The Swedish National Debt Office Withholds Billion-Krona Guarantees to Crisis-Stricken Stegra

Despite the principle of public access, the Swedish National Debt Office (Riksgälden) refuses to disclose information about the size of state guarantees utilized by the troubled green steel company Stegra during 2025. When business magazine Affärsvärlden requested the documents, the answer was no—citing confidentiality. The publication’s financial commentator Christian Sandström warns that the lack of transparency risks undermining trust in Swedish governance.

The magazine Affärsvärlden has requested access to information regarding the state’s credit guarantees to the crisis-hit green steel company Stegra. The request concerned how much of the government guarantee had actually been drawn during 2025—information that is normally considered a public record.

But Riksgälden’s answer was a rejection. The authority cites confidentiality rules in the Public Access to Information and Secrecy Act, arguing that the information cannot be disclosed at this time.

A Guarantee of SEK 13.5 Billion

The background is that Riksgälden has issued a credit guarantee of SEK 13.5 billion to Stegra, a company founded by Harald Mix and Carl-Erik Lagercrantz. The guarantee covers up to 80 percent of the loans, which means the state (read: taxpayers) risk a maximum loss of around SEK 10.8 billion.

For 2024, Riksgälden publicly reported that SEK 459 million had been guaranteed. That figure was published in February 2025. The corresponding information for 2025 is—according to the agency’s practice—not expected until February 2026.

Confidentiality With Routine Justification

In an email to Affärsvärlden, Riksgälden’s press officer Mats Lilja explained the denial by stating that the agency conducts a confidentiality assessment for each request. The determination is that information about the amount of the guaranteed loan that has been disbursed “constitutes information covered by secrecy.”

Riksgälden refers to a provision in the law that protects information about individuals’ business and operating conditions if it is believed that the company could suffer harm from disclosure.

‘How Would Damage Occur?’

Affärsvärlden’s financial commentator Christian Sandström questions the logic of the argument. He points out that the information will become public anyway—just a month later—and asks how Stegra could be harmed by the figures being reported now.

According to Sandström, massive investments in the name of the green transition have enabled special interests to access vast amounts of tax money, often without sufficient transparency. When subsequent problems and crises arise, confidentiality risks becoming a routine shield rather than a carefully weighed exception.

The Principle of Public Access Is Put to the Test

Sandström argues that the principle of public access exists precisely so that citizens and the media can scrutinize how tax funds are used. When authorities consistently prioritize confidentiality over openness—especially in matters concerning billions—the state risks appearing more loyal to special interests than to the general public.

The consequence, he warns, is a gradual erosion of trust in Swedish governance—a price that could become significantly higher than the guarantees now being kept secret.