Russia Fallout Hammers Evraz Steel in North Portland

That’s painful for the Russian oligarch Roman Abramovich, who owns 29% of Evraz’s stock.

Evraz Steel (Wesley Lapointe)
By Nigel Jaquiss

North Portland is a long way from Ukraine, but fallout from Russia’s siege of Kiev hammered the stock of Evraz Steel.

Evraz was founded in Russia and is now headquartered in London. Its North Portland plant is the only steel sheet mill west of the Rockies.

On Feb. 25, the company announced massive profits for 2021 and saw its shares soar on the London Stock Exchange. As the prospect of international sanctions set in, however, investors have fled, knocking the stock down 85% for the year, despite strong earnings.

That’s painful for the Russian oligarch Roman Abramovich, who owns 29% of Evraz’s stock (along with the U.K. soccer team Chelsea FC). One of the goals of sanctions is to pressure investors such as Abramovich, who may have influence with Putin.

In the meantime, Evraz’s U.S. operations said in a statement they expect business as usual.

Willamette Week’s reporting has concrete impacts that change laws, force action from civic leaders, and drive compromised politicians from public office. Support WW's journalism today.