French consortium including Ovako wins bid for the assets of Ascometal

The commercial court of Nanterre has made a decision regarding the bid for the assets of Ascometal, in favour of the French consortium that includes Ovako. Ovako will hold a small minority share.

“We are happy that our bid has been successful and that we have had a shared view about how Ascometal should be developed going forward” says Tom Erixon President and CEO, Ovako.

Further information can be obtained from:
Viktoria Karsberg, Head of Group Communications,  46 8 622 13 40

Ovako is a leading European producer of engineering steel for customers in the bearing, transportation and manufacturing industries. Our production is based on recycled steel and includes steel in the form of bars,tubes, rings and pre-components. Ovako is represented in more than 30 countries and has sales offices in Europe, North America and Asia. Sales in 2013 amounted to EUR 850 million and the company had 2,995 employees. For further information please visit us at www.ovako.com

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About Us

About OvakoOvako develops high-tech steel solutions for, and in cooperation with, its customers in the bearing, transport and manufacturing industries. Our steel makes our customers’ end products more resilient and extends their useful life, ultimately resulting in smarter, more energy-efficient and more environmentally-friendly products. Our production is based on recycled scrap and includes steel in the form of bar, tube, ring and pre-components. Ovako has over 3,000 employees in more than 30 countries. Ovako’s sales in 2017 amounted to EUR 921 million. Since June 2018, Ovako is part of the Japanese steel corporation Nippon Steel & Sumitomo Metal Corporation that employs 92,000 globally and has a revenue of EUR 37 billion. For more information, please visit us at www.ovako.com and www.nssmc.com.

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Quotes

We are happy that our bid has been successful and that we have had a shared view about how Ascometal should be developed going forward
Tom Erixon