Difference between revisions of "Alexei Mordashov"

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'''Alexey Mordashov''' (born 26 September 1965), is a Russian [[businessman]] and [[billionaire]]. He is the main shareholder and chairman of [[Severstal]],<ref>{{Cite web|title = Severstal - Alexey Mordashov|url = http://www.severstal.com/eng/corporate_governance/board_of_directors/board_members/document4698.phtml|website = www.severstal.com|access-date = 2016-02-06}}</ref> a Russian conglomerate with interests in metal, energy and mining companies. In November 2016, [[Bloomberg]] reported that Mordashov was Russia’s richest man, with an estimated worth of $15.7 billion.<ref>{{Cite news|url=https://www.bloomberg.com/news/articles/2016-11-01/mordashov-overtakes-potanin-to-become-russia-s-richest-chart|title=Russia Has a New Richest Man|date=2016-11-01|newspaper=Bloomberg.com|access-date=2017-02-20}}</ref>
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'''Alexey Mordashov''' (born 26 September 1965), is a Russian [[businessman]] and [[billionaire]]. He is the main shareholder and chairman of [[Severstal]],<ref>http://www.severstal.com/eng/corporate_governance/board_of_directors/board_members/document4698.phtml</ref> a Russian conglomerate with interests in metal, energy and mining companies. In November 2016, [[Bloomberg]] reported that Mordashov was Russia’s richest man, with an estimated worth of $15.7 billion.<ref>https://www.bloomberg.com/news/articles/2016-11-01/mordashov-overtakes-potanin-to-become-russia-s-richest-chart|title=Russia Has a New Richest Man|date=2016-11-01</ref>
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==Career==
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In 1988 he joined Cherepovetskiy Metallurgical Plant after graduation from Leningrad Engineering-Economical Institut as an economist. By 1992 he became finance director, shortly before the company was privatised.<ref>https://web.archive.org/web/20160203212559/http://www.miningglobal.com/Severstal/executives/Alexey-Mordashov/296</ref> When the plant's elderly director instructed him to acquire shares to keep them out of the hands of an outsider, he formed two investment funds and, by buying up workers' shares, built a major stake in the factory. In 1996 he was appointed as CEO of the company. He went on to build a conglomerate, [[Severstal]], acquiring steel, coal and mining companies.<ref>{https://www.theguardian.com/business/2006/jun/18/russia</ref>
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In 2003, Mordashov became a co-owner of [[Rossiya Bank]].<ref>http://www.themoscowtimes.com/sitemap/free/2008/7/article/bank-rossiya-emerges-from-shadows/368844.html</ref>
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In 2004, Mordashov started investing in US steel companies, purchasing companies in Dearborn, MI and Columbus, MS. The acquisition included the Rouge Plant in Dearborn.<ref>http://fortune.com/2012/06/22/meet-americas-biggest-bull-hint-hes-russian/</ref><ref>https://www.forbes.com/sites/joannmuller/2012/06/06/betting-on-america/</ref> He received a loan from the [[United States Department of Energy]] to renovate and refurbish the manufacturing plants in Dearborn.<ref>https://www.forbes.com/sites/briansolomon/2011/11/09/russian-billionaire-awarded-controversial-energy-dept-loan/</ref> The value of the loan, over $370 million, was revoked in 2012, after growing political tensions between the US and Russia.
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Between 2004 and 2014, Mordashov and Severstal invested up to $3 billion in both the Dearborn and Columbus plants.<ref>http://www.autonews.com/article/20120621/OEM10/306219828/severstal:-no-plans-to-expand-in-u.s.-as-2-steel-lines-go-live</ref> In 2011 he sold a number of US assets in Ohio, Maryland and West Virginia to the [[Renco Group]], owned by industrialist [[Ira Rennert]].<ref>https://www.bloomberg.com/news/articles/2014-05-15/russian-steel-billionaire-mordashov-seeks-u-s-pull-out</ref> By 2014 all of Severstal's US investments had been sold for a total of $2.3 billion.<ref>https://www.forbes.com/profile/alexey-mordashov/</ref><ref>https://www.bloomberg.com/news/articles/2014-07-21/mordashov-s-severstal-to-sell-u-s-steel-plants-for-2-3-billion</ref>
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His company Severstal planned a multibillion-dollar project in joint venture with [[POSCO]] in eastern India. After ten years of not getting environmental and land clearances, his company opted out in 2008.<ref>http://www.ft.com/intl/cms/s/0/784798e8-edec-11e2-816e-00144feabdc0.html#axzz3v2tFAebD</ref><ref>http://www.sunday-guardian.com/news/russian-steel-giant-severstal-decides-to-pull-out-of-india</ref>
