Stegra says needs extra capital for giant green steel plant, appoints Wallenberg executive as new CEO

What happened

Swedish green steel startup Stegra today said it would need extra capital to finish construction of a giant green steel plant, as it appointed an executive with a key investor as its new CEO. Big Deal Stegra says needs extra capital for giant green steel plant, appoints Wallenberg executive as new CEO Stegra said its largest shareholders have expressed an interest in helping secure the additional funding.

John Reynolds 1 hour ago Share Facebook Twitter Linkedin Share Send email Copy link Swedish green steel startup Stegra today said it would need extra capital to finish construction of a giant green steel plant, as it appointed an executive with a key investor as its new CEO. It said the cost increases are mainly due to substantial ramp-up costs following the prolonged scaling back of work earlier this year, as well as inflation. Stegra said additional capital will be needed for Europe's first hydrogen-fuelled steel plant, located in Boden, Sweden, as the estimated costs of completing it are “significantly higher” than expected in June this year, following a review involving external advisors.