What cognor s.a. does

Cognor S.A. is a Poland-based, Warsaw-Stock-Exchange-listed (ticker: COG) integrated steel producer operating eight branches across the country as part of the Cognor Holding S.A. group. Its production is anchored on electric arc furnace (EAF) steelmaking fed by internally collected scrap (802,115 tonnes of scrap and 598,817 tonnes of crude steel in 2022), giving it a vertically integrated, lower-carbon route relative to integrated blast-furnace competitors. Cognor holds 38% of Poland's specialized and alloy steel market and supplies hot-rolled sections from Ferrostal's Siemianowice Śląskie plant — opened in October 2025 and described by the company as the most modern rolling mill in Europe — alongside specialty and alloy steels, stainless and heat-resistant grades, and steel plates for defense applications.

The company's commercial position is differentiated by the HSJ branch in Stalowa Wola, which is the only Polish supplier of steel for 155mm NATO-standard artillery ammunition, and by plate supply into the Rosomak armored vehicle and Krab artillery programs. Cognor is in discussions with Rheinmetall to extend supply into Rheinmetall's European facilities once upgraded steel parameters are validated. The Q-ONE proprietary energy-management system at Stalowa Wola and planned electromagnetic stirrer investments are intended to raise steel purity and homogeneity for safety-critical defense and industrial end-uses.

The business model is enterprise B2B, quote-based, with revenue derived from hardware sales of steel products to industrial manufacturers and defense customers, primarily in Poland. Distribution is direct through field sales with digital procurement (Logintrade) and B2B (cognortrans.pl) channels supporting mid- and bottom-funnel engagement. Pricing is not publicly disclosed. In November 2025, Cognor announced a planned issuance of up to 60 million new shares — roughly one-third of existing capital — to fund defense-sector modernization, signaling an accelerated pivot toward higher-margin defense end-markets.

Name

cognor s.a.

Legal name

Cognor Spółka Akcyjna

Website

https://cognor.pl

Company type

Public

Operating status

Operating

Short description

Cognor S.A. is a Polish EAF-based steel manufacturer that produces specialty, alloy, and defense-grade steel products, holding 38% of Poland's specialized steel market and serving as the sole Polish supplier of 155mm ammunition steel for defense and industrial customers.

Ownership category

akta.pro rank

Product category

Steel Manufacturing

NAICS

Iron and Steel Mills and Ferroalloy Manufacturing (331110), Steel Foundries (except Investment) (331513), Primary Metal Manufacturing (331)

SIC

Steel Works, Blast Furnaces & Rolling & Finishing Mills (3310), Industrial Process Furnaces & Ovens (3567)

akta.pro primary industry

Electric Arc Furnace (EAF) Steelmaking (Incl. DRI/HBI-Based) (IMAKABAB)

akta.pro secondary industries

Steel Casting (Continuous Casting, Ingots, Semi-Finished Slabs/Billets/Blooms) (IMAKABAD), Ferrous Scrap Processing & Brokerage (Steel & Cast Iron) (IMAKAMAA), Steel Service Centers & Processing (Slitting, Cut-to-Length, Blanking, Leveling) (IMAKABAL), Industrial Furnaces, Kilns & Thermal Processing Equipment (IMAHAEAE)

Keywords

• Steel manufacturing
• Specialty alloy steel
• Electric arc furnace
• Defense steel products
• Scrap metal recycling

Headquarters

HQ city

Poraj

HQ country

Poland

HQ region

Europe

Offices7 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Operations, Supply Chain, Personnel, Infrastructure, Technology or R&D

Revenue model

1. Steel Products Manufacturing and Sales: Production and sale of high-quality steel products including hot-rolled sections, specialized and alloy steels, and steel plates for defense applications. Revenue generated from manufacturing and selling steel products to industrial customers.

Go-to-market motion1 record

Distribution channels2 records

Marketing channels5 records

Core offering

Cognor S.A. manufactures and sells steel products using electric arc furnace technology across eight production branches in Poland. The portfolio includes hot-rolled steel sections, specialty and alloy steels, and steel plates for defense applications, including 155mm ammunition steel (where the HSJ branch is the only Polish supplier). The company is vertically integrated through steel scrap recycling (Złomrex) and operates Europe's most modern hot-rolled section rolling mill opened in 2025 in Siemianowice Śląskie (Siemianowice Slaskie).

