Ovako has today published the sustainability report for Financial Year 2021. The report shows that Ovako leads the development towards a sustainable society and is closing the loop with recycled steel from carbon neutral operations.
On average Ovako’s steel products today consist of more than 97 percent recycled steel. Since 2015, Ovako has reduced its emissions of CO2e per tonne steel from operations with 57 percent and the “cradle-to-gate” carbon footprint from Ovako’s steel products is 80 percent lower than the global average while the carbon emissions from the steel production is 95 percent lower. This progress shows Ovako’s alignment with the 2015 Paris Agreement to limit the global average temperature rise to below 1.5°C.
The sustainability report highlights several important activities:
- Accidents with sick leave per million worked hours, Lost Time Injury Frequency Rate (LTIFR) ended at 0.8 during the last twelve months. This is one of the best levels reported in the European Steel industry, where the average is 3.9.
- Investment in Sweden’s largest facility for fossil-free hydrogen, an important milestone towards eliminating all carbon emissions from Ovako’s production. The first facility in Hofors is expected to be completed in early 2023.
- With new technology and by heating steel with fossil-free hydrogen Ovako will reduce carbon emissions in own operations with 90 percent and in the value chain with 70 percent by 2040. Commitment to have the long-term climate targets validated by Science Based Targets initiative (SBTi).
- From January 1, 2022 all Ovako steel is produced from 100 percent carbon neutral operations.
“The Sustainability Report shows that Ovako continues to be at the forefront of the transition towards a sustainable society. It also confirms that we delivered on our climate targets and provide steel products from carbon-neutral operations. Our ambition for the future is also clear, we will continue the journey towards products with zero carbon emissions”, says Marcus Hedblom, President and CEO of Ovako.