David Vyborny and the Czech Republic could not overcome a 5-1 deficit, falling to Sweden, 7-3 on Friday.
Peter Forsberg set up a goal 34 seconds into the game and Sweden scored four times in the second period to race out to a 5-1 lead.
Vyborny set up Vaclav Prospal's goal at 11:25 of the second period to cut the deficit to 5-3, but the Czech Republic could get no closer. Daniel Alfredsson scoredÂ just beforeÂ the second intermissionÂ and Tomas Holmstrom scored in the third to cap the scoring.
Fredrik Modin, Per Johan Axelsson, Henrik Sedin, Christian Backman and Jorgen Jonsson also scored for the Swedes, which will face Finland in the Gold Medal game on Sunday.
Filip Kuba and Alex Hemsky also scored for the Czech Republic, which will face Russia for the Bronze.
Finland handed Russia a 4-0 defeat as Saku Koivu and Ville Peltonen each scored a goal and set up another as Finland posted its fifth shutout of the tournament.