Product overview

Cognor S.A. is a Polish steel production company operating as a multi-facility manufacturer with eight branches across Poland. The company operates Electric Arc Furnace (EAF) steelmaking and produces hot-rolled steel sections, specialty steels, and alloy steels. Key facilities include HSJ in Stalowa Wola (the only Polish supplier of steel for 155mm ammunition), Ferrostal Łabędy branches in Gliwice, Kraków, and Siemianowice Śląskie (home to Europe's most modern rolling mill opened in 2025), Złomrex in Wrocław (scrap recycling), OM Szopienice in Katowice, PTS in Kraków, and BSS in Poraj. The company holds 38% of Poland's specialized and alloy steel market and is expanding into defense sector supplies including Rosomak vehicles and Krab artillery systems.

Differentiator

Problem solved

Functional benefit

Brands

• HSJ: Steel production branch located in Stalowa Wola - sole supplier of steel for 155mm ammunition in Poland
• Ferrostal
• Złomrex
• OM Szopienice
• PTS
• BSS

Quantifiable outcome

• 38% market share in specialized and alloy steel production in Poland
• +1 more outcomes

Named customers3 records

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Two partnerships are on record, tiered cultural/community and potential/future.

• STRABAGcultural/communityStrategic or Co-development Partner · 8 October 2025STRABAG partnered with Cognor for the 'Śląskie – Rytmy Industrii' concert series, where Filharmonia Śląska will perform at Cognor's rolling mill in Siemianowice Śląskie. Joann
• Rheinmetallpotential/futureStrategic or Co-development PartnerCognor is in discussions with Rheinmetall regarding steel supply. After further improving steel parameters, Cognor's product range could be supplied to Rheinmetall's production facilities.

Scale indicators5 records

Recent moves7 records

Expansion highlights5 records

Broad incumbents

• Voestalpine AG: Austrian-headquartered specialty steel producer with strong presence in high-grade flat and long products, including automotive and industrial applications. Comparable to Cognor in its focus on specialty/high-value steel grades rather than commodity output.
• Nucor Corporation: North America's largest EAF-based steel producer and a global benchmark for EAF steelmaking economics. Comparable to Cognor in core production technology (EAF) and emphasis on capital efficiency through mini-mill operations.
• ArcelorMittal Poland: Subsidiary of the world's largest steelmaker, operating integrated and EAF mills in Poland (Kraków, Dąbrowa Górnicza, Świętochłowice). Comparable as the largest domestic competitor to Cognor's EAF-based specialty and alloy steel output.
• Thyssenkrupp Steel Europe: Major German flat steel producer serving automotive, construction, and industrial customers. Comparable to Cognor as a large European steel producer serving overlapping industrial end-markets, though operating at significantly greater scale.

Direct peers

• Stalprodukt S.A. Polish steel mill listed on the WSE producing cold-rolled, galvanized, and specialty steel products. Closely comparable to Cognor as a domestically listed Polish steel producer serving industrial and construction customers with similar downstream product mixes.
• SSAB AB: Swedish specialty steel producer with strong positions in high-strength steel, quenched steels, and armor plate for defense applications. Comparable to Cognor in serving the European defense steel niche and competing in advanced high-strength grades.
• Celsa Huta Ostrowiec: Polish EAF-based steel producer specializing in long products and rebar. Comparable to Cognor's HSJ and Ferrostal branches in production technology (EAF) and focus on specialty/long steel products for Polish industrial customers.
• ISD Huta Częstochowa: Polish integrated steel producer in Częstochowa with a long history in plate and section production. Comparable to Cognor as a domestic Polish competitor serving overlapping industrial and construction steel markets.
• Ovako AB: European specialty steel producer focused on engineering steel for demanding industrial applications including bearings, defense, and heavy machinery. Comparable to Cognor's specialty and alloy steel business in both customer base and product positioning.

Emerging players

• Steel Dynamics, Inc. U.S.-based EAF flat-rolled steel producer with growing exposure to specialty and high-value steel grades. Comparable to Cognor in EAF technology adoption and progression toward higher-margin specialty products rather than pure commodity output.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/cognor

Revenue estimate

Valuation estimate

Number of profiles

Profiles2 records

Subsidiaries8 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about cognor s.a.