News and Press Releases

Nippon Steel & Sumitomo Metal Corporation signs agreement to acquire Ovako Group from Triton

Ovako publishes Annual Report for 2017 and presents updated strategy and new financial targets

Today Ovako announced its fourth quarter and full year results 2017. For the full year EBITDA before restructuring costs improved to EUR 100 (57) million and order intake grew by 24 percent compared to previous year. Ovako’s restructuring program is proceeding ahead of plan and has delivered savings of EUR 20 million on an annual basis. At the end of the year the group had a liquidity buffer of EUR 90 (88) million.

On Friday, February 9, 2018, at 08:00 CET, Ovako Group AB will publish its report for the full year 2017.

Ovako today announced that Tore Bertilsson has been appointed Vice Chairman of Ovako Group AB’s Board of Directors.

Ovako has launched its Heat Treatment Guide, the first digital tool on the market to enable customers to calculate the mechanical properties of a selected steel after heat treatment. This will save the customer time and money by offering a digital alternative to physical testing.

As noted in the Ovako Annual Report, the tax authority in Finland has previously sought to limit the deductibility of interest expenses for the years 2010-2013. Ovako Finland Oy has now received a notice from the Finnish tax authority extending their claim to also include the years 2014-2016. In light of existing practices for interest deduction in Finland during this period, and after consulting with external tax lawyers, Ovako has again appealed the tax agency's claim.

Ovako and FNsteel today announced a new supply agreement to continue the successful cooperation from 2017. Under the new contract, Ovako will supply 15,000 metric tons to FNsteel during 2018 as well. Moreover, the contract stipulates conditions for shipments above the current level.