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

Crowdfunding 2.0

News
Tuesday, December 02, 2014
120214-crowdfund-thumbBY LINDA BAKER

A conversation with attorney Erich Merrill about the latest way to raise money from large groups of people.


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.


Read more...

Corner Office: Marv LaPorte

January-Powerbook 2015
Saturday, December 13, 2014

The president of LaPorte & Associates lets us in on his day-to-day life.


Read more...

Behind the curtain: What students should know about accreditation and rankings

Contributed Blogs
Thursday, December 04, 2014
120414-edurating-thumbBY DEBRA RINGOLD | OP-ED CONTRIBUTOR

How important are institutional and/or program evaluations provided by third parties in selecting a college or university program?


Read more...

Powerbook Perspective

January-Powerbook 2015
Friday, December 12, 2014
BY LINDA BAKER

A conversation with Oregon state economist Josh Lehner.


Read more...

The Carbon Calculus

February 2015
Friday, January 23, 2015
BY KIM MOORE | OB RESEARCH EDITOR

Carbon pricing is gaining momentum in Oregon, sparking concern for energy-intensive businesses — but also opportunity to expand a homespun green economy.


Read more...

See How They Run

January-Powerbook 2015
Friday, December 12, 2014
BY LINDA BAKER

Studying ground-running birds, a group that ranks among nature's speediest and most agile bipedal runners, to build a faster robot.


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