The Mordashov family is the majority shareholder of Russian steel company Severstal, with business interests that include travel company TUI Group and equipment manufacturer Power Machines. At the advice of Severstal’s director, Alexey Mordashov used two investment firms to become the majority shareholder and general director of Severstal in 1996.
The Mordashov family is considered to be Russia’s fourth richest family, with an estimated net worth of $19.7 billion.
The son of Russian steelworkers, Alexey began working as an accountant in the local steel mill that would become Severstal in 1988. After securing control of the company, he began acquiring other industrial facilities throughout Russia, Ukraine, Kazakhstan, France, Italy, the United States and Africa.
Severstal would eventually become a conglomerate, with holdings that include Severstal Air and PBS Coals. Alexey’s investments through the Severstal Group include Russia’s fourth-largest cell phone company, Tele2.
Alexey resigned as CEO of Severstal in 2015 but currently remains the company’s chairman. His sons, Kirill and Nikita, own stakes in TUI AG, as well as a 65 per cent stake in gold producer Nordgold.
