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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 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, Zapsib, NKMK, Palini e Bertoli, Vítkovice Steel, Oregon Steel, Claymont Steel, Dneprovsk I&S, Ipsco Canada. Also ownership stakes in Evrazruda, Kachkanarsky (KGOK) and Vysokogorsky (VGOK) iron ore mines, in Yuzhny GOK iron ore and in Dniprokoks; Raspadskaya, Yuzhkuzbassugol and Mezhdurechenskaya coal and in Highveld Steel & Vanadium in South Africa
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 destroyed in 2023.
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) No other steel or related businesses identified.
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, Rouge Industries. Also Lucchini, Sparrows Point, 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 Approximately 33% ownership of Norilsk Nickel.
Mikhail Prokhorov Onexim Group Former ownership interests in Norilsk Nickel. Former Rusal shareholder. Prokhorov is also Chairman, Polyus Gold [Russia's largest gold producer].
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 Skotch 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); Ribnita Steel Works in Moldova; Lebedinsk & Mikhailovsky ore mines, UralMetCom, Hamriyah Steel [UAE].
Vadim Varshavsky Mirinvest Russky Ugol (Russian Coal), Estar Holding, Istil (acquired Jan 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 / Krasnogorsky Coal; Yakutugol and Elgaugol coal mines.

Data as of Q1 2025.



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Notes
  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 aluminium, 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 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.
  5. Serhiy Taruta's Industrial Union of Donbass (IUD) assets, particularly those in Eastern Ukraine, were significantly impacted 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 ownership 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 of Q1 2025. The industry coverage includes iron and steelmaking and upstream iron ore as well as the production of related metals.