Stegra raises €860M as steel plant costs hit €6B

Stegra needs additional capital to complete its new steel plant in Boden and has secured €860 million to invest in port and rail infrastructure as total project costs reach approximately €6 billion.

Stegra has secured €860 million in new financing to invest in port and rail infrastructure for its steel plant in Boden.

“We have completed 60% of the entire project today. We’re making roughly 1% progress per week,” CEO Henrik Henriksson told TT.

Hit by cost increases

The fossil-free steel producer has been hit by several cost increases since the project launched, including the loss of state funding through Industriklivet, inflation, and higher electrical installation costs. The company now must also own infrastructure connected to the plant.

The new investment will cover approximately 15% of the mega project’s costs, currently estimated at around €6 billion.