The beginnings of iron ore processing in the Hofors area are dating back to the 17th century.
In 1680, Scottish businessman Robert Peter opened the first ore mine and the iron smelting works.

After the bankruptcy in 1879 the ironworks were bought by the Stockholm bank Enskilda who significantly modernized the production operations between 1885-1915.

The result of this development was the introduction of the Siemens-Martin process and construction of the first modern blast furnace.

In 1916 SKF, a steel bearings manufacturer, took over the works.

In 1956 the construction of new pipe mill and a blooming mill was completed.
The steel making process was expanded by the installation of the first electric arc furnace in 1965.
The blast furnaces were finally shutdown in 1978.

Since 2005 the Hofors steelworks are part of the Ovako Group and their main portfolio consists of steel billets, seamless tubes and forged rings.