By the start of the twentieth century, Axel Johnson was already a leading shipowner in Sweden and a pioneer of regular traffic to South America, with the La Plata route.

At the start of the 1920s, Nordstjernan had the world's first diesel-driven ocean-going fleet and the head-start on competitors meant the ability to open new routes, particularly the Pacific Lines to the west coasts of North and South America via the Panama Canal.

The trading house took care of the sales (steel) and purchases (coal) for Avesta Jernverk, the shipping company was partially formed to take care of the trading house's transport requirements, the oil refinery supplied the vessels of the shipping company with oil and the Swedish roads with asphalt.

Fruit companies were purchased, later becoming SABA in cooperation with Saléns, in order to fill the space in newly built refrigerated (reefer) vessels.

Under the leadership of the Mining Engineer, the computer company Datema was started and connections with the Soviet Union were developed and increased.

Long-term structural changes and economic cycles caused major losses in most of the businesses operated by the Group - shipping, engineering, oil and steel.

The 1970s crisis forced Nordstjernan to break with the sacred principle of complete independence, and the listing of the company began to be discussed with the aim of gaining access to external venture capital.

Bo Ax:son Johnson began what is called a "Cultural Revolution" and implemented major changes in Nordstjernan's operations.

No fewer than five companies were listed on the stock market in the process, including Avesta Jernverk (1987), Databolin (1987), Silja Line (1990), NK (1987 and 1997) and Linjebuss (1992).

Following the acquisition of SIAB [sv] in spring 1997, which was Bo Ax:son Johnson's last business transaction, the aim of becoming the largest, market-leading construction company in the Nordic region had been realized.