Stegra's Debts Escalate – Now Amount to 36 Billion

Stegra’s financial situation continues to raise questions. According to the company’s 2025 annual report, its debts have increased sharply and now amount to around 36 billion kronor—an increase of about 25 billion in just one year. At the same time, this year’s loss rose to roughly 3.3 billion kronor.

Affärsvärlden’s analyst Christian Sandström notes that the level of indebtedness has now reached a point where there is very little margin for setbacks. According to the analysis, the company is dependent on the project in Boden proceeding according to plan and on additional financing being available should new needs arise.

Stegra, formerly known as H2 Green Steel, was launched as one of Sweden’s largest industrial projects with the ambition to produce fossil-free steel in Boden. The company attracted billion-krona investments from both private investors and public actors, while the state, through the Swedish National Debt Office, has issued extensive credit guarantees for the project’s financing.

However, at the beginning of 2026, the company fell into a deep liquidity crisis. Several media outlets reported on unpaid invoices, contractors going unpaid, and a growing number of payment demands. Bloomberg stated that the company risked running out of cash within a few weeks, while Affärsvärlden revealed that a number of payment orders had been filed against the company.

The crisis culminated when Stegra was forced to secure a new capital injection of around 15.6 billion kronor. The funding round was led by a consortium headed by Wallenberg Investments together with several existing investors, allowing the company to avoid an immediate collapse and continue construction in Boden.

Continued Questions

Despite the rescue package, Affärsvärlden believes that several crucial questions remain. The new annual report shows that the debt burden has grown significantly more than was previously known, while the business has yet to generate any revenue from steel production.

For the project to succeed, construction must be completed on schedule and the planned production must be able to start without major delays.

Stegra has previously stated that the first commercial production in Boden is scheduled to begin in 2027. Until then, the company remains dependent on external capital to finance one of the most costly industrial projects in Sweden’s history.