New Stegra Chairman Sees Current Funding Round Lasting Into 2026

Stegra AB’s new Chairman Shaun Kingsbury said the current capital raise likely will be completed in the first quarter as the Swedish green-steel startup races to secure fresh funding to cover ballooning construction costs.

The five-year-old firm has raised about €6.5 billion ($7.5 billion) so far in a mix of equity, debt and grants, but said last month it needs roughly €1 billion more to offset higher-than-expected project expenses and delays in state funding.

The plant — about 60% complete and located just below the Arctic Circle — has been hailed as a bellwether for the steel industry’s shift away ...