The main owner of the Russian company Severstal open JSC and Severgroup closed JSC, was a chairman of the board of directors of the Silovye Mashiny (Power Machines) open JSC, a member of the board of directors Nordgold. He holds a stake of the German tourist company TUI Group.

He is number one on the Russian Forbes 2021 list.

Before 2023, the Severgroup company was a shareholder of the Bank of Russia, which is considered to be a personal bank of the top-ranking Russian officials. Following the unlawful annexation of Crimea, the Bank of Russia opened its branch offices in Crimea and Sevastopol, having contributed to their integration into the Russian Federation. Besides, Severgroup had a stake in the National media group which, in turn, controls TV channels (the First, the Fifth, REN-TV, STS, 78), newspapers (Izvestiya, Metro-Petersburg, Sport-Express), which actively support the policy of the Russian government in regard to the destabilization of Ukraine. Severgroup is also an owner of the Silovye Mashiny (Power Machines) open JSC which is responsible for selling four wind generators to the occupied Crimean Peninsula.

In August of 2022, Vladimir Putin decorated Mr. Mordashev, whose company Severstal JSC supplied steel to enterprises of the Russian military and industrial complex, with the Order of Friendship.

When sanctioned, Mr. Mordashev called the war in Ukraine “a tragedy of two brotherly nations,” but did not condemn the Russian invasion.