Metals & Mining Billionaires
The global steel and metals industry in Russia, Ukraine and neighbouring countries has been shaped significantly by a group of influential business leaders who emerged following the privatisation 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 privatisation 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.
| Name | Surname | Company | Principal steel industry or related assets |
|---|---|---|---|
| Alexander | Abramov | EvrazHolding | NTMK (Nizhny Tagil), ZSMK (West Siberian, now incorporating the former NKMK), Evrazruda, Kachkanarsky GOK (KGOK) and Vysokogorsky GOK (VGOK). Former foreign assets since sold: Palini e Bertoli (to Marcegaglia, 2019), Vítkovice Steel (2014), Highveld Steel & Vanadium (business rescue from 2015), Sukha Balka (2017), Dneprovsky I&S (to DCH Group, 2018) and Evraz North America, including the former Oregon Steel, Claymont and Ipsco Canada operations (to Atlas Holdings, July 2025; now Orion Steel) |
| Roman | Abramovich | EvrazHolding | Ownership stake Evraz |
| Rinat | Akhmetov | System Capital Management / Metinvest | Azovstal, Yenakiyevski I&S, Khartsyzk T&P, Zaporizhkoks, Donetskkoks, Italy's Ferriera Valsider; Severny GOK and CGOK ore mines. SCM also acquired the Smart Group (see below) at end-2007. Ilyich Steel in Ukraine was shut down and occupied by Russian forces in 2022, when Mariupol fell. |
| Leonard | Blavatnik | Access Industries | Bogatyr coal mine |
| Gennady | Bogolubov | Privat Group | Ownership of various global manganese mining assets via Palmary Enterprises; see also under Igor Kolomoisky. |
| Volodymyr | Boyko | Ilyich Iron & Steel Works (Mariupol), owner to 2010 | Metinvest shareholder via Clarendale Limited since 2011, after Ilyich merged into Metinvest. |
| Oleg | Deripaska | Rusal | Ownership of equity stake in Norilsk Nickel. Ownership of Basic Element and significant involvement in Rusal. |
| Alexander | Frolov | Evraz Group | Ownership stake in Evraz. |
| Konstantin | Grigorishin | Metallurgia Group | Metallurgia formerly owned the Zaporizhzhia Ferroalloy Plant and Dniprospetsstal, both of which now belong to the Privat Group. |
| Vitaliy | Hayduk | Industrial Union Donbass | See under Serhiy Taruta. |
| Boris | Ivanishvili | Metalloinvest | Sold Mikhailovsky ore mine to Alisher Usmanov in 2005. |
| Vasyl | Khmelnytskiy | Zaporizhstal | No other steel or related businesses identified. |
| Igor | Kolomoisky | Privat Group | Dnipropetrovsk Metallurgy Kombinat (Petrovka), Dniprospetsstal, Zaporizhzhia Ferroalloy Plant, Yuzhny GOK. |
| Vladimir | Lisin | Novolipetsk Steel | DanSteel, VIZ-Stal, Stoilensky GOK iron ore mine, Altai Koks. |
| Aleksey | Kuzmichev | Alpha Bank | Short term ownership and commercial involvement through Alpha Bank. This related to Korshunovsky GOK, West Siberian Steel, Taganrog and Orsk-Khalilovsky Metallurgical Combines, Volgograd Metallurgical Plant, Krasny Oktyabr (Red October Works) and others. |
| Iskander | Makhmudov | UGMK | Serov Iron & Steel Works. Major stake in Kuzbassrazrezugol coal mine; Bogoslovsk Iron Ore Mine; JSC Metmash bearings / wheel plant. Historic involvement with Trans-World Group (once the largest metal trader in Russia). |
| Alexei | Mordashov | Severstal [Cherepovets] | Dzerzhynsky Electric Steel Works, Severgal, Izhorsk, Orlovsky Rolling Mill. Also Vorkutaugol, Vorgashorskaya Coal Mine, Kuzbassugol, Olkon Iron Ore, Karelskiy Okatysh, Vtorchermet. |
| Farhad | Moshiri | Metalloinvest | Moshiri also had majority ownership of the Everton Football Club, a stake that he sold end-2024. |
| Vadim | Novinsky | Smart Group | Makeyevka Steel Plant, Promet Steel [Bulgaria]; Inguletsky Mining and Concentrating Plant in Ukraine. Smart Group is now owned by SCM. |
| Viktor | Pinchuk | Interpipe | Novomoskovsk pipe plant, Niko Tube, Nishnedneprovsky Tube Rolling Plant, VtorMet Recycled Metals Plant. |
| Vladimir | Potanin | Interros | About 33% ownership of Norilsk Nickel. |
