Stegra names new CEO and seeks additional capital after project review
Following a 100-day review under new ownership, Stegra has appointed Håkan Buskhe as CEO and identified a need for additional capital to complete its Boden project.
Stegra, a Swedish steel company, has announced leadership changes and an increased capital requirement to finalize its ongoing project. The company's new ownership group, which took over in June, has completed a 100-day review of its operations and the steel plant project in Boden.
The review confirmed that the timeline for green steel production remains on track and the business case is strong. However, the assessment revealed a significant need for additional capital, as the estimated costs to complete the project are higher than anticipated in June. These cost increases are attributed primarily to substantial ramp-up expenses following an earlier scaling back of work, as well as inflationary pressures.
As part of these changes, the Board of Directors has appointed Håkan Buskhe as Stegra's new CEO, effective November 1, 2026. The current CEO, Henrik Henriksson, will step down but will remain with the company as an advisor to ensure a smooth transition and leverage his project expertise. Board Chairman Leif Johansson stated that while the financing need is greater than hoped, the company has a robust plan to complete the project and remains confident in its long-term opportunities.
Stegra has initiated discussions with its largest shareholders regarding the additional capital raise, with some expressing a willingness to participate in securing the necessary funds. Work at the Boden site continues as planned, and commitments to suppliers and customers remain unchanged. The company will provide further updates as more information becomes available.