Steel industry oligarchs - Russia & Ukraine.

Iron and Steel Industry Oligarchs

Metals and mining industry billionaires

The global steel and metals industry in Russia, Ukraine, and neighboring countries has been shaped significantly by a group of influential business leaders who emerged following the privatization of state assets in the 1990s. These industrialists, often referred to as oligarchs, control major steel mills, mining operations, and related businesses that play crucial roles in global steel and raw materials markets. Their companies are major employers in their regions and significant contributors to international steel trade, collectively controlling substantial portions of global iron ore, coal, and steel production capacity.

While many of these business leaders initially acquired their assets during the post-Soviet privatization period, they have since transformed many of their operations into modern, internationally competitive enterprises. Recent years have seen significant changes in ownership structures and operational capabilities, particularly due to geopolitical events, international sanctions, and ongoing industry consolidation. The table below provides current information about a number of steel oligarchs, including their primary business interests and major assets under their control.

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1. Rinat Akhmetov's Metinvest assets were significantly impacted by the Russian invasion of Ukraine starting in 2022, particularly the Azovstal plant in Mariupol which was completely destroyed.
2. Oleg Deripaska is the founder of Basic Element, a conglomerate that owns stakes in various industries, including aluminum, energy, mining, and aviation.
3. Net worth of Igor Kolomoisky (including his Privat Group) fell dramatically following the Russian invasion of Ukraine in 2022.
4. Vladimir Lisin 79% stake in Novolipetsk Steel is onwed through an Abu Dhabi-based special purpose vehicle called Serenity II Holdings. Lisin also has ownership of NLMK Belgium Holdings; and of VBTH (Volgo-Balt Transport Holding), which provides shipping, shipbuilding and tourist cruise services.
5. Sergei Taruta's Industrial Union of Donbass (IUD) assets, particularly those in Eastern Ukraine, were significantly impacted by by conflict since 2014.
6. Mordashov (through Severstal) also acquired the steel distribution business of A Group Corporation in April 2024. The A Group sold ~1.2 million tonnes of steel in 2023 through this distribution network, mostly to Russian construction sector clients.
7. Mikhail Prokhorov sold his remaining owership stake in Rusal in 2017.
8. Alisher Usmanov and his business partners transferred their controlling stake in iron ore producer Metalloinvest from Cyprus, back to Russian entities, after President Vladimir Putin urged the businessmen to repatriate their assets in mid-2016.
9. Sanctions placed on several of the oligarchs listed above since 2018 will have affected much of their ownership and control.
10. Note that the list above covers current ownership positions in the international metal sector as at Q1 2025. The industry coverage includes iron and steelmaking and upstream iron ore as well as the production of related metals.