Earlier this month Uddeholm AB inaugurated a new forging press at its plant in Hagfors, Sweden. The King of Sweden, Carl XVl Gustaf, was present for the event on September 8, completing a $36-million project first announced almost three years ago. In his remarks the king emphasized that professional know-how and tradition are not enough to make Uddeholm globally competitive, and he credited the company owners’ willingness to invest in new technology and higher capacity.

Uddeholm AB is an operating division of specialty steelmaker voestalpine AG.

The new installation at the Hagfors plant is the second closed-die press there. Uddeholm said the capital investment aims to maintain and expand its global market position for industrial tools. The new forging press ensures that the plant's production capacity is capable of supporting its expansion plans.