News and Events

On Monday 13 February 2017, at 07:30 CET, Ovako AB (publ) will publish its report for the full year 2016.

Ovako has extended its Pension Insurance Line and Revolving Credit Facility agreements until end of February 2019.

Ovako has announced today that Phetra Ericsson, currently HR Manager for the Hällefors business unit, has been appointed as the new Executive Vice President HR, Communication & SHE for the Group. She takes over from Karin Lagerstedt Woolford, who will leave the Group at the end of February this year.

Ovako has decided to invest in increased production capacity at its plant in Smedjebacken. The investment is part of the company’s strategy to broaden operations at the plant and relates to a furnace that, together with the recently installed heat treatment capacity, will create coordinated, efficient and flexible production of heat-treated steel in Smedjebacken.

As noted in the Ovako 2015 Annual Report, the tax authority in Finland has sought to limit the deductibility of interest expenses for the years 2010-2013. In light of existing practices for interest deduction in Finland during this period, and after consulting with external tax lawyers, Ovako has previously rejected the tax agency's claim.

Ovako has reached an agreement to sell its ball mill in Forsbacka to newly formed Forsbacka Kulverk AB. The ball mill, which currently has six employees, mainly produces grinding balls for the mining and cement industries. Its total production volume in 2015 was nearly 4,000 metric tons. Under the agreement, Forsbacka Kulverk AB will take over the operations from 1 January 2017.

Ovako today launched Steel Navigator, a digital platform that allows customers to search for and identify the best steel for their applications. The investment in Steel Navigator is part of Ovako’s global digitalization strategy and underscores the group’s objective to provide its customers with the best service in the industry.

Ovako has published its interim report, October 28th, at 07:30.