Sanyo Special Steel’s acquisition of Ovako completed
- Both Ovako and Sanyo Special Steel are now part of the Nippon Steel & Sumitomo Metal Corporation
Sanyo Special Steel’s acquisition of Ovako (announced in a press release dated August 2, 2018) has been completed as planned. In conjunction with the acquisition, Nippon Steel & Sumitomo Metal Corporation (NSSMC) has increased its ownership in Sanyo Special Steel, which now becomes a majority-owned subsidiary of NSSMC. This enables a closer cooperation between the three companies with the ambition to become the world leader in specialty steel.
“Sanyo Special Steel has extensive experience of manufacturing high-quality steel. Together, we will be able to benefit from each other’s expertise, experience and global reach within the NSSMC group. We look forward to further strengthen Ovako’s commercial offering in specialty steel to our customers in the global market,” says Marcus Hedblom, President and CEO of Ovako.
Sanyo Special Steel is a leading long specialty steel company. They provide various special steel bars and seamless tubes, including bearing, engineering, stainless, heat resistant and tool steel as well as metal powder and powder metallurgy products. They also offer formed & fabricated materials. Sanyo Special Steel has around 2,600 employees and net sales of EUR 1,200 million in 2017. The company is listed on the Tokyo Stock Exchange.
For further information:
Stephanie Beudat, Head of External Communications
T: +46 (0)8 622 13 43
Nippon Steel & Sumitomo Metal Corporation
Public Relations Center
Phone: +81-3-6867-2977, 3419, 2146, 2135
Sanyo Special Steel Co., Ltd.
General Administration Department
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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 3,000 employees in more than 30 countries and sales of approximately EUR 1000 million. Since March 2019, Ovako is part of the Japanese specialty steel producer Sanyo Special Steel and a subsidiary to Nippon Steel & Sumitomo Metal Corporation that employs 93,500 globally and has a revenue of EUR 43 billion. For more information, please visit us at www.ovako.com and www.nssmc.com.
About Nippon Steel & Sumitomo Metal Corporation
Established in October 2012 by the merger of Nippon Steel Corporation and Sumitomo Metal Industries, Ltd., Nippon Steel & Sumitomo Metal Corporation 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 93,500 persons. NSSMC posted ¥5,668,663 million in net sales and ¥182,382 million in operating profit with its crude steel production of 45.17 million tons on a consolidated basis in fiscal year 2017 (ended March 31, 2018). 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.
About Sanyo Special Steel Co., Ltd.
Sanyo Special Steel Co., Ltd. (Sanyo Special Steel) is a Japanese supplier of high-quality specialty steel, founded in 1933. The company’s management team is led by Shinya Higuchi, Representative Director and President.Sanyo Special Steel’s products fulfill a high level of confidence and applied to a broad range of important industrial parts in such areas as automobiles, industrial machinery, railways and wind turbine generator. Especially, Sanyo Special Steel’s bearing steel enjoys a particularly high reputation in many countries for its superior quality and confidence.
Sanyo Special Steel has established business locations in Asia and America to ensure a stable supply of high-quality products for customers as they expand business operations around the globe. Based on their management principle of “Confidence-based Management”, Sanyo Special Steel promotes faithful, fair, and transparent corporate management, and seeks to increase corporate value and acquire the confidence of all stakeholders by fulfilling economic and social missions.
For more information, please visit www.sanyo-steel.co.jp.