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World's Billionaires - #18
Wednesday, March 5, 2008provided by
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Alexei Mordashov
Russia
$21.2 bil
- Son of mill worker parents, Mordashov studied economics in Leningrad in mid-1980s.
- He was later named finance director of a steel mill. When the plant's elderly general director instructed him to buy up company shares so it would not fall into the hands of an outsider, Mordashov bought most of them himself. He became general director and built it into a conglomerate, acquiring automakers, coal companies, ports and transportation companies.
- Today his Severstal is Russia’s third-largest steel company but is looking to get much bigger.
- In a bid to expand internationally, Mordashov bought Rouge Industries of Dearborn, Mich., and Italian steel producer Lucchini, but in 2006 lost widely publicized battle for steel giant Arcelor to powerful rival and fellow billionaire Lakshmi Mittal.
- In late 2007 he presided over the opening of a new mini-mill in Mississippi, in which he is the biggest investor.
- One holding he cashed out of last year was Severstal-Auto.
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