Tibnor to acquire Finnish steel distributor Ovako Metals Oy

Tibnor, a subsidiary of Sweden’s SSAB, has signed an agreement with Ovako to acquire Finnish steel and metals distributor Ovako Metals Oy. The completion of the transaction is subject to approval by the Finnish competition authorities, according to a press release from SSAB.

The planned acquisition will enable Tibnor to strengthen its position in the Finnish market by integrating a well-known local player with deep roots in the national steel and metals industry. Ovako Metals Oy specializes in the storage, processing, and distribution of steel and metals for the engineering and construction industries, primarily in Finland. The company has about 40 employees, and its turnover in 2024 was €40 million.

Tibnor notes that the deal is an important step in strengthening its presence in the country, expanding its product range, and improving service levels for customers in Finland and the wider Northern Europe and Baltic region.

“We are pleased to announce the acquisition of Ovako Metals Oy, which is a logical continuation of our long-standing cooperation with Ovako. Ovako Metals’ strong position in Finland and its expertise in engineering steels and value-added services are fully in line with our strategy,” said Tibnor CEO Fredrik Hagglund.

As part of the agreement, Tibnor will take over all of Ovako Metals’ distribution operations in Finland, including its product portfolio, logistics, warehouse infrastructure, processing services, and local sales teams.

Ovako emphasized that the sale of the asset is in line with the group’s focus on its core business.

“We are proud of Ovako Metals’ achievements and are confident that under Tibnor’s leadership, the company will continue to grow,” said Ovako President and CEO Marcus Hedblom.

Subject to regulatory approval, the transaction is expected to close in the first quarter of 2026.

As a reminder, SSAB reduced its steel shipments by 18% in Q3 2025 compared to the previous quarter, to 737,000 tons. Tibnor was affected by the weak market, reducing its deliveries by 15% quarter-on-quarter, to 165,000 tons.