Among the major lenders are Swedish Export Credit and the European Investment Bank, but also private actors such as BNP Paribas, ING and KFW IPEX-Bank.
The crisis consultant who has been hired is the American Houlihan Lokey, reports Bloomberg.
10 billion is needed in new financing
According to the agency's information, Stegra has not yet fully utilized its existing credits. But there are conditions set for using the credits and Stegra does not currently meet them, according to sources.
Stegra – which recently dismissed major owner Harald Mix from the post of chairman of the board and announced a plan to raise 10 billion kronor in new financing – has in turn hired PJT Partners to help get new financing in place, according to sources.
The information that PJT Partners has been hired by Stegra has previously been reported by Affärsvärlden.
Several major owners – such as Harald Mix's companies Kallskär AB and Altor Equity Partners AB and the Wallenberg sphere's FAM – have said they will participate in a new financing round.
Other owners have declared that they will not provide more money.
Among those who have previously invested money in Stegra are, among others, two state AP funds, AMF Pension and the Stenbeck sphere's power company Kinnevik. A major owner is also Al Gore's climate investment fund Just Climate.
"We are preparing ourselves in all relevant ways"
Stegra is tight-lipped about how it is going in terms of getting in more money, which they want to raise through new share issues, loans and/or public support.
"When we have something new about our round, which can amount to 15 percent of our financing, we will announce it widely", writes Stegra's spokesperson Karin Hallstan in an email to TT.
She does not want to speculate about the risk that the construction of the steel factory in Boden will not be completed according to plan. She writes that approximately 3,500 construction workers are currently working on the site "who are working at the same pace as before and we are preparing ourselves in all relevant ways for the winter”.
Joakim Goksör/TT
Facts: Stegra's financing problems in brief
TT
Steel manufacturer Stegra (formerly H2 Green Steel) was founded in 2020, with the goal of producing what is called "green steel" using new fossil-free production methods. The plan is currently to start producing 2.5 million tons of green steel per year in a newly built factory in Boden, with production starting in just over a year – that is, around the turn of the year 2026-2027.
The company has already raised over 70 billion kronor for its project – from a long list of owners and lenders. But it's not enough.
According to a press release from October 13, they are chasing an additional 10 billion – including to cover investments in Luleå harbor and new railway tracks on the factory site in Boden.
These specific investments were previously planned to be covered by external parties, but now the bill has landed in Stegra's lap since, among other things, Luleå municipality has cut its investments in the project.
