The Oregon Iron Company began operation in 1865 until it failed in 1876. The company employed about 80 men when the furnace was in full operation.  

In 1877 two investors formed the Oswego Iron Company operating the furnace, which produced a total of 18,500 tons of iron until financial troubles closed it in 1881.

In 1882 the company was reorganized as the Oregon Iron and Steel Company. The company employed approximately 300 men at one time. Business was great in the 1890's, but soon declined as ships began dumping imported iron on the docks in Portland. The iron had served as ballast and could be sold at a relatively low price. The depression of 1893 brought about the final closure of the plant in 1894.

With the decline of the iron industry and the increased popularity of the lake as a recreation area, the residential area grew mainly to the west. The  boundaries of the Willamette River, the iron foundry, and the main road and commercial avenue of Oswego prevented Old Town from expanding much beyond its original borders.

Today you will find Lake Oswego one of the most sought after areas in the state due to its great schools, downtown shopping, convenient location to I-5, I-205, and I-217, as well as its citizen oriented atmosphere and newsletter that keeps you informed.