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Ovako
Latest News
Ovako Pledges to Go Carbon-Neutral in 2022
28 September 2021 - To meet its goal of zero-carbon-emission steel, the Swedish steel producer announced it will utilize carbon offsets beginning 1 January 2022.
Ovako Looks to Build H2 Electrolysis Plant
24 June 2021 - European engineered bar producer Ovako and several other Swedish and Norwegian industrial companies are teaming up to build a green hydrogen plant in Hofors, the companies have announced.
Consortium to Research Metals Decarbonization Tech
17 February 2021 - A Finnish consortium that includes metals producers has launched a research effort intended to develop decarbonization technologies for the industry.
Ovako Successfully Heats Steel in Hydrogen-Fueled Furnace
28 April 2020 - Sweden-based engineering steel producer Ovako has successfully trialed the use of hydrogen as combustion source in a production furnace, marking an industry first, the company reports.
Ovako Hopes to Increase Customer Collaboration Through New Visitors' Center
20 February 2019 - Swedish engineering steel producer Ovako has opened a new research and visitors' center at its production hub in Hofors.
Ovako Upgrades EAF With Spray-Cooled Roof
12 December 2018 - Swedish steelmaker Ovako has commissioned a new roof on the electric arc furnace at its Horfors plant, according to the equipment supplier on the project.
Japan's Largest Steelmaker Extends International Reach With Ovako Acquisition
15 March 2018 - Nippon Steel & Sumitomo Metal Corp. (NSSMC) is acquiring Swedish specialty steelmaker Ovako AB for an undisclosed amount.
Ovako Launches New Line of Steels
18 September 2017 - Swedish special bar quality maker Ovako has introduced a new family of steels that it says combines the characteristics of tool steel, maraging steel and stainless steel with the production economy of special bar quality steel.
Finnish EAF Puts New Sampling Manipulator Into Service
26 July 2017 - Ovako has commissioned an automatic electric arc furnace (EAF) temperature and sampling manipulator at its Imatra plant in Finland.
The Systems Group Lands Order for EAF Roof
24 July 2017 - The Systems Group has won an order for a new electric arc furnace (EAF) roof, the company has announced.
Swedish Steelmaker Closing Rolling Mill, Reducing Shifts
30 October 2015 - Swedish engineering steel manufacturer Ovako is implementing a two-year restructuring program in order to reduce costs, the company has announced.
Ovako Appoints New President of Business Area Bar Imatra
08 July 2015 - Janne Pirttijoki has been appointed President of Business Area Bar Imatra and will join Ovako's group management.
Ovako Invests to Meet Demand From the Energy Sector
28 May 2015 - Ovako is investing EUR 7.5 million in Hofors to meet demand from the energy sector, particularly in wind power.
Ovako Releases Interim Report for First Quarter 2015
30 April 2015 - • The quarter began with weak order intake, which gradually improved. Order intake was 10 percent lower than in the strong first quarter of 2014 • Sales volumes were impacted by the weak order intake at the end of last year and decreased by 8 percent compared with the first quarter of 2014. An improved sales mix limited the decrease in revenue to 7 percent • Operating profit before depreciation and amortisation (EBITDA) amounted to EUR 27 (30) million and operating profit (EBIT) amounted to EUR 17 (18) million • Cash flows from operating activities amounted to EUR -5 (5) million • Steel and metals distributor Ovako Metals Oy Ab (formerly Tibnor Oy) in Finland was acquired on March 31 which has lead to a 3 MEUR positive one-off effect on operating profit
Ovako Has Completed Acquisition of Tibnor Oy in Finland
01 April 2015 - Ovako has completed its acquisition of Tibnor Oy following approval from the European Commission and the competition authorities in Finland and Estonia.
Ovako Signs Agreement With SSAB to Acquire Tibnor Oy
10 February 2015 - Ovako has signed an agreement with SSAB to acquire steel and metals distributor Tibnor Oy in Finland. The deal has been approved by the European Commission and will now be examined by competition authorities in Finland and Estonia for final approval. The acquisition is expected to have a slightly positive impact on Ovako's operating profit and a slightly negative impact on cash flows for 2015.
Ovako Provides 2012 Year-End Report
14 February 2013 - European engineering steelmaker Ovako said business conditions deteriorated progressively throughout 2012 as a consequence of the macroeconomic turbulence, resulting in order intake and invoicing levels significantly lower in the second half of the year than in the first.
SP Bars from Ovako Deliver Increased Added Value for Component Producers
25 December 2012 - Utilizing advanced hot rolling technology across its steel grades Ovako can supply Special Properties (SP) bars that deliver increased added value and significant cost savings when used in subsequent manufacturing operations.
Ovako Reducing Its Workforce By More Than 200
10 December 2012 - Ovako will reduce its workforce by some 200 positions in order to improve efficiency and reduce costs in light of the current economic situation.
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