Stegra says needs extra capital for giant green steel plant, appoints Wallenberg executive as new CEO
Swedish green steel startup Stegra today saidit would need extra capital to finish construction of a giant green steelplant, as it appointed an executive with a key investor as its new CEO.Stegra said...
Stegra, a Swedish green steel startup, announced it requires additional funding to complete a massive green steel plant in Boden, Sweden. The company appointed Leif Johansson, chair of Stegra, as the new CEO after securing €1.4 billion in rescue funding from a consortium led by the Wallenberg family. The increased costs for the plant, expected to be the first in Europe to use hydrogen fuel, are mainly due to ramp-up expenses and inflation, with an estimated need of SEK 10 billion, or €880 million, to complete the project.
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