SSAB Subsidiary Tibnor Moves Forward with Ovako Metals Acquisition to Strengthen Nordic Market Presence

SSAB Subsidiary Tibnor Moves Forward with Ovako Metals Acquisition to Strengthen Nordic Market Presence

(IN BRIEF) Tibnor has secured regulatory approval for its acquisition of Ovako Metals Oy Ab, a Finnish steel distribution company, with the transaction expected to close in the coming weeks. The deal will allow Tibnor, a subsidiary of SSAB, to expand its presence in Finland by integrating Ovako Metals’ distribution operations, including its product portfolio, logistics, and sales network. Ovako Metals, which generated €40 million in revenue in 2024, brings strong expertise in engineering steels and established market relationships. The acquisition supports Tibnor’s strategy to strengthen its position in the Nordic and Baltic regions while enhancing its product offering and service capabilities.

(PRESS RELEASE) STOCKHOLM, 17-Apr-2026 — /EuropaWire/ — Tibnor has received regulatory approval to proceed with its planned acquisition of Ovako Metals Oy Ab, following the agreement initially announced in December 2025. The transaction, involving Tibnor—part of SSAB—has now been cleared by competition authorities and is expected to be finalized in the coming weeks.

The acquisition represents a strategic move to strengthen Tibnor’s footprint in Finland, a market where Ovako Metals has established a solid presence within the steel and metals sector. The Finnish company specializes in the stocking, processing, and distribution of steel products, serving industries such as engineering, process manufacturing, and construction. With approximately 40 employees and a reported turnover of €40 million in 2024, Ovako Metals plays a notable role in the regional supply chain.

Upon completion of the transaction, Tibnor will assume control of Ovako Metals’ distribution operations in Finland. This includes its product range, logistics and warehousing infrastructure, processing capabilities, and local sales organization. The integration is expected to enhance Tibnor’s ability to deliver a broader portfolio of products and services to customers in the region.

As one of the leading distributors of steel and metals across the Nordics and Baltics, Tibnor views the acquisition as an important step in reinforcing its market position and expanding its service offering. The move aligns with the company’s strategy to deepen its presence in key markets while improving operational capabilities and customer support.

Fredrik Haglund, President and CEO of Tibnor, noted that the completion of the approval process marks a significant milestone. He highlighted that Ovako Metals’ expertise in engineering steels and its strong market position in Finland complement Tibnor’s strategic direction and long-term growth objectives.

SSAB is a global leader in premium steels, shaping a stronger, lighter, and more sustainable world. With highstrength and advanced steels, pioneering decarbonized offerings, and value-add services, we deliver unique customer value and accelerate customer competitiveness worldwide. A steelmaker since 1878, our teams in more than 50 countries set the standard for industry‑leading performance. SSAB operates steel mills in Sweden, Finland, and the United States and is leading the transformation of the industry – dramatically reducing emissions from our own production. SSAB shares are listed on Nasdaq Stockholm, with a secondary listing on Nasdaq Helsinki.

Media Contacts:

Fredrik Haglund, President and CEO of Tibnor, phone: +46 703881552, fredrik.haglund @ tibnor.com

Markus Näsi, Country Manager Finland, Tibnor, phone: +358 405164623, markus.nasi @ tibnor.com

SOURCE: SAAB