Welding woes dull Oregon Steel's sheen. (Oregon Steel Mills Inc. announces lower-than-expected earnings for 1991)

Welding woes dull Oregon Steel's sheen

Once considered indomitable, Oregon Steel Inc. acknowledged its vulnerability with the Aug. 29 announcement that third-quarter and year-end earnings will be lower than expected.

"They walked on water," said Scott Conyers, an analyst with Portland's Charter Investment Group. "All of a sudden, it's like your wife's cheating on you. There's a loss of luster when a company admits it's human."

Oregon Steel said a slack steel plate market combined with pipe production problems means the company will suffer decreased earnings. The third-quarter slump follows two quarters of record sales and earnings.

While analysts expect the company to bounce back in the fourth …