Swedish specialty steel producer SSAB has announced that its subsidiary distributor Tibnor has signed an agreement to acquire Finland-based steel distributor Ovako Metals Oy, in a strategic move to strengthen its presence in the Nordic market and broaden its product offering.
Ovako Metals Oy generated approximately €40 million in revenue in 2024 and employs around 40 people. Upon completion of the acquisition, it is reported that Tibnor will take over the company’s distribution operations, including its product portfolio, logistics and warehouse activities, processing services and local sales teams.
The acquisition is subject to regulatory competition approval in Finland, and both SSAB and Ovako expect the transaction to be completed during the first quarter of 2026, pending clearance by the relevant authorities.
Fredrik Haglund, CEO of Tibnor, described the agreement as aligned with the company’s growth strategy, bolstering its footprint in Finland while enhancing service levels and product offerings in the region.
The planned acquisition marks a key step for SSAB’s distribution network across the Nordics and Baltics, reflecting broader consolidation in steel and metals supply chains to enhance market reach and competitiveness.