Crusading Cuts & Carbon Curtailment Cement Credibility

In its freshly unveiled FY2024 Sustainability Report, Ovako proudly announces a 59% drop in carbon emissions per metric ton of steel since 2015. This milestone stems from persistent investments in process optimisation, electrification, and the use of 97% recycled input materials. The company’s cradle-to-gate carbon footprint now measures 80% below the global steel sector average, confirming Ovako’s standing among the industry’s sustainability pacesetters.

Forging Futures & Furnace Feats Fuel Decarbonisation Drive

A flagship highlight of FY2024 is the inauguration of a state-of-the-art furnace at Boxholm in March 2025. Designed to drastically reduce emissions, this upgrade symbolises Ovako’s blend of engineering excellence and ecological foresight. The investment extends beyond machinery, reflecting a commitment to modernising energy systems, using fossil-free electricity, and scaling production to meet the rising demand for green steel.

Safety Sanctums & Steadfast Standards Shield Staff

With human capital at its core, Ovako achieved a Lost Time Injury Frequency Rate of just 0.7 in FY2024, one of Europe’s lowest. This result is not merely statistical but shows the impact of continuous safety training, real-time digital monitoring tools, and cultural engagement initiatives. From shopfloor teams to senior management, safety is woven into daily decision-making, fostering shared responsibility.

Circular Collaboration & Customer-Centric Craft Catalyse Change

Beyond internal operations, Ovako’s progress is magnified through collaboration with customers and suppliers. Joint projects explore lighter alloys, enhanced recyclability, and data-driven optimisation across supply chains. This customer-centric ethos helps reduce emissions far beyond Ovako’s own sites, aligning clients’ climate targets with Ovako’s expertise.

Purposeful Progress & People-First Philosophy Propel Vision

In his statement, CEO Marcus Hedblom says, “Our FY2024 Sustainability Report reflects unwavering focus on safety, sustainability, and collaboration. It outlines concrete actions and long-term strategy to reduce environmental impact and lead the transformation to a sustainable steel industry—safely, responsibly, and with purpose.” This vision is supported by daily efforts from 2600 employees across more than 30 countries.

Recycled Resilience & Regional Reach Reinforce Results

Ovako specialises in clean, high-quality engineering steel for the bearing, transport, and manufacturing sectors. Produced mainly from recycled scrap, direct reduced iron and pig iron, these steels balance mechanical strength, durability, and lower environmental impact. This approach positions Ovako to serve demanding markets seeking lightweight yet resilient materials without compromising sustainability.

Strategic Stewardship & Shareholder Strength Shape Success

Backed by parent Sanyo Special Steel and part of Nippon Steel Corporation, Ovako combines local agility with global scale. Approximately €1.1 billion ($1.2 billion) in sales underlines its financial robustness. By aligning environmental, social and governance strategies with shareholder expectations, Ovako positions itself for growth that benefits both people and planet.

Visual Values & Verdant Ventures Validate Vows

Inspired by the ESRS framework, the report uses storytelling and visuals to highlight the role of employees in driving change. Beyond charts, it captures individual stories, community projects, and digital initiatives that together create steel for a decarbonised society. Ovako’s purpose, rooted in responsibility and innovation, remains the guiding force behind every investment and partnership.

Key Takeaways:

• Ovako reduced carbon emissions per metric ton of steel by 59% since 2015 and now operates with a cradle-to-gate carbon footprint 80% below the global average.

• FY2024 marked the commissioning of an advanced, low-emission furnace in Boxholm, further driving its decarbonisation roadmap.

• Ovako’s Lost Time Injury Frequency Rate fell to 0.7, among Europe’s lowest, reflecting its deep safety culture and employee engagement.