The Evraz spiral-pipe plant in Rivergate, North Portland.Oregonian file photo

British regulators ordered a halt to trading in shares of steel company Evraz this week and 10 of the company’s 11 board members quit Friday, throwing the company’s outlook into doubt and creating uncertainty about operations at its North Portland steel mill.

Evraz’s headquarters are in London, but Russian oligarch Roman Abramovich owns more than a quarter of its shares. Abramovich is close to Russian President Vladimir Putin and a target of European sanctions triggered by Russia’s invasion of Ukraine.

Abramovich owns the Premier League soccer club Chelsea United. He had planned to sell the team amid the firestorm triggered by Russia’s invasion, but sanctions have frozen his assets, including his interest in Evraz and in Chelsea United.

Last week, Evraz North America told The Oregonian/OregonLive that its Portland operations were insulated from the upheaval following Russia’s invasion.

“ENA operates independently in the United States and Canada, in all areas, including procurement of raw materials, operating production facilities and corporate financing,” the company said in a written statement.

Evraz did not respond to follow-up questions this week.

Evraz’s shares had plunged 75% since Feb. 16 before this week’s halt in trading. At the least, the collapse in its stock price and the freeze in Abramovich’s assets will make it difficult or impossible for the North American operation to raise capital through its British parent company.

Evraz paid $2.35 billion in 2007 to buy Oregon Steel, which was founded in Portland in 1928. The company laid off 230 Portland employees early in the pandemic but still had close to 400 people working at the mill at that time.

-- Mike Rogoway | mrogoway@oregonian.com | Twitter: @rogoway | 503-294-7699

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