Swedish specialty steel manufacturer SSAB has announced that its subsidiary distributor Tibnor has signed an agreement to acquire Finnish steel distributor Ovako Metals Oy as part of a strategic move to strengthen its presence in the Scandinavian market and expand its product range.
Ovako Metals Oy generated approximately €40 million in revenue in 2024 and has approximately 40 employees. Upon completion of the acquisition, it is said that Tibnor will take over the company's distribution operations, including its product portfolio, logistics and warehousing activities, processing services and local sales teams.
The acquisition is subject to regulatory approval in Finland, and both SSAB and Ovako expect the transaction to be completed during the first quarter of 2026, pending approval from the relevant authorities. authorities.
Fredrik Haglund, CEO of Tibnor, described the agreement as being in line with the company's growth strategy, strengthening its presence in Finland while enhancing service levels and product offerings in the region.
The planned acquisition marks a key step for SSAB's distribution network in the Nordic and Baltic countries, reflecting wider consolidation in steel and metals supply chains to expand market reach and improve competitiveness.
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