SKF and Ovako reach milestone in journey towards net zero bearing production

GOTHENBURG, Sweden, Sept. 8, 2022 /PRNewswire/ -- A significant milestone has been reached in SKF's journey towards a net-zero value chain. Together with Swedish steel producer Ovako, SKF has produced a Spherical Roller Bearing (SRB) with 90% less emissions than its standard SRB bearing.

The bearing is manufactured in SKF's net zero factory in Gothenburg and uses recycled steel from Ovako's Hofors mill.

As an illustration of the companies' collaboration, the bearing has already been installed in a crane at the Hofors mill, where it is one of hundreds of connected bearings that enable smoother operations and less unplanned downtime.

The Gothenburg factory is the third SKF factory to achieve net zero status, part of the Group's ambitions to achieve net zero emissions across all its operations by 2030. Thanks to a series of process improvements and investments, Ovako has achieved carbon-neutrality for all its global operations, based on a 97% recycled content and fossil-free electricity.

As well as working with suppliers to reduce the carbon footprint of scrap-based steel production, SKF is also working with a range of partners to help realize dramatic reductions and, eventually, net zero emissions from iron ore-based steel production.

Rickard Gustafson, President and CEO of SKF, says: "The industry's journey towards net zero bearing production is accelerating and this milestone illustrates both our leading position and the importance of collaboration. Ovako and SKF have a long history together and this is yet another tangible example of how we are working towards more circular industrial development."

Marcus Hedblom, President and CEO of Ovako, says: "Throughout SKF's and Ovako's long history of collaboration, we have successfully developed sustainable steel products for many decades. Now, with this significant milestone, the journey continues towards net zero bearing production using steel from 100% carbon-neutral production."

Aktiebolaget SKF

CONTACT:

For further information, please contact:

PRESS: Carl Bjernstam, Group Communication

tel: 46 31-337 2517; mobile: 46 722-201 893; e-mail: carl.bjernstam@skf.com

INVESTOR RELATIONS: Patrik Stenberg, Head of Investor Relations

tel: 46 31-337 2104; mobile: 46 705-472 104; patrik.stenberg@skf.com

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Source: SKF Related Stocks: Bloomberg:SKFA@SS Bloomberg:SKFB@SS ISIN:SE0000108201 ISIN:SE0000108227 OTC:SKFRY RICS:SKFA.ST RICS:SKFB.ST Stockholm:SKFA Stockholm:SKFB
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