Ovako invests EUR 11 million in Smedjebacken to create new business opportunities
Ovako has decided to invest EUR 11 million in the production plant in Smedjebacken to meet the rising demand for high-quality steel. A new vacuum degassing facility will improve the properties of the steel and create new business opportunities in sectors such as the automotive industry.
With support of the new owners Nippon Steel & Sumitomo Metal Corporation, Ovako is continuing to invest in strengthening its position as a world leader in advanced steel solutions. Adding vacuum treatment to the manufacturing process will strengthen the steel and improve its properties, making it suitable for the most advanced applications on the market.
“Demand for advanced steel solutions is accelerating, along with more stringent requirements for sustainability and flexibility. We are continuing to invest in our facilities in order to meet global market demand and further strengthen our competitiveness,” says Ovako President and CEO Marcus Hedblom.
Vacuum degassing also helps reduce the carbon footprint and cut energy consumption in production, which aligns with the company’s ambition to manufacture the most sustainable, cleanest and strongest steel solutions for its customers.
“We are very pleased that we can continue developing our customer offering. We have previously invested in further processing, such as bar peeling and heat treatment, and are now taking the next step to further improve steel quality and work in an even more sustainable way,” says Ovako Smedjebacken–Boxholm Business Area Manager Rickard Qvarfort.
The facility, which is one of the company’s largest investments in the last ten years, is planned to be operational in the second half of 2019.
For more information please contact:
Stephanie Beudat, Head of External Communications
T: +46 (0)8 622 13 43
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.
The information was submitted for publication through the agency of the contact person set out above at 08:00 CET on 10 September 2018.