Nordec’s 2024: Solid revenue and strong profitability driven by Sweden and industrial green transition projects
Nordec Group Oy press release 3.4.2025 at 09.00
Nordec Group delivered strong profitability and record 53,000 tons of steel structures in 2024, despite a demanding market. The relative share of international sales continued to grow, reinforcing Nordec’s position in key markets.
Key highlights:
- Revenue of EUR 287.3 million, down from EUR 329.2 million in 2023.
- Strong profitability, with EBITDA at EUR 21.9 million (7.6% margin).
- Share of international sales increased to 87%, Sweden and Central and Eastern Europe grew strongly.
- Continued expansion in the industrial green transition and data center related construction, while logistics sector investments remained subdued.
- Safety performance improved clearly, with LTIF at a record-low level of 7.3.
- Operational investments nearly doubled to EUR 7.4 million, focusing on factory modernization, efficiency, and working conditions.
Stability through broad market presence
The construction industry overall faced continued uncertainty in 2024, with investment decisions delayed and economic recovery progressing slowly. Nordec’s decades of experience, combined with a diverse geographic market reach and operations across multiple customer segments, helped sustain momentum in some of Nordec’s key segments such as industrial projects, particularly in green steel construction, as well as data center and multi-storey construction, where demand remained strong.
Nordec has been involved in several major projects throughout the year, including Stegra AB’s green steel plant in Sweden, Laakso Joint Hospital in Finland, Park Central and Snäckan office buildings in Sweden, a combined cycle power plant in Poland, Lofoten Bridges in Norway and multiple large-scale data center projects across the Nordics.
Strengthening foundations for the future
Nordec clearly increased investments into developing its operations in 2024: factory modernization investments continued according to plan, and the implementation of a new ERP system was kicked off.
Within sustainability, Nordec continued to offer low-carbon solutions to its customers, improved energy efficiency at the factories and released new Environmental Product Declarations (EPDs) for low-carbon products during the year. Nordec’s 2024 carbon footprint related to GHG Protocol scope 1+2 emissions represented a reduction of 49% from the reference year 2021.
Despite the high level of activity throughout the year, Nordec’s safety performance improved substantially and Nordec’s LTIF (Lost Time Incident Frequency) reached a record low level of 7,3 at the end of 2024, which is well below the average in the Finnish construction industry. Some of the investments completed in 2024 focused on substantially improving the working conditions of personnel, which reflects Nordec’s commitment to improving the health and safety of employees. The first module of Nordec’s leadership training program was also launched in 2024, aimed at developing the managers’ skills and capabilities.
“Despite market uncertainty, 2024 saw strong profitability, record steel deliveries, and targeted development investments. We strengthened our presence, especially in Sweden and Central and Eastern Europe, while supporting Europe’s green transition through major industrial construction projects. Our broad market presence, together with the development investments, positions us for continued success. Moving forward, we will continue improving efficiency, sustainability, and customer collaboration to ensure long-term growth, impact, and profitability. “
— Kalle Luoto, CEO, Nordec Group
