2018-06-04 08:10 CEST
Nippon Steel & Sumitomo Metal Corporation (NSSMC), one of the largest steel producers in the world, today confirmed the closing of the acquisition of Ovako Group. Ovako will continue the drive its business under the Ovako brand and will legally be part of NSSMC as a subsidiary.
We are very pleased to now fully begin our journey as part of NSSMC. For Ovako, the acquisition means that we now have a strong industrial owner in the global steel industry. We are looking forward to leverage NSSMCs technological expertise and global reach to deliver even more value to our customers, says Ovako President and CEO Marcus Hedblom.
Ovako announced on 15 March 2018 that NSSMC had entered into an agreement to acquire 100 percent of Ovako Group from Triton. The parties have agreed not to make the terms and conditions of the transaction public.
NSSMC is a global market leader in steel production with world-leading technology and production capacity. The NSSMC Group manufactures a wide array of advanced steel products in more than 15 countries and 12 steel mills in Japan. NSSMC reported steel production at the consolidated level of 45 million tons for the fiscal year ending 31 March 2016.