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In autumn 2007, Mordashov purchased shares in [[TUI Travel]].<ref>http://www.goettinger-tageblatt.de/Nachrichten/Wirtschaft/Regional/Alexej-Mordaschow-baut-Einfluss-bei-TUI-aus</ref> As he increased his stake to the largest single shareholder through his S-Group Travel,<ref>http://www.genios.de/presse-archiv/artikel/FTD/20080411/tui-gruendet-mit-mordaschow-reiseto/D8H384O4.html</ref> TUI Travel under [[Michael Frenzel]]<ref>http://www.spiegel.de/wirtschaft/unternehmen/reisegigant-russischer-investor-baut-einfluss-bei-tui-aus-a-742649.html</ref> expanded into [[Eastern Europe]] and [[Russia]] in 2008, [[China]] and [[India]] in 2009, and sold off its shipping interests, [[Hapag-Lloyd|Hapag-Lloyd AG]],<ref>https://www.finance-magazin.de/deals/ma/tui-grossaktionaer-stockt-anteil-auf-1117172/</ref> to the ''[[Albert Ballin|Albert Ballin Consortium]]'' in March 2009.<ref>https://www.reuters.com/article/idUSLN56520520090323</ref> In 2014, he held a blocking stake of more than 25% in TUI Travel when TUI Travel was absorbed by [[TUI Group]].<ref>https://www.bild.de/geld/aktuelles/wirtschaft/roundup-tuigrossaktionaer-mordaschow-naehert-49663300.bild.html</ref> In October 2018, he has a 24.9% stake<ref>https://www.tuigroup.com/en-en/investors/share/shareholder-structur</ref> in TUI Group through his S-Group Travel and has been on the TUI Group supervisory board since 2016.<ref>https://www.rbc.ru/rbcfreenews/5874fd489a79474cd2fe6a32</ref>
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In 2008, Mordashov, [[Surgutneftegas]] and Rossiya Bank created the National Media Group, which now owns packages in TV channels ([[5TV (Russian TV channel)|Fifth]], [[Channel One Russia|First]], [[REN TV]])<ref>https://www.reuters.com/article/sony-russia-television-idUKL8N1PV49U</ref>
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In 2011, Mordashov purchased 25% of the shares in steam turbine manufacturer, [[Power Machines]], from [[Siemens]].<ref>https://web.archive.org/web/20160304095553/http://www.kommersant.com/p780964/r_500/Power_Machines_Mordashov_Deripaska/</ref> In 2013, with partner [[Yuri Kovalchuk]], Mordashov bought 50% of [[Tele2 Russia]], the country's 4th largest mobile phone operator.<ref>{https://www.bloomberg.com/news/articles/2013-10-17/putin-s-billionaire-ally-buys-50-of-tele2-russia-mobile-carrier</ref>
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In 2012, Mordashov consolidated Severstal's gold mining assets into one company,  [[Nordgold|Nord Gold N.V.]]<ref>https://www.telegraph.co.uk/finance/newsbysector/industry/mining/8926741/Nordgold-eyes-London-listing.html</ref><ref>http://www.akm.ru/eng/news/2011/december/02/ns3791885.htm|website = www.akm.ru</ref><ref>https://www.severstal.com/eng/ir/disclosure/rns/document5298.phtml</ref> The company was listed on the London Stock Exchange (LSE: NORD LI).<ref>http://www.marketwatch.com/story/severstal-to-list-nord-gold-unit-on-lse-thursday-2012-01-16|website = MarketWatch</ref> In 2013, Nord Gold was awarded a license to embark on gold exploration in Siberia.<ref>http://www.nordgold.com/investors-and-media/news/nordgold-s-buryatzoloto-receives-gold-exploration-and-mining-licence-in-russia/</ref><ref>http://www.upi.com/Business_News/Energy-Industry/2013/10/14/Russias-Nord-Gold-wins-license-for-Siberian-gold-field/42171381723440/|</ref> In 2017 Mordashov announced plans to delist Nordgold<ref>http://www.mining-journal.com/financeinvestment/companies/nordgold-considers-delisting/</ref>  from the London Stock Exchange (LSE)<ref>https://www.reuters.com/article/russia-nordgold-delisting-idUSR4N1FC01X</ref>  citing unfair valuation as the reason. The LSE requires that companies have at least 25% as free float, while Mordashov owns 91% of the company.<ref>https://www.bloomberg.com/news/articles/2017-02-09/russia-s-richest-man-delists-gold-miner-in-london-on-low-value</ref>
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Mordashov was elected as chairman of the [[World Steel Association]] in October 2012.{{citation needed|date=March 2018}} In 2011, he was the only Russian participant in a meeting of [[Bilderberg Club]] at [[St Moritz]], Switzerland.<ref>https://web.archive.org/web/20110828210925/http://www.bilderbergmeetings.org/participants_2011.html</ref>
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In June 2013, Mordashov was the fifth largest shareholder of [[Rossiya Bank]] owning 6%.<ref>https://neva.today/news/u-peterburgskogo-banka-rossiya-v-krizis-na-kipre-zavis-milliard-dollarov-49155/ The St. Petersburg Bank "Russia" in the crisis in Cyprus, a billion dollars: According to independent experts, a third of the organization's money was frozen in the Cyprus accounts. | publisher = Neva.Today | date = June 28, 2013 | access-date = May 12, 2018}}</ref>
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In 2015, Mordashov stepped down as CEO, appointing former COO Vadim Larin, in his place.<ref>https://www.reuters.com/article/russia-severstal-ceo-idUSL8N0XO37K20150427</ref> Mordashov would be appointed as chairman.<ref>https://www.steelmarketupdate.com/news/6341-new-ceo-for-severstal-as-mordashov-steps-down</ref><ref>http://www.themoscowtimes.com/business/article/ceo-of-russias-severstal-steps-down/519864.html</ref> The changes were confirmed by Severstal.<ref>https://www.severstal.com/eng/ir/disclosure/rns/document11483.phtml</ref>
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{{SMWDocs}}
 
