Sponsored by Oregon Business

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 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 Love Boat

November/December 2015
Wednesday, October 28, 2015

Vigor’s values don’t stop at truth. Walk into a company office, conference room or on any shipyard site and you’ll most likely see a poster inscribed with the words “Truth. Responsibility. Evolution. Love.” Otherwise known as TREL, Vigor’s culture code and the prominence it is accorded can be a bit surprising to the unsuspecting shipyard visitor.


The death and life of American cities

Linda Baker
Monday, November 02, 2015
housingoldpdx thumbBY LINDA BAKER

The hollowing out of the American city is now a bona fide cultural meme.  Newspapers, magazines and digital media sites are publishing story after story about the morphing of urban grit and diversity into bastions of wealth and commodity culture.


Seven questions about mandatory sick leave

Contributed Blogs
Wednesday, October 28, 2015
102815-contributedthumbBY DIANE BUISMAN

Many employers have questions about what mandatory sick leave means for their company. Take a look at the top 7 questions Oregon employers are asking.


OEN takes Portlandia route in new video

The Latest
Tuesday, October 27, 2015
Screen Shot 2015-10-27 at 3.27.58 PMBY JACOB PALMER | DIGITAL NEWS EDITOR

Several Portland entrepreneurs make appearance in patently silly "The Dream of the Startup is Alive in Oregon" promo.


Make the business case, governor

Linda Baker
Thursday, November 05, 2015
aoikatebrownthumbBY LINDA BAKER

Gov. Kate Brown delivered the keynote speech at the Associated Oregon Industries annual policy forum yesterday.  Speaking to a Republican-aligned audience of about 100 business and public policy leaders, the governor was out of her comfort zone.


Photos: 100 Best Nonprofits to Work For in Oregon awards dinner

The Latest
Thursday, October 01, 2015
100best202thumbPHOTOS BY JASON E. KAPLAN

Images from the big 2015 celebration of worker-friendly organizations that make a difference.


100 Best Nonprofits: Working for equality inside and out

October 2015
Wednesday, September 30, 2015

Striving for social equity is the mission of many nonprofits, and this year’s 100 Best Nonprofits to Work For in Oregon survey shows employees are most satisfied with their organizations’ fair treatment of differing racial, gender, disability, age and economic groups. But as a national discourse about racial discrimination and equity for low-income groups takes center stage, data show Oregon’s 100 Best Nonprofits to Work For still need to make progress on addressing these issues within their own organizations.

Oregon Business magazinetitle-sponsored-links-02