Stegra Board Holds Crisis Meeting Amid Financial Challenges

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Stegra Board Holds Crisis Meeting Amid Financial Challenges
Photo: Pontus Lundahl/TT

Today, the steel company Stegra's board will hold a crisis meeting with the company's lenders, according to sources to Financial Times. The information comes after the major shareholder Harald Mix yesterday announced that he is leaving the position as chairman of the board.

”This is starting to resemble Northvolt more and more. It is difficult to see anything other than that investments will be wiped out”, says a person with knowledge of the company's investments to the newspaper.

According to the newspaper, representatives from the law firm Mannheimer Swartling have also raised the economic challenges before the board and wanted to see weekly board meetings to monitor the economic situation.

CEO Henrik Henriksson has said in a previous interview with Financial Times that he "does not recognize the one-sided picture that has been presented". Recently, it was also announced that they are taking in an additional ten billion kronor in new capital for the construction of the factory in Boden, however, the production start is being postponed by about three months.

The lender Citi Bank is, however, according to Financial Times, seeing the company's situation as troublesome and placed the company in a "special working group".

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By TTEnglish edition by Sweden Herald, adapted for our readers

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