{{SMWDocs}}
 
==References==
 
==References==
 
{{reflist}}
 
{{reflist}}
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{{Stub}}
 

Latest revision as of 18:32, 5 April 2022

Person.png Alexei Mordashov  Rdf-entity.pngRdf-icon.png
(businessman)
Alexey Mordashov, 2018.jpg
Born1965-09-26
Cherepovets, Russia
NationalityRussian
Alma materUniversity of Northumbria
Children6
SpouseMarried
One of Russia's richest people.

Alexey Mordashov (born 26 September 1965), is a Russian businessman and billionaire. He is the main shareholder and chairman of Severstal,[1] a Russian conglomerate with interests in metal, energy and mining companies. In November 2016, Bloomberg reported that Mordashov was Russia’s richest man, with an estimated worth of $15.7 billion.[2]

Career

In 1988 he joined Cherepovetskiy Metallurgical Plant after graduation from Leningrad Engineering-Economical Institut as an economist. By 1992 he became finance director, shortly before the company was privatised.[3] When the plant's elderly director instructed him to acquire shares to keep them out of the hands of an outsider, he formed two investment funds and, by buying up workers' shares, built a major stake in the factory. In 1996 he was appointed as CEO of the company. He went on to build a conglomerate, Severstal, acquiring steel, coal and mining companies.[4]

In 2003, Mordashov became a co-owner of Rossiya Bank.[5]

In 2004, Mordashov started investing in US steel companies, purchasing companies in Dearborn, MI and Columbus, MS. The acquisition included the Rouge Plant in Dearborn.[6][7] He received a loan from the United States Department of Energy to renovate and refurbish the manufacturing plants in Dearborn.[8] The value of the loan, over $370 million, was revoked in 2012, after growing political tensions between the US and Russia.

