Ovako AB is a European manufacturer of engineering steel for customers e.g. in the bearing, transportation and manufacturing industries. Since 2018, Ovako has been owned by Nippon Steel Corporation.

The production is based on recycled steel scrap and includes steel in the form of bar, tube, ring and pre-components. Ovako is one of the world's largest manufacturers of seamless tubes for the bearing industry.

Ovako produces bars, tubes, rings and pre-components. Ovako also produces steels for mining, rock drilling and construction applications. The company has 8 production sites in Sweden, Finland, Germany and Italy, and several sales companies in Europe, Asia and the United States.

Ovako steel is made from recycled steel scrap that is then refined and transformed into products such as hot-rolled or cold-rolled bars with various profiles and forms of processing, tubes, rings and pre-components.

Ovako's customers are primarily the European engineering industry and its subcontractors, for example makers of trucks, contracting plant and industrial applications, the mining industry and the wind power industry. The majority of Ovako's products are sold to customers in Europe but steel is also exported to North America and Asia.^{[citation needed]}

The number of employees is 2 900 (March 2024). Operations are divided into three business areas: Hofors-Hällefors, Smedjebacken-Boxholm and Imatra.

Marcus Hedblom has been CEO of Ovako since 2015. The chairman of Ovako's board of directors is Mr Katsuhiro Miyamoto.

Ovako operates on the market for long, low alloy steel products. The majority of production consists of bars, tubes and rings that are used in items such as ball bearings, products for the automotive industry, hydraulic cylinders and rock drills.