Ovako publishes its Sustainability Report for FY2024, reaffirming its commitment to safety, climate leadership and continuous collaborations

Ovako’s steel is made from an average of 97 % recycled material. Since 2015, we have reduced our carbon emissions per tonne of steel by 59 %, and our “cradle-to-gate” carbon footprint is 80% lower than the global industry average – an achievement that positions Ovako among the global sustainability frontrunners in steel production.

Key highlights from the FY2024 report include:

• Safety First: Ovako continues to prioritize safety, achieving a Lost Time Injury Frequency Rate (LTIFR) of 0.7—one of the lowest rates in the European steel sector.
• Major Investment for reduction of carbon emissions: The upgraded furnace in Boxholm, inaugurated in March 2025, represents a major milestone in Ovako’s journey to eliminate carbon emissions from its production processes.
• Collaborative Innovation: Through close collaboration with customers and suppliers, Ovako is developing new solutions to advance sustainability across the value chain.

“Ovako’s FY2024 Sustainability Report reflects our unwavering focus on safety, sustainability, and collaboration,” says Marcus Hedblom, President and CEO of Ovako. “It outlines our concrete actions and long-term strategy to reduce environmental impact and lead the transformation to a sustainable steel industry—safely, responsibly, and with purpose. With dedicated teams and strong partnerships, we are well-positioned to produce the steel needed for a decarbonized society.”

The report is inspired by the ESRS framework, while incorporating Ovako’s perspective and visual storytelling to highlight what matters most – our people.

Learn more about Ovako’s approach to sustainability at www.ovako.com.

At Ovako, we specialize in clean, high quality engineering steel tailored to the needs of customers in the bearing, transport, and manufacturing sectors. Our high-quality steel, based on 97% recycled steel, not only ensures lightweight and resilient products but also enables more sustainable and environmentally friendly solutions. With 2600 dedicated employees and a global presence spanning over 30 countries, along with approximately EUR 1.1 billion in sales, Ovako, a subsidiary of Sanyo Special Steel and a proud member of Nippon Steel Corporation, stands at the forefront of the steel industry. Our purpose is clear: Together we create steel for a decarbonized society. Discover more about our innovative solutions at www.ovako.com, www.sanyo-steel.co.jp, and www.nipponsteel.com