Home Back Issues July 2009 Oregon Steel and the Russians

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

Green Endeavor cleans up

News
Wednesday, August 06, 2014
080614 ULnew greenendeavorBY LINDA BAKER | OB EDITOR

Portland startup Green Endeavor strikes gold, inking a partnership with Underwriters Laboratories, an Illinois-based consulting and certification company with offices in 46 countries.


Read more...

The Alchemist

September 2014
Tuesday, August 26, 2014
BY LINDA BAKER

David Howitt explains why Portland consumer brands like Stumptown and Voodoo Doughnuts are taking the world by storm.


Read more...

Gender Code

September 2014
Tuesday, August 26, 2014
BY COURTNEY SHERWOOD

Janice Levenhagen-Seeley reprograms tech.


Read more...

The Rail Baron

October 2014
Thursday, September 25, 2014
BY LINDA BAKER

Oil is gushing out of the U.S. and Canada, and much of it is coming from places that don’t have pipeline infrastructure. So it’s being shipped by rail.


Read more...

Two Sides of the Coin

Contributed Blogs
Friday, September 26, 2014
0926 iphone6-thumbBY JASON NORRIS | GUEST BLOGGER

This post focuses on the recent release of the new Apple iPhone as well as Alibaba's IPO, the largest U.S. IPO in history.


Read more...

The Backstory

October 2014
Thursday, September 25, 2014

In our cover story this month, Wendy Collie, CEO of New Seasons Market, and Kim Malek, owner of Salt & Straw, discuss their rapidly growing businesses and Portland’s red hot food scene. The conversation provides an interesting lens through which to explore trends in the grocery store and restaurant sectors.


Read more...

Podcast: Interview with Steve Balzac

Contributed Blogs
Tuesday, August 19, 2014

082014BalzacBY TOM COX | OB BLOGGER

Tom Cox interviews Steve Balzac, author of "Organizational Psychology for Managers."


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