A consortium led by Wallenberg Investments has injected 15 billion kronor into the crisis-hit steel company Stegra. The investment paves the way to complete the fossil-free steel plant in Boden and reduces bankruptcy risks. Wallenberg becomes the largest owner, with Leif Johansson as new chairman.
On Tuesday morning, Stegra announced that a consortium led by Wallenberg Investments is injecting 15 billion kronor. The funds come from Wallenberg Investments (2.7 billion), Singapore's Temasek, the IMAS foundation linked to the IKEA Kamprad family, Altor, Hy24, and Just Climate. The consortium becomes the largest owner in the company, which has already invested 45 billion kronor in the Boden plant – now 60 percent complete.
The banks are on board, and the investment provides Stegra with a fully funded path to complete construction, according to the company. Harald Mix, previously behind Stegra and Northvolt, is removed from leadership but remains a minor owner.
Leif Johansson, former chairman of Astra Zeneca and Ericsson, becomes the new board chairman. Håkan Buskhe, former Saab CEO and head of Wallenberg's investment company, joins the board.
"We are convinced of Stegra's competitiveness and the commercial attractiveness of green steel, beyond the climate benefits," Leif Johansson said in a press release. Energy and Business Minister Ebba Busch (KD) called it a "strength signal" that new capital is entering.
The investment averts a Northvolt-like collapse ahead of the election and bolsters Sweden's industrial position, according to the investors. State agency Riksgälden helped keep the company afloat during negotiations.
