Portland Operations
The company was a well-run, albeit conservative, organization. Profits exceeded $8 million for 1986 and total retained earnings were over $82 million. Despite the rosy picture there loomed the likelihood that the company would one day soon face strong competition from Pacific Rim steel producers. Current price level of $105 per tonne for ingot and $115 to $225 per tonne for finished bar stock, depending on the grade and carbon content, would be challenged as new mills in Japan, Malaysia and Korea came on-stream.