Sweden’s Uddeholm AB started up a second forging press at its Hagfors facility, completing a $36 million project first announced in December 2007.

Sweden’s Uddeholm AB started up a second forging press at its Hagfors facility, completing a $36 million project first announced in December 2007. Uddeholm said the investment aims to maintain and expand the company’s global position in the tool-steel industry. The new forging press ensures that the plant’s production capacity is capable of supporting the company’s expansion plans.

In his inauguration speech, Swedish King Carl XVI Gustaf said that professional know-how and long tradition are not enough today. He added that the importance of strong owners who are prepared to invest not only in new technology, but also in higher capacity, are a crucial foundation to thrive in the future. Uddeholm, which is an operating division of voestalpine AG, is the world's leading manufacturer of steel for industrial tools.