Tibnor, a subsidiary of SSAB, signed an agreement with Ovako to acquire Ovako Metals Oy, a steel and metals distribution company in Finland. The transaction is subject to regulatory competition approval in Finland, with completion preliminarily planned for the first quarter of 2026, depending on the approval process.

Through the planned acquisition, Tibnor aims to strengthen its position in the Finnish market by taking over an established distributor with longstanding ties to Finland’s steel and metals industry. Ovako Metals Oy stocks, processes, and distributes steel and metals for the engineering, process, and construction industries, mainly in Finland. The company employs around 40 people and recorded a turnover of EUR40 million in 2024.

Tibnor said the acquisition will broaden its product offering and enhance service levels in the region. Under the agreement, Tibnor will assume Ovako Metals’ distribution operations in Finland, including its product portfolio, logistics, warehousing, processing services, and local sales organizations.