Stockholm Sweden headquartered steel maker Ovako has published the sustainability report for Financial Year 2021 showing that Ovako leads the development towards a sustainable society and is closing the loop with recycled steel from carbon neutral operations. From 1 January 2022 all Ovako steel is produced from 100% carbon neutral operations with steel recycling using fossil free electricity. On average Ovako’s steel products today consist of more than 97% recycled steel. Since 2015, Ovako has reduced its emissions of CO2e per tonne steel from operations with 57% and the cradle to gate carbon footprint from Ovako’s steel products is 80% lower than the global average while the carbon emissions from the steel production is 95% lower. This progress shows Ovako’s alignment with the 2015 Paris Agreement to limit the global average temperature rise to below 1.5 degree Celsius.Investment in Sweden's largest facility for fossil free hydrogen, an important milestone towards eliminating all carbon emissions from Ovako’s production, at 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% and in the value chain with 70% by 2040.Ovako, a subsidiary of Sanyo Special Steel and a member of Nippon Steel, develops clean, high quality engineering steel for customers in the bearing, transport, and manufacturing industries. Its steel enables products that are lightweight, resilient and climate smart.