The money means that construction of the factory in Boden - which was slowed during the financing round - can pick up speed again, according to CEO Henrik Henriksson.
There are still a few hurdles to overcome before it's done. Bank committees must give their thumbs up and the relevant authorities must give the owners the go-ahead. But that's a formality, according to Henriksson. He expects the 15 billion to be in place in June.
Johansson as new chairman
Former Volvo CEO and Ericsson Chairman Leif Johansson - advisor to Wallenberg Investments - will also step in as the new chairman of the board.
Wallenberg is contributing 250 million euros. That makes them the largest in terms of capital and also the largest in terms of voting rights, says Johansson.
When construction will be completed and production can begin is unclear, according to Henriksson. He expects it will take 18-24 months to start production once the construction process is complete.
From Wallenberg's perspective, the investment in Stegra is long-term.
The medium-term ambition is to get the project off the ground, make a really good steel mill out of it and then over time also build a substantial commercial steel company, says Johansson.
He confirms that the consortium that Wallenberg Investments is part of - with IKEA's IMAS and Singapore's sovereign wealth fund Temasek - has confidence in Henrik Henriksson as CEO.
We think it is wise to keep Henrik, he says.
Venture capital company Altor will become the second largest owner. Others contributing new money are French Hy24 and Al Gore's Just Climate.
Stegra founder Harald Mix and his Vargas Holding will remain as minor owners after the capital injection, but in a diluted position.
It feels very good that this is now finished, says Henriksson.
Access to billions of credits
The process has involved 30 banks and a complex ownership structure. The settlement that is now being presented was only finalized on Sunday, according to the CEO.
According to Henriksson, in addition to new capital, Stegra also has access to a quarter of the SEK 40 billion in credit the company previously agreed with lenders, and government support from Industriklivet of SEK 390 million.
According to Johansson, both Sweden and Europe need a "green steel mill".
As an industrialist, you get a little sad if you come up to Boden now, because there is a half-finished steel mill that is running at perhaps a quarter of the speed it should be running, he says.
