Sanyo Special Steel’s acquisition of Ovako completed
- Both Ovako and Sanyo Special Steel are now part of the Nippon Steel & Sumitomo Metal Corporation
Sanyo Special Steel’s acquisition of Ovako (announced in a press release dated August 2, 2018) has been completed as planned. In conjunction with the acquisition, Nippon Steel & Sumitomo Metal Corporation (NSSMC) has increased its ownership in Sanyo Special Steel, which now becomes a majority-owned subsidiary of NSSMC. This enables a closer cooperation between the three companies with the ambition to become the world leader in specialty steel.
“Sanyo Special Steel has extensive experience of manufacturing high-quality steel. Together, we will be able to benefit from each other’s expertise, experience and global reach within the NSSMC group. We look forward to further strengthen Ovako’s commercial offering in specialty steel to our customers in the global market,” says Marcus Hedblom, President and CEO of Ovako.
Sanyo Special Steel is a leading long specialty steel company. They provide various special steel bars and seamless tubes, including bearing, engineering, stainless, heat resistant and tool steel as well as metal powder and powder metallurgy products. They also offer formed & fabricated materials. Sanyo Special Steel has around 2,600 employees and net sales of EUR 1,200 million in 2017. The company is listed on the Tokyo Stock Exchange.