Swedish Pension Funds May Become Major Owners of Crisis-Hit Stegra

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Swedish Pension Funds May Become Major Owners of Crisis-Hit Stegra
Photo: Magnus Hjalmarson Neideman/SVD/TT

Two of the AP funds can indirectly become the main owners of the crisis-ridden steel company Stegra, reports Affärsvärlden.

Both the Second and Fourth AP Fund invested in 2023 in Al Gore's climate fund Just Climate, which can now become the main owner of Stegra.

According to Affärsvärlden it is about investments in the climate fund of at least 612 million kronor together. In addition, AP2 has invested 742 million kronor directly in Stegra, through a so-called co-investment.

Just Climate owns, according to Affärsvärlden, previously 8.1 percent of Stegra. Now it can become more since the fund has announced that it intends to participate in the financing round of 10 billion kronor that the crisis-ridden company is now carrying out. Recently, Just Climate's investment manager Shaun Kingsbury took over as chairman of Stegra.

In the battery manufacturer Northvolt, which went bankrupt earlier this year, the AP Funds had invested nearly 6 billion kronor.

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By TTEnglish edition by Sweden Herald, adapted for our readers

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