Sponsored by Energy Trust

Oregon Steel and the Russians

| Print |  Email
Archives - July 2009
Wednesday, June 24, 2009
What does Vladimir Putin have to do with the company formerly known as Oregon Steel’s decision to idle its steel mill in Portland this summer? Follow the timeline to find out.

1926: Gilmore Steel incorporated in California.

1987: Renamed Oregon Steel Mill.

1988: Goes public.

1993: Buys steel mill in Colorado.

Late 1990s: Peaks at over 2,700 employees.

2004: Swings to a $117 million profit, tops $1 billion in sales, earns shareholders 11% return on investment.

2005: Tops Columbia Sportswear and Tektronix to become Oregon’s sixth-largest public company by revenue.

January 2007: Bought for $2.3 billion by Russian conglomerate Evraz, controlled by billionaire oligarch Roman Abramovich.

March 2008: Abramovich, who also owns a fleet of planes, yachts and limos as well as a British soccer team, is listed by Forbes as the world’s 15th-richest person, worth $24.3 billion.

Jan.-July 2008:
Evraz sales rise 78% to $10.7 billion; profits soar 82% to $2 billion.

Sept. 2008: Steel prices collapse.

Sept. 30, 2008: Evraz debt hits $10.2 billion.

October: Bloomberg estimates Abramovich lost $20 billion in five months.

November 2008: Russia’s state bank, controlled by Vladimir Putin, lends Evraz over $2 billion in bailout funds to pay taxes and refinance debt.

Jan 2009: New Evraz CEO Alexander Frolov takes responsibility for day-to-day operations in North America as well as Russia and announces plans to seek synergies.

April 2009: Evraz announces 225 layoffs in Portland, adding to 130 lost jobs in 2008.

May 2009: Metal Bulletin, a trade journal, reports Evraz plans to idle its Portland mill for at least two weeks this summer.

May 2009: Abramovich’s spokesmen deny rumors that the billionaire lost a yacht in a poker game in Barcelona.

June 2009: Moody’s considers downgrading Evraz’s credit rating for the second time in six months, endangering cash flow..
BEN JACKLET
 

Comments   

 
Ben J.
0 #1 Then they leaveBen J. 2011-01-20 16:12:11
Jan. 20, 2011: Evraz moves its U.S. headquarters from Portland to Chicago.
Quote | Report to administrator
 

More Articles

Shuffling the Deck

November/December 2014
Wednesday, October 22, 2014
BY JON BELL

Oregon tribes still bet on casinos.


Read more...

Healthcare pullback

News
Thursday, November 20, 2014
112014-boehnercare-thumbBY JASON NORRIS | OB CONTRIBUTOR

Each month for Oregon Business, we assess factors that are shaping current capital market activity—and what they mean to investors. Here we take a look at two major developments regarding possible rollbacks of the Affordable Care Act (ACA).


Read more...

Downtime

November/December 2014
Wednesday, October 22, 2014
BY JESSICA RIDGWAY

Bob Dethlefs, CEO of Evanta, balances work and play.


Read more...

Healthcare Perspective

November/December 2014
Wednesday, October 22, 2014
BY KIM MOORE

A conversation with Majd El-Azma, president and CEO of LifeWise Health Plan of Oregon, followed by the Healthcare Powerlist.


Read more...

Editor's Letter: Power Play

January-Powerbook 2015
Thursday, December 11, 2014

There’s a fascinating article in the December issue of the Harvard Business Review about a profound power shift taking place in business and society. It’s a long read, but the gist revolves around the tension between “old power” and “new power” as a driver of transformation. Here’s an excerpt:

Old power works like a currency. It is held by few. Once gained, it is jealously guarded, and the powerful have a substantial store of it to spend. It is closed, inaccessible, and leader-driven. It downloads, and it captures.

New power operates differently, like a current. It is made by many. It is open, participatory, and peer-driven. It uploads, and it distributes. Like water or electricity, it’s most forceful when it surges. The goal with new power is not to hoard it but to channel it.

The authors, Henry Timms and Jeremy Heimans, don’t necessarily favor one form of power over another but merely outline how power is transitioning, and how companies can take advantage of these changes to strengthen their positions in the marketplace. 

Our Powerbook issue might be viewed as a case study in the new-power transition. This annual book of lists provides information on leading businesses, nonprofits and universities in the state. Most of the featured companies are entrenched power players now pursuing more flexible and less hierarchical approaches to doing business. Law firms, for example, are adopting new technologies and fee structures to make legal services more accessible and affordable.

This month we also take a look at a controversial new U.S. Securities and Exchange Commission rule requiring public companies to disclose the median pay of workers, as well as the ratio between CEO and median-worker pay. 

Part of the 2010 Dodd-Frank financial reform law, the rule will compel public companies to be more open about employee compensation, with the assumption that greater transparency will improve corporate performance and, perhaps, help address one of the major challenges of our time: income inequality.

New power is not only about strategy and tactics, the Harvard Business Review authors say. “The ultimate questions are ethical. The big question is whether new power can genuinely serve the common good and confront society’s most intractable problems.”

That sounds like a call to arms. Or a New Year’s resolution. Old power or new, the goals are the same: to be a force for positive change in the world. Happy 2015!

— Linda


Read more...

I Know How You Feel

November/December 2014
Wednesday, October 22, 2014
BY JESSICA RIDGWAY

Most smartphones come equipped with speech recognition systems like Siri or Cortana that are capable of understanding the human voice and putting words into actions. But what if smartphones could do more? What if smartphones could register feeling?


Read more...

Free Falling

Contributed Blogs
Thursday, December 18, 2014
121714-oilprice-thumbBY JASON NORRIS | OB CONTRIBUTOR

The implosion of the energy complex: The best thing for low oil prices is low oil prices.


Read more...
Oregon Business magazinetitle-sponsored-links-02
SPONSORED LINKS