As a result, his partner lost the opportunity to influence the development strategy of the enterprise, and Mordashov, having later bought out 49% of his mentor’s shares, became its full owner.

Many players in the metallurgy market showed interest in the plant in order to survive, as the billionaire himself admitted, his moral qualities had changed – he ceased to be as modest, polite and soft as in previous years, he became cynical and tough. In 2001, as evidence of his wealth of knowledge and practical experience, he received an MBA (Master of Business Administration) from the British Newcastle Business School of Northumbria University, and also became an honorary doctor in 2003. He was awarded a similar title by his native university, St. Petersburg State University of Economics. The main mass media of Cherepovets came under his control, and the corporation acquired assets in a variety of areas (mining industry, automotive industry, insurance). Moreover, not only domestic companies, but also foreign ones, in particular, the American manufacturer Rouge Industries, the Italian Lucchini. Since 2002, the businessman was a member of the Russian-German Intergovernmental Group on Economics and Finance. Since 2004 – in the leadership of the American Institute of East and West. Since 2006 – to the Business Cooperation Council of the Russian Federation and the EU, as well as to many other authoritative organizations.

Personal life of Alexey Mordashov:

The owner of Severstal got married for the first time at the age of 19, when he was a 2nd year student at the institute. Alexey’s chosen one was Elena, a fifth-year student 3 years older than him, originally from Irkutsk. Such an early wedding was associated with the “interesting” position of the bride.

The news of the unexpected marriage of her only son was a real blow to his mother. But, despite this, after the appearance of Ilya’s grandson in 1985, she developed a good relationship with her daughter-in-law. However, in 1996, the family broke up, according to his wife, due to Alexei’s rapid career growth, a lot of money, the permissiveness that accompanied their appearance and his infidelities.

During the divorce, he left his ex-wife and son an apartment in his hometown, a Nine car, alimony of 1 thousand dollars a month and 6 thousand dollars a year for health improvement. Later in 2002, the woman tried through the court to obtain a share in the capital of her ex-husband, but to no avail. The court recognized the agreement originally signed between them as legal.

After winning the trial, Mordashov, on his personal initiative, allegedly increased monthly payments to his former family. However, according to rumors, son Ilya did not want to be Mordashov, but took his mother’s maiden name – Novitskaya. The oligarch’s second wife was his work colleague Elena, born in 1971, a graduate of the Leningrad Institute of Textile Industry, an economist and an accounting employee at ChMK. Despite the fact that at the time they met, the financial director of the plant was still married, she could not resist the young, handsome and successful leader and fell in love. The couple had two sons: Kirill in 1999, Nikita in 2000.

In 2015, Forbes reported that the billionaire already had a new life partner, whose name is Larisa. True, Alexey Alexandrovich did not officially confirm this information. He allegedly also gave birth to new heirs – at the time of publication, Alexey had six children. The financial tycoon, as befits a man of his status, is interested in painting, winter sports, and loves poetry.

Transfer of control over the Sveza timber processing group
On October 20, 2022, the Sveza press service reported that Alexey Mordashov transferred control of the Sveza timber processing group to its top management. The parent company of the group, Sveza LLC, came under the control of For Invest LLC (St. Petersburg), which now owns 51% of the shares in its authorized capital. The founders of For Invest are top managers of the Sveza group, each share in the capital of the enterprise is 25%. The company was registered in early August 2022.

Fixed Assets:

As of November 2022, Alexey Mordashov and his family own the following assets: Severstal (76.85%Biography
Alexey Mordashov was born on September 26, 1965 in the city of Cherepovets, Vologda Region.

In 1988 he graduated with honors from the Leningrad Engineering and Economic Institute named after. Palmiro Tolyatti with a degree in mechanical engineering and economics.

Since 1988, he began working as a senior shop economist, head of the bureau of economics and labor organization of mechanical repair shop No. 1, and deputy head of the planning department at the Cherepovets Metallurgical Plant.

In 1989, he was assigned to a six-month internship at the Austrian steel company VoestAlpine.

