Ruukki Construction to become a majority shareholder in Piristeel Oy

Feb 20, 2019

PRESS RELEASE 20.2.2019      

SSAB’s subsidiary Ruukki Construction has agreed to acquire a majority holding (67%) in the Finnish company Piristeel Oy. Piristeel Oy’s sales in 2018 were around SEK 200 million (appr. EUR 20m), whereof the majority from Finland. Piristeel Oy is Finland’s leading manufacturer of roof safety products and rainwater systems. The transaction supports Ruukki Construction’s growth strategy for the roofing business, at the same time improving SSAB’s position in the Nordic home market. The transaction is expected to complete in the first quarter of 2019.

Established by Pentti and Ritva Piri in 1989, Piristeel Oy has around 70 permanent employees at three production facilities in Kauhava and Lapua. During 2019, the company will concentrate production on one production facility in Kauhava. Under the transaction, the current owners will retain a minority stake (33%) and continue to work for the company. The company will continue to trade under its own brand as part of Ruukki Construction.

 “This transaction will further enhance our service capabilities in all our core markets as a supplier of high-quality and competitive roof packages. Piristeel's products - roof safety products and rainwater systems - complement Ruukki's complete roof package deliveries in Finland. We will quickly add Piristeel's roof safety products to our product portfolio in all our core markets,” says Jouni Metsämäki, head of residential roofing business at Ruukki Construction

“Ruukki's international sales and service network provides us with good opportunities to grow Piristeel's current business. Together, Ruukki and Piristeel, offer a comprehensive and high-quality product offering to serve a broad customer base. This arrangement provides us with keys for success in the roofing business in the future. Work will continue as before, but our competence and know-how are now on a more solid footing," continues Jaakko Piri, Marketing Director at Piristeel Oy.

SSAB is striving to be the market leader in the Nordics. SSAB’s subsidiary Ruukki Construction has an important role in reaching this goal. Besides Residential Roofing, Ruukki Construction’s other business areas are Building Components, which focuses on product deliveries of wall and roof structures, and Building Systems, which focuses on project deliveries of building frame and envelope structures. Ruukki Construction’s comparable sales in 2018 were around SEK 6.1 billion (appr. EUR 595 million).

Media contact person:

Tapani Tuominen, communications
phone +358 50 314 3131
tapani.m.tuominen@ruukki.com

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