Interior from the Sandvik site in Troy, MI, US.
Interior from the Sandvik site in Troy, MI, US.

Annual Report 2020

2020 in brief

Important events

Key figures

Revenues, MSEK


Adjusted operating profit, MSEK1)


Earnings per share, SEK


Number of employees2)


Total Recordable Injury Frequency Rate, TRIFR3)


Employees trained in Sandvik’s Code of Conduct, %


1) Adjusted for items affecting comparability, see Development in business areas.

2) Full-time equivalent.

3) Total number of recordable injuries per million hours worked.

Review 2020

2020 was an eventful year for Sandvik. Watch our video, summarizing financial results and major events.

Letter from the CEO

Shifting to Growth

WE MAKE THE SHIFT – Advancing the world through engineering. CORE VALUES: Customer Focus, Passion to Win, Fair Play and Innovation. Strategic objectives: Shift to Growth, Sustainability Shift, Customer’s 1st Choice, Agile through Cycle, Employer of Choice and Digital Shift

We updated our strategy for an increased focus on growth, digitalization, sustainability and agility. In 2021 we introduced six strategic objectives and presented a new corporate purpose:
We Make the Shift – Advancing the World through Engineering.

Our strategy

Watch a video about our new purpose

Business Areas

Sandvik Mining and Rock Solutions: World’s first autonomous underground mining machine

Sandvik Mining and Rock Solutions

Sandvik Mining and Rock Solutions

A leading supplier in equipment and tools, service and technical solutions for the mining industry and rock excavation within the construction industry.

Share of revenues


Share of adjusted operating profit



  • Underground Drilling
  • Loading and Hauling
  • Surface Drilling
  • Rock Drills and Technologies
  • Mechanical Cutting
  • Parts and Services
  • Rock Tools
  • Rotary Drilling
Sandvik Mining and Rock Technology
Sandvik Manufacturing and Machining Solutions: Production unit in Gimo, Sweden (Industry 4.0 facility)

Sandvik Manufacturing and Machining Solutions

Sandvik Manufacturing and Machining Solutions

A market-leading manufacturer of tools and tooling systems for advanced metal cutting, expanding into digital and additive manufacturing.

Share of revenues


Share of adjusted operating profit



Sandvik Machining Solutions2)
  • Sandvik Coromant
  • Seco
  • Walter
  • Dormer Pramet
  • Wolfram
Sandvik Manufacturing Solutions2)
  • Additive Manufacturing
  • Design and Planning Automation
  • Metrology
2) In October 2020 the business area changed its name to Sandvik Manufacturing and Machining Solutions. Two business area segments were created: Sandvik Manufacturing Solutions and Sandvik Machining Solutions, as of January 1, 2021.
Sandvik Manufacturing and Machining Solutions
Sandvik Materials Technology: Bloom casting at the steel mill in Sandviken, Sweden.

Sandvik Materials Technology

Sandvik Materials Technology

A leading developer and manufacturer of advanced stainless steels, powderbased alloys and special alloys for the most demanding industries.

Share of revenues


Share of adjusted operating profit



  • Tube
  • Kanthal
  • Strip
Sandvik Materials Technology
Sandvik Rock Processing Solutions: Rock processing machines

Sandvik Rock Processing Solutions

Sandvik Rock Processing Solutions

A leading supplier of equipment, service and technical solutions for processing rock and minerals in the mining and construction industries.

Share of revenues


Share of adjusted operating profit



  • Stationary Crushing and Screening
  • Mobile Crushing and Screening
  • Attachment Tools
  • Shanbao
Sandvik Mining and Rock Technology

Revenues by customer segment

Revenues by market area

Sustainable business

Sandvik is committed to using engineering and innovation to make the shift that will drive more sustainable business.

Sustainability Goals 2030

Our sustainability goals for circularity, climate, people and fair play will help us make the shift to a more sustainability business. In 2020, we made good progress towards all four target areas.

Sustainability goals 2030 Non-financial notes

Targets and target fulfillment

Sandvik has long-term financial targets focusing on growth and profitability over a business cycle. Maintaining a strong financial position and dividend are also prioritized areas.

Financial information

This section includes: Financial statements, Notes, Board statement on dividend proposal, Proposed appropriation of profits, Auditor’s report.


Sandvik is committed to the UN Sustainable Development Goals and we have defined the goals that are most relevant to us. See how we contribute to them.

The official audited version of the Annual Report is the Swedish version.

(PDF:) Download Annual Report 2020 as PDF