SVT reported this week that Stegra has unpaid invoices of hundreds of millions, and the following day Otto Gernandt left his role as CFO. Ominous, says Pesämaa, an assistant professor of accounting and governance at Luleå University of Technology, to TV4 Nyheterna.
Key people are abandoning ship; it's quite critical.
The plant is about 60 percent complete, according to Pesämaa, and around SEK 70 billion has already been invested. This is almost as much as the entire market capitalization of industry peer SSAB.
Stegra's loans are almost as large as those of one of Sweden's largest industrial groups. Add to that the fact that Stegra is not even fully built, and in such a complex industrial facility there will be many elements and uncertainties even after completion.
Stegra has applied for an additional SEK 10 billion, but it will probably not be enough, says Pesämaa. Finding more money when the trust capital is at its lowest point, however, will be difficult, he believes - he sees great similarities with bankrupt Northvolt.
I think it's very likely that this will fall apart.
