• Sweden hikes economic growth forecast

Swedish steel company SSAB has opened a new $11 million research and development facility adjacent to its steel mill in Montpelier, Iowa.

The investment supports SSAB's strategy to be a global leader in advanced steels, company officials said this week.

"The new facility will improve our ability to service our customers further", SSAB President and CEO Olof Faxander said. "As we respond to our customers' increasing demands to address new technical challenges and product development, we solidify our position as a world leader in the supply of advanced high strength steels."

The 25,000-square-foot facility houses some of the most cutting-edge testing, simulation and metallographic equipment in the world and has a staff of 13 research engineers and technicians.

"The expansion of SSAB and the opening of this facility are testimony to the potential for growth for our steels," said SSAB Americas' President David Britten.

He expressed thanks for the support of the Iowa Department of Economic Development, the Muscatine County Board of Supervisors and community stakeholders who assisted the company.

SSAB employs 8,700 people in more than 45 countries around the world and operates production facilities in Sweden and the United States. The company's stock is listed on the Nasdaq OMX Nordic Exchange, Stockholm.

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