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Russia may bailout American Steel Company
« on: February 25, 2009, 11:56:29 PM »
Russia may bailout American Steel Company
The fate of Portland-based Oregon Steel Mills may be in the hands of the Kremlin. Oregon Steel mills were purchased in 2007 by a Russian  Roman Abramovich, ranked by Forbes last year as the world's 15th-richest man with $23.5 billion. Now worth barely $3.3 billion, Roman Abramovich's company could wind up under the Kremlin's bailout -- and authority.

    Evraz Group, Russia's largest steelmaker, is struggling with enormous foreign debt resulting from almost $8 billion in acquisitions abroad. Russia's state bailout agency, chaired by Putin, has loaned Evraz $1.8 billion to refinance its foreign debts.

http://www.oregonlive.com/business/index.ssf/2009/02/will_kremlin_bail_out_an_orego.html

 


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