In recent weeks, the crisis label has stuck to Stegra's project to build a fossil-free steel factory in Boden. The financiers have started to make higher demands, according to what anonymous sources have told several media outlets.
The steel company needs to receive just over ten billion kronor, in addition to the 70 billion kronor promised earlier. This is to cover cost increases and delays and the buffers that lenders require. And no revenue will come in until early 2027 at the earliest, when the factory is currently expected to be completed. After that, it will take another 12–18 months before it can turn a profit.
Complex structure
Henriksson describes a meeting in London two weeks ago with the 30 banks that have so far lent money to Stegra.
There were 170 bankers in a room. It's simply a fairly complex structure when you're trying to get more money in.
But some crisis, no it's not, he continues.
Henriksson is invited to speak at Fossilfree Sweden's annual conference. And from the stage he talks about what he thinks has come to characterize the debate around Stegra and other similar projects working on the green transition.
Stegra has become a tool in the very polarized debate, he says.
Ping-pong
North is pitted against South, fossil versus fossil-free, old industry versus new.
And it's about right and left in politics, says Henriksson, who feels that there are many who hope that Stegra will succeed.
"They use us like a ping-pong ball," he says.
He is asking for more support from society, from the state and the government. So far, Stegra has received a little more than a billion from the public sector. Stegra believes that they have been promised another billion, "rather than us screaming for more."
We have received one percent, we would like to receive another percent, he says, pointing to what it might look like in other European countries for similar projects.
In Germany and France you might get 40–60 percent support, says Henriksson.
He describes the signaling value as important in making lenders and investors feel more secure going forward.
It would be an important signal to banks and investors that AB Sverige stands behind it.
