$651 million Married with two daughters Interests: metallurgy, media
Serhiy Taruta and his Industrial Union of Donbass co-founders sold their majority stake in the company in January to Russian investors backed by Russia’s state-owned Vneshekonombank.
The investors were led by Russian businessman Alexander Katunin, former minority shareholder in metals group Evrazholding and now co-owner of Swiss trader Carbofer.
IUD suffered more than most during the financial crisis after taking out loans to modernize their plants, and because of its dependence for raw materials on external suppliers.
Taruta remained head of board of directors and retained a stake in the company, which has been helped by the Russians to gain access to new markets and sources of materials.
Their problems have not been fully resolved, though, with debt restructuring talks with investors ongoing and reports that IUD was indebted to Akhmetov for non-payment of bills for iron ore.
Taruta co-founded IUD in 1995 to supply gas to Donbas metallurgical plants through highly-lucrative barter arrangements, and he has profited handsomely along with his partners, who bought shares in plants during the privatization drive following the collapse of the Soviet Union.
Throughout the 2000s, IUD expanded production and profits of enterprises owned by the holding company, which at numerous reconstruction and production expansion programs at each of its enterprises.
Before the 2008 world economic crisis, IUD annually produced 10 million tons of steel.
As well as being a successful businessman, Taruta supports several charity programs, ranging from preserving the country’s cultural and historical legacy to assisting orphans.
