An early stage of construction of Imatran Rautatehdas, the iron works in Imatra, Finland. The building of the sintering plant is seen in front, in the middle. Photo: Aarne Pietinen. The archives of the Vuoksenniska company.
The early 20th century
High quality bearing steel was produced in Sweden already in the beginning of the 20th century. SKF purchased Hofors Bruk in 1916 and became owner of Hellefors Bruk in 1958.
An iron mill was founded in Imatra, Finland in 1935. Steel production escalated and developed at the Imatra steel works through the industrial war reparation effort.
The 1960-1970’s
Rationalization of the steel business took place world-wide. New steel production technology and automation enabled production of steel of higher quality as well as increased capacity and cost effectiveness.
From the beginning of the 1960’s, the forerunners to Ovako gradually redirected their focus from commercial steel to special steel products. The development required investments in research, product development and quality control.
The works in Smedjebacken, Hofors and Imatra became significant deliverers of steel for the automotive and engineering industries.
In 1969, the Finnish companies Oy Vuoksenniska Ab and Oy Fiskars Ab combined their steel production in a new company, Ovako. Wärtsilä became co-owner of Ovako Oy in 1972.
The 1980’s
In 1981 Smedjebackens Walsverk and the steel production in Boxholms AB were merged into a new company: Smedjebacken-Boxholm Stål AB. In 1988 the company was bought by Welbond (later Fundia). Smedjebacken-Boxholm Stål became Fundia Steel and later Fundia Special Bar AB.
Fundia Steel took over Hallstahammar AB in order to enable further processing of bars.
In 1986, the group Ovako Steel was founded through a merger between SKF Steel and Ovako.
The 1990’s
In 1991 Fundia was bought by Rautaruukki Oy and the Norweigan Norsk Jern Holding A/S. In 1996 Fundia became a wholly owned subsidary of Rautaruukki Oy.
In 1991 SKF became the sole owner of Ovako Steel, while the Imatra operations went on as Imatra Steel.
Ovako’s recent history