Alexey Mordashov

Mordashov moved from steel-industry employment into ownership

Forbes describes Mordashov as the son of mill workers who rose to become finance director of the steel plant that later became the center of Severstal. His starting point was therefore an industrial career rather than an inherited operating company or family ownership stake. ^[1]

During the plant's ownership transition, management tasked Mordashov with acquiring shares from workers. Forbes reports that he accumulated a large position and ultimately became the controlling shareholder, converting a senior finance role into the equity ownership that created most of his later wealth. ^[1]

Mordashov then ran Severstal as chief executive for 19 years before stepping down in 2015. That long operating period tied his wealth not only to the initial share accumulation but also to the performance and capital allocation of a steel company he continued to lead after gaining control. ^[1][2]

Severstal's expansion compounded the value of the controlling stake

Severstal invested in modernization and expanded beyond its original mill into a broader steel and mining group. Company history emphasizes decades of upgrades to production and product quality, while Mordashov's retained controlling ownership gave him direct economic exposure to that growth. ^[2][1]

Severstal's revenue, production and total company value should not be counted as Mordashov's personal wealth in full. His fortune reflects the value of the ownership stake he accumulated and retained, together with other investments, while the underlying company remained a separate operating enterprise. ^[1]