Severstal PAO is a Russian steel manufacturer with operations in Russia, Ukraine and Italy. The company’s resources segment engages in iron ore and coal mining. Headquartered in Cherepovets, Severstal was state-founded in 1955 and generates an annual revenue of $7.9 billion from sales in 60 countries.
The Cherepovets steel mill that would eventually become Severstal was opened after the Second World War to leverage the iron ore deposits discovered in the then North-West USSR. The state-owned company was transformed into an open joint-stock company in 1993.
The company’s finance director, Alexey Mordashov, purchased a majority stake in the complex, becoming its chief executive in 1996. Severstal would go on to acquire a majority stake in Italy’s third-largest steel group, Gruppo Lucchini, in 2005, eventually taking full ownership of the company in 2010.
Today, Severstal processes 1.8 million tonnes of steel, 4.7 million tonnes of coal and 6.2 million tonnes of iron ore annually.
- Family name: Mordashov family
- Sector: Mining & Metals
- Founded: 1955
- Country: Russia
- Company headquarters: Cherepovets, Russia
- Chairman: Alexey Mordashov
- Revenue: US$6.4 billion
- Family ownership: 79.2%
- Employees: 50,000
- Website: https://www.severstal.com/eng/
