Stegra needs extra capital for giant green steel plant, names new CEO

Swedish green steel startup Stegra said it needs additional capital to complete Europe's first hydrogen-fuelled steel plant in Boden, Sweden, as completion costs are significantly higher than June estimates. Affärsvärlden sources put the shortfall at at least SEK 10 billion (about €880m). Former Saab CEO Håkan Buskhe was appointed as the new CEO.

• Cost overruns and inflation drive the extra capital need
• Affärsvärlden: at least SEK 10bn (about €880m) required
• Stegra raised €1.4bn in April from a Wallenberg-led consortium
• New CEO Håkan Buskhe led Saab from 2010 to 2019