Evraz Inc. is planning to more than double its pipe production in North Portland to supply the oil industry. The Russian-owned company employs about 500 people at the former Oregon Steel plant.
The Oregonian reports that analysts are heralding the expansion as a timely initiative.
The expansion makes sense because of current demand, said Bridget Freas, senior analyst with Chicago-based Morningstar. The expanding tubular sector comes at a time when other sectors are still recovering from the recession, said Freas, who monitors the steel industry but does not count Evraz among the companies she covers.
Demand for steel pipe has increased "thanks to oil shale natural gas and exploration for natural gas," she said.
Read more at Oregon Live.