1992: Director of Finance of ChMK
In 1992, he took the position of Director for Finance and Economics of the Cherepovets Metallurgical Plant.

1993: Privatization of ChMK – creation of Severstal
In 1993, at the stage of privatization, he created the subsidiary company Severstal-invest. 76% of its shares belonged to Mordashov personally, and 24% to OJSC Severstal, into which the Cherepovets Metallurgical Plant was transformed. Subsequently, Mordashov bought shares in Severstal and gained control over the enterprise.

1996: General Director of Severstal

In 1996, he began working as General Director of Severstal.

2000
Member of the Bureau of the Board of the Russian Union of Industrialists and Entrepreneurs
Since November 2000, he has been a member of the Presidium and Bureau of the Board of the Russian Union of Industrialists and Entrepreneurs (RSPP), head of the trade policy committee. He headed the section “Metallurgy, steel industry, construction and building materials” of the round table of industrialists of the Russian Federation and the EU, and was a member of the public council for reforming enterprises under the Government of the Russian Federation.

Acquisition of shares in the timber industry company Sveza
In 2000, the timber industry company Sveza entered Mordashov’s portfolio of assets[3].

2001
In 2001, he headed the RSPP working group on Russia’s accession to the WTO and reform of customs policy. By that time he controlled the main media of Cherepovets and the Vologda region:

2002
General Director of Severstal Group and Chairman of the Board of Directors of Severstal
In 2002, as a result of the restructuring of Severstal, by decision of the shareholders, the management company ZAO Severstal Group was created. Mordashov left the position of General Director at OJSC Severstal and took a similar position at CJSC Severstal Group.

In 2002, simultaneously with assuming the position of General Director, he became Chairman of the Board of Directors of OJSC Severstal.

Russian-German working group on strategic issues in the field of economics and finance
Since April 2002, he was one of the members of the Russian-German working group on strategic issues in the field of economics and finance.

Board of Trustees of the State Tretyakov Gallery
Since December 2002 he has been a member of the Board of Trustees of the State Tretyakov Gallery.

2003
Acquisition of shares of Rossiya Bank
In 2003, Mordashov became a co-owner of Rossiya Bank, whose largest shareholder is Yuri Kovalchuk. Mordashov acquired 8.8 percent of shares in Severstal for 600 million rubles[5].

Participation in Boards of Trustees:

Since April 2003, he has been a member of the Board of Trustees of the Russian Chess Federation.

Since May 2003, he has been a member of the Board of Trustees of the Spaso-Preobrazhensky Valaam Monastery.

Entrepreneurship Council under the Government of the Russian Federation
From May 2003 to June 2004 he was a member of the Entrepreneurship Council under the Government of the Russian Federation.

Honorary Doctor of Northumbria University
Since July 2003 Honorary Doctor of Northumbria University.

2004
Board of Directors of the East-West Institute
In April 2004, he was elected to the Board of Directors of the East-West Institute in New York.

Council on Competitiveness and Entrepreneurship under the Government of the Russian Federation
Since June 2004, he has been a member of the Council on Competitiveness and Entrepreneurship under the Government of the Russian Federation.

Board of Trustees of the State Russian Museum
Since September 2004, he has been a member of the Board of Trustees of the State Russian Museum.

Expert Council on Public-Private Partnerships and Investments under the Ministry of Culture of the Russian Federation
Since November 2004, he has been a member of the Expert Council on Public-Private Partnerships and Investments under the Ministry of Culture of the Russian Federation.

Acquisition of Rouge Steel Company:

In 2004, Mordashova’s Severstal acquired the Rouge Steel Company, a steel foundry in the United States[6].

2006
Russia-EU Business Cooperation Council
Since March 2006, it has been a member of the Russia-EU Business Cooperation Council. Member of the International Advisory Council of the Atlantic Council.

Unsuccessful deal to exchange assets for a stake in Arcelor:

In May 2006, Mordashov agreed to exchange 87.5% of his shares in Severstal for 38.5% of shares in the French Arcelor (with an additional payment of €1.25 billion), the second largest metallurgical company in the world. However, the merger fell through: Arcelor’s board of directors made a unanimous decision in favor of a deal with another large metallurgical group – Mittal Steel, led by Indian steel magnate Lakshmi Mittal. At that time, many observers considered this decision to be politically biased, that is, intended to deliberately create obstacles for large Russian businesses to enter the world stage. However, one of the main failures brought Mordashov wide fame.

