The Boom Booster, a high-strength structure that mounts on the crane’s main boom, increases the lifting capacity of the unit by up to 90%.

Harald Riedinger, director of technology and innovation at Terex Cranes in Zweibrücken, said: "The fact that we went up against a strong list of contenders with about 70 top-class international industrial companies and made it to the final four is something that makes us tremendously proud.

"It shows not only that we are one of the world’s most innovative manufacturers, but also that we have cutting-edge know-how when it comes to working with high and ultra-high strength steels."

The Swedish Steel Prize was first launched in 1999 and is designed to recognise creative, innovative products or solutions that use high-strength steel. This year’s award went to Finnish company Ponsse.