According to Stegra, more capital is needed because “the estimated costs for implementing the project are significantly higher than what was assumed in June,” the company writes in a press release.
Sources told the newspaper Affärsvärlden that at least SEK 10 billion is needed to complete the investment in the factory in Boden.
Stegra does not want to comment on any amount. According to board chairman Leif Johansson, it is still “a bit of a fluid matter”.
I would think that a little more capital will be needed and that different kinds of efforts will be needed from the company, he tells TT.
The need for more money now depends on various things, he says. The project has been running at “low speed” for a long time. In addition, higher inflation is looming.
Not a date
Stegra says it has initiated a dialogue with its largest owners.
It is our absolute ambition to solve it and our absolute ambition to be able to do it without further stoppages in production.
It is not entirely clear when production can start. The goal is for green steel production to begin as early as 2027.
Compared with the expectations we had for the incoming board, there have been no major changes, Johansson says.
There will not be a date when we push the button to get all that started, but there are phasing options.
On April 14 this year, Stegra announced that it had raised 1.4 billion euros in a financing round. Wallenberg Investments accounted for 250 million euros and said it would take a “leading position” in Stegra going forward.
The financing was completed in June and the company is now owned by Stegra Holding, which holds 90 percent of the shares and votes in Stegra, and Green Nexus Investment Holding with the remaining shares and votes.
Excellent candidate
Stegra's current CEO, Henrik Henriksson, will continue as an adviser. Håkan Buskhe will take over as new CEO on November 1, 2026.
We assess that this project is in some form of completion phase where we will make it complete, Leif Johansson says, and describes the choice of a new CEO as an “excellent candidate for that”.
Stegra, formerly known as H2 Green Steel, was founded in 2020 with the goal of producing so-called green steel, that is, steel based on fossil-free production methods.
