History
Ovako's production is a further development of some of the ironworks set up in Sweden in the 17th and 18th centuries in places such as Hofors, Boxholm and Hällefors. The ironworks gradually grew into major industrial centers and subsequently belonged to the companies that merged to form Ovako today.
Ball bearing steel was produced in Sweden at the beginning of the 20th century. In 1916, SKF[6] acquired Hofors[7] Bruk,[8] followed in 1958 by Hellefors[9] Bruk.[10] 1935 saw the start of production of steel in Imatra, Finland, where Ovako still operates today, as it does in Hofors and Hällefors.
The steel industry developed, and new technology meant that it was possible to produce steel of higher quality in a shorter time. The predecessors of what is Ovako today gradually began to focus production on special steel. During the same period, the steelworks in Smedjebacken, Hofors and Imatra supplied increasing volumes of steel to the automotive and engineering industries.
In 1969, the Finnish steel companies Oy Vuoksenniska Ab and Oy Fiskars Ab formed a joint company: Ovako. In 1972, Wärtsilä became a shareholder in the company.
In 1981, Smedjebackens Walsverk and Boxholms AB merged to form Smedjebacken-Boxholm Stål AB. In 1988, the company was acquired by Welbond, which subsequently changed its name to Fundia.
In 1986, Ovako Steel was formed via a merger of SKF Steel and Ovako. In 1991, SKF became sole owner of Ovako Steel, while operations in Imatra continued under the name Imatra Steel. In the same year, Fundia was acquired by Rautaruukki Oy and Norsk Jern Holding A/S.
In 2005, the present company Ovako was formed via a merger of Fundia, Ovako Steel and Imatra Steel. The company was owned jointly by Rautaruukki, SKF and Wärtsila. In 2006, Ovako was sold to Pampus Industrie Beteiligungen and the Dutch investors Hombergh Holdings BV and WP de Pundert Ventures BV. In 2007, Pampus Industrie Beteiligungen became the sole owner.
In 2010, Ovako was sold to Triton, which took over everything except the wire rod division from the company.
In 2018 Ovako was sold to Nippon Steel.
In 2020, Ovako demonstrated the first use of hydrogen to heat steel before rolling.[11] As of January 2022, Ovako counterbalances all remaining emissions from Scope 1 and Scope 2 with carbon offset and is therefore the first steel producer in the world with carbon neutral operation. [12] On the 5th of September 2023, Ovako's hydrogen plant in Hofors was inaugurated by the Swedish Prime Minister Ulf Kristersson. The hydrogen plant is the world's first facility for producing fossil-free hydrogen to heat steel prior to rolling. This reduces emissions from this production step to nearly zero, with only water as a byproduct. [13]