Between 2004 and 2014, Mordashov and Severstal invested up to $3 billion in both the Dearborn and Columbus plants.[9] In 2011 he sold a number of US assets in Ohio, Maryland and West Virginia to the Renco Group, owned by industrialist Ira Rennert.[10] By 2014 all of Severstal's US investments had been sold for a total of $2.3 billion.[11][12]

His company Severstal planned a multibillion-dollar project in joint venture with POSCO in eastern India. After ten years of not getting environmental and land clearances, his company opted out in 2008.[13][14]

In autumn 2007, Mordashov purchased shares in TUI Travel.[15] As he increased his stake to the largest single shareholder through his S-Group Travel,[16] TUI Travel under Michael Frenzel[17] expanded into Eastern Europe and Russia in 2008, China and India in 2009, and sold off its shipping interests, Hapag-Lloyd AG,[18] to the Albert Ballin Consortium in March 2009.[19] In 2014, he held a blocking stake of more than 25% in TUI Travel when TUI Travel was absorbed by TUI Group.[20] In October 2018, he has a 24.9% stake[21] in TUI Group through his S-Group Travel and has been on the TUI Group supervisory board since 2016.[22]

In 2008, Mordashov, Surgutneftegas and Rossiya Bank created the National Media Group, which now owns packages in TV channels (Fifth, First, REN TV)[23]

In 2011, Mordashov purchased 25% of the shares in steam turbine manufacturer, Power Machines, from Siemens.[24] In 2013, with partner Yuri Kovalchuk, Mordashov bought 50% of Tele2 Russia, the country's 4th largest mobile phone operator.[25]

In 2012, Mordashov consolidated Severstal's gold mining assets into one company, Nord Gold N.V.[26][27][28] The company was listed on the London Stock Exchange (LSE: NORD LI).[29] In 2013, Nord Gold was awarded a license to embark on gold exploration in Siberia.[30][31] In 2017 Mordashov announced plans to delist Nordgold[32] from the London Stock Exchange (LSE)[33] citing unfair valuation as the reason. The LSE requires that companies have at least 25% as free float, while Mordashov owns 91% of the company.[34]

Mordashov was elected as chairman of the World Steel Association in October 2012.[citation needed] In 2011, he was the only Russian participant in a meeting of Bilderberg Club at St Moritz, Switzerland.[35]

In June 2013, Mordashov was the fifth largest shareholder of Rossiya Bank owning 6%.[36]

In 2015, Mordashov stepped down as CEO, appointing former COO Vadim Larin, in his place.[37] Mordashov would be appointed as chairman.[38][39] The changes were confirmed by Severstal.[40]



 

Events Participated in

EventStartEndLocation(s)Description
Bilderberg/20119 June 201112 June 2011Switzerland
Hotel Suvretta
St. Moritz		59th meeting, in Switzerland, 129 guests
WEF/Annual Meeting/201717 January 201720 January 2017World Economic Forum
Switzerland		2950 known participants, including prominently Bill Gates. "Offers a platform for the most effective and engaged leaders to achieve common goals for greater societal leadership."
WEF/Annual Meeting/201922 January 201925 January 2019World Economic Forum
Switzerland		"The reality is that we are in a Cold War [against China] that threatens to turn into a hot one."
WEF/Annual Meeting/202021 January 202024 January 2020World Economic Forum
Switzerland		This mega-summit of the world's ruling class and their political and media appendages happens every year, but 2020 was special, as the continuous corporate media coverage of COVID-19 started more or less from one day to the next on 20/21 January 2020, coinciding with the start of the meeting.
Many thanks to our Patrons who cover ~2/3 of our hosting bill. Please join them if you can.


