We are Alleima


The core of Alleima’s operations is advanced materials technology. With close and longstanding customer relationships, we develop high value-added products in advanced stainless steels as well as products for industrial heating. We make our customers’ products and processes safer, more sustainable and more efficient. Our materials enable the energy transition, energy efficiencies and improved quality of life.
Alleima as an investment (PDF)
Directors' report (PDF)
Financial statements (PDF)
Sustainability report (PDF)

Alleima at a glance

Premium offering and market-leading positions across three divisions
Tube

Seamless tubes and other long products primarily for the Oil and Gas, Industrial, Chemical and Petrochemical, Mining and Construction, Nuclear, and Transportation customer segments, as well as for the Hydrogen and Renewable Energy segment.
Tube division (PDF)
Kanthal

Heating technology and heating resistance materials for the Industrial Heating, Consumer and Industrial segments, and ultra-fine wire and components in stainless steel and precious metals for the Medical segment.
Kanthal division (PDF)
Strip

Precision strip steel for products, primarily for the Consumer, Industrial, Transportation, and Medical customer segments, as well as coated strip steel for the Hydrogen and Renewable Energy segment.
Strip division (PDF)

Revenues by customer segment

Industrial
Oil & Gas
Chemical & Petrochemical
Industrial Heating
Consumer
Mining and Construction
Nuclear
Transportation
Medical
Hydrogen and Renewable Energy

Revenues by geography

Europe
North America
Asia
Other

Revenues by division

Tube
Kanthal
Strip

Adjusted EBIT by division

Tube
Kanthal
Strip
80%
recycled steel in production
96%
fossil-free electricity in production
~100
years with electric melting of steel
20 669
SEK M in revenues
8%
Organic revenue growth
10.4%
Adjusted EBIT margin

Highlights of the year

Growth investments

An expansion of production capacity began in Zhenjiang, China, and the expansion of two new production lines was completed in Mehsana, India. The aim is to meet the growing demand in the Tube division's Chemical and Petrochemical segment. In addition, an investment to expand capacity for industrial heating at Kanthal's existing production site in Perth, UK was decided, as well as a new service center at the facility in Concord, in the US.
Expanded product offering for the energy transition

The product portfolio for applications driven by sustainable trends, such as the energy transition, continued to grow, both through breakthroughs in new markets and in the existing business. Examples are steam generator tubes for small-scale modular reactors (SMRs) for nuclear, and tubes for carbon capture and storage (CCS). The industrial heating business grew, driven by the electrification, and the development in solar and lithium battery manufacturing.
Strong energy market

The need for energy continued to grow, and demand for oil and gas and nuclear power was solid. In addition, demand for applications to renewable energy continued to strengthen.
New partnerships

‍Several new commercial partnerships were secured with the aim of being able to offer even more complete solutions to customers, including in industrial heating technology.
Process and product innovations
‍
A new production process for high nickel alloys, opening possibilities in e.g. Trasportation, Nuclear, and Hydrogen and Renewable Energy. The shape memory alloy nitinol is used in medical device applications and was added to the product portfolio of the Kanthal division.
Value-creating​ acquisitions
‍
Söderfors Steel was acquired. This contributes to expanding the range of advanced materials for the Medical and Transportation, mainly for aerospace, customer segments.
Continued price compensation for cost inflation
‍
Cost inflation was compensated through price increases in all three divisions.
Operational improvements

Optimized inventory management resulted in record-low inventory volumes relative to revenues.
New members in the group management
‍
Two new members joined the group management. Robert Stål, President Kanthal Division, and Carl von Schantz, President Tube Division.
Multiple accolades
‍
Several accolades received such as recognition as a Career Company 2024, a gold medal in the Grand Prix category of The Magnet Employer Branding Awards, and a silver medal in the EcoVadis Sustainability Index.

CEO statement

Together, toward new heights

2023 was a successful year. We posted favorable financial results while continuing to execute our strategy of driving profitable growth and building an even stronger company.
Read full CEO letter

Strategic direction building on four pillars

Four strategic pillars
Profitable growth
Materials innovator and technology leader
Operational and commercial excellence
Industry-leading sustainability
Joint business model
Own R&D — Fully integrated value chain — Decentralized organization
Strategy (PDF)

Financial targets

Alleima has four long-term financial targets.

Growth

Target

Deliver profitable organic revenue growth in line with or above growth in targeted end-markets over a business cycle.
↗

Performance

Organic growth, %
Graph showing organic growth in percent
8%
Organic revenue growth of 8% for 2023. Organic growth in the two-year period since the target was set, was 11% on average.

Earnings

Target

Adjusted EBIT margin (excluding metal price effects and items affecting comparability) to average above 9% over a business cycle.
>9%

Performance

Adjusted EBIT margin, %
Graph showing adjusted EBIT margin in percent
10.4%
Adjusted EBIT margin was 10.4% for 2023. The average for the two-year period since the target was set, was 9.8%.

Capital structure

Target

Net debt in relation to equity below 0.3x.
<0.3x

Performance

x
Graph showing capital structure
-0.02x
At the end of 2023, net debt in relation to equity was -0.02x.

Dividend policy

Target

Dividend on average 50% of profit for the period (adjusted for metal price effects) over a business cycle. Dividend to reflect financial position, cash flow and outlook.
50%

Performance

%
Graph showing dividend policy
30%
The Board proposes a dividend of SEK 2.00 per share. The proposal corresponds to 30% of profit for the period (adjusted for metal price effects) for 2023. The average for the two-year period since the target was set, was 34%.
Financial targets (PDF)

Sustainability targets

Sustainability is firmly established in the operations and an integrated part of the Alleima strategy. Alleima has long-term sustainability targets in four main areas.

Climate

Target

Reduce Scope 1 and 2 CO₂ emissions by more than 50% by 2030, compared with 2019.

Performance

Thousand tons
Graph showing CO2 emissions
-10%
Reduction of CO₂ emissions during the year.
CO₂ emissions from own operations amounted to 96k tons, corresponding to a reduction of 10% during the year and 35% since 2019. Efforts to set science-based targets in accordance with the SBTi framework’s net-zero standard continued as planned and a proposed target shall be validated by the SBTi before public launch.

Market leader in sustainability

Target

Grow the product portfolio for applications for the green transition, electrification, energy efficiency and improved quality of life, at a faster pace than total growth.

Performance

Line illustration of a leaf
23%
Alleima’s growth strategy is based on leveraging current megatrends, where most are related to sustainable development. During the year, total growth for the customer segments Industrial Heating, Hydrogen and Renewable Energy, and Medical was 23%, compared with 12% for the Group.
‍
Efforts to define Alleima’s full-scale portfolio of products to applications driven by sustainable trends were concluded and a presentation is planned for full-year 2024.

Health and safety

Target

Reduce total recordable injury frequency rate by more than 50% by 2030, compared with 2019.

Performance

No. of injuries
Injury frequency
Graph showing TRIFR and TRI
-11%
Lower total injury rate during the year.
During the year, the total recordable injury frequency rate (TRIFR) was 6.8, corresponding to a reduction of 11% during the year and 12% since 2019. A restart of the safe work program was launched during the year. The program is based on current safety principles and designed with account for local risk profiles to ensure a robust management system and a strengthened safety culture.

Diversity and inclusion

Target

The share of female managers will be one-third of the total number of managers by 2030.

Performance

%
Graph showing share of female managers
23.3% 
Share of female managers at year-end.
Alleima is working long-term to increase diversity and inclusion. A number of targeted initiatives to achieve a gender balance generate results and the goal is to increase the share of females in total, as well as at managerial level.
Sustainability targets (PDF)