Called Hybrid Steel, the product is being introduced this week at the European materials conference EUROMAT 2017. 

"We are convinced that our hybrid steel is a groundbreaking innovation for the steel industry," said Ovako president and chief executive Marcus Hedblom in a statement. 

"By using a new alloying philosophy we have created a steel that has three times the yield and tensile strength of conventional steel at temperatures up to 500°C. These properties are ideal for a wide variety of highly stressed applications such as engine components, bearings and tools for various purposes," he said.