References

  1. ↑ http://www.severstal.com/eng/corporate_governance/board_of_directors/board_members/document4698.phtml
  2. ↑ https://www.bloomberg.com/news/articles/2016-11-01/mordashov-overtakes-potanin-to-become-russia-s-richest-chart%7Ctitle=Russia Has a New Richest Man|date=2016-11-01
  3. ↑ https://web.archive.org/web/20160203212559/http://www.miningglobal.com/Severstal/executives/Alexey-Mordashov/296
  4. ↑ {https://www.theguardian.com/business/2006/jun/18/russia
  5. ↑ http://www.themoscowtimes.com/sitemap/free/2008/7/article/bank-rossiya-emerges-from-shadows/368844.html
  6. ↑ http://fortune.com/2012/06/22/meet-americas-biggest-bull-hint-hes-russian/
  7. ↑ https://www.forbes.com/sites/joannmuller/2012/06/06/betting-on-america/
  8. ↑ https://www.forbes.com/sites/briansolomon/2011/11/09/russian-billionaire-awarded-controversial-energy-dept-loan/
  9. ↑ http://www.autonews.com/article/20120621/OEM10/306219828/severstal:-no-plans-to-expand-in-u.s.-as-2-steel-lines-go-live
  10. ↑ https://www.bloomberg.com/news/articles/2014-05-15/russian-steel-billionaire-mordashov-seeks-u-s-pull-out
  11. ↑ https://www.forbes.com/profile/alexey-mordashov/
  12. ↑ https://www.bloomberg.com/news/articles/2014-07-21/mordashov-s-severstal-to-sell-u-s-steel-plants-for-2-3-billion
  13. ↑ http://www.ft.com/intl/cms/s/0/784798e8-edec-11e2-816e-00144feabdc0.html#axzz3v2tFAebD
  14. ↑ http://www.sunday-guardian.com/news/russian-steel-giant-severstal-decides-to-pull-out-of-india
  15. ↑ http://www.goettinger-tageblatt.de/Nachrichten/Wirtschaft/Regional/Alexej-Mordaschow-baut-Einfluss-bei-TUI-aus
  16. ↑ http://www.genios.de/presse-archiv/artikel/FTD/20080411/tui-gruendet-mit-mordaschow-reiseto/D8H384O4.html
  17. ↑ http://www.spiegel.de/wirtschaft/unternehmen/reisegigant-russischer-investor-baut-einfluss-bei-tui-aus-a-742649.html
  18. ↑ https://www.finance-magazin.de/deals/ma/tui-grossaktionaer-stockt-anteil-auf-1117172/
  19. ↑ https://www.reuters.com/article/idUSLN56520520090323
  20. ↑ https://www.bild.de/geld/aktuelles/wirtschaft/roundup-tuigrossaktionaer-mordaschow-naehert-49663300.bild.html
  21. ↑ https://www.tuigroup.com/en-en/investors/share/shareholder-structur
  22. ↑ https://www.rbc.ru/rbcfreenews/5874fd489a79474cd2fe6a32
  23. ↑ https://www.reuters.com/article/sony-russia-television-idUKL8N1PV49U
  24. ↑ https://web.archive.org/web/20160304095553/http://www.kommersant.com/p780964/r_500/Power_Machines_Mordashov_Deripaska/
  25. ↑ {https://www.bloomberg.com/news/articles/2013-10-17/putin-s-billionaire-ally-buys-50-of-tele2-russia-mobile-carrier
  26. ↑ https://www.telegraph.co.uk/finance/newsbysector/industry/mining/8926741/Nordgold-eyes-London-listing.html
  27. ↑ http://www.akm.ru/eng/news/2011/december/02/ns3791885.htm%7Cwebsite = www.akm.ru
  28. ↑ https://www.severstal.com/eng/ir/disclosure/rns/document5298.phtml
  29. ↑ http://www.marketwatch.com/story/severstal-to-list-nord-gold-unit-on-lse-thursday-2012-01-16%7Cwebsite = MarketWatch
  30. ↑ http://www.nordgold.com/investors-and-media/news/nordgold-s-buryatzoloto-receives-gold-exploration-and-mining-licence-in-russia/
  31. ↑ http://www.upi.com/Business_News/Energy-Industry/2013/10/14/Russias-Nord-Gold-wins-license-for-Siberian-gold-field/42171381723440/%7C
  32. ↑ http://www.mining-journal.com/financeinvestment/companies/nordgold-considers-delisting/
  33. ↑ https://www.reuters.com/article/russia-nordgold-delisting-idUSR4N1FC01X
  34. ↑ https://www.bloomberg.com/news/articles/2017-02-09/russia-s-richest-man-delists-gold-miner-in-london-on-low-value
  35. ↑ https://web.archive.org/web/20110828210925/http://www.bilderbergmeetings.org/participants_2011.html
  36. ↑ https://neva.today/news/u-peterburgskogo-banka-rossiya-v-krizis-na-kipre-zavis-milliard-dollarov-49155/ The St. Petersburg Bank "Russia" in the crisis in Cyprus, a billion dollars: According to independent experts, a third of the organization's money was frozen in the Cyprus accounts. | publisher = Neva.Today | date = June 28, 2013 | access-date = May 12, 2018}}
  37. ↑ https://www.reuters.com/article/russia-severstal-ceo-idUSL8N0XO37K20150427
  38. ↑ https://www.steelmarketupdate.com/news/6341-new-ceo-for-severstal-as-mordashov-steps-down
  39. ↑ http://www.themoscowtimes.com/business/article/ceo-of-russias-severstal-steps-down/519864.html
  40. ↑ https://www.severstal.com/eng/ir/disclosure/rns/document11483.phtml
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