Sweden-based green steel producer Stegra has completed a €1.4 billion financing round led by a consortium headed by Wallenberg Investments, with participation from existing and new investors as well as continued support from the company’s lenders. The financing, which was announced in principle in April 2026 subject to regulatory approvals, has now officially closed.
Financing preserves access to existing debt facilities
The Wallenberg Investments-led consortium includes existing investors IMAS and Temasek together with new investors Bolero and SEB-Stiftelsen. Several existing shareholders also participated in the financing round, including Altor, which will become Stegra’s second-largest shareholder. Other participating investors include Hy24, Just Climate, AMF, AP2, Climate Infrastructure Fund, Kallskär, Kobe Steel, Lingotto Innovation, Scania, Schaeffler, Security Trading, Stena Metall Finans and Swedbank Robur. In addition, a group of the company’s second-lien lenders led by AIP Management has invested directly in equity.
The financing package received unanimous approval from Stegra’s lender group. According to the company, all participating banks continue to support the project, allowing Stegra to retain access to the undrawn debt facilities established under its 2024 financing package. Håkan Buskhe, head of special investments at Wallenberg Investments and incoming Stegra board member, said the consortium will work closely with the company to complete and commission the Boden steel plant, describing the project as an important contribution to Sweden’s competitiveness and the European Union’s security of supply.
Construction continues at Boden project
According to Stegra CEO Henrik Henriksson, the financing round strengthens the company’s financial position by increasing its equity ratio. He also welcomed the increased Swedish ownership through the Wallenberg Investments-led consortium and highlighted the continued support of the Swedish National Debt Office and the Swedish Export Credit Corporation (SEK), which remain committed to previously agreed financing facilities.
Stegra stated that construction activities at its Boden steel plant are continuing to ramp up, while the overall project timeline remains under review.