According to multiple reports, Stegra's total expenditures reached 45.4 billion SEK by the end of 2025. The company needs €1 billion (10.7 billion SEK) in new capital to complete the project. The steel plant in Boden was 61.89% complete at the turn of the year, behind the planned 64.39%. The hydrogen plant, a key part of the project, was 49% complete, also behind schedule. The direct reduction (DRP) plant achieved only 23% of planned monthly progress in December.
Spending has accelerated sharply. In 2025, Stegra spent an average of 1.9 billion SEK per month (63 million SEK per day), nearly double the 2024 rate. State aid covers only a small portion of costs. Stegra received 390 million SEK in state aid from the Swedish Energy Agency at the end of last year. Of the total 45.4 billion SEK in expenditures, 1.85 billion SEK have been covered by state grants.
During the beginning of 2026, a temporary financing framework has been established to ensure that the project can continue during the transition period. In parallel, negotiations are ongoing with lenders and potential investors to establish a long-term stable capital structure.
Stegra has been in negotiations with investors and lenders since October but has not yet presented a solution, according to multiple reports. The company established a temporary financing framework in early 2026 to ensure the project can continue during a transition period. In a statement, Stegra said: "During the beginning of 2026, a temporary financing framework has been established to ensure that the project can continue during the transition period. In parallel, negotiations are ongoing with lenders and potential investors to establish a long-term stable capital structure."
Access to previously arranged loans has been blocked because Stegra did not meet lenders' conditions, including those related to the construction process. Delays stem from lack of complete design documentation, supply chain deficiencies, and lower contractor staffing and productivity. Stegra acknowledged: "Construction and installation work has proceeded at a slower pace than planned, mainly due to productivity and sequencing challenges." Regarding the DRP plant, the company said: "During the second half of the year, the DRP project has had clear deviations from the baseline plan. In December, only 23% of planned monthly progress was achieved."
Construction and installation work has proceeded at a slower pace than planned, mainly due to productivity and sequencing challenges.
Stegra raised 15 billion SEK in a financing round in April, with Wallenberg Investments contributing the most. However, the overall funding need remains critical. It is unclear whether Stegra will secure the €1 billion needed before funds run out, and what specific conditions have blocked access to previously arranged loans.
During the second half of the year, the DRP project has had clear deviations from the baseline plan. In December, only 23% of planned monthly progress was achieved.