Return to the post of CEO of Severstal:

In December 2006, he returned to the position of General Director of OJSC Severstal.

2007
Sale of non-core assets and purchase of metallurgy and mining enterprises
In 2007, Mordashov began to get rid of non-core assets – he sold the Severstal-Auto company and transport companies to management (they were merged into the N-Trans holding) and bought the American metallurgical plants Sparrows Point, Warren and Wheeling, coal mining PBS Coals, iron ore companies with deposits in Brazil and Africa[6].

Chairman of the Board of Directors of Power Machines
Since December 2007 – Chairman of the Board of Directors of PJSC Power Machines[7].

2008: Creation of the National Media Group
In 2008, Mordashov, Surgutneftegaz and Rossiya Bank created the National Media Group[1].

2010: Member of the Supervisory Board of the NP “Russian Steel Consortium”
Since June 2010, member of the Supervisory Board of the non-profit partnership “Russian Steel Consortium”.

2011
Sale of American factories
The 2008 crisis brought down the auto industry and steel production. The blow was so strong that Mordashov sold all American factories from 2011 to 2014[6].

Net worth: $18.5 billion
He took second place in the ranking of the Russian-language version of Forbes “Russia’s Richest Businessmen – 2011”[8]. Alexey Mordashov’s fortune was estimated at $18.5 billion.

2012: Chairman of the World Steel Association
From October 2012 to October 2013 – Chairman of the World Steel Association, headquartered in Brussels (Belgium).

2013
President of the Supervisory Board of the NP “Russian Steel Consortium”
Since June 2013, President of the Supervisory Board of the non-profit partnership “Russian Steel Consortium”.

Vice-Chairman of the World Steel Association
Since October 2013, Deputy Chairman of the World Steel Association.

Acquisition of Tele2 shares
In 2013, Alexey Mordashov and Yuri Kovalchuk acquired a 50% stake in the mobile operator Tele2[6].

2014
Net worth: $10.5 billion
In 2014, Alexey Mordashov took 12th place in the ranking of the richest businessmen in Russia[9]. The fortune was estimated at $10,500 million.

General Director of Severstal Management
From December 2014 to May 2015, he was the General Director of JSC Severstal Management, the management organization of PJSC Severstal.

2015: Chairman of the Board of Directors of Severstal
In May 2015, he was elected to the position of Chairman of the Board of Directors of PJSC Severstal.

2016: State – $10.9 billion
As of 2016, he is the richest man in Russia according to Bloomberg. In the ranking of the richest Russians in 2016, according to Forbes magazine, he took 6th place – $10,900 million[10].

2017
23% stake in travel company TUI
As of May 2017, Mordashov’s share in the world’s largest travel company TUI (headquartered in Germany) was 23% of the shares. He began carefully buying shares on the market in 2007[6].

Alexey Mordashov today:

In 2011, the oligarch received an invitation to the Bilderberg Club, which brings together recognized and most influential representatives of politics, business, and the media. In 2012, he became the first Russian to join the leadership of The World Steel Association, as evidence of recognition among global representatives of the steel industry. In 2015, at a conference held in Chicago, he was re-elected to the organization’s executive committee until October 2016. At the same time, he was elected head of the Russian Steel Consortium, which united the enterprises Severstal, Evraz, Mechel, Novolipetsk, Magnitogorsk Iron and Steel Works and others, which is part of this World Steel Association. The billionaire is a member of the leadership of the Committee on Russia’s accession to the World Trade Organization and reform of domestic customs policy. In the global ranking of the world’s richest people published by American Forbes, the owner of Severstal took 93rd position in 2016. According to the publication’s experts, his fortune in 2015 decreased by $2.1 billion and amounted to $10.9 billion. In 2014, he received 960 million in Severstal dividends alone.