| Mikhail | Prokhorov | Onexim Group | Former ownership interests in Norilsk Nickel. Former Rusal shareholder. Former Polyus Gold chairman and shareholder [stake sold 2013]. |
| Dmitriy | Pumpyanskiy | TMK | Tagmet, Seversky, Sinarsky, Volzhsky pipe plants. |
| Viktor | Rashnikov | Magnitogorsk Iron & Steel | New Steel International [US]; cold rolling joint venture with Atakas in Turkey; stake in Fortescue Metals Group; Kazankovskaya coal mine; Bakal ore mines (51%); Belon coal mine (50%). |
| Anatoly | Sedykh | United Metallurgical Company | Vyksa Steel Works, Chusovoy, Almetyevsk Steel Works, Trubodetal, Shchelkovo Metallurgical Works, Troitckaya coal mine, Gubakha Coke Works, Belgorodskaya Iron Ore Mining Company. |
| Eduard | Shyfrin | Midland Group | Zaporizhstal; Sholokhovskoe coal dressing plant; also an equity stake (through sale of Red October) in RusSpetStal. |
| Andrei | Skoch | Metalloinvest | 30% ownership stake with Usmanov (50%) and Anisimov (20%). |
| Serhiy | Taruta | Industrial Union Donbass | Alchevsk, Kramatorsk, Dneprovsky I&S Works, Dneprovsky Tube Works, Krasnolimanska Coal. |
| Alisher | Usmanov | Metalloinvest / Gazmetal | Oskol, Urals Steel (formerly Nosta); Rîbnița Steel Works in Moldova; Lebedinsk & Mikhailovsky ore mines, UralMetCom, Hamriyah Steel [UAE]. |
| Vadim | Varshavsky | Mirinvest | Russky Ugol (Russian Coal), Estar Holding, Istil (acquired January 2008), proposed stake in UK's Alphasteel mid 2008. |
| Sergey | Veremeenko | Estar Holding | Zlatoust Metallurgical Works, Novosibirsk Metallurgical Works (Kuzmin), Gurievsky Metallurgical Plant, Rostovsky Electric Metallurgical Plant, Nytva Metallurgical Plant, Volgograd Small Diameter Pipe Works, Engels Pipe Factory. |
| Vladimir | Yorikh | Mechel | Former large shareholder of Mechel [together with Igor Zyuzin]. |
| Kostyantin | Zhevago | Poltava GOK iron ore mine | Ferrexpo |
| Boris | Zubitski | KOKS Group | Industrial Metallurgical Holding, Tulachermet, Uchastok Koksovy coal mine, Berezovskaya coal enrichment plant, Kruglogorsky GOK iron ore mine. |
| Yukhym | Zvyahilskyy | Zasyadko coal mine | No other steel or related businesses identified. |
| Igor | Zyuzin | Mechel | Beloretsky Steel, Vyartsilya Steel, nickel producer Yuzhuralnikel, Bratskiy Ferroalloy Works, Izhstal; Southern Kuzbass and Razrez Tomusinsky, Olzherassky and Krasnogorsky Coal; Yakutugol and Elgaugol coal mines. |
Source: SteelOnTheNet research. Data as of Q1 2025.
To contact us about any oligarch entry, please email info@steelonthenet.com.
Notes
- 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.
- Oleg Deripaska is the founder of Basic Element, a conglomerate that owns stakes in various industries, including aluminium, energy, mining and aviation.
- Net worth of Igor Kolomoisky (including his Privat Group) fell dramatically following the Russian invasion of Ukraine in 2022.
- Vladimir Lisin 79% stake in Novolipetsk Steel is owned through an Abu Dhabi-based special purpose vehicle called Serenity II Holdings. Lisin also has ownership of NLMK Belgium Holdings; and of Volgo-Balt Transport Holding (VBTH), which provides shipping, shipbuilding and tourist cruise services.
- Serhiy Taruta's Industrial Union of Donbass (IUD) assets, particularly those in Eastern Ukraine, were significantly impacted by conflict since 2014.
- Mordashov (through Severstal) also acquired the steel distribution business of A Group Corporation in April 2024. The A Group sold about 1.2 million tonnes of steel in 2023 through this distribution network, mostly to Russian construction sector clients.
- Mikhail Prokhorov sold his remaining ownership stake in Rusal in 2017.
- 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.
- Sanctions placed on several of the oligarchs listed above since 2018 will have affected much of their ownership and control.
- Note that the list above covers current ownership positions in the international metal sector as of Q1 2025. The industry coverage includes iron and steelmaking and upstream iron ore as well as the production of related metals.