Stegra appoints new CEO and confirms need for more capital

Stegra, the green steel manufacturer, has announced a leadership change and confirmed a need for additional capital to complete its steelworks project in Boden, Sweden. Håkan Buskhe, the former CEO of Saab, has been appointed as the new CEO, effective November 1. He succeeds founding CEO Henrik Henriksson, who will transition into an advisory role to ensure project continuity.

Following a 100-day review by the new board and external consultants, the company confirmed that financing requirements are higher than previously anticipated. While Stegra has not officially confirmed specific figures, media reports suggest the additional funding needed could be at least 10 billion SEK (approximately 1 billion EUR).

Board Chairman Leif Johansson attributed the increased costs to inflation and the expenses associated with restarting construction activities that had previously slowed down. Despite the funding gap, the company maintains that the production timeline remains unchanged and that a robust plan for completion is in place, including opportunities for outsourcing and partnerships.