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

The short list: 5 companies making a mint off kale

The Latest
Thursday, November 20, 2014
kale-thumbnailBY OB STAFF

Farmers, grocery stores and food processors cash in on kale.


Read more...

Corner Office: Pam Edstrom

January-Powerbook 2015
Saturday, December 13, 2014

Seven tidbits of information from an agency partner and co-founder of Waggener Edstrom in Lake Oswego.


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...

Corner Office: Steve Tatone

January-Powerbook 2015
Saturday, December 13, 2014

Seven tidbits about the president and CEO of AKT Group.


Read more...

Two Sides of the Coin

Contributed Blogs
Wednesday, October 22, 2014
22 twosidesBY JASON NORRIS

Historically, when the leaves fall, so do the markets. This year, earnings, Europe, energy and Ebola have in common? Beyond alliteration, they are four factors that the investors are pointing to for this year’s seasonal volatility.


Read more...

Corner Office: Sheree Arntson

January-Powerbook 2015
Saturday, December 13, 2014

Checking in with the managing director of Arnerich Massena.


Read more...

Election Season

November/December 2014
Wednesday, October 22, 2014

We didn’t intend this issue to have an election season theme. But politics has a way of seeping into the cracks and fissures.


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