Ovako continues to lead the way towards a sustainable society

Ovako, a leading steel producer, proudly announces that its steel comprises on average over 97 percent recycled steel. Demonstrating its commitment to sustainability, Ovako has achieved a remarkable reduction of 58 percent in carbon emissions per tonne of steel since 2015. Furthermore, the "cradle-to-gate" carbon footprint of Ovako's steel products is an impressive 80 percent lower than the global average. These achievements highlight Ovako's unwavering dedication to environmentally responsible practices and its significant contribution to a sustainable future. 

The Sustainability report FY2022 highlights several important activities:  

• Safety remains the number one priority. Accidents with sick leave per million worked hours, Lost Time Injury Frequency Rate (LTIFR) ended at 0.8 during the last twelve months, among the lowest reported in the European steel industry. 

• The construction of Sweden’s largest facility for fossil-free hydrogen is progressing well and the inauguration is set for September 5, 2023. This counts as a major milestone towards eliminating all carbon emissions from Ovako’s production.  

• Collaboration and joint efforts between Ovako and multiple partners to reduce global emissions. 

• With new technology and by heating steel with fossil-free hydrogen, Ovako will reduce its scope 1 and 2 emissions by 80 percent by 2030. In the meantime, Ovako balances remaining emissions with carbon offsets for carbon neutral production. 

“The Sustainability report proves Ovako's ongoing commitment to leading the way in the transition towards a sustainable society. It reaffirms our dedicated work to reach our climate targets and supplying steel products based on carbon neutral production. I believe teamwork makes the dream work. By collaborating closely with multiple partners to pursue common goals, we can accomplish significantly more, and I take immense pride in our collective achievements!” says Marcus Hedblom, President and CEO of Ovako. 

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

About Ovako Ovako develops clean, high quality engineering steel for customers in the bearing, transport, and manufacturing industries. Our steel enables products that are lightweight, resilient and climate smart. Our sustainability ambition is high. Our production is carbon neutral since January 2022 and is based on recycled steel and fossil-free electricity. Ovako has around 2,900 employees in more than 30 countries and sales of approximately EUR 1000 million. We are a subsidiary of Sanyo Special Steel and a member of Nippon Steel Corporation, one of the largest steel producers in the world. For more information, please visit us at www.ovako.com, www.sanyo-steel.co.jp and www.nipponsteel.com.