Nippon Steel & Sumitomo Metal Corporation have closed the acquisition of Ovako
Nippon Steel & Sumitomo Metal Corporation (NSSMC), one of the largest steel producers in the world, today confirmed the closing of the acquisition of Ovako Group. Ovako will continue the drive its business under the Ovako brand and will legally be part of NSSMC as a subsidiary.
“We are very pleased to now fully begin our journey as part of NSSMC. For Ovako, the acquisition means that we now have a strong industrial owner in the global steel industry. We are looking forward to leverage NSSMC’s technological expertise and global reach to deliver even more value to our customers,” says Ovako President and CEO Marcus Hedblom.
Ovako announced on 15 March 2018 that NSSMC had entered into an agreement to acquire 100 percent of Ovako Group from Triton. The parties have agreed not to make the terms and conditions of the transaction public.
NSSMC is a global market leader in steel production with world-leading technology and production capacity. The NSSMC Group manufactures a wide array of advanced steel products in more than 15 countries and 12 steel mills in Japan. NSSMC reported steel production at the consolidated level of 45 million tons for the fiscal year ending 31 March 2016.
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For more information please contact:
Stephanie Beudat, External Communication Manager
T: +46 (0)8 622 13 43
Email: stephanie.beudat@ovako.com
Nippon Steel & Sumitomo Metal Corporation
Public Relations Center
Phone: +81-3-6867-2977, 3419, 2146, 2135
About Ovako
Ovako 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.
About Nippon Steel & Sumitomo Metal Corporation (NSSMC)
Established in October 2012 by the merger of Nippon Steel Corporation and Sumitomo Metal Industries, Ltd., Nippon Steel & Sumitomo Metal Corporation (NSSMC) is the world-leading integrated steel producer. NSSMC’s management team is led by Shoji Muneoka, Representative Director and Chairman, and Kosei Shindo, Representative Director and President. NSSMC makes a wide range of value-added steel products, in more than 15 countries as well as at 12 steelworks in Japan. It emphasizes three business fields as key strategic areas: i) high-grade steel products for automobiles, ii) resources and energy, and iii) civil engineering, construction, and railways. It conducts research and development at three major research centers, and seven laboratories at steelworks, all in Japan. NSSMC is a holding company for five businesses: steelmaking, engineering, chemicals, new materials, and system solutions. The NSSMC group employs approximately 92,000 persons. NSSMC posted ¥4,907,429 million in net sales and ¥200,929 million in ordinary profit with its crude steel production of 44.53 million tons on a consolidated basis for the fiscal year ended March 31, 2016. In line with its corporate philosophy, NSSMC is working at building up a dynamic NSSMC Group. The company seeks to ensure management efficiency, soundness, and transparency, and enhance its corporate governance with the ultimate aim of achieving sustainable improvement in corporate value and being trusted by society. For more information, please visit www.nssmc.com
This information is information that Ovako AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication through the agency of the contact person set out above at 08:10 CET on June 4 2018.
