Reportedly, Swedish-based special steel producer, Ovako, planned to increase its engineering steel production capacity in order to meet growing demand of spring steel and bearing steel. However, some of key customers have already begun their stock adjustment even though the market was still remained uncertainty this year. In addition, Ovako indicated the production rate in Europe's engineering industry fell by 5% year-on-year in first quarter. The company's steel production in January-March was down by 6% year on year to 219,000 tons.
