Acquisition brings increased optimism to Ovako

Acquisition brings increased optimism to Ovako

26th April 2019

Long-established specialised engineering steel producer Ovako is looking forward to the future with increased optimism after the company was acquired in 2018 by the third largest steelmaker in the world.

Nippon Steel Corporation completed the acquisition in March having announced the deal in June last year and Ovako will report through its Sanyo Special Steel subsidiary. Ovako is a Swedish company, with offices around the world, including its UK office based in Dudley in the West Midlands. Ovako produces a range of steel products from its Nordic base including round, flat and square bars, seamless tubes and rings also offering pre-components and an array of surface conditions and coatings, such as chrome plating. Customers include companies in the bearing, automotive, mining, railways, oil and gas and agricultural sectors, among others.

Ovako employs about 3,000 people, with 12 in the UK, which comprises a service centre in Dudley and outside sales team.

The new ownership will help to strengthen Ovako around the world and in the UK, according to sales manager Steve Wakeman. “Now we are owned by a world metals company that is looking to further develop Ovako,” he said. “There are a lot of exchanges in research and development between the two companies at the moment - opening opportunities for Ovako and vice versa. We are extremely optimistic that the association will be good for both companies in the long-term. It is seen as a really positive ownership for Ovako.”

With this enhanced confidence, Ovako will be exhibiting at the Made in the Midlands Expo for the second consecutive year. The Service Centre will be highlighted on the stand and the services it provides, such as cutting, treatments and machining. As well as promoting the Ovako name and all its attribute brands (Hybrid, IQ, M steel, Wear steel and SZ steel) plus the e-tools from its website (Steel navigator and Heat treatment calculator), Ovako will be looking to engage with companies and customers in the region.

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