Mordashov is currently chairman of the Severstal Board of Directors and is general director of its parent company, Severstal Shareholder Group.
Mordashov owns about 90% of Severstal's stock through several companies, including Frontdeal Limited. Mordashov intends to sell a part of his holding in Severstal during a global offering to raise the company's free float to 25%.
Severstal sought a merger with the world's number two steelmaker, Arcelor, but the deal, signed May 26, fell through when it was rejected by Arcelor shareholders June 30, to clear the way for a takeover of the Luxembourg-based company by the world's largest steel company, Mittal Steel. Arcelor paid Severstal 140 million euros (about $180 million